<SEC-DOCUMENT>0001193125-25-129442.txt : 20250528
<SEC-HEADER>0001193125-25-129442.hdr.sgml : 20250528
<ACCEPTANCE-DATETIME>20250528155543
ACCESSION NUMBER:		0001193125-25-129442
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250528
DATE AS OF CHANGE:		20250528
EFFECTIVENESS DATE:		20250528

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance National Municipal Opportunities Trust
		CENTRAL INDEX KEY:			0001454741
		ORGANIZATION NAME:           	
		EIN:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22269
		FILM NUMBER:		25995258

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Eaton Vance National Municipal Trust
		DATE OF NAME CHANGE:	20090126
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>d912999dncsr.htm
<DESCRIPTION>EATON VANCE NATIONAL MUNICIPAL OPPORTUNITIES TRUST
<TEXT>
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<td style="width: 4%; vertical-align: top; text-align: left;">(a)</td>
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<td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 12pt 3pt 2.75pt 0pt;"><span><a href="#xx_3cf6b42a-49bf-4876-ac13-bdc766127a97_1">Table of Contents</a></span></td>
<td style="line-height: 11pt; padding-bottom: 2.75pt; padding-top: 12pt; text-align: right; vertical-align: bottom; width: 8.84%;">&#160;</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_4c187dc9-5ee4-4ece-83c7-c22e7921b3b9_1">Management&#8217;s Discussion of Fund Performance</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">2</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_4c187dc9-5ee4-4ece-83c7-c22e7921b3b9_3">Performance</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">4</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_4c187dc9-5ee4-4ece-83c7-c22e7921b3b9_4">Fund Profile</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">5</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-indent: -11pt; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 11pt;"><span><a href="#xx_51cec11f-0bb9-4a11-9e46-5c8c540a5ef8_1">The Fund&#8217;s Investment Objectives, Principal Strategies and Principal Risks</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">6</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_b90e00da-16fd-4dc9-8074-cd1bb09b11c6_1">Summary of Fund Expenses</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">13</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_3ed66d86-0d93-4b8c-a9a4-34a97c3372c2_1">Trading and NAV Information</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">14</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_bc3dc05c-61d2-4f0a-9c1b-7be5034f0e39_1">Endnotes and Additional Disclosures</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">15</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_4ee27f39-6572-4594-a45d-fb93b29b78b8_1">Financial Statements</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">16</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_bd383bfb-eeb8-4308-af76-9034e532b0cb_1">Report of Independent Registered Public Accounting Firm</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">31</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_9924b059-c14a-49f3-8e03-45c6dd7acb70_1">Federal Tax Information</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">32</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_61754bd3-5591-4cef-9c1b-7c7286561399_1">Annual Meeting of Shareholders</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">33</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_78020bfa-30ed-4f92-b3b3-f3db9d5707ab_1">Dividend Reinvestment Plan</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">34</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_178f22e7-4bd5-477d-b592-38f740e48bca_1">Management and Organization</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">36</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_67184ca1-dc7f-429c-a1ea-e7884805f159_1">U.S. Customer Privacy Notice</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">38</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%; padding: 2.75pt 3pt 2.75pt 0pt;"><span><a href="#xx_76c34765-452a-45b0-a32c-509e44850890_1">Potential Conflicts of Interest</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-bottom: 2.75pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">41</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-left: 0pt; padding-right: 3pt; padding-top: 2.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 90.28%;"><span><a href="#xx_4aa28d79-2e54-4414-8c74-5b19ea5a8122_1">Important Notices</a></span></td>
<td style="color: #000000; font-family: Arial; font-size: 11pt; font-style: Normal; font-weight: Normal; line-height: 14pt; padding-left: 3pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.84%;">49</td> </tr> </table> </div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4c187dc9-5ee4-4ece-83c7-c22e7921b3b9_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 14.60pt; text-align: left; text-decoration: none; text-transform: none;">Management&#8217;s Discussion of Fund Performance<sup style="font-size: 6pt; font-style: normal; text-transform: none;">&#8224;</sup></div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 12pt; text-align: left; text-decoration: none; text-transform: none;">Economic and Market Conditions</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">During the opening months of the 12-month period starting April 1, 2024, municipal bonds generally declined in price, as they appeared overvalued relative to U.S. Treasurys.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Beginning in June 2024, municipal bonds rallied, culminating in the asset class&#8217; best September performance in a decade. Contributing issues included modest economic cooling that supported the case for interest-rate cuts by the U.S. Federal Reserve (the Fed); seasonal technical factors, including bond demand that exceeded issuance; and capital inflows into municipal funds, as investors attempted to lock in higher yields before the Fed began cutting the federal funds rate. In mid-September, the Fed delivered a long-awaited half-point rate cut that further boosted the municipal bond rally.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">However, between early October and early November 2024, municipal bond prices fell, due largely to uncertainties about the upcoming U.S. presidential election and potential changes to government policies. Following the election, municipal bonds rallied as investors concluded the bond market might have sold off too much earlier.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In December 2024, the Fed lowered interest rates an expected quarter-point, but surprised investors by warning that the central bank would take a more cautious approach to future rate cuts. In response, investors reduced their expectations for projected rate cuts in 2025 from four to two, and municipal and U.S. Treasury yields surged, erasing the municipal bond market&#8217;s November gains and posting its first down December in over a decade. The municipal bond market&#8217;s decline continued into the first half of January 2025, due in part to investor uncertainty about how the incoming Trump administration&#8217;s economic policies might affect financial markets worldwide.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In late January, however, municipal bonds rallied, boosted by attractive yields and the new administration&#8217;s extension of its timeline for imposing tariffs on multiple nations. In February, investor uncertainty about federal policy changes and tariffs fueled a &#8220;flight to quality&#8221; rally in U.S. Treasurys and municipal bonds, lifting munis to their best February performance since 2020.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In the closing month of the period, the municipal market weakened due to increasing economic uncertainty and the annual budget reconciliation process that includes the review of municipal tax-exemption. Dogged also by monthly supply that exceeded demand, municipal bonds underperformed U.S. Treasurys in March. The Bloomberg Municipal Bond Index (the Index) returned -1.69% during the month, erasing the Index&#8217;s year-to-date gains.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period as a whole, the Index returned 1.22%. The front end of the municipal bond yield curve delivered positive performance, as yields declined and prices rose for bonds with maturities of less than five years. In contrast, within the 5-30 year portion of the yield curve, yields rose and bond prices fell.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">During a period when investor demand for greater yield drove lower-quality municipal bonds to outperform higher-quality issues, municipal high yield funds experienced strong inflows, and the Bloomberg High Yield Municipal Bond Index returned 5.59%.</div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Fund Performance</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the 12-month period ended March 31, 2025, Eaton Vance National Municipal Opportunities Trust (the Fund) returned 2.02% at net asset value of its common shares (NAV), outperforming its benchmark, the Bloomberg Municipal Bond Index (the Index), which returned 1.22%.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund&#8217;s primary investment objective is to provide current income exempt from federal income tax. Capital appreciation is a secondary objective.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">During normal market conditions, the Fund will invest at least 80% of its gross assets in debt obligations issued by or on behalf of states, territories, and possessions of the U.S., including the District of Columbia, and their political subdivisions, agencies, or instrumentalities, the interest on which is exempt from regular federal income tax (&#8220;municipal obligations&#8221;), including investments in residual interest bonds whose interest is exempt from regular federal income tax. During normal market conditions, at least 70% of the Fund&#8217;s investments in municipal obligations will be rated investment-grade quality -- Baa/BBB or higher by Moody&#8217;s, S&amp;P, or Fitch -- at the time of investment.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Contributors to Fund performance relative to the Index included an overweight exposure to bonds rated BBB and below during a period when lower-rated bonds generally outperformed higher-rated bonds.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund also benefited from an out-of-Index allocation to taxable municipal bonds, which generally outperformed tax-exempt municipal bonds during the period. Security selections and an overweight position in the health care sector contributed to performance versus the Index during the period as well.&#160;</div> </div> <div style="margin-top: 38pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">See Endnotes and Additional Disclosures in this report.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 9pt; text-align: left; text-decoration: none; text-transform: none;">Past&#160;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&#8217;s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund&#8217;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&#8217;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.</div> </div> <div style="margin-top: 18pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">2</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4c187dc9-5ee4-4ece-83c7-c22e7921b3b9_2"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> </div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Management&#8217;s Discussion of Fund Performance<sup style="font-size: 6pt; font-style: normal; text-transform: none;">&#8224;</sup>&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 14pt; text-align: left; text-decoration: none; text-transform: none;">In contrast, an overweight exposure to bonds with 22 years or more remaining to maturity detracted from Index-relative performance during a period when longer-maturity bonds generally underperformed shorter-maturity bonds. Security selections in AA-rated bonds also detracted from Fund performance versus the Index during the period.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund applied leverage in the form of residual interest bond financing to enhance the Fund&#8217;s tax-exempt income potential. In general, the use of leverage has the effect of achieving additional exposure to the municipal bond market, thereby magnifying the Fund&#8217;s exposure to its underlying holdings in both up and down market environments. During a period when yields generally rose and bond prices declined, leverage amplified the negative effect of declining bond prices.&#160;</div> </div> <div style="margin-top: 437pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">See Endnotes and Additional Disclosures in this report.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 9pt; text-align: left; text-decoration: none; text-transform: none;">Past&#160;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&#8217;s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund&#8217;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&#8217;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.</div> </div> <div style="margin-top: 18pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">3</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4c187dc9-5ee4-4ece-83c7-c22e7921b3b9_3"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 14.60pt; text-align: left; text-decoration: none; text-transform: none;">Performance</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Portfolio Manager(s) <span style="font-weight: normal;">Cynthia J. Clemson and William J. Delahunty, Jr., CFA</span></div> <div style="text-align: right;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 3.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.45%;">% Average Annual Total Returns<sup style="font-size: 6pt; font-style: normal; text-transform: none;">1,2</sup></td>
<td style="border-bottom: 1pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 3.5pt; padding-right: 3.5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 11.55%;">Inception Date</td>
<td style="border-bottom: 1pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 3.5pt; padding-right: 3.5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 11.55%;">One Year</td>
<td style="border-bottom: 1pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 3.5pt; padding-right: 3.5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 11.55%;">Five Years</td>
<td style="border-bottom: 1pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 3.5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 11.55%;">Ten Years</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.45%; padding: 2.12pt 3.5pt 1pt 4.5pt;">Fund at NAV</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%; padding: 2.12pt 3.5pt 1pt 3.5pt;">05/29/2009</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 11.55%; padding: 2.12pt 3.5pt 1pt 3.5pt;">2.02%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 11.55%; padding: 2.12pt 3.5pt 1pt 3.5pt;">1.52%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1pt; padding-left: 3.5pt; padding-top: 2.12pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 11.55%;">2.21%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.45%; background-color: #e6e6e6; padding: 1pt 3.5pt 1pt 4.5pt;">Fund at Market Price</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%; background-color: #e6e6e6; padding: 1pt 3.5pt 1pt 3.5pt;">&#8212;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%; background-color: #e6e6e6; padding: 1pt 3.5pt 1pt 3.5pt;">5.17</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%; background-color: #e6e6e6; padding: 1pt 3.5pt 1pt 3.5pt;">0.98</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1pt; padding-left: 3.5pt; padding-top: 1pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%; background-color: #e6e6e6;">2.26</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="5" style="color: #000000; font-family: Arial; font-size: 6.20pt; font-style: Normal; font-weight: Normal; line-height: 9.20pt; padding-bottom: 1pt; padding-left: 0pt; padding-top: 1pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;"><hr style="background-color: #000000; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 0.25pt solid #000000; height: 0.25pt; width: 100%; text-align: left;"/></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.45%; padding: 1pt 3.5pt 1pt 4.5pt;">Bloomberg Municipal Bond Index</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%; padding: 1pt 3.5pt 1pt 3.5pt;">&#8212;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%; padding: 1pt 3.5pt 1pt 3.5pt;">1.22%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%; padding: 1pt 3.5pt 1pt 3.5pt;">1.07%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1pt; padding-left: 3.5pt; padding-top: 1pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%;">2.12%</td> </tr> </table> </div> <div style="text-align: right;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 89.11%; padding: 6pt 3.5pt 3.5pt 0pt;">% Premium/Discount to NAV<sup style="font-size: 6pt; font-style: normal; text-transform: none;">3</sup></td>
<td style="border-bottom: 1pt solid #000000; line-height: 8pt; padding-bottom: 3.5pt; padding-top: 6pt; text-align: right; vertical-align: bottom; width: 11.55%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 89.11%; padding: 2.12pt 3.5pt 1pt 4.5pt;">As of period end</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1pt; padding-left: 3.5pt; padding-top: 2.12pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%;">(<ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" id="h_1_451021f7_3eb4_6c06_b32c_9056324fd193" contextRef="FY2025" unitRef="pure" decimals="4" scale="-2" sign="-">7.55</ix:nonFraction>)%</td> </tr> </table> </div> <div style="text-align: right;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 89.11%; padding: 6pt 3.5pt 3.5pt 0pt;">Distributions<sup style="font-size: 6pt; font-style: normal; text-transform: none;">4</sup></td>
<td style="border-bottom: 1pt solid #000000; line-height: 8pt; padding-bottom: 3.5pt; padding-top: 6pt; text-align: right; vertical-align: bottom; width: 11.55%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 89.11%; padding: 2.12pt 3.5pt 1pt 4.5pt;">Total Distributions per share for the period</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1pt; padding-left: 3.5pt; padding-top: 2.12pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 11.55%;">$0.80<span style="padding-left: 6.80pt;"></span></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 89.11%; background-color: #e6e6e6; padding: 1pt 3.5pt 1pt 4.5pt;">Distribution Rate at NAV</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1pt; padding-left: 3.5pt; padding-top: 1pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 11.55%; background-color: #e6e6e6;">4.55%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 89.11%; padding: 1pt 3.5pt 1pt 4.5pt;">Taxable-Equivalent Distribution Rate at NAV</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1pt; padding-left: 3.5pt; padding-top: 1pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%;">7.69</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 89.11%; background-color: #e6e6e6; padding: 1pt 3.5pt 1pt 4.5pt;">Distribution Rate at Market Price</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1pt; padding-left: 3.5pt; padding-top: 1pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%; background-color: #e6e6e6;">4.92</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 89.11%; padding: 1pt 3.5pt 1pt 4.5pt;">Taxable-Equivalent Distribution Rate at Market Price</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1pt; padding-left: 3.5pt; padding-top: 1pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%;">8.32</td> </tr> </table> </div> <div style="text-align: right;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 89.02%; padding: 6pt 4pt 3.5pt 0pt;">% Total Leverage<sup style="font-size: 6pt; font-style: normal; text-transform: none;">5</sup></td>
<td style="border-bottom: 1pt solid #000000; line-height: 8pt; padding-bottom: 3.5pt; padding-top: 6pt; text-align: right; vertical-align: bottom; width: 11.74%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 89.02%; padding: 2.12pt 4pt 1pt 4.5pt;">Residual Interest Bond (RIB) Financing</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1pt; padding-left: 4pt; padding-top: 2.12pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 11.74%;">12.35%</td> </tr> </table> </div> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 14.60pt; text-align: left; text-decoration: none; text-transform: none;">Growth of $10,000</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.</div> <div style="margin-top: 4pt; text-align: left; width: 502pt;">
<img src="g912999img12c6f6e82.jpg" alt=" "/></div> </div> <div style="margin-top: 111pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">See Endnotes and Additional Disclosures in this report.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 9pt; text-align: left; text-decoration: none; text-transform: none;">Past&#160;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&#8217;s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund&#8217;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&#8217;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.</div> </div> <div style="margin-top: 18pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">4</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4c187dc9-5ee4-4ece-83c7-c22e7921b3b9_4"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 14.60pt; text-align: left; text-decoration: none; text-transform: none;">Fund Profile</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 3pt; width: 47%;"> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-top: 5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 97.59%;">Credit Quality (% of total investments)<sup style="font-size: 6pt; font-style: normal; text-transform: none;">1,2</sup></td> </tr> </table> </div> <div style="margin-top: 4pt; text-align: left; width: 236pt;">
<img src="g912999img5ad6279d3.jpg" alt=" "/></div> </div> <div style="margin-top: 16pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; padding-top: 19pt; text-align: left; text-decoration: none; text-transform: none;">Footnotes:</div> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 1pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 0.97%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">1</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 1.5pt; padding-top: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 99.32%;">For purposes of the Fund&#8217;s rating restrictions, ratings are based on Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), S&amp;P Global Ratings (&#8220;S&amp;P&#8221;) or Fitch Ratings (&#8220;Fitch&#8221;), 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&#8217;s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&amp;P&#8217;s measures. Ratings of BBB or higher by S&amp;P or Fitch (Baa or higher by Moody&#8217;s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency&#8217;s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer&#8217;s current financial condition and does not necessarily reflect its assessment of the volatility of a security&#8217;s market value or of the liquidity of an investment in the security. Holdings designated as &#8220;Not Rated&#8221; (if any) are not rated by the national ratings agencies stated above.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 0.97%; padding: 1.75pt 1.5pt 6pt 0pt;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">2</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 6pt; padding-left: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 99.32%;">The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.</td> </tr> </table> </div> </div> <div style="margin-top: 369pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">5</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_51cec11f-0bb9-4a11-9e46-5c8c540a5ef8_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;"></div> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> </div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">The Fund's Investment Objectives, Principal Strategies and Principal Risks<sup style="font-size: 6pt; font-style: normal; text-transform: none;">&#8225;</sup></div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <ix:nonNumeric name="cef:InvestmentObjectivesAndPracticesTextBlock" id="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69" escape="true" continuedAt="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_1" contextRef="FY2025"> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Investment Objectives.&#160;<span style="color: #000000;"> The Fund&#8217;s primary investment objective is to provide current income exempt from federal income tax. Capital appreciation is a secondary objective.</span></div> </ix:nonNumeric> <ix:continuation id="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_1" continuedAt="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_2"> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Principal Strategies.&#160;<span style="color: #000000;"> During normal market conditions, the Fund will invest at least 80% of its gross assets in debt obligations issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (&#8220;municipal obligations&#8221;). For purposes of this 80% policy, municipal obligations will include investments in residual interest bonds whose interest is exempt from regular federal income tax.</span></div> </ix:continuation> <ix:continuation id="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_2" continuedAt="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_3"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">During normal market conditions, at least 70% of the Fund&#8217;s investments in municipal obligations will be investment grade quality at time of investment. A municipal obligation is considered investment grade quality if it is either (i) rated within the four highest ratings categories by at least one nationally recognized statistical rating organization (a &#8220;Rating Agency&#8221;), which are those rated Baa or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB or higher by Standard &amp; Poor&#8217;s Ratings Services (&#8220;S&amp;P&#8221;) or Fitch Ratings (&#8220;Fitch&#8221;), or (ii) an unrated municipal obligation that the Fund&#8217;s investment adviser considers to be of investment grade quality. If a municipal obligation is rated differently by two or more Rating Agencies, the Fund will use the higher of such ratings (the &#8220;Municipal Obligation Rating&#8221;). If a municipal obligation is insured, the Fund will use the higher of the Municipal Obligation Rating or the insurance issuer&#8217;s rating. Securities rated in the fourth highest category (i.e., Baa by Moody&#8217;s or BBB by S&amp;P or Fitch) are considered investment grade quality, but may have speculative characteristics.</div> </ix:continuation> <ix:continuation id="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_3" continuedAt="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_4"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Up to 30% of the Fund&#8217;s investments in municipal obligations may be below investment grade quality at time of investment. A municipal obligation is considered below investment grade quality if it is either (i) rated below investment grade by a Rating Agency, or (ii) an unrated municipal obligation that the Fund&#8217;s investment adviser considers to be of comparable quality. Municipal obligations of below investment grade quality (commonly referred to as &#8220;junk&#8221; bonds) involve special risks as compared to municipal obligations of investment grade quality. These risks include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading. The Fund may invest in below investment grade municipal obligations of any quality. This means that the Fund&#8217;s investments in municipal obligations may include securities of issuers that are having financial difficulties, which may include being in default on obligations to pay principal or interest thereon when due or involved in bankruptcy or insolvency proceedings (such securities are commonly referred to as &#8220;distressed securities&#8221;). While the Fund is not limited in its exposure to any issuer or obligor, the Fund generally will not invest more than 2% of its gross assets in any single security of below investment grade quality. Under normal market conditions, the Fund will seek to maintain an average credit quality of investment grade.</div> </ix:continuation> <ix:continuation id="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_4" continuedAt="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_5"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Up to 20% of the Fund&#8217;s investments in municipal obligations may be subject to the alternative minimum tax. Up to 5% of the Fund&#8217;s investments in municipal obligations may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled between certain states and American tobacco companies. The Fund invests in residual interest bonds, also known as inverse floating rate securities, which have the economic effect of leverage. If the Fund invests 25% or more of its gross assets in any one state (or U.S. territory) the Fund may be more susceptible to adverse economic, political or regulatory occurrences affecting a particular state (or territory).</div> </ix:continuation> <ix:continuation id="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_5" continuedAt="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_6"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may purchase municipal obligations in the form of bonds, notes, leases or certificates of participation; structured as callable or non-callable; with payment forms that include fixed coupon, variable rate, zero-coupon, capital appreciation bonds, residual interest bonds and short-term floating-rate securities. Such municipal obligations may be acquired through investments in pooled vehicles, partnerships, or other investment companies. No established resale market exists for certain of the municipal obligations in which the Fund may invest. The Fund has no limitation on the amount of its assets that may be invested in securities that are not readily marketable or are subject to restrictions on resale.</div> </ix:continuation> <ix:continuation id="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_6" continuedAt="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_7"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">In addition to investing in residual interest bonds, the Fund may invest without limitation in other derivative instruments (which are instruments that derive their value from another instrument, security or index) acquired for hedging purposes. The Fund may purchase and sell various kinds of financial futures contracts and related options, including futures contracts and related options based on various debt securities and securities indices. The Fund also may enter into interest rate, total return and other swaps and forward rate contracts to seek to hedge against changes in interest rates or for other risk management purposes.</div> </ix:continuation> <ix:continuation id="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69_7"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">During unusual market conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objective(s) and other policies.</div> </ix:continuation> <ix:nonNumeric name="cef:RiskFactorsTableTextBlock" id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f" escape="true" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_1" contextRef="FY2025"> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Principal Risks</div> </ix:nonNumeric> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_1" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_2"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_3_02205e61_08d3_6445_d1e8_8d64d71b1495" escape="true" contextRef="FY2025_MarketDiscountRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Market Discount Risk.<span style="font-weight: normal;"> As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund&#8217;s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund&#8217;s NAV may decrease.</span></div> </ix:nonNumeric> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" id="t_4_731dce22_5f0f_1e5b_7408_2ff65e65f1de" escape="true" continuedAt="t_4_731dce22_5f0f_1e5b_7408_2ff65e65f1de_1" contextRef="FY2025_InvestmentAndMarketRiskMember"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_2" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_3"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Investment and Market Risk.<span style="font-weight: normal;"> An investment in common shares of the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in common shares represents an indirect investment in the securities owned by the Fund, which will generally trade in the over-the-counter (&#8220;OTC&#8221;) markets. The common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of distributions.</span></div> </ix:continuation> </ix:nonNumeric> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: left; text-decoration: none; text-transform: none;">See Endnotes and Additional Disclosures in this report.</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">6</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_51cec11f-0bb9-4a11-9e46-5c8c540a5ef8_2"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">The Fund's Investment Objectives, Principal Strategies and Principal Risks<sup style="font-size: 6pt; font-style: normal; text-transform: none;">&#8225;</sup>&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_3" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_4"> <ix:continuation id="t_4_731dce22_5f0f_1e5b_7408_2ff65e65f1de_1"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of such resulting changes in the value of the Fund&#8217;s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.</div> </ix:continuation> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_4" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_5"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_5_51954459_3b31_6519_6306_037f565f91ad" escape="true" contextRef="FY2025_MunicipalObligationsRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Municipal Obligations Risk.<span style="font-weight: normal;"> Because the Fund may invest in municipal obligations, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. To the extent that the Fund invests in municipal obligations of issuers in the same state, U.S. territory, or economic sector, it could be more sensitive to economic, business or political developments that affect such state or sector. Municipal obligations and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy during periods of economic stress. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund&#8217;s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_5" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_6"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_6_4944c126_369e_8c21_f995_561565fcd532" escape="true" contextRef="FY2025_InterestRateRisksMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risk.<span style="font-weight: normal;"> In general, the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer-duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or effective maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_6" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_7"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_7_9bc08e85_34b5_100f_e3f6_68844d6f0c70" escape="true" contextRef="FY2025_BenchmarkReferenceRatesRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Benchmark Reference Rates Risk.<span style="font-weight: normal;"> Many debt securities, derivatives, and other financial instruments utilize benchmark or reference rates for variable interest rate calculations, including the Euro Interbank Offer Rate, Sterling Overnight Index Average Rate, and the Secured Overnight Financing Rate (each a &#8220;Reference Rate&#8221;). Instruments in which the Fund invests may pay interest at floating rates based on such Reference Rates or may be subject to interest caps or floors based on such Reference Rates. The Fund and issuers of instruments in which the Fund invests may also obtain financing at floating rates based on such Reference Rates. The elimination of a Reference Rate or any other changes to or reforms of the determination or supervision of Reference Rates could have an adverse impact on the market for, or value of, any instruments or payments linked to those Reference Rates. For example, some Reference Rates, as well as other types of rates and indices, are described as &#8220;benchmarks&#8221; and have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts. As a result, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_7" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_8"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_8_817a2604_4e7c_a006_d5b8_10d07ff09119" escape="true" contextRef="FY2025_CreditRisksMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Credit Risk.<span style="font-weight: normal;"> Investments in municipal obligations and other debt obligations (referred to below as &#8220;debt instruments&#8221;) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer&#8217;s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund&#8217;s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_8" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_9"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_9_af9cd8ec_2b12_bb00_e8f9_fde6ac55031f" escape="true" contextRef="FY2025_LowerRatedInvestmentsRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Lower Rated Investments Risk.<span style="font-weight: normal;"> Investments rated below investment grade and comparable unrated investments (sometimes referred to as &#8220;junk&#8221;) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.</span></div> </ix:nonNumeric> </ix:continuation> </div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: left; text-decoration: none; text-transform: none;">See Endnotes and Additional Disclosures in this report.</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">7</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_51cec11f-0bb9-4a11-9e46-5c8c540a5ef8_3"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">The Fund's Investment Objectives, Principal Strategies and Principal Risks<sup style="font-size: 6pt; font-style: normal; text-transform: none;">&#8225;</sup>&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_10_1c032e61_1f6e_96ec_3284_0e32577b8621" escape="true" contextRef="FY2025_InflationRiskDeflationRiskMember"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_9" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_10"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Inflation Risk/Deflation Risk.<span style="font-weight: normal;"> Inflation risk is the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions thereon can decline. In addition, during periods of rising inflation, short-term interest rates and the Fund&#8217;s cost of leverage would likely increase, reducing returns to the common shareholders to the extent that such increased cost is not offset by commensurately higher income. Deflation risk is the risk that prices throughout the economy decline over time &#8722; the opposite of inflation. Deflation may have an adverse affect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund&#8217;s investments.</span></div> </ix:continuation> </ix:nonNumeric> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_10" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_11"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_11_9f8d5bca_07b3_d13f_1022_0a63bd14ce0b" escape="true" contextRef="FY2025_UnratedSecuritiesRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Unrated Securities Risk.<span style="font-weight: normal;"> The Fund may invest in unrated obligations for which Eaton Vance will make a credit quality determination for purposes of the Fund&#8217;s credit quality policy. To the extent that the Fund invests in such unrated obligations, the Fund&#8217;s credit quality will be more dependent on Eaton Vance&#8217;s credit analysis than if the Fund invested in only rated obligations. Some unrated securities may not have an active trading market or may be difficult to value.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_11" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_12"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_12_923d49d2_8328_db3b_fd3c_208eac0b886c" escape="true" contextRef="FY2025_LeverageRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Leverage Risk.<span style="font-weight: normal;"> Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying reference instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. Leverage may cause the Fund&#8217;s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund&#8217;s portfolio securities. The Fund may not be able to adjust its use of leverage rapidly enough to respond to interest rate volatility, inflation, and other changing market conditions. As a result, the Fund&#8217;s use of leverage may have a negative impact on the Fund&#8217;s performance from time to time. The loss on leveraged investments may substantially exceed the initial investment.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_12" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_13"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_13_43dc02ef_3ec4_4ffb_2d30_70f6d822036d" escape="true" contextRef="FY2025_RiskOfResidualInterestBondsMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Risk of Residual Interest Bonds.<span style="font-weight: normal;"> The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond, including the risk of loss of principal. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. As such, residual interest bonds tend to underperform the market for fixed rate bond in rising long-term interest rate environments. The value and income of, and market for, residual interest bonds are volatile, and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_13" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_14"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_14_8df52996_7458_68f2_701a_1a5846fbaebd" escape="true" contextRef="FY2025_CallAndReinvestmentRisksMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Call and Reinvestment Risks.<span style="font-weight: normal;"> If interest rates fall, it is possible that issuers of callable bonds with high interest coupons will &#8220;call&#8221; (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during a period of declining interest rates, the Fund would likely replace such called security with a lower yielding security. If that were to happen, it could decrease the Fund&#8217;s dividends and possibly could affect the market price of common shares. Similar risks exist when the Fund invests the proceeds from matured or traded municipal obligations at market interest rates that are below the Fund&#8217;s current earnings rate.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_14" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_15"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_15_fa9e53d9_4d76_a75f_bde2_e86e02b23416" escape="true" continuedAt="t_15_fa9e53d9_4d76_a75f_bde2_e86e02b23416_1" contextRef="FY2025_MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Municipal Lease Obligations (&#8220;MLOs&#8221;) and Certificates of Participation.<span style="font-weight: normal;"> The Fund may invest in MLOs and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. MLOs are bonds that are secured by lease payments made by the party, typically a state or municipality, leasing the facilities (e.g., schools or office buildings) that were financed by the bond. Interest income from MLOs is generally exempt from local and state taxes in the state of issuance. MLOs, like other municipal debt obligations, are subject to the risk of non-payment. Although MLOs do not constitute general obligations of the issuer for which the issuer&#8217;s unlimited taxing power is pledged, the leasing state or municipality may be obligated to appropriate funds from its general tax revenues to make lease payments as long as it utilizes the leased property. Other lease payments may be subject to annual appropriation or may be made only from revenues associated with the facility financed. For example, certain lease obligations contain &#8220;non-appropriation&#8221; clauses, which provide that the issuer has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis, which function to render constitutional and statutory requirements for the issuance of debt inapplicable to such obligations. In addition, such leases or contracts may be subject to temporary abatement of payments in the event the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although &#8220;non-appropriation&#8221; lease obligations may be secured by the leased property, disposition of the property in the event of foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_15" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_16"> <ix:continuation id="t_15_fa9e53d9_4d76_a75f_bde2_e86e02b23416_1" continuedAt="t_15_fa9e53d9_4d76_a75f_bde2_e86e02b23416_2"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">A certificate of participation (also referred to as a &#8220;participation&#8221;) in a municipal lease is an instrument evidencing a pro rata share in a specific pledged revenue stream, usually lease payments by the issuer that are typically subject to annual appropriation. The certificate generally entitles the holder to receive a share, or participation, in the payments from a particular project. Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to an underlying lease. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.</div> </ix:continuation> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_16" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_17"> <ix:continuation id="t_15_fa9e53d9_4d76_a75f_bde2_e86e02b23416_2" continuedAt="t_15_fa9e53d9_4d76_a75f_bde2_e86e02b23416_3"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">MLOs and participations therein represent a type of financing that may not have the depth of marketability associated with more conventional securities and, as such, they may be less liquid than conventional securities. Certain MLOs may be deemed illiquid, unless determined by the Fund&#8217;s investment adviser, pursuant to guidelines adopted by the Board, to be liquid securities. The Fund&#8217;s investment adviser will consider the factors it believes are relevant to the marketability of the obligation, to the extent that information regarding such factor is available to the Fund&#8217;s investment adviser and pertinent to the liquidity determination, which may include: (1) the willingness of dealers to bid for the obligation; (2) the number of dealers willing to purchase or sell the</div> </ix:continuation> </ix:continuation> </div> <div style="margin-top: 22pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: left; text-decoration: none; text-transform: none;">See Endnotes and Additional Disclosures in this report.</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">8</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_51cec11f-0bb9-4a11-9e46-5c8c540a5ef8_4"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">The Fund's Investment Objectives, Principal Strategies and Principal Risks<sup style="font-size: 6pt; font-style: normal; text-transform: none;">&#8225;</sup>&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_17" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_18"> <ix:continuation id="t_15_fa9e53d9_4d76_a75f_bde2_e86e02b23416_3" continuedAt="t_15_fa9e53d9_4d76_a75f_bde2_e86e02b23416_4"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">obligation and the number of other potential buyers; (3) the frequency of trades and quotes for the obligation; (4) the nature of the marketplace trades, including the time needed to dispose of the obligation, the method of soliciting offers, and the mechanics of transfer; (5) the willingness of the governmental issuer to continue to appropriate funds for the payment of the obligation; (6) how likely or remote an event of non-appropriation may be, which depends in varying degrees on a variety of factors, including those relating to the general creditworthiness of the governmental issuer, its dependence on its continuing access to the credit markets, and the importance to the issuer of the equipment, property or facility covered by the lease or contract; (7) an assessment of the likelihood that the lease may or may not be cancelled; and (8) other factors and information unique to the obligation in determining its liquidity.</div> </ix:continuation> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_18" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_19"> <ix:continuation id="t_15_fa9e53d9_4d76_a75f_bde2_e86e02b23416_4"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The ability of issuers of MLOs to make timely lease payments may be adversely impacted in general economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state and local governmental units. Such non-payment would result in a reduction of income from and value of the obligation. Issuers of MLOs might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, holders of MLOs could experience delays and limitations with respect to the collection of principal and interest on such MLOs and may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in lease payments, the Fund might take possession of and manage the assets securing the issuer&#8217;s obligations on such securities or otherwise incur costs to protect its right, which may increase the Fund&#8217;s operating expenses and adversely affect the net asset value of the Fund. When the lease contains a non-appropriation clause, however, the failure to pay would not be a default and the Fund would not have the right to take possession of the assets. Any income derived from the Fund&#8217;s ownership or operation of such assets may not be tax-exempt.</div> </ix:continuation> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" id="t_16_2367f0f0_6108_c74f_d589_5bdb38d80261" escape="true" contextRef="FY2025_RestrictedSecuritiesRiskMember"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_19" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_20"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Restricted Securities Risk.<span style="font-weight: normal;"> Unless registered for sale to the public under applicable federal securities law, restricted securities can be sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a private transaction could be less than the Fund&#8217;s purchase price for the restricted security. It may be difficult to identify a qualified purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value such securities.</span></div> </ix:continuation> </ix:nonNumeric> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_20" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_21"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_17_20937d57_7ca8_aaf6_ec66_0e9cc86888d6" escape="true" contextRef="FY2025_DerivativesRisksMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk.<span style="font-weight: normal;"> The Fund&#8217;s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (&#8220;reference instrument&#8221;), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in OTC markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative&#8217;s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_21" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_22"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_18_95a32270_5698_5d76_6ff2_4d382f8fba38" escape="true" continuedAt="t_18_95a32270_5698_5d76_6ff2_4d382f8fba38_1" contextRef="FY2025_CounterpartyRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Counterparty Risk.<span style="font-weight: normal;"> Changes in the credit quality of the companies that serve as the Fund&#8217;s counterparties with respect to its derivatives positions and liquidity providers for the Fund&#8217;s residual interest bonds or other investments supported by another party&#8217;s credit will affect the value of those instruments. Certain entities that have served as counterparties in the municipals markets have recently incurred significant financial hardships, including bankruptcy and material loss of credit standing as a result of exposure to investments that have experienced defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced these entities&#8217; capital and called into question their continued ability to perform their obligations. By using derivatives or other instruments that expose the Fund to counterparties, the Fund assumes the risk that its counterparties could experience future financial hardship.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_22" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_23"> <ix:continuation id="t_18_95a32270_5698_5d76_6ff2_4d382f8fba38_1"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties&#8217; performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Fund.</div> </ix:continuation> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_23" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_24"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_19_011695de_63f8_4c11_c9f1_81dc20509ef2" escape="true" contextRef="FY2025_LiquidityRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk.<span style="font-weight: normal;"> The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. These effects may be exacerbated during times of financial or political stress.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_24" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_25"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_20_5467445a_7562_517b_de89_b7141cebedc5" escape="true" continuedAt="t_20_5467445a_7562_517b_de89_b7141cebedc5_1" contextRef="FY2025_InsuranceRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Insurance Risk.<span style="font-weight: normal;"> Municipal obligations may be insured as to their scheduled payment of principal and interest. Although the insurance feature may reduce some financial risks, the premiums for insurance and the higher market price sometimes paid for insured obligations may reduce the current yield on the insured obligation. Insured obligations also may be secured by bank credit agreements or escrow accounts. Changes in the ratings of an insurer may affect the value of an insured obligation, and in some cases may even cause the value of a security to be less than a comparable uninsured obligation. The insurance does not guarantee the market value of the insured obligation or the net asset value of the Fund&#8217;s shares. The credit rating of an insured</span></div> </ix:nonNumeric> </ix:continuation> </div> <div style="margin-top: 22pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: left; text-decoration: none; text-transform: none;">See Endnotes and Additional Disclosures in this report.</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">9</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_51cec11f-0bb9-4a11-9e46-5c8c540a5ef8_5"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">The Fund's Investment Objectives, Principal Strategies and Principal Risks<sup style="font-size: 6pt; font-style: normal; text-transform: none;">&#8225;</sup>&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_25" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_26"> <ix:continuation id="t_20_5467445a_7562_517b_de89_b7141cebedc5_1"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">obligation reflects the credit rating of the insurer, based on its claims-paying ability. The obligation of a municipal bond insurance company to pay a claim extends over the life of each insured obligation. Although defaults on insured municipal obligations have been low to date and municipal bond insurers have met their claims, there is no assurance this will continue. A higher than expected default rate could strain the insurer&#8217;s loss reserves and adversely affect its ability to pay claims to bondholders. Because a significant portion of insured municipal obligations that have been issued and are outstanding is insured by a small number of insurance companies, an event involving one or more of these insurance companies, such as a credit rating downgrade, could have a significant adverse effect on the value of the municipal obligations insured by that insurance company and on the municipal bond markets as a whole.</div> </ix:continuation> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_26" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_27"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_21_75540eb0_f83c_595d_f01a_a58d5dd2c60b" escape="true" continuedAt="t_21_75540eb0_f83c_595d_f01a_a58d5dd2c60b_1" contextRef="FY2025_CurrentRegulatoryEnvironmentRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Current Regulatory Environment Risk.<span style="font-weight: normal;"> From time to time proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on certain types of municipal obligations, and it can be expected that similar proposals may be introduced in the future. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal obligations. This could in turn affect the Fund&#8217;s net asset value and ability to acquire and dispose of municipal obligations at desirable yield and price levels.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_27" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_28"> <ix:continuation id="t_21_75540eb0_f83c_595d_f01a_a58d5dd2c60b_1"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">At any time after the date of this prospectus, legislation may be enacted that could negatively affect the assets of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Fund&#8217;s investment adviser cannot predict the effects of any new governmental regulation that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect the Fund&#8217;s ability to achieve its investment objective.</div> </ix:continuation> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_28" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_29"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_22_0db6af9a_88ec_ff2f_4e03_a843f0d625fc" escape="true" continuedAt="t_22_0db6af9a_88ec_ff2f_4e03_a843f0d625fc_1" contextRef="FY2025_StateSpecificRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">State Specific Risk.<span style="font-weight: normal;"> If the Fund focuses its investments in any one state (or U.S. territory), the Fund may be more susceptible to adverse economic, political or regulatory occurrences affecting a particular state (or territory). Certain municipal bond issuers in Puerto Rico have recently experienced financial difficulties and rating agency downgrades, and two such issuers have defaulted on their payment obligations.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_29" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_30"> <ix:continuation id="t_22_0db6af9a_88ec_ff2f_4e03_a843f0d625fc_1"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Up to 5% of the Fund&#8217;s investments in municipal obligations may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state&#8217;s proportionate share in the Master Settlement Agreement (&#8220;MSA&#8221;). The MSA is an agreement, reached out of court in November 1998 between 46 states and nearly all of the major U.S. tobacco manufacturers. Under the terms of the MSA, the actual amount of future settlement payments by tobacco manufacturers is dependent on many factors, including, but not limited to, annual domestic cigarette shipments, reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies, continuing litigation and the possibility of tobacco manufacturer bankruptcy. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.</div> </ix:continuation> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_30" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_31"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_23_6d225c54_5014_bc08_6fa4_22d3c65c6de8" escape="true" contextRef="FY2025_SectorAndGeographicRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Sector and Geographic Risk.<span style="font-weight: normal;"> Because the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territories and in certain types of municipal or other obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly. General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax revenues.</span></div> </ix:nonNumeric> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" id="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1" escape="true" continuedAt="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1_1" contextRef="FY2025_RecentMarketConditionsMember"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_31" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_32"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Recent Market Conditions.<span style="font-weight: normal;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. National economies are substantially interconnected, as are global financial markets, which creates the possibility that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/or markets may be diminishing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span></div> </ix:continuation> </ix:nonNumeric> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_32" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_33"> <ix:continuation id="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1_1" continuedAt="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1_2"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</div> </ix:continuation> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_33" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_34"> <ix:continuation id="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1_2" continuedAt="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1_3"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Some countries, including the United States, have adopted more protectionist trade policies. Slowing global economic growth, the rise in protectionist trade policies, changes to some major international trade agreements, risks associated with the trade agreement between the United Kingdom and the European Union, and the risks associated with trade negotiations between the United States and China, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, the current strength of the U.S. dollar may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries.</div> </ix:continuation> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_34" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_35"> <ix:continuation id="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1_3" continuedAt="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1_4"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Regulators in the United States have proposed and adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly adopted regulations is not currently known. Additionally, it is not currently known whether any of the proposed regulations will be adopted. However, due to the scope of regulations being proposed and adopted, certain of these changes to regulation could limit the Fund&#8217;s ability to pursue its investment strategies or make certain investments, may make it more costly for it to operate, or adversely impact performance.</div> </ix:continuation> </ix:continuation> </div> <div style="margin-top: 46pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: left; text-decoration: none; text-transform: none;">See Endnotes and Additional Disclosures in this report.</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">10</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_51cec11f-0bb9-4a11-9e46-5c8c540a5ef8_6"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">The Fund's Investment Objectives, Principal Strategies and Principal Risks<sup style="font-size: 6pt; font-style: normal; text-transform: none;">&#8225;</sup>&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_35" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_36"> <ix:continuation id="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1_4" continuedAt="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1_5"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East, or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.</div> </ix:continuation> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_36" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_37"> <ix:continuation id="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1_5"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">There is widespread concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impact of climate change in ways that cannot be foreseen. The impact of legislation, regulation and international accords related to climate change may negatively impact certain issuers and/or industries.</div> </ix:continuation> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" id="t_25_d64419ac_2716_1fec_f535_4f489965e57f" escape="true" contextRef="FY2025_RisksAssociatedWithActiveManagementMember"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_37" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_38"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Risks Associated with Active Management.<span style="font-weight: normal;"> The success of the Fund&#8217;s investment strategy depends on portfolio management&#8217;s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.</span></div> </ix:continuation> </ix:nonNumeric> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_38" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_39"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_26_7c95c893_f956_70ff_87a5_1d59b4529821" escape="true" contextRef="FY2025_TaxRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Tax Risk.<span style="font-weight: normal;"> Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_39" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_40"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_27_b1cc703d_6509_84c2_609f_f615a979338e" escape="true" contextRef="FY2025_FuturesRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Futures Risk.<span style="font-weight: normal;"> Although some futures contracts call for making or taking delivery of the underlying reference instrument, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). Closing a futures contract sale is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument or commodity with the same delivery date. If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The Fund&#8217;s investment adviser has claimed an exclusion from the definition of a Commodity Pool Operator under the Commodity Exchange Act with respect to the Fund and therefore, neither the Fund&#8217;s investment adviser nor the Fund are subject to registration or regulation thereunder.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_40" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_41"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_28_b708770d_be31_2647_041a_a1e6e8ed307b" escape="true" continuedAt="t_28_b708770d_be31_2647_041a_a1e6e8ed307b_1" contextRef="FY2025_GeopoliticalRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Geopolitical Risk.<span style="font-weight: normal;"> The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund&#8217;s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political discord, war or debt crises and downgrades, among others, may result in market volatility and may have short and/or long term effects on both the U.S. and global financial markets. Other financial, economic and other global market and social developments or disruptions may result in similar adverse circumstances, and it is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods).</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_41" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_42"> <ix:continuation id="t_28_b708770d_be31_2647_041a_a1e6e8ed307b_1"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Such global events may negatively impact broad segments of businesses and populations, cause a significant negative impact on the performance of the Fund&#8217;s investments, adversely affect and increase the volatility of the Fund&#8217;s share price, and/or exacerbate preexisting political, social and economic risks to the Fund. The Fund&#8217;s operations may be interrupted and any such event(s) could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. There is a risk that you may lose money by investing in the Fund.</div> </ix:continuation> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" id="t_29_b759d90d_01b7_f474_1412_5e378dfd4412" escape="true" contextRef="FY2025_TaxSensitiveInvestingRiskMember"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_42" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_43"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Tax-Sensitive Investing Risk.<span style="font-weight: normal;"> The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund&#8217;s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund&#8217;s distributions may be taxable.</span></div> </ix:continuation> </ix:nonNumeric> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_43" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_44"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_30_0569d01e_31f9_da84_dba9_314d761827b0" escape="true" contextRef="FY2025_CybersecurityRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Cybersecurity Risk.<span style="font-weight: normal;"> With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund&#8217;s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund&#8217;s ability to calculate its net asset value, interfere with Fund shareholders&#8217; ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_44" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_45"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_31_f3ad8001_6b6a_3bc2_0758_90e03bd86c63" escape="true" contextRef="FY2025_WhenIssuedAndDelayedDeliveryTransactionsRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">When-Issued and Delayed-Delivery Transactions Risk.<span style="font-weight: normal;"> Securities may be purchased on a &#8220;forward commitment,&#8221; &#8220;when-issued&#8221; or &#8220;delayed delivery&#8221; basis (meaning securities are purchased or sold with payment and delivery taking place in the future) in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. When the Fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement to purchase. The Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. From the time of entering into the transaction until delivery and payment is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations. In forward commitment, when-issued or delayed delivery transactions, if the seller or buyer, as the case may be, fails to consummate the transaction the counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. However, no payment or delivery is made until payment is received or delivery is made from the other party to the transaction. Such transactions may be considered a form of leverage.</span></div> </ix:nonNumeric> </ix:continuation> </div> <div style="margin-top: 16pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: left; text-decoration: none; text-transform: none;">See Endnotes and Additional Disclosures in this report.</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">11</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_51cec11f-0bb9-4a11-9e46-5c8c540a5ef8_7"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">The Fund's Investment Objectives, Principal Strategies and Principal Risks<sup style="font-size: 6pt; font-style: normal; text-transform: none;">&#8225;</sup>&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_45" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_46"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_32_08d1eb29_afe3_abdf_b936_9e6b1e68e9f2" escape="true" contextRef="FY2025_PooledInvestmentVehiclesRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Pooled Investment Vehicles Risk.<span style="font-weight: normal;"> Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (&#8220;ETFs&#8221;). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_46" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_47"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_33_90a1e70a_ef92_c33a_74c7_9c03c6bf67a2" escape="true" contextRef="FY2025_MarketDisruptionMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Market Disruption<span style="font-weight: normal;">. Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the world have previously resulted, and may in the future result in market volatility and may have long-term effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the common shares.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_47" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_48"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_34_8f375c65_6844_65be_73ed_cf041bcb988e" escape="true" contextRef="FY2025_SwapsRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Swaps Risk.<span style="font-weight: normal;"> Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross returns to be exchanged or &#8220;swapped&#8221; between the parties are generally calculated with respect to a &#8220;notional amount&#8221; (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a &#8220;basket&#8221; of securities representing a particular index). Other types of swap agreements may calculate the obligations of the parties to the agreement on a &#8220;net basis.&#8221; Consequently, a party&#8217;s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the &#8220;net amount&#8221;). Whether the use of swap agreements will be successful will depend on the Adviser&#8217;s ability to predict correctly whether certain types of reference instruments are likely to produce greater returns than other instruments. Swap agreements may be subject to contractual restrictions on transferability and termination and they may have terms of greater than seven days. The Fund&#8217;s obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund under the swap). Developments in the swaps market, including potential government regulation, could adversely affect the Fund&#8217;s ability to terminate existing swap agreements or to realize amounts to be received under such agreements, as well as to participate in swap agreements in the future. If there is a default by the counterparty to a swap, the Fund will have contractual remedies pursuant to the swap agreement, but any recovery may be delayed depending on the circumstances of the default.</span></div> </ix:nonNumeric> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" id="t_35_16fcdb2b_e61a_6504_9a66_5bca624927df" escape="true" contextRef="FY2025_DurationAndMaturityRiskMember"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_48" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_49"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Duration and Maturity Risk.<span style="font-weight: normal;"> Holding long duration and long maturity investments will expose the Fund to certain magnified risks. These risks include interest rate risk, credit risk and liquidity risks as discussed above.</span></div> </ix:continuation> </ix:nonNumeric> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_49" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_50"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_36_8c07265c_6e37_5940_ec3e_da39ebec8ee6" escape="true" contextRef="FY2025_HedgingRiskMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Hedging Risk.<span style="font-weight: normal;"> The Fund&#8217;s use of derivatives or other transactions to reduce risks involves costs and will be subject to Eaton Vance&#8217;s ability to predict correctly changes in the relationships of such hedge instruments to the Fund&#8217;s portfolio holdings or other factors. No assurance can be given that Eaton Vance&#8217;s judgment in this respect will be correct. In addition, no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging transactions have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain, if any, in the value of the underlying asset in the Fund&#8217;s portfolio; the limited availability of such instruments; the loss of principal; the possible default of the other party to the transaction; illiquidity of the derivative investments; and the imperfect correlation between the tax-exempt and taxable markets. Furthermore, the ability to successfully use hedging transactions depends on the Eaton Vance&#8217;s ability to predict pertinent market movements, which cannot be assured. Thus, the use of hedging transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio investments at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell.</span></div> </ix:nonNumeric> </ix:continuation> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_50" continuedAt="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_51"> <ix:nonNumeric name="cef:RiskTextBlock" id="t_37_ef381ad7_d70b_503e_8f10_040625f1df96" escape="true" contextRef="FY2025_AntiTakeoverProvisionsMember"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Anti-takeover Provisions.<span style="font-weight: normal;"> The Fund&#8217;s Agreement and Declaration of Trust and Amended and Restated By-Laws (the &#8220;By-Laws&#8221;) include provisions that could have the effect of making it more difficult to acquire control of the Fund or to change the composition of its Board.</span></div> </ix:nonNumeric> </ix:continuation> <ix:nonNumeric name="cef:RiskTextBlock" id="t_38_f8d33f27_9f4e_1a57_f31c_d6bb22836933" escape="true" contextRef="FY2025_GeneralFundInvestingRisksMember"> <ix:continuation id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f_51"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">General Fund Investing Risks.<span style="font-weight: normal;"> The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></div> </ix:continuation> </ix:nonNumeric> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">There have been no material changes to the Fund's investment objective or principal investment strategies since March 31, 2024.</div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Important Notice to Shareholders</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">On January 26, 2023, the Fund&#8217;s Board of Trustees voted to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed &#8220;Control Share Acquisitions&#8221; under the By-Laws from the provisions of the By-Laws addressing &#8220;Control Share Acquisitions&#8221; (the &#8220;Control Share Provisions&#8221;). On October 10, 2024, the Board adopted Amendment No. 1 to the By-Laws to formally eliminate the Control Share Provisions and to make certain related conforming changes.</div> </div> <div style="margin-top: 68pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: left; text-decoration: none; text-transform: none;">See Endnotes and Additional Disclosures in this report.</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">12</div> </div> </div> </div> <div style="clear:both;font-size:12pt;height:0pt;"> </div> <hr style="margin-bottom:0pt;"/> <div style="width:100%;"> <a id="xx_b90e00da-16fd-4dc9-8074-cd1bb09b11c6_1"> </a> <div style="font-family:arial;font-size:7pt;line-height:10pt;font-weight:normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a> </div> <div style="width:100%;"> <div style="color:#000000;font-family:arial;font-size:14pt;font-style:normal;font-weight:normal;line-height:17pt;text-align:left;text-decoration:none;text-transform:none;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> </div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Summary of Fund Expenses</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <ix:nonNumeric name="cef:PurposeOfFeeTableNoteTextBlock" id="t_6_b8cb2179_a1c4_047e_acba_5e87ac436140" escape="true" contextRef="FY2025"><div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The purpose of the table below is to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The table reflects leverage attributable to floating-rate notes for the fiscal year ended March 31, 2025 in an amount equal to 12.06% of the Fund&#8217;s average gross assets (including floating-rate notes) and shows Fund expenses stated as a percentage of net assets attributable to common shares, and not as a percentage of total assets.</div></ix:nonNumeric> <div style="text-align: center;"> <ix:nonNumeric name="cef:ShareholderTransactionExpensesTableTextBlock" id="t_7_a4ae9a9a_4ccb_0e6d_c1bb_f7373b700067" escape="true" continuedAt="t_7_a4ae9a9a_4ccb_0e6d_c1bb_f7373b700067_1" contextRef="FY2025">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 0pt; padding-right: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%;">Common shareholder transaction expenses</td>
<td style="line-height: 8pt; padding-bottom: 1.5pt; padding-right: 10pt; text-align: center; vertical-align: bottom; width: 27.27%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;">Sales load paid by you (<ix:nonNumeric name="cef:BasisOfTransactionFeesNoteTextBlock" id="t_2_b8f6711b_35a8_ed36_0847_8db1d4af7148" escape="true" contextRef="FY2025">as a percentage of offering price</ix:nonNumeric>)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%; padding: 1.5pt 10pt 1.5pt 27.67pt;"><span class="sec-hidden" title="Manually tagged" style="-sec-ix-hidden:h_11_cbd4ee26_2dda_7139_783d_d8d1837b446d">&#8212;</span> <sup style="font-size: 6pt; font-style: normal; text-transform: none;">1</sup></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;">Offering expenses (<ix:nonNumeric name="cef:BasisOfTransactionFeesNoteTextBlock" id="t_3_863f7a0f_8858_cf65_2ec9_44e0c1b1ae3a" escape="true" contextRef="FY2025">as a percentage of offering price</ix:nonNumeric>)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%; padding: 1.5pt 10pt 1.5pt 17.79pt;"><ix:nonFraction name="cef:OtherTransactionExpensesPercent" id="h_1_108982e1_136c_dd65_8bc8_525024e5cb8a" contextRef="FY2025" unitRef="pure" decimals="4" scale="-2" format="ixt-sec:numwordsen">None</ix:nonFraction> <sup style="font-size: 6pt; font-style: normal; text-transform: none;">2</sup></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 3pt 0pt;">Dividend reinvestment plan fees</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%; padding: 1.5pt 10pt 3pt 14pt;">$<ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" id="h_2_719cd143_6347_3957_599e_d0bfd1a0c6ae" contextRef="FY2025" unitRef="USD" decimals="INF" scale="0">5.00</ix:nonFraction><sup style="font-size: 6pt; font-style: normal; text-transform: none;">3</sup></td> </tr> </table></ix:nonNumeric> </div> <div style="text-align: center;"> <ix:nonNumeric name="cef:AnnualExpensesTableTextBlock" id="t_8_59e4d050_1269_c20b_7e64_dc541b309c13" escape="true" continuedAt="t_8_59e4d050_1269_c20b_7e64_dc541b309c13_1" contextRef="FY2025">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 0pt; padding-right: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%;">Annual expenses</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 12pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%;"><ix:nonNumeric name="cef:BasisOfTransactionFeesNoteTextBlock" id="t_1_9d2aa1bb_7eb0_7676_4da3_9f75c9af9c74" escape="true" contextRef="FY2025_CommonSharesMember">Percentage&#160;of&#160;net&#160;assets<br/>attributable to&#160;common&#160;shares</ix:nonNumeric><sup style="font-size: 6pt; font-style: normal; text-transform: none;">4</sup><span style="padding-left: -3.63pt;"></span></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;">Investment adviser fee</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 1.5pt 10pt 1.5pt 12pt;"><ix:nonFraction name="cef:ManagementFeesPercent" id="h_3_f634e2c5_acee_8a70_9d79_5ea8e1125835" contextRef="FY2025" unitRef="pure" decimals="4" scale="-2">0.68</ix:nonFraction>%<sup style="font-size: 6pt; font-style: normal; text-transform: none;">5</sup></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;">Interest expense</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 1.5pt 10pt 1.5pt 14pt;"><ix:nonFraction name="cef:OtherAnnualExpensesPercent" id="h_4_2a23dd61_5b5c_1a54_754d_b4b112053d5b" contextRef="FY2025" unitRef="pure" decimals="4" scale="-2">0.51</ix:nonFraction><sup style="font-size: 6pt; font-style: normal; text-transform: none;">6</sup></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 3.5pt 0pt;">Other expenses</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 1.5pt 10pt 3.5pt 12pt;"><ix:nonFraction name="cef:OtherAnnualExpense1Percent" id="h_6_426a4a0d_696d_10f5_cf28_4c5cfcc5864e" contextRef="FY2025" unitRef="pure" decimals="4" scale="-2">0.13</ix:nonFraction></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 2.45pt 12pt 6pt 0pt;">Total annual Fund operating expenses</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 2.45pt 10pt 6pt 12pt;"><ix:nonFraction name="cef:TotalAnnualExpensesPercent" id="h_5_2586a997_3123_a954_f6af_13ecf4398345" contextRef="FY2025" unitRef="pure" decimals="4" scale="-2">1.32</ix:nonFraction>%</td> </tr> </table></ix:nonNumeric> </div> <ix:nonNumeric name="cef:ExpenseExampleTableTextBlock" id="t_9_920ba982_e8d6_66fd_1313_fe61764ea3ee" escape="true" continuedAt="t_9_920ba982_e8d6_66fd_1313_fe61764ea3ee_1" contextRef="FY2025"><div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Example</div></ix:nonNumeric> <ix:continuation id="t_9_920ba982_e8d6_66fd_1313_fe61764ea3ee_1" continuedAt="t_9_920ba982_e8d6_66fd_1313_fe61764ea3ee_2"><div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The following Example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (i) total annual expenses of 1.32% of net assets attributable to common shares in years 1 through 10; (ii) a 5% annual return; and (iii) all distributions are reinvested at NAV:</div></ix:continuation> <div style="text-align: center;"> <ix:continuation id="t_9_920ba982_e8d6_66fd_1313_fe61764ea3ee_2" continuedAt="t_9_920ba982_e8d6_66fd_1313_fe61764ea3ee_3">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 94.52%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 12pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 15.37%;">1 Year</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 12pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%;">3 Years</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 12pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%;">5 Years</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 28.06%;">10 Years</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 15.37%; padding: 2.45pt 12pt 6pt 0pt;">$<ix:nonFraction name="cef:ExpenseExampleYear01" id="h_7_b9625366_5ef1_d60b_c70a_67e2cb0b045b" contextRef="FY2025" unitRef="USD" decimals="INF" scale="0">13</ix:nonFraction></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%; padding: 2.45pt 12pt 6pt 12pt;">$<ix:nonFraction name="cef:ExpenseExampleYears1to3" id="h_8_080f4e8d_5f4d_21ab_b0a8_d9d8b2606eea" contextRef="FY2025" unitRef="USD" decimals="INF" scale="0">42</ix:nonFraction></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%; padding: 2.45pt 12pt 6pt 12pt;">$<ix:nonFraction name="cef:ExpenseExampleYears1to5" id="h_9_5071dbae_200a_653f_b4f0_9c750a4a8846" contextRef="FY2025" unitRef="USD" decimals="INF" scale="0">72</ix:nonFraction></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 28.06%; padding: 2.45pt 10pt 6pt 12pt;">$<ix:nonFraction name="cef:ExpenseExampleYears1to10" id="h_10_5142d390_d319_0305_360a_e7d74b4b0dcc" contextRef="FY2025" unitRef="USD" decimals="INF" scale="0">159</ix:nonFraction></td> </tr> </table></ix:continuation> </div> <ix:continuation id="t_9_920ba982_e8d6_66fd_1313_fe61764ea3ee_3" continuedAt="t_9_920ba982_e8d6_66fd_1313_fe61764ea3ee_4"><div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The above table and example and the assumption in the example of a 5% annual return are required by regulations of the U.S. Securities and Exchange&#160;Commission (&#8220;SEC&#8221;) that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the&#160;projected or actual performance of the Trust&#8217;s common shares. In addition, while the example assumes reinvestment of all dividends and distributions at&#160;NAV, participants in the Trust&#8217;s dividend reinvestment plan may receive common shares purchased or issued at a price or value different from NAV.&#160;The&#160;example does not include sales load or estimated offering costs, which would cause the expenses shown in the example to increase.</div></ix:continuation> <ix:continuation id="t_9_920ba982_e8d6_66fd_1313_fe61764ea3ee_4"><div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The example should not be considered a representation of past or future expenses, and the Trust&#8217;s actual expenses may be greater or less than those&#160;shown. Moreover, the Trust&#8217;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</div></ix:continuation> <ix:continuation id="t_7_a4ae9a9a_4ccb_0e6d_c1bb_f7373b700067_1" continuedAt="t_7_a4ae9a9a_4ccb_0e6d_c1bb_f7373b700067_2"><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3.60pt; text-align: left; text-decoration: none; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">1</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;<ix:footnote id="f_0003_000002" xml:lang="en-US">If common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load.</ix:footnote></span></div></ix:continuation> <ix:continuation id="t_7_a4ae9a9a_4ccb_0e6d_c1bb_f7373b700067_2" continuedAt="t_7_a4ae9a9a_4ccb_0e6d_c1bb_f7373b700067_3"><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">2</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;<ix:footnote id="f_0003_000001" xml:lang="en-US"><ix:nonNumeric name="cef:OtherTransactionFeesBasisNoteTextBlock" id="t_4_0385aefd_b346_c5aa_738e_b4098454934b" escape="true" contextRef="FY2025">Eaton Vance Management (&#8220;EVM&#8221;) will pay the expenses of the offering (other than the applicable commissions); therefore, offering expenses are not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review and filing with the SEC of the Trust&#8217;s registration statement (including its current Prospectus Supplement, the accompanying Prospectus and Statement of Additional Information (&#8220;SAI&#8221;)), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of its current Prospectus Supplement, the accompanying Prospectus, SAI and/or marketing materials, associated filing fees, stock exchange listing fees, and legal and auditing fees associated with the offering.</ix:nonNumeric></ix:footnote></span></div></ix:continuation> <ix:continuation id="t_7_a4ae9a9a_4ccb_0e6d_c1bb_f7373b700067_3"><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">3</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;<ix:footnote id="f_0003_000003" xml:lang="en-US">You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your common shares held in a dividend reinvestment account.</ix:footnote></span></div></ix:continuation> <ix:continuation id="t_8_59e4d050_1269_c20b_7e64_dc541b309c13_1" continuedAt="t_8_59e4d050_1269_c20b_7e64_dc541b309c13_2"><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; text-align: left; text-decoration: none; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">4</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;<ix:footnote id="f_0003_000004" xml:lang="en-US">Stated as a percentage of average net assets attributable to common shares for the year ended March 31, 2025.&#160;</ix:footnote></span></div></ix:continuation> <ix:continuation id="t_8_59e4d050_1269_c20b_7e64_dc541b309c13_2" continuedAt="t_8_59e4d050_1269_c20b_7e64_dc541b309c13_3"><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">5</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;<ix:footnote id="f_0003_000005" xml:lang="en-US"><ix:nonNumeric name="cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock" id="t_5_debb29b7_4551_d005_def2_8721415eafc3" escape="true" contextRef="FY2025">The investment adviser fee paid by the Trust to EVM is based on the average daily gross assets of the Trust, including all assets attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment leverage in the future, the investment adviser fee will increase as a percentage of net assets.</ix:nonNumeric></ix:footnote></span></div></ix:continuation> <ix:continuation id="t_8_59e4d050_1269_c20b_7e64_dc541b309c13_3"><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">6</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;<ix:footnote id="f_0003_000006" xml:lang="en-US">Interest expense relates to the Trust&#8217;s liability with respect to floating-rate notes held by third parties in conjunction with investments in residual interest bonds. The Trust records offsetting interest income in an amount at least equal to this expense relating to the municipal obligations underlying such transactions.</ix:footnote></span></div></ix:continuation> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 74pt; text-align: center; text-decoration: none; text-transform: none;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 74pt; text-align: center; text-decoration: none; text-transform: none;">13</div> </div> </div> </div> <div style="clear:both;font-size:12pt;height:0pt;"> </div> <hr style="margin-bottom:0pt;"/> <div style="width:100%;"> <a id="xx_3ed66d86-0d93-4b8c-a9a4-34a97c3372c2_1"> </a> <div style="font-family:arial;font-size:7pt;line-height:10pt;font-weight:normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a> </div> <div style="width:100%;"> <div style="color:#000000;font-family:arial;font-size:14pt;font-style:normal;font-weight:normal;line-height:17pt;text-align:left;text-decoration:none;text-transform:none;"> <div style="color:#000000;font-family:arial;font-size:14pt;font-style:normal;font-weight:normal;line-height:17pt;text-align:left;text-decoration:none;text-transform:none;">Eaton Vance<br/> </div> </div> <div style="color:#00a5fa;font-family:arial;font-size:14pt;font-style:normal;font-weight:normal;line-height:17pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">National Municipal Opportunities Trust</div> <div style="color:#000000;font-family:arial;font-size:8pt;font-style:normal;font-weight:normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">March 31, 2025</div> </div> <div style="margin-top:32pt;width:100%;"> <div style="color:#00a5fa;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Trading and NAV Information</div> <hr style="background-color:#00a5fa;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:2pt solid #00a5fa;height:2pt;width:100%;text-align:left;"/> </div> <div style="margin-top:28pt;width:92.99%;"> <div style="color:#000000;font-family:arial;font-size:8pt;font-style:normal;font-weight:normal;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Trust&#8217;s common shares have traded both at a premium and a discount to NAV. The Trust cannot predict whether its shares will trade in the future at a premium or discount to NAV. The provisions of the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), generally require that the public offering price of common shares (less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company&#8217;s common stock. The issuance of common shares may have an adverse effect on prices in the secondary market for the Trust&#8217;s common shares by increasing the number of common shares available, which may put downward pressure on the market price for the Trust&#8217;s common shares. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV.</div> <div style="color:#000000;font-family:arial;font-size:8pt;font-style:normal;font-weight:normal;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">In addition, the Trust&#8217;s Board of Trustees has authorized the Trust 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. The results of the share repurchase program are disclosed in the Trust&#8217;s annual and semi-annual reports to shareholders.</div> <ix:nonNumeric name="cef:SharePriceTableTextBlock" id="t_1_286808d8_6a91_0c1b_8733_c14edeba8010" escape="true" continuedAt="t_1_286808d8_6a91_0c1b_8733_c14edeba8010_1" contextRef="FY2025"><div style="color:#000000;font-family:arial;font-size:8pt;font-style:normal;font-weight:normal;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The following table sets forth for each of the periods indicated the high and low closing market prices for the common shares on the New York Stock<br/> Exchange, and the corresponding NAV per share and the premium or discount to NAV per share at which the Trust&#8217;s common shares were trading as of such date.</div></ix:nonNumeric> <div style="text-align:center;"> <ix:continuation id="t_1_286808d8_6a91_0c1b_8733_c14edeba8010_1">
<table style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.05%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="line-height:8pt;padding-bottom:3.5pt;padding-right:15pt;text-align:left;vertical-align:bottom;width:34.00%;">&#160; </td>
<td colspan="2" style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.76%;">Market Price ($) </td>
<td style="line-height:0pt;padding-bottom:3.5pt;padding-right:15pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td colspan="2" style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:19.80%;">NAV per Share on<br/> Date of Market Price ($) </td>
<td style="line-height:0pt;padding-bottom:3.5pt;padding-right:15pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td colspan="2" style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:20pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:24.44%;">NAV Premium/(Discount) on<br/> Date of Market Price (%) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:15pt;padding-top:2.45pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:34.00%;">Fiscal Quarter Ended </td>
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;">High </td>
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;">Low </td>
<td style="border-bottom:0.30pt solid #000000;line-height:0pt;padding-bottom:3.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;">High </td>
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;">Low </td>
<td style="border-bottom:0.30pt solid #000000;line-height:0pt;padding-bottom:3.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">High </td>
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:20pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">Low </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:2.45pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:34.00%;">March 31, 2025 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"><ix:nonFraction name="cef:HighestPriceOrBid" id="h_1_74df657a_69d5_008b_e220_991f5106a70d" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q12025_CommonSharesMember">17.25</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"><ix:nonFraction name="cef:LowestPriceOrBid" id="h_9_cab8a2ba_58de_69eb_feb6_afbf4e964705" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q12025_CommonSharesMember">16.47</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"><ix:nonFraction name="cef:HighestPriceOrBidNav" id="h_17_84343038_a9d4_42f7_2738_683e91bff239" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q12025_CommonSharesMember">18.55</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"><ix:nonFraction name="cef:LowestPriceOrBidNav" id="h_25_aab494db_9400_2d4c_dabc_cfcdf9c386d2" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q12025_CommonSharesMember">18.05</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" id="h_33_82ec599f_cafd_b10a_aba2_0853f766ae3a" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q12025_CommonSharesMember">7.01</ix:nonFraction>) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.82pt;padding-right:20pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" id="h_41_fdc15a9c_829a_defe_5168_c0cd4756e6b1" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q12025_CommonSharesMember">8.75</ix:nonFraction>) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">December 31, 2024 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"><ix:nonFraction name="cef:HighestPriceOrBid" id="h_2_0ecd191c_331a_8577_a767_d15039d3e943" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q42024_CommonSharesMember">17.94</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"><ix:nonFraction name="cef:LowestPriceOrBid" id="h_10_4937203b_e773_3b64_5c40_93cf07d78ed7" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q42024_CommonSharesMember">16.46</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"><ix:nonFraction name="cef:HighestPriceOrBidNav" id="h_18_ff74edee_3267_1019_77b5_889877aa222c" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q42024_CommonSharesMember">18.99</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"><ix:nonFraction name="cef:LowestPriceOrBidNav" id="h_26_ae172edd_76ec_4baa_5a85_fecc3a4a0279" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q42024_CommonSharesMember">18.33</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" id="h_34_4e91171a_bca4_146b_09e4_6dc71e4fedb8" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q42024_CommonSharesMember">5.53</ix:nonFraction>) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" id="h_42_63b40492_87ff_4707_4d4c_2bf1ec178b7b" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q42024_CommonSharesMember">10.20</ix:nonFraction>) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">September 30, 2024 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"><ix:nonFraction name="cef:HighestPriceOrBid" id="h_3_94bb0f50_573e_c75b_ad0c_e5a36dd26be2" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q32024_CommonSharesMember">18.07</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"><ix:nonFraction name="cef:LowestPriceOrBid" id="h_11_fe1aa595_7093_717a_4de1_cb7aca0c0e31" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q32024_CommonSharesMember">16.59</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"><ix:nonFraction name="cef:HighestPriceOrBidNav" id="h_19_6ba4ce3e_e3e0_d2d7_3b97_8de11089cb49" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q32024_CommonSharesMember">18.93</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"><ix:nonFraction name="cef:LowestPriceOrBidNav" id="h_27_63d63a23_6e2a_6e6e_f606_82e6e01cedbb" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q32024_CommonSharesMember">18.68</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" id="h_35_c112c457_762f_f418_876d_cc2159f108a1" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q32024_CommonSharesMember">4.54</ix:nonFraction>) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" id="h_43_2a640675_89a2_8ad8_d7cb_42c3b9f01769" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q32024_CommonSharesMember">11.19</ix:nonFraction>) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">June 30, 2024 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"><ix:nonFraction name="cef:HighestPriceOrBid" id="h_4_fcc46130_a20e_130b_8f4f_7d26863f0f01" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q22024_CommonSharesMember">16.86</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"><ix:nonFraction name="cef:LowestPriceOrBid" id="h_12_fa42d7db_d17d_eabc_9cee_33ab9ef40783" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q22024_CommonSharesMember">16.22</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"><ix:nonFraction name="cef:HighestPriceOrBidNav" id="h_20_d4639aa1_91f8_0205_af60_69bcf275cde2" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q22024_CommonSharesMember">18.62</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"><ix:nonFraction name="cef:LowestPriceOrBidNav" id="h_28_84c7feb5_47b8_b330_87b5_a8792e712e70" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q22024_CommonSharesMember">18.10</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" id="h_36_06534db0_85b9_a389_262b_a169978c183c" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q22024_CommonSharesMember">9.45</ix:nonFraction>) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" id="h_44_35cb8577_7b67_6d91_fcb3_7e9977dcb977" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q22024_CommonSharesMember">10.39</ix:nonFraction>) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">March 31, 2024 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"><ix:nonFraction name="cef:HighestPriceOrBid" id="h_5_0b3a0735_8fa7_dc5c_6f88_4e2dbe86527d" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q12024_CommonSharesMember">17.14</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"><ix:nonFraction name="cef:LowestPriceOrBid" id="h_13_af68f4ce_9aeb_5f10_ddf2_015665b8b700" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q12024_CommonSharesMember">16.48</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"><ix:nonFraction name="cef:HighestPriceOrBidNav" id="h_21_75066324_30d5_b117_fce5_6fc08db2665d" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q12024_CommonSharesMember">18.50</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"><ix:nonFraction name="cef:LowestPriceOrBidNav" id="h_29_75c29eef_62d5_eb45_33f3_14777a905c76" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q12024_CommonSharesMember">18.32</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" id="h_37_6162517a_9746_4812_4598_5c417d31d1f1" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q12024_CommonSharesMember">7.35</ix:nonFraction>) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" id="h_45_4cb54124_bfdb_ac5d_d062_3c3d8013cf60" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q12024_CommonSharesMember">10.04</ix:nonFraction>) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">December 31, 2023 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"><ix:nonFraction name="cef:HighestPriceOrBid" id="h_6_b9095aa9_51c5_5abd_49dc_724bcb16e4dc" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q42023_CommonSharesMember">17.05</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"><ix:nonFraction name="cef:LowestPriceOrBid" id="h_14_049db0f4_31d5_a4a0_0a1e_78f1dc646641" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q42023_CommonSharesMember">14.80</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"><ix:nonFraction name="cef:HighestPriceOrBidNav" id="h_22_2da64bb1_35dc_e022_5bf3_09c818c4942d" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q42023_CommonSharesMember">18.53</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"><ix:nonFraction name="cef:LowestPriceOrBidNav" id="h_30_3717ad9c_293f_5c8d_8967_1b8490c749ae" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q42023_CommonSharesMember">16.59</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" id="h_38_ecc4cefe_b2ca_9f32_ed8e_8343d24ca2be" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q42023_CommonSharesMember">7.99</ix:nonFraction>) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" id="h_46_81658c0e_4ac1_d047_00b9_b1e58fa661d8" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q42023_CommonSharesMember">10.79</ix:nonFraction>) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">September 30, 2023 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"><ix:nonFraction name="cef:HighestPriceOrBid" id="h_7_44e13b3f_a8fa_e2c3_7501_e5ea88beca25" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q32023_CommonSharesMember">17.50</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"><ix:nonFraction name="cef:LowestPriceOrBid" id="h_15_451eb4f3_e848_fb75_ce77_fbde8db35891" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q32023_CommonSharesMember">15.93</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"><ix:nonFraction name="cef:HighestPriceOrBidNav" id="h_23_9649d80a_7d89_acea_2103_21990eb84fa6" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q32023_CommonSharesMember">18.29</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"><ix:nonFraction name="cef:LowestPriceOrBidNav" id="h_31_f403bbf1_d7cf_c714_8d32_b6868c839cce" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q32023_CommonSharesMember">16.99</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" id="h_39_defb5c19_cceb_5dab_1ce0_83ffd661a6c2" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q32023_CommonSharesMember">4.32</ix:nonFraction>) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.82pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" id="h_47_85cc7012_3185_46fa_f6b6_257704a82d2b" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q32023_CommonSharesMember">6.24</ix:nonFraction>) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">June 30, 2023 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"><ix:nonFraction name="cef:HighestPriceOrBid" id="h_8_25a79ab9_c1a6_d861_8b9f_a115cf7b453b" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q22023_CommonSharesMember">18.02</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"><ix:nonFraction name="cef:LowestPriceOrBid" id="h_16_962d5017_ec04_bf8d_31f0_eb36e818ee49" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q22023_CommonSharesMember">17.06</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:6pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"><ix:nonFraction name="cef:HighestPriceOrBidNav" id="h_24_c05ee036_0f33_8b68_fac6_4119b0f5e9a9" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q22023_CommonSharesMember">18.63</ix:nonFraction></td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"><ix:nonFraction name="cef:LowestPriceOrBidNav" id="h_32_e2286d5d_2493_69b5_e138_a64d4f2606f6" unitRef="USD_shares" decimals="INF" scale="0" contextRef="Q22023_CommonSharesMember">18.35</ix:nonFraction></td>
<td style="line-height:0pt;padding-bottom:6pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" id="h_40_c327eeef_10e5_82e7_4bed_a818d1c73836" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q22023_CommonSharesMember">3.27</ix:nonFraction>) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:19.82pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" id="h_48_c770b443_8bb9_e417_6bbe_1c58e8d9816d" unitRef="pure" decimals="4" scale="-2" sign="-" contextRef="Q22023_CommonSharesMember">7.03</ix:nonFraction>) </td> </tr></table></ix:continuation> </div> </div> <div style="width:92.99%;"> <div style="color:#000000;font-family:arial;font-size:7.5pt;font-style:normal;font-weight:normal;line-height:10.5pt;margin-top:313pt;text-align:center;text-decoration:none;text-transform:none;"> <div style="color:#000000;font-family:arial;font-size:7.5pt;font-style:normal;font-weight:normal;line-height:10.5pt;margin-top:313pt;text-align:center;text-decoration:none;text-transform:none;">14</div> </div> </div> </div> <div style="clear:both;font-size:12pt;height:0pt;"> </div> <hr style="margin-bottom:0pt;"/> <div style="width:100%;"> <a id="xx_bc3dc05c-61d2-4f0a-9c1b-7be5034f0e39_1"> </a> <div style="font-family:arial;font-size:7pt;line-height:10pt;font-weight:normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a> </div> <div style="width:100%;"> <div style="color:#000000;font-family:arial;font-size:14pt;font-style:normal;font-weight:normal;line-height:17pt;text-align:left;text-decoration:none;text-transform:none;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> </div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Endnotes and Additional Disclosures</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 16pt;"> <div style="float: left; overflow: hidden; position: relative; width: 47.63%;"> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 10pt; width: 100%;" cellpadding="9" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 4.40%;">&#8224;&#8202;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 95.60%;">The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as &#8220;forward-looking statements.&#8221; The Fund&#8217;s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund&#8217;s filings with the Securities and Exchange Commission.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 4.40%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">&#8225;</sup><span style="font-size: 8pt; line-height: 11pt;">&#8202;</span></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 95.60%;">The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are available for purchase and sale only at current market prices in secondary market trading.</td> </tr>
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<td style="line-height: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 4.40%;">&#160;</td>
<td style="line-height: 1pt; padding-bottom: 0pt; text-align: left; vertical-align: top; white-space: nowrap; width: 95.60%;">&#160;</td> </tr> </table> </div> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 5pt; font-style: Normal; font-weight: Normal; line-height: 8pt; padding-left: 0pt; padding-right: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.80%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">1</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.80%;">Bloomberg 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.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.80%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">2</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 1.5pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.80%;">Performance results reflect the effects of leverage.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.80%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">3</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 1.5pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.80%;">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.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.80%; padding: 3pt 1.5pt 6pt 0pt;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">4</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 6pt; padding-left: 1.5pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.80%;">The Distribution Rate is based on the Fund&#8217;s last regular distribution per share in the period (annualized) divided by the Fund&#8217;s NAV or market price at the end of the period. The Fund&#8217;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 Pricing and Performance - Distributions&#160;on the Fund&#8217;s webpage available at eatonvance.com. The Fund&#8217;s distributions are determined by the investment adviser based on its current assessment of the Fund&#8217;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-<br/>equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result</td> </tr> </table> </div> </div> <div style="float: right; overflow: hidden; position: relative; width: 47.63%;"> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
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<td style="line-height: 9pt; padding-right: 1.5pt; text-align: left; vertical-align: top; width: 3.80%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.80%;">in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.80%; padding: 3pt 1.5pt 6pt 0pt;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">5</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 6pt; padding-left: 1.5pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.80%;">Fund employs RIB financing. 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 &#8220;Floating Rate Notes Issued in Conjunction with Securities Held&#8221; 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 plus Floating Rate Notes.</td> </tr> </table> </div> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 9pt; width: 100%;" cellpadding="5" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="line-height: 8pt; padding-right: 2pt; text-align: left; vertical-align: top; white-space: nowrap; width: 4.40%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 95.60%;">Fund profile subject to change due to active management.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="line-height: 8pt; padding-right: 2pt; text-align: left; vertical-align: top; white-space: nowrap; width: 4.40%;">&#160;</td>
<td style="color: #00a5fa; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 95.60%;">Additional Information</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="line-height: 8pt; padding-right: 2pt; text-align: left; vertical-align: top; white-space: nowrap; width: 4.40%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 95.60%;">Bloomberg High Yield Municipal Bond Index is an unmanaged index of non-investment grade municipal bonds traded in the U.S.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="line-height: 8pt; padding-bottom: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; white-space: nowrap; width: 4.40%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 95.60%;">Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall.</td> </tr> </table> </div> </div> </div> <div style="clear: both;">&#160; <div style="clear: both; width: 92.99%;"></div> </div> <div style="padding-top: 40pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; margin-top: 370pt; text-align: center; text-decoration: none; text-transform: none;">15</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4ee27f39-6572-4594-a45d-fb93b29b78b8_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Portfolio of Investments</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 20pt;"> <div style="float: left; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 200%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td colspan="4" style="color: #000000; font-family: Arial Narrow; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-bottom: 11pt; padding-left: 0pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Corporate Bonds &#8212; 0.9%</td> </tr> </table> </div> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Other Revenue &#8212; 0.9%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 2.60pt 0pt;">Morongo Band of Mission Indians, 7.00%, 10/1/39<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 2.60pt 1.5pt;">$</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 2.60pt 1.5pt;">&#8199;2,430</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;2,602,870</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #00a5fa; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.48pt 1.5pt 2.60pt 8pt;">Total Corporate Bonds<br/>(identified cost $2,430,000)</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;2,602,870</td> </tr> </table> </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: right; text-decoration: none; text-transform: none;">&#160;&#160;&#160;&#160;</div> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 6pt; width: 200%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td colspan="4" style="color: #000000; font-family: Arial Narrow; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-bottom: 11pt; padding-left: 0pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Tax-Exempt Municipal Obligations &#8212; 108.4%</td> </tr> </table> </div> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Bond Bank &#8212; 2.4%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 0pt;">Texas Water Development Board:<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">4.80%, 10/15/52</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,538,430</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">5.00%, 10/15/47<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;5,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;5,216,750</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;6,755,180</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Education &#8212; 5.0%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;185</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8201;&#8199;&#8199;&#8199;155,102</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">Boyle County, KY, (Centre College), 4.50%, 6/1/53</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;950,190</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">California Municipal Finance Authority, (Westside Neighborhood School), 6.20%, 6/15/54<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;880</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;938,837</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.375%, 6/15/38<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;210</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;207,696</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.375%, 6/15/48<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;395</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;375,989</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Capital Trust Authority, FL, (Mason Classical Academy), 5.00%, 6/1/64<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,940</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,755,750</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">District of Columbia, (KIPP DC), 4.00%, 7/1/44</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;410</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;370,808</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Idaho Housing and Finance Association, (Alturas Preparatory Academy), 4.125%, 5/1/44</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;921,680</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Illinois Finance Authority, (DePaul College Prep Foundation), 5.625%, 8/1/53<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;750</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;781,725</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Jacksonville, FL, (Jacksonville University), 5.00%, 6/1/53<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;861,770</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Public Finance Authority, WI, (Cornerstone Charter Academy):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 2/1/54</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;900</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;884,331</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 2/1/64</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,931,740</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/54<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;455</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;425,352</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Public Finance Authority, WI, (Roseman University of Health Sciences):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">4.00%, 4/1/52<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;245</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;200,158</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 3pt 8pt;">5.00%, 4/1/40<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 3pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 3pt 1.5pt;">&#8201;&#8199;&#8199;620</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201; &#8199;&#8199;&#8199;618,134</td> </tr> </table> </div> </div> <div style="float: right; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Education (continued)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Public Finance Authority, WI, (Roseman University of Health Sciences):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span>(continued)</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 4/1/50<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;830</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8201;&#8199;&#8199;&#8199;791,214</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">South Carolina Jobs-Economic Development Authority, (Carolina Voyager), 5.00%, 6/15/44<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;986,140</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/49</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8201;&#8199;&#8199;&#8199;70</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;&#8199;68,067</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;14,224,683</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Electric Utilities &#8212; 5.1%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 0pt;">Austin, TX, Electric Utility Revenue, 5.25%, 11/15/53<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;4,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;4,237,840</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;4,250</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;3,853,348</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.50%, 5/15/47</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,135,580</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 0pt;">Omaha Public Power District, NE, 5.00%, 2/1/47</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;4,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;4,186,800</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;14,413,568</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Escrowed/Prerefunded &#8212; 0.7%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Iowa Finance Authority, (Iowa Fertilizer Co.), Prerefunded to 12/1/32, 5.00%, 12/1/50</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;1,500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,692,645</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/43</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;275</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;295,386</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Public Finance Authority, WI, (Roseman University of Health Sciences):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Prerefunded to 4/1/30, 5.00%, 4/1/50<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;&#8199;10</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;&#8199;10,816</td> </tr>
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<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Prerefunded to 4/1/32, 4.00%, 4/1/52<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8201;&#8199;&#8199;&#8199;&#8199;5</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;5,200</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;2,004,047</td> </tr>
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<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">General Obligations &#8212; 9.6%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 0pt;">Chicago Board of Education, IL:<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 12/1/42</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;6,410</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;6,132,639</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">6.00%, 12/1/49</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,750</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,863,715</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Denton Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/53<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)(2)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;4,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;4,155,680</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Hurst-Euless-Bedford Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/50</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,260</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,168,411</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">Jackson County School District No. 6, OR, 0.00%, 6/15/41</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;710</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;319,571</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/58<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)(2)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,587,800</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Leander Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/47<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;4,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;4,143,880</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 3pt 8pt;">New York, NY, (SPA: Barclays Bank PLC), 3.60%, 10/1/46<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(3)</sup></td>
<td style="line-height: 0pt; padding-bottom: 3pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 3pt 1.5pt;">&#8201;&#8199;&#8199;400</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201; &#8199;&#8199;&#8199;400,000</td> </tr> </table> </div> </div> </div> <div style="clear: both;">&#160; <div style="clear: both; padding-top: 21pt; width: 92.99%;"> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">16</div> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4ee27f39-6572-4594-a45d-fb93b29b78b8_2"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Portfolio of Investments&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 46pt;"> <div style="float: left; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">General Obligations (continued)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Pasadena Independent School District, TX, (PSF Guaranteed), 4.25%, 2/15/53</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;2,925</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;2,777,141</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">Puerto Rico:<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">0.00%, 7/1/33</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,372,860</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">4.00%, 7/1/35</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,127</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,034,093</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 0pt;">Township of Freehold, NJ, 1.00%, 10/15/29</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8201;&#8199;&#8199;145</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;126,927</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;27,082,717</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Hospital &#8212; 7.0%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/47</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;3,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;3,002,520</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Astoria Hospital Facilities Authority, OR, (Columbia Memorial Hospital), 5.25%, 8/1/54</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,047,300</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Geisinger Authority, PA, (Geisinger Health System), 4.00%, 2/15/47</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,105</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;989,096</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Idaho Health Facilities Authority, ID, (St. Luke&#8217;s Health System), 4.375%, 3/1/53</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;967,600</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,442,050</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Michigan Finance Authority, (McLaren Health Care), 4.00%, 2/15/47</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;899,030</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 5.00%, 5/1/57</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;3,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;3,016,710</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/44</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,330</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,302,323</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,215</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,246,201</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 5/15/48</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;460,240</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">West Virginia Hospital Finance Authority, (West Virginia University Health System Obligated Group), 4.375%, 6/1/53</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,025</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,930,331</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), 6.25%, 11/1/52</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;225</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;246,400</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Wisconsin Health and Educational Facilities Authority, (Marshfield Clinic Health System, Inc.), 5.50%, 2/15/54</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;1,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,061,480</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;19,611,281</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Housing &#8212; 5.6%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Indiana Housing and Community Development Authority, SFMR:<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(Liq: TD Bank, N.A.), 3.55%, 7/1/47<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(3)</sup></td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;2,000,000</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 3pt 16pt;">Social Bonds, (FHLMC), (FNMA), (GNMA), 4.70%, 7/1/53</td>
<td style="line-height: 0pt; padding-bottom: 3pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 3pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199; &#8199;1,964,260</td> </tr> </table> </div> </div> <div style="float: right; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Housing (continued)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">North Dakota Housing Finance Agency, (SPA: TD Bank, N.A.), 2.84%, 1/1/46<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(4)</sup></td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;270</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8201;&#8199;&#8199;&#8199;270,000</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.45%, 4/1/51</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;3,500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;3,549,490</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Public Finance Authority, WI, (KSU Bixby Real Estate Foundation LLC), 5.50%, 6/15/45</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;700</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;707,616</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Rhode Island Housing and Mortgage Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 4.65%, 10/1/53</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,685</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,657,754</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Texas Department of Housing and Community Affairs, (GNMA), 5.125%, 1/1/54</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,555</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,574,577</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Washington Housing Finance Commission, Social Certificates, 3.375%, 4/20/37</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;3,364</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,960,896</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Washington State Housing Finance Commission, (Radford Court and Nordheim Court), 5.00%, 7/1/54</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;1,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,013,370</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;15,697,963</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Industrial Development Revenue &#8212; 5.8%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Arkansas Development Finance Authority, (United States Steel Corp.), Green Bonds, (AMT), 5.70%, 5/1/53</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;2,540</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;2,639,720</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Hawaii Department of Budget and Finance, (Hawaiian Electric Co., Inc.), 3.20%, 7/1/39</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;831,940</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,893,500</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;725</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;727,175</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">National Finance Authority, NH, (Covanta):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">4.625%, 11/1/42<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,415</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,302,493</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(AMT), 4.875%, 11/1/42<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,555</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,475,384</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;560</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;534,425</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,560</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,885,223</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&amp;D Redevelopment), (AMT), 5.00%, 10/1/40</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,765</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,812,807</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Valparaiso, IN, (Pratt Paper IN LLC), (AMT), 5.00%, 1/1/54<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;993,510</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8201;&#8199;&#8199;145</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;146,840</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;16,243,017</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Electric Utilities &#8212; 1.8%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Georgia Municipal Electric Authority, (Plant Vogtle Units 3 &amp; 4 Project J), (AGM), 5.00%, 7/1/64</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;1,875</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,923,881</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), (AGM), 5.25%, 5/15/53<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;3,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;3,165,570</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;5,089,451</td> </tr> </table> </div> </div> </div> <div style="clear: both;">&#160; <div style="clear: both; padding-top: 16pt; width: 92.99%;"> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">17</div> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4ee27f39-6572-4594-a45d-fb93b29b78b8_3"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Portfolio of Investments&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 46pt;"> <div style="float: left; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Hospital &#8212; 1.9%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Columbia County Hospital Authority, GA, (Wellstar Health System, Inc.), (AGM), 5.00%, 4/1/53</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;1,500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,542,540</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), (AGC), 4.25%, 11/1/51</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;934,900</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">West Virginia Hospital Finance Authority, (Vandalia Health), (AGM), 5.50%, 9/1/48</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,143,300</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), (AGM), 5.00%, 11/1/51</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8201;&#8199;&#8199;810</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;828,614</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;5,449,354</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Housing &#8212; 0.5%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Knox County Health, Educational and Housing Facility Board, TN, (University of Tennessee):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(BAM), 5.00%, 7/1/64</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;325</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8201;&#8199;&#8199;&#8199;326,609</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">(BAM), 5.25%, 7/1/64</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;1,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,025,130</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;1,351,739</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Lease Revenue/Certificates of Participation &#8212; 0.7%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 2.60pt 8pt;">Hinds County, MS, Lease Purchase, (BAM), 4.625%, 9/1/54<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 2.60pt 1.5pt;">$</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 2.60pt 1.5pt;">&#8199;2,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,898,100</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;1,898,100</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Other Revenue &#8212; 0.1%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 2.60pt 8pt;">New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/46</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 2.60pt 1.5pt;">$</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 2.60pt 1.5pt;">&#8201;&#8199;&#8199;280</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8201;&#8199;&#8199;&#8199;211,761</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8201;&#8199;&#8199;&#8199;211,761</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Special Tax Revenue &#8212; 4.6%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Miami-Dade County, FL, Professional Sports Franchise Facilities:<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(AGC), 6.875%, 10/1/34</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;4,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;4,571,160</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(AGC), 7.00%, 10/1/39</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;6,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;6,820,860</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">Tolomato Community Development District, FL:<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(AGM), 3.75%, 5/1/39</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;720</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;696,370</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">(AGM), 3.75%, 5/1/40</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8201;&#8199;&#8199;855</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;816,268</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;12,904,658</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Transportation &#8212; 7.8%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 0pt;">Metropolitan Transportation Authority, NY:<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Green Bonds, (AGM), 4.00%, 11/15/48</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;6,225</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;5,554,007</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Green Bonds, (BAM), 4.00%, 11/15/48</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,361,340</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 3pt 8pt;">New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One), Green Bonds, (AGM), (AMT), 5.25%, 6/30/60</td>
<td style="line-height: 0pt; padding-bottom: 3pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 3pt 1.5pt;">&#8199;2,800</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199; &#8199;2,851,296</td> </tr> </table> </div> </div> <div style="float: right; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Transportation (continued)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">North Carolina Turnpike Authority, (Triangle Expressway System):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(AGC), 0.00%, 1/1/35</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;4,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;2,712,200</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(AGC), 0.00%, 1/1/36</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">13,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;8,383,830</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AGM), (AMT), 5.00%, 12/31/57</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;1,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,014,350</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;21,877,023</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Lease Revenue/Certificates of Participation &#8212; 7.3%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">National Finance Authority, NH, (Centurion BioSquare, Inc.), 5.88%, 12/15/38</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;2,610</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;2,668,621</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New Jersey Economic Development Authority, (Portal North Bridge), 5.00%, 11/1/52</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,043,980</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New Jersey Economic Development Authority, (School Facilities Construction):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 6/15/43</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;465</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;472,965</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 6/15/44</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;4,260</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;4,348,608</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/38</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">20,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;11,153,000</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;20,687,174</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Other Revenue &#8212; 2.4%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;3,195</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;2,820,227</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;390</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;397,371</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Military Installation Development Authority, UT, 4.00%, 6/1/41</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;450,495</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">Morongo Band of Mission Indians, CA, 5.00%, 10/1/42<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;605</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;610,766</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,060,980</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;1,245</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,311,495</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;6,651,334</td> </tr>
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<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Senior Living/Life Care &#8212; 11.3%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 0pt;">Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;3,405</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;3,406,056</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/42</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;700</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;656,145</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;125</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;121,395</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Colorado Health Facilities Authority, (Aberdeen Ridge), 5.00%, 5/15/58</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,110</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;803,840</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 3pt 8pt;">Colorado Health Facilities Authority, (Covenant Living Communities and Services), 5.125%, 12/1/55<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(5)</sup></td>
<td style="line-height: 0pt; padding-bottom: 3pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 3pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199; &#8199;2,030,260</td> </tr> </table> </div> </div> </div> <div style="clear: both;">&#160; <div style="clear: both; padding-top: 36pt; width: 92.99%;"> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">18</div> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4ee27f39-6572-4594-a45d-fb93b29b78b8_4"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Portfolio of Investments&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 46pt;"> <div style="float: left; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Senior Living/Life Care (continued)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.75%, 1/1/28</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;155</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8201;&#8199;&#8199;&#8199;155,240</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">6.375%, 1/1/33</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;&#8199;30</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;&#8199;30,057</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Iowa Finance Authority, (Lifespace Communities, Inc.), 4.125%, 5/15/38</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,422,555</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Lee County Industrial Development Authority, FL, (Shell Point Obligated Group):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 11/15/54</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;980,010</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.25%, 11/15/54</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,015,760</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Massachusetts Development Finance Agency, (Linden Ponds, Inc.):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 11/15/33<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;470</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;486,083</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 11/15/38<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;310</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;317,914</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,650</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,574,859</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Montgomery County Industrial Development Authority, PA, (ACTS Retirement Communities, Inc.), 5.25%, 11/15/53</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,525,380</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,475</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,111,339</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">National Finance Authority, NH, (The Vista):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.25%, 7/1/39<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;265</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;258,584</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.625%, 7/1/46<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;360</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;353,444</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.75%, 7/1/54<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;780</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;756,522</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 7/1/33</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;&#8199;45</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;&#8199;45,171</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 7/1/34</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;&#8199;55</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;&#8199;55,056</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 7/1/49</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,835,820</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 5.00%, 1/1/49</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;3,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,684,160</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.125%, 10/1/54</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;505,355</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;765</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,016,157</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Public Finance Authority, WI, (Mary's Woods at Marylhurst), 5.25%, 5/15/37<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;630</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;633,043</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 7.75%, 11/15/58</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,143,040</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Stamford Housing Authority, CT, (Mozaic Concierge Living), 6.00%, 10/1/40<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(5)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;515,385</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.625%, 11/15/41</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,325</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,218,629</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;900</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;664,290</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 3pt 8pt;">Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.25%, 11/15/37</td>
<td style="line-height: 0pt; padding-bottom: 3pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 3pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 9.40pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199; &#8199;1,008,560</td> </tr> </table> </div> </div> <div style="float: right; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Senior Living/Life Care (continued)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/51<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;1,335</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,222,673</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/49<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;305</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;280,231</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Wisconsin Health and Educational Facilities Authority, (Three Pillars Senior Living Communities), 5.75%, 8/15/54</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;1,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,051,740</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;31,884,753</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Special Tax Revenue &#8212; 11.2%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Aerotropolis Regional Transportation Authority, CO, 5.75%, 12/1/54<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;2,150</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;2,219,424</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Atlanta Development Authority, GA, (Westside Gulch Area), 5.50%, 4/1/39<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,640</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,670,274</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">Baltimore, MD, (Harbor Point), 4.875%, 6/1/42</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;320</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;320,560</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;140</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;115,872</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Mida Mountain Village Public Infrastructure District, UT, 5.125%, 6/15/54<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,190</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,132,416</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New York City Transitional Finance Authority, NY, Future Tax Revenue:<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">3.00%, 11/1/47</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;4,205</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;3,174,397</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">4.375%, 5/1/53</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;971,920</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(SPA: JPMorgan Chase Bank, N.A.), 3.55%, 8/1/42<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(3)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,900</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,900,000</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New York State Thruway Authority, Personal Income Tax Revenue, 4.00%, 3/15/44</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;955</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;889,048</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/44<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;6,900</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;7,142,466</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">Puerto Rico Sales Tax Financing Corp.:<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">0.00%, 7/1/51</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,250</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;546,300</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">5.00%, 7/1/58</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;4,015</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;3,960,115</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.25%, 5/15/47<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,125</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,246,146</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">Washington Metropolitan Area Transit Authority, D.C., Sustainability Bonds, 5.25%, 7/15/53<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;4,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;4,204,360</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;31,493,298</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Transportation &#8212; 15.9%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">Chicago, IL, (O'Hare International Airport), (AMT), 5.50%, 1/1/55<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;1,500</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,556,730</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;4,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;4,164,960</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,520</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,552,361</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Metropolitan Washington Airports Authority, D.C., (AMT), 4.00%, 10/1/51</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,200</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,925,308</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 3pt 8pt;">New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34</td>
<td style="line-height: 0pt; padding-bottom: 3pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 3pt 1.5pt;">&#8199;1,250</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199; &#8199;1,251,675</td> </tr> </table> </div> </div> </div> <div style="clear: both;">&#160; <div style="clear: both; padding-top: 15pt; width: 92.99%;"> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">19</div> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4ee27f39-6572-4594-a45d-fb93b29b78b8_5"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Portfolio of Investments&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 46pt;"> <div style="float: left; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Transportation (continued)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">New York Transportation Development Corp., (John F. Kennedy Airport Terminals 6 Redevelopment), Green Bonds, (AMT), 5.50%, 12/31/60</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;2,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;2,080,140</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Green Bonds, (AMT), 5.375%, 6/30/60</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,910</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,943,234</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Green Bonds, (AMT), 6.00%, 6/30/54</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;770</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;819,057</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,115</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,114,915</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/38</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,950</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,994,226</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/49</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;6,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;6,044,220</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 0pt;">South Jersey Transportation Authority, NJ, 5.25%, 11/1/52</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,023,050</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;4,000</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;3,970,720</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Texas Transportation Commission, (State Highway 249 System), 0.00%, 8/1/38</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;850</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;462,375</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/51<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;8,800</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;9,036,104</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 4.00%, 1/1/39</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;955</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;905,435</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">Virginia Small Business Financing Authority, (Transform 66 P3):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(AMT), 5.00%, 12/31/49</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;2,865</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,869,727</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">(AMT), 5.00%, 12/31/52</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;1,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;998,480</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;44,712,717</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Water and Sewer &#8212; 1.7%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">New York City Municipal Water Finance Authority, NY, (Water and Sewer System):<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">(SPA: Barclays Bank PLC), 3.60%, 6/15/50<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(3)</sup></td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,950</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,950,000</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">(SPA: Barclays Bank PLC), 3.60%, 6/15/53<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(3)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;2,800</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;2,800,000</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;4,750,000</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #00a5fa; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.48pt 1.5pt 2.60pt 8pt;">Total Tax-Exempt Municipal Obligations<br/>(identified cost $299,026,382)</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$304,993,818</td> </tr> </table> </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: right; text-decoration: none; text-transform: none;">&#160;&#160;&#160;&#160;</div> </div> <div style="float: right; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 6pt; width: 200%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td colspan="4" style="color: #000000; font-family: Arial Narrow; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-bottom: 11pt; padding-left: 0pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Taxable Municipal Obligations &#8212; 4.3%</td> </tr> </table> </div> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Education &#8212; 0.4%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 2.60pt 8pt;">Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 2.60pt 1.5pt;">$</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 2.60pt 1.5pt;">&#8199;1,000</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,032,470</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;1,032,470</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">General Obligations &#8212; 1.2%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 0pt;">Chicago, IL:<span style="font-family: arial; font-size: 9pt; line-height: 12pt;">&#8201;</span></td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 1.5pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-right: 6pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.75pt; padding-top: 2.65pt; text-align: right; vertical-align: bottom; width: 20.04%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 1.75pt 8pt;">7.375%, 1/1/33</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 1.75pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 1.75pt 1.5pt;">&#8199;1,562</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,701,080</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">7.781%, 1/1/35</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;1,395</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,577,285</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;3,278,365</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Education &#8212; 0.4%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 2.60pt 8pt;">Onondaga Civic Development Corp., NY, (Upstate Properties Development, Inc.), (BAM), 3.158%, 12/1/41</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 2.60pt 1.5pt;">$</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 2.60pt 1.5pt;">&#8199;1,610</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,236,303</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;1,236,303</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Housing &#8212; 0.4%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 2.60pt 8pt;">Oregon Facilities Authority, (CHF-Ashland, LLC - Southern Oregon University), (AGM), 3.508%, 7/1/41</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 2.60pt 1.5pt;">$</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 2.60pt 1.5pt;">&#8199;1,500</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,173,780</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;1,173,780</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Insured - Transportation &#8212; 0.4%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 2.60pt 8pt;">Alameda Corridor Transportation Authority, CA, (AGM), 0.00%, 10/1/45</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 2.60pt 1.5pt;">$</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 2.60pt 1.5pt;">&#8199;4,500</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,272,105</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;1,272,105</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Lease Revenue/Certificates of Participation &#8212; 0.1%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">National Finance Authority, NH, (Centurion BioSquare, Inc.), 9.58%, 12/15/38</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8201;&#8199;&#8199;140</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8201;&#8199;&#8199;&#8199;140,939</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 8pt;">National Finance Authority, NH, (Centurion Foundation), 11.00%, 12/15/38</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8201;&#8199;&#8199;100</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8201;&#8199;&#8199;&#8199;100,636</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8201;&#8199;&#8199;&#8199;241,575</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Special Tax Revenue &#8212; 0.9%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 1.75pt 8pt;">American Samoa Economic Development Authority, 3.72%, 9/1/27<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 1.75pt 1.5pt;">$</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 1.75pt 1.5pt;">&#8199;1,115</td>
<td style="color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.75pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,064,792</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 1.75pt 1.5pt 2.60pt 0pt;">Oneida Indian Nation of New York, 8.00%, 9/1/40<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 1.75pt 6pt 2.60pt 1.5pt;">&#8199;1,500</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 9.91pt; padding-top: 1.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">&#8199;&#8199;1,528,695</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;2,593,487</td> </tr> </table> </div> </div> </div> <div style="clear: both;">&#160; <div style="clear: both; padding-top: 64pt; width: 92.99%;"> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">20</div> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4ee27f39-6572-4594-a45d-fb93b29b78b8_6"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Portfolio of Investments&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 46pt;"> <div style="float: left; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 62.12%; padding: 3pt 1.5pt 2.60pt 0pt;">Security</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.24%; padding: 3pt 6pt 2.60pt 1.5pt;">Principal<br/>Amount<br/>(000's omitted)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 3pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.04%;">Value</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="4" style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial Narrow; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 2.60pt; padding-left: 0pt; padding-top: 2.48pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 100%;">Transportation &#8212; 0.5%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.65pt 1.5pt 2.60pt 8pt;">Maryland Economic Development Corp., (Seagirt Marine Terminal), 4.75%, 6/1/42</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.63%; padding: 2.65pt 1.5pt 2.60pt 1.5pt;">$</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.61%; padding: 2.65pt 6pt 2.60pt 1.5pt;">&#8199;1,500</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.65pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 0.52pt;"></span>&#8199;&#8199;1,321,830</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 9pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: left; vertical-align: bottom; width: 62.12%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;&#8199;1,321,830</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #00a5fa; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.48pt 1.5pt 2.60pt 8pt;">Total Taxable Municipal Obligations<br/>(identified cost $12,658,813)</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$&#8199;12,149,915</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #00a5fa; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.48pt 1.5pt 2.60pt 8pt;">Total Investments &#8212; 113.6%<br/>(identified cost $314,115,195)</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$319,746,603</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #00a5fa; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.48pt 1.5pt 2.60pt 0pt;">Other Assets, Less Liabilities &#8212; (13.6)%</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$<span style="padding-left: 1.13pt;"></span>(38,357,811)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #00a5fa; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 62.12%; padding: 2.48pt 1.5pt 2.60pt 0pt;">Net Assets &#8212; 100.0%</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 2.60pt; padding-right: 1.5pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 7.63%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 2.60pt; padding-right: 6pt; padding-top: 2.48pt; text-align: right; vertical-align: bottom; width: 12.61%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #00a5fa; font-family: Arial Narrow; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 2.60pt; padding-left: 6pt; padding-top: 2.48pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.04%;">$281,388,792</td> </tr> </table> </div> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td colspan="2" style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-top: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 100%;">The percentage shown for each investment category in the Portfolio of Investments is based on net assets.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.38%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.22%;">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 March 31, 2025, the aggregate value of these securities is $44,651,668 or 15.9% of the Trust's&#160;net assets.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.38%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.22%;">Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.38%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">(3)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.22%;">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 March 31, 2025.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.38%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">(4)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.22%;">Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at March 31, 2025.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.38%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">(5)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.22%;">When-issued security.</td> </tr>
<tr style="page-break-inside: avoid;">
<td colspan="2" style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-bottom: 6pt; padding-left: 0pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 100%;">At March 31, 2025, the concentration of the Trust&#8217;s investments in the various states and territories, determined as a percentage of total investments, is as follows:</td> </tr> </table> </div> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.37%;">New York</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 1.5pt; padding-top: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.23%;">19.7%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 1.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 90.37%;">Texas</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 1.5pt; padding-top: 1.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.23%;">12.3%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.37%; padding: 1.25pt 1.5pt 3pt 0pt;">Others, representing less than 10% individually</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-bottom: 3pt; padding-left: 1.5pt; padding-top: 1.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.23%;">67.2%</td> </tr> </table> </div> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td colspan="2" style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-bottom: 6pt; padding-left: 0pt; padding-top: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 100.0%;">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 March 31, 2025, 16.4% 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 1.8% to 7.3% of total investments.</td> </tr> </table> </div> </div> <div style="float: right; overflow: hidden; position: relative; width: 47.47%;"> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td colspan="2" style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: bold; line-height: 10.60pt; padding-left: 0pt; padding-top: 10pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 100%;">Abbreviations:</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 2.5pt; padding-top: 3.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%;">AGC</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 2.5pt; padding-top: 3.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Assured Guaranty Corp.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%;">AGM</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Assured Guaranty Municipal Corp.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%;">AMT</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 10.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-indent: -8pt; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%;">BAM</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Build America Mutual Assurance Co.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%;">FHLMC</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Federal Home Loan Mortgage Corp.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%;">FNMA</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Federal National Mortgage Association</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%;">GNMA</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Government National Mortgage Association</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%;">Liq</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Liquidity Provider</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%;">PSF</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Permanent School Fund</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 0pt; padding-right: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%;">SFMR</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-left: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Single Family Mortgage Revenue</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 10.81%; padding: 1.75pt 2.5pt 6pt 0pt;">SPA</td>
<td style="color: #000000; font-family: Arial; font-size: 7.60pt; font-style: Normal; font-weight: Normal; line-height: 10.60pt; padding-bottom: 6pt; padding-left: 2.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 90.19%;">&#8211;&#8194;Standby Bond Purchase Agreement</td> </tr> </table> </div> </div> </div> <div style="clear: both;">&#160; <div style="clear: both; padding-top: 66.40pt; width: 92.99%;"> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">21</div> <div style="clear: both; color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_3222418d-b3fc-479c-9e29-76ad1d41eabe_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Statement of Assets and Liabilities</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 23pt; width: 92.99%;"> <div style="text-align: center;">
<table style="border-collapse: separate; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 99.24%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="line-height: 9pt; padding-right: 6pt; text-align: left; vertical-align: bottom; width: 87.54%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; padding-left: 6pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%;">March 31, 2025</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 87.54%;">Assets</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 10pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-top: 1pt SOLID #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 2.12pt 6pt 1pt 0pt;">Investments, at value (identified cost $314,115,195)</td>
<td style="border-top: 1pt SOLID #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 2.12pt 10pt 1pt 6pt;">$<span style="padding-left: 0.35pt;"></span>319,746,603</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 87.54%; padding: 1pt 6pt 1pt 0pt;">Cash</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 1pt 32.83pt;">27,944</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 1pt 0pt;">Interest receivable</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 1pt 20.79pt;">4,463,471</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 1pt 0pt;">Receivable for investments sold</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 1pt 37.64pt;">5,000</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 2.5pt 0pt;">Trustees' deferred compensation plan</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 2.5pt 32.83pt;">54,809</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1.70pt 6pt 2.5pt 0pt;">Total assets</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.70pt 10pt 2.5pt 6pt;">$324,297,827</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 87.54%; padding: 1.70pt 6pt 3.5pt 0pt;">Liabilities</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 1.70pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 2.12pt 6pt 1pt 0pt;">Payable for floating rate notes issued</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 2.12pt 10pt 1pt 6pt;">$<span style="padding-left: 5.16pt;"></span>39,662,528</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 1pt 0pt;">Payable for when-issued securities</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 1pt 20.79pt;">2,535,795</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 1pt 0pt;">Payable to affiliates:</td>
<td style="line-height: 8pt; padding-bottom: 1pt; padding-right: 10pt; padding-top: 1pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 1pt 0pt;">&#8195;Investment&#160;adviser&#160;and&#160;administrative&#160;fee</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 1pt 28.01pt;">165,456</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 1pt 8pt;">Trustees' deferred compensation plan</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 1pt 32.83pt;">54,809</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 1pt 0pt;">Interest expense and fees payable</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 1pt 28.01pt;">351,612</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 2.5pt 0pt;">Accrued expenses</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 2.5pt 28.01pt;">138,835</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1.70pt 6pt 2.5pt 0pt;">Total liabilities</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.70pt 10pt 2.5pt 6pt;">$<span style="padding-left: 4.85pt;"></span>42,909,035</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1.70pt 6pt 2.5pt 0pt;">Net Assets</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.70pt 10pt 2.5pt 6pt;">$281,388,792</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1.70pt 6pt 3.5pt 0pt;">Sources of Net Assets</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 1.70pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 2.12pt 6pt 1pt 0pt;">Common shares, $0.01 par value, unlimited number of shares authorized</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 2.12pt 10pt 1pt 6pt;">$<span style="padding-left: 17.20pt;"></span>156,249</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 1pt 0pt;">Additional paid-in capital</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 1pt 11.16pt;">298,069,380</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1pt 6pt 2.5pt 0pt;">Accumulated loss</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1pt 10pt 2.5pt 13.36pt;">(16,836,837)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1.70pt 6pt 2.5pt 0pt;">Net Assets</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.70pt 10pt 2.5pt 6pt;">$281,388,792</td> </tr>
<tr style="height: 28.65pt; page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1.70pt 6pt 3.5pt 0pt;"><ix:nonNumeric name="cef:OutstandingSecurityTitleTextBlock" id="t_1_21145f69_0df9_5a34_6b2e_45bf13359952" escape="true" contextRef="FY2025_CommonSharesMember">Common Shares</ix:nonNumeric> Issued and Outstanding</td>
<td style="border-bottom: 1pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1.70pt 10pt 3.5pt 15.98pt;"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" id="h_1_02021f28_abcd_cac9_7af7_af05657d64fc" contextRef="FY2025_CommonSharesMember" unitRef="shares" decimals="INF" scale="0" format="ixt:numdotdecimal">15,624,921</ix:nonFraction></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 2.12pt 6pt 3.5pt 0pt;">Net Asset Value Per Common Share</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 2.12pt 6pt 2.5pt 0pt;">Net assets &#247; common shares issued and outstanding</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 2.12pt 10pt 2.5pt 6pt;">$<span style="padding-left: 26.66pt;"></span>18.01</td> </tr> </table> </div> </div> <div style="margin-top: 275.60pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 277pt; text-align: center; text-decoration: none; text-transform: none;">22</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_3222418d-b3fc-479c-9e29-76ad1d41eabe_2"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Statement of Operations</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 23pt; width: 92.99%;"> <div style="text-align: center;">
<table style="border-collapse: separate; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 99.24%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="line-height: 9pt; padding-right: 6pt; text-align: center; vertical-align: bottom; width: 87.98%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; padding-left: 6pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%;">Year Ended</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="line-height: 7pt; padding-right: 6pt; padding-top: 0.75pt; text-align: center; vertical-align: bottom; width: 87.98%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; padding-left: 6pt; padding-right: 10pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%;">March 31, 2025</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%;">Investment Income</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 10pt; text-align: right; vertical-align: bottom; width: 12.02%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; border-top: 1pt SOLID #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 2.12pt 6pt 2.5pt 0pt;">Interest income</td>
<td style="border-bottom: 0.30pt solid #000000; border-top: 1pt SOLID #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 2.12pt 10pt 2.5pt 6pt;">$<span style="padding-left: 0.32pt;"></span>15,755,478</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1.70pt 6pt 2.5pt 0pt;">Total investment income</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 1.70pt 10pt 2.5pt 6pt;">$15,755,478</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 87.98%; padding: 1.70pt 6pt 3.5pt 0pt;">Expenses</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 1.70pt; text-align: right; vertical-align: bottom; width: 12.02%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 2.12pt 6pt 1pt 0pt;">Investment adviser and administrative fee</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 2.12pt 10pt 1pt 6pt;">$<span style="padding-left: 5.13pt;"></span>1,972,285</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1pt 6pt 1pt 0pt;">Trustees&#8217; fees and expenses</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.02%; padding: 1pt 10pt 1pt 27.98pt;">21,034</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1pt 6pt 1pt 0pt;">Custodian fee</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.02%; padding: 1pt 10pt 1pt 27.98pt;">77,795</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1pt 6pt 1pt 0pt;">Transfer and dividend disbursing agent fees</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.02%; padding: 1pt 10pt 1pt 27.98pt;">18,685</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1pt 6pt 1pt 0pt;">Legal and accounting services</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.02%; padding: 1pt 10pt 1pt 27.98pt;">91,416</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1pt 6pt 1pt 0pt;">Printing and postage</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.02%; padding: 1pt 10pt 1pt 27.98pt;">51,699</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1pt 6pt 1pt 0pt;">Interest expense and fees</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.02%; padding: 1pt 10pt 1pt 15.95pt;">1,480,338</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 87.98%; padding: 1pt 6pt 2.5pt 0pt;">Miscellaneous</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.02%; padding: 1pt 10pt 2.5pt 27.98pt;">89,739</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1.70pt 6pt 2.5pt 0pt;">Total expenses</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 1.70pt 10pt 2.5pt 6pt;">$<span style="padding-left: 4.85pt;"></span>3,802,991</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1.70pt 6pt 2.5pt 0pt;">Net investment income</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 1.70pt 10pt 2.5pt 6pt;">$11,952,487</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1.70pt 6pt 3.5pt 0pt;">Realized and Unrealized Gain (Loss)</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 1.70pt; text-align: right; vertical-align: bottom; width: 12.02%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 2.12pt 6pt 1pt 0pt;">Net realized gain (loss):</td>
<td style="line-height: 8pt; padding-bottom: 1pt; padding-right: 10pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom; width: 12.02%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1pt 6pt 2.5pt 8pt;">Investment transactions</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 1pt 10pt 2.5pt 6pt;">$<span style="padding-left: 2.51pt;"></span>(1,068,093)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1.70pt 6pt 2.5pt 0pt;">Net realized loss</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 1.70pt 10pt 2.5pt 6pt;">$<span style="padding-left: 2.26pt;"></span>(1,068,093)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1.70pt 6pt 1pt 0pt;">Change in unrealized appreciation (depreciation):</td>
<td style="line-height: 8pt; padding-bottom: 1pt; padding-right: 10pt; padding-top: 1.70pt; text-align: right; vertical-align: bottom; width: 12.02%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 87.98%; padding: 1pt 6pt 2.5pt 8pt;">Investments</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 1pt 10pt 2.5pt 6pt;">$<span style="padding-left: 2.51pt;"></span>(6,010,825)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1.70pt 6pt 2.5pt 0pt;">Net change in unrealized appreciation (depreciation)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 1.70pt 10pt 2.5pt 6pt;">$<span style="padding-left: 2.26pt;"></span>(6,010,825)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1.70pt 6pt 2.5pt 0pt;">Net realized and unrealized loss</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 1.70pt 10pt 2.5pt 6pt;">$<span style="padding-left: 2.26pt;"></span>(7,078,918)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.98%; padding: 1.70pt 6pt 2.5pt 0pt;">Net increase in net assets from operations</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.02%; padding: 1.70pt 10pt 2.5pt 6pt;">$<span style="padding-left: 4.85pt;"></span>4,873,569</td> </tr> </table> </div> </div> <div style="margin-top: 295.60pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; margin-top: 289pt; text-align: center; text-decoration: none; text-transform: none;">23</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_3222418d-b3fc-479c-9e29-76ad1d41eabe_3"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Statements of Changes in Net Assets</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 23pt; width: 92.99%;"> <div style="text-align: center;">
<table style="border-collapse: separate; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 99.24%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="line-height: 7pt; padding-right: 6pt; text-align: left; vertical-align: bottom; width: 75.07%;">&#160;</td>
<td colspan="2" style="border-bottom: 0.30pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; padding-left: 6pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 24.93%;">Year Ended March 31,</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="line-height: 7pt; padding-right: 6pt; padding-top: 2.20pt; text-align: left; vertical-align: bottom; width: 75.07%;">&#160;</td>
<td style="border-top: 0.30pt SOLID #000000; color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%;">2025</td>
<td style="border-top: 0.30pt SOLID #000000; color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; padding-left: 6pt; padding-right: 10pt; padding-top: 2.20pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%;">2024</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%;">Increase (Decrease) in Net Assets</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 6pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 10pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-top: 1pt SOLID #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 2.38pt 6pt 1.25pt 0pt;">From operations:</td>
<td style="border-top: 1pt SOLID #000000; line-height: 8pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.38pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td>
<td style="border-top: 1pt SOLID #000000; line-height: 0pt; padding-bottom: 1.25pt; padding-right: 10pt; padding-top: 2.38pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 1.25pt 6pt 1.25pt 8pt;">Net investment income</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.25pt 6pt 1.25pt 6pt;">$<span style="padding-left: 5.16pt;"></span>11,952,487</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.25pt 10pt 1.25pt 6pt;">$<span style="padding-left: 5.16pt;"></span>11,638,612</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 1.25pt 6pt 1.25pt 8pt;">Net realized loss</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1.25pt 6pt 1.25pt 18.17pt;">(1,068,093)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1.25pt 10pt 1.25pt 18.17pt;">(5,435,709)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 1.25pt 6pt 2.5pt 8pt;">Net change in unrealized appreciation (depreciation)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1.25pt 6pt 2.5pt 18.17pt;">(6,010,825)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1.25pt 10pt 2.5pt 20.79pt;">8,357,664</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 1.95pt 6pt 2.5pt 0pt;">Net increase in net assets from operations</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.95pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.69pt;"></span>4,873,569</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.95pt 10pt 2.5pt 6pt;">$<span style="padding-left: 4.85pt;"></span>14,560,567</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 1.95pt 6pt 2.5pt 0pt;">Distributions to shareholders</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.95pt 6pt 2.5pt 6pt;">$<span style="padding-left: 2.26pt;"></span>(12,203,214)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.95pt 10pt 2.5pt 6pt;">$<span style="padding-left: 2.26pt;"></span>(11,718,691)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 1.95pt 6pt 2.5pt 0pt;">Tax return of capital to shareholders</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.95pt 6pt 2.5pt 6pt;">$<span style="padding-left: 14.37pt;"></span>(331,098)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.95pt 10pt 2.5pt 6pt;">$<span style="padding-left: 40.47pt;"></span>&#8212;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 1.95pt 6pt 2.5pt 0pt;">Net increase (decrease) in net assets</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.95pt 6pt 2.5pt 6pt;">$<span style="padding-left: 7.10pt;"></span>(7,660,743)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.95pt 10pt 2.5pt 6pt;">$<span style="padding-left: 9.69pt;"></span>2,841,876</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 1.95pt 6pt 3.5pt 0pt;">Net Assets</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 1.95pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 1.95pt; text-align: right; vertical-align: bottom; width: 12.46%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 2.38pt 6pt 2.5pt 0pt;">At beginning of year</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 2.38pt 6pt 2.5pt 6pt;">$<span style="padding-left: 0.35pt;"></span>289,049,535</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 2.38pt 10pt 2.5pt 6pt;">$<span style="padding-left: 0.35pt;"></span>286,207,659</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.07%; padding: 1.95pt 6pt 2.5pt 0pt;">At end of year</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.95pt 6pt 2.5pt 6pt;">$281,388,792</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 1.95pt 10pt 2.5pt 6pt;">$289,049,535</td> </tr> </table> </div> </div> <div style="margin-top: 432.60pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; margin-top: 433pt; text-align: center; text-decoration: none; text-transform: none;">24</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_3222418d-b3fc-479c-9e29-76ad1d41eabe_4"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Statement of Cash Flows</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 23pt; width: 92.99%;"> <div style="text-align: center;">
<table style="border-collapse: separate; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 99.24%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="line-height: 9pt; padding-right: 6pt; text-align: left; vertical-align: bottom; width: 87.97%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; padding-left: 6pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.03%;">Year Ended</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="line-height: 9pt; padding-right: 6pt; padding-top: 1.25pt; text-align: left; vertical-align: bottom; width: 87.97%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; padding-left: 6pt; padding-right: 10pt; padding-top: 1.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.03%;">March 31, 2025</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%;">Cash Flows From Operating Activities</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 10pt; text-align: right; vertical-align: bottom; width: 12.03%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-top: 1pt SOLID #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 2.38pt 6pt 1.25pt 0pt;">Net increase in net assets from operations</td>
<td style="border-top: 1pt SOLID #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.03%; padding: 2.38pt 10pt 1.25pt 6pt;">$<span style="padding-left: 7.72pt;"></span>4,873,569</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 0pt;">Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:</td>
<td style="line-height: 8pt; padding-bottom: 1.25pt; padding-right: 10pt; padding-top: 1.25pt; text-align: right; vertical-align: bottom; width: 12.03%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 8pt;">Investments purchased</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 1.25pt 11.10pt;">(92,387,725)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 8pt;">Investments sold</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 1.25pt 13.72pt;">95,115,383</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 8pt;">Net amortization/accretion of premium (discount)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 1.25pt 15.91pt;">(1,055,925)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 8pt;">Increase in interest&#160;receivable</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 1.25pt 27.95pt;">(34,599)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 8pt;">Increase in Trustees&#8217; deferred compensation plan</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 1.25pt 32.77pt;">(4,529)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 8pt;">Decrease in payable to affiliates for investment adviser and administrative fee</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 1.25pt 32.77pt;">(1,913)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 8pt;">Decrease in interest expense and fees payable</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 1.25pt 27.95pt;">(64,258)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 8pt;">Increase in payable to affiliates for Trustees' deferred compensation plan</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 1.25pt 35.39pt;">4,529</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 8pt;">Decrease in accrued expenses</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 1.25pt 27.95pt;">(24,422)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 1.25pt 8pt;">Net change in unrealized (appreciation) depreciation from investments</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 1.25pt 18.54pt;">6,010,825</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 2.5pt 8pt;">Net realized loss from investments</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 2.5pt 18.54pt;">1,068,093</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.95pt 6pt 2.5pt 0pt;">Net cash provided by operating activities</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.03%; padding: 1.95pt 10pt 2.5pt 6pt;">$<span style="padding-left: 2.59pt;"></span>13,499,028</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.95pt 6pt 3.5pt 0pt;">Cash Flows From Financing Activities</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 1.95pt; text-align: right; vertical-align: bottom; width: 12.03%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 2.38pt 6pt 1.25pt 0pt;">Cash distributions paid</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.03%; padding: 2.38pt 10pt 1.25pt 6pt;">$<span style="padding-left: 0.28pt;"></span>(12,534,312)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.25pt 6pt 2.5pt 0pt;">Decrease in due to custodian</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.03%; padding: 1.25pt 10pt 2.5pt 23.14pt;">(936,772)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.95pt 6pt 2.5pt 0pt;">Net cash used in financing activities</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.03%; padding: 1.95pt 10pt 2.5pt 6pt;">$(13,471,084)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.95pt 6pt 2.5pt 0pt;">Net increase in cash</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.03%; padding: 1.95pt 10pt 2.5pt 6pt;">$<span style="padding-left: 19.55pt;"></span>27,944</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.95pt 6pt 2.5pt 0pt;">Cash at beginning of year</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.03%; padding: 1.95pt 10pt 2.5pt 6pt;">$<span style="padding-left: 38.21pt;"></span>&#8212;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.95pt 6pt 2.5pt 0pt;">Cash at end of year</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.03%; padding: 1.95pt 10pt 2.5pt 6pt;">$<span style="padding-left: 19.55pt;"></span>27,944</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 1.95pt 6pt 3.5pt 0pt;">Supplemental disclosure of cash flow information:</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 1.95pt; text-align: right; vertical-align: bottom; width: 12.03%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.97%; padding: 2.38pt 6pt 2.5pt 0pt;">Cash paid for interest and fees on borrowings</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.03%; padding: 2.38pt 10pt 2.5pt 6pt;">$<span style="padding-left: 7.72pt;"></span>1,544,596</td> </tr> </table> </div> </div> <div style="margin-top: 269.60pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">25</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_e6034e22-4687-4b69-a75a-69565040e5da_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Financial Highlights</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 24pt; width: 92.99%;"> <div style="text-align: center;">
<table style="border-collapse: separate; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 99.24%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="line-height: 7pt; padding-bottom: 3.5pt; padding-right: 6pt; text-align: left; vertical-align: bottom; width: 54.09%;">&#160;</td>
<td colspan="5" style="border-bottom: 1pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; padding-bottom: 3.5pt; padding-left: 6pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 45.91%;">Year Ended March 31,</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; line-height: 9pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.62pt; text-align: left; vertical-align: bottom; width: 54.09%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; border-top: 1pt SOLID #00A5FA; color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.62pt 6pt 3.5pt 6pt;">2025</td>
<td style="border-bottom: 1pt solid #00A5FA; border-top: 1pt SOLID #00A5FA; color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.62pt 6pt 3.5pt 6pt;">2024</td>
<td style="border-bottom: 1pt solid #00A5FA; border-top: 1pt SOLID #00A5FA; color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.62pt 6pt 3.5pt 6pt;">2023</td>
<td style="border-bottom: 1pt solid #00A5FA; border-top: 1pt SOLID #00A5FA; color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.62pt 6pt 3.5pt 6pt;">2022</td>
<td style="border-bottom: 1pt solid #00A5FA; border-top: 1pt SOLID #00A5FA; color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: bold; line-height: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.62pt 10pt 3.5pt 6pt;">2021</td> </tr>
<tr style="height: 14.65pt; page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.62pt 6pt 2.5pt 0pt;">Net asset value &#8212; Beginning of year</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.63pt;"></span>18.50</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.63pt;"></span>18.32</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.63pt;"></span>20.07</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.63pt;"></span>21.73</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 10pt 2.5pt 6pt;">$<span style="padding-left: 9.63pt;"></span>20.53</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.60pt; font-style: Normal; font-weight: Normal; line-height: 11.60pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.20pt 6pt 3.5pt 0pt;">Income (Loss) From Operations</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.62pt 6pt 1.5pt 0pt;">Net investment income<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$<span style="padding-left: 14.45pt;"></span>0.76</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$<span style="padding-left: 14.45pt;"></span>0.74</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$<span style="padding-left: 14.45pt;"></span>0.72</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$<span style="padding-left: 14.45pt;"></span>0.73</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 10pt 1.5pt 6pt;">$<span style="padding-left: 14.45pt;"></span>0.78</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 1.5pt 6pt 2.5pt 0pt;">Net realized and unrealized gain (loss)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 22.64pt;">(0.45)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 25.26pt;">0.19</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 22.64pt;">(1.72)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 22.64pt;">(1.65)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 10pt 2.5pt 25.26pt;">1.18</td> </tr>
<tr style="height: 16.80pt; page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.20pt 6pt 2.5pt 0pt;">Total income (loss) from operations</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 14.30pt;"></span>0.31</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 14.30pt;"></span>0.93</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 11.71pt;"></span>(1.00)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 11.71pt;"></span>(0.92)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 10pt 2.5pt 6pt;">$<span style="padding-left: 14.30pt;"></span>1.96</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.60pt; font-style: Normal; font-weight: Normal; line-height: 11.60pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.20pt 6pt 3.5pt 0pt;">Less Distributions</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.62pt 6pt 1.5pt 0pt;">From net investment income</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$<span style="padding-left: 11.82pt;"></span>(0.78)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$<span style="padding-left: 11.82pt;"></span>(0.75)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$<span style="padding-left: 11.82pt;"></span>(0.75)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$<span style="padding-left: 11.82pt;"></span>(0.75)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 10pt 1.5pt 6pt;">$<span style="padding-left: 11.82pt;"></span>(0.76)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 1.5pt 6pt 2.5pt 0pt;">Tax return of capital</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 22.64pt;">(0.02)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 34.11pt;">&#8212;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 34.11pt;">&#8212;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 34.11pt;">&#8212;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 10pt 2.5pt 34.11pt;">&#8212;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.20pt 6pt 2.5pt 0pt;">Total distributions</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 11.71pt;"></span>(0.80)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 11.71pt;"></span>(0.75)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 11.71pt;"></span>(0.75)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 11.71pt;"></span>(0.75)</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 10pt 2.5pt 6pt;">$<span style="padding-left: 11.71pt;"></span>(0.76)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.20pt 6pt 2.5pt 0pt;">Premium from common shares sold through shelf offering (see Note 5)<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 23.27pt;"></span>&#8212;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 23.27pt;"></span>&#8212;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 23.27pt;"></span>&#8212;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 14.30pt;"></span>0.01</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 10pt 2.5pt 12pt;">$<span style="padding-left: 14.30pt;"></span>0.00<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.20pt 6pt 2.5pt 0pt;">Net asset value &#8212; End of year</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.46pt;"></span>18.01</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.46pt;"></span>18.50</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.46pt;"></span>18.32</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.46pt;"></span>20.07</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 10pt 2.5pt 6pt;">$<span style="padding-left: 9.46pt;"></span>21.73</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.20pt 6pt 2.5pt 0pt;">Market value &#8212; End of year</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.46pt;"></span>16.65</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.46pt;"></span>16.59</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.46pt;"></span>17.67</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 6pt 2.5pt 6pt;">$<span style="padding-left: 9.46pt;"></span>19.05</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.20pt 10pt 2.5pt 6pt;">$<span style="padding-left: 9.46pt;"></span>22.50</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.20pt 6pt 2.5pt 0pt;">Total Investment Return on Net Asset Value<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(3)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.20pt 6pt 2.5pt 25.15pt;">2.02%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.20pt 6pt 2.5pt 25.15pt;">5.60%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.20pt 6pt 2.5pt 22.56pt;">(4.73)%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.20pt 6pt 2.5pt 22.56pt;">(4.36)%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.20pt 10pt 2.5pt 25.15pt;">9.87%</td> </tr>
<tr style="height: 16.80pt; page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.20pt 6pt 2.5pt 0pt;">Total Investment Return on Market Value<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(3)</sup></td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.20pt 6pt 2.5pt 25.15pt;">5.17%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.20pt 6pt 2.5pt 22.56pt;">(1.82)%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.20pt 6pt 2.5pt 22.56pt;">(3.19)%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.20pt 6pt 2.5pt 17.71pt;">(12.33)%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 2.20pt 10pt 2.5pt 20.30pt;">19.77%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 1pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8.60pt; font-style: Normal; font-weight: Normal; line-height: 11.60pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.20pt 6pt 3.5pt 0pt;">Ratios/Supplemental Data</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 6pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="border-bottom: 1pt solid #00A5FA; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 10pt; padding-top: 2.20pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 2.62pt 6pt 1.5pt 0pt;">Net assets, end of year (000&#8217;s omitted)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$281,389</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$289,050</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$286,208</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 6pt 1.5pt 6pt;">$313,625</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9.18%; padding: 2.62pt 10pt 1.5pt 6pt;">$333,178</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 1.5pt 6pt 1.5pt 0pt;">Ratios (as a percentage of average daily net assets):<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(4)</sup></td>
<td style="line-height: 8pt; padding-bottom: 1.5pt; padding-right: 6pt; padding-top: 1.5pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.5pt; padding-right: 6pt; padding-top: 1.5pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.5pt; padding-right: 6pt; padding-top: 1.5pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.5pt; padding-right: 6pt; padding-top: 1.5pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.5pt; padding-right: 10pt; padding-top: 1.5pt; text-align: center; vertical-align: bottom; width: 9.18%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 1.5pt 6pt 1.5pt 8pt;">Expenses excluding interest and fees</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">0.81%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">0.80%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">0.77%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">0.73%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 10pt 1.5pt 25.26pt;">0.73%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 1.5pt 6pt 1.5pt 8pt;">Interest and fee expense<sup style="font-size: 6pt; font-style: normal; text-transform: none;">(5)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">0.51%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">0.62%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">0.32%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">0.06%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 10pt 1.5pt 25.26pt;">0.05%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 1.5pt 6pt 1.5pt 8pt;">Total expenses</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">1.32%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">1.42%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">1.09%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">0.79%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 10pt 1.5pt 25.26pt;">0.78%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 1.5pt 6pt 1.5pt 8pt;">Net expenses</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">1.32%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">1.42%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">1.09%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">0.79%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 10pt 1.5pt 25.26pt;">0.78%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 1.5pt 6pt 1.5pt 8pt;">Net investment income</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">4.13%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">4.13%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">3.92%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 1.5pt 25.26pt;">3.35%</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 10pt 1.5pt 25.26pt;">3.67%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.09%; padding: 1.5pt 6pt 2.5pt 0pt;">Portfolio Turnover</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 32.48pt;">28%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 32.48pt;">48%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 32.48pt;">45%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 6pt 2.5pt 32.48pt;">13%</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.18%; padding: 1.5pt 10pt 2.5pt 32.48pt;">13%</td> </tr> </table> </div> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 1.71%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">(1)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 1.5pt; padding-top: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 98.57%;">Computed using average shares outstanding.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 1.71%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">(2)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 98.57%;">Amount is less than $0.005.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 1.71%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">(3)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 98.57%;">Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust&#8217;s dividend reinvestment plan.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 1.71%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">(4)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 98.57%;">Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Trust.</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 1.71%;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">(5)</sup></td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 1.5pt; padding-top: 1.75pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 98.57%;">Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).</td> </tr> </table> </div> </div> <div style="margin-top: 131pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">26</div> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; text-align: right; text-decoration: none; text-transform: none;">See Notes to Financial Statements.</div> </div> </div> </div> <div style="clear:both;font-size:12pt;height:0pt;"> </div> <hr style="margin-bottom:0pt;"/> <div style="width:100%;"> <a id="xx_8cb49761-8fd2-423c-b142-15f03ec086c9_1"> </a> <div style="font-family:arial;font-size:7pt;line-height:10pt;font-weight:normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> <a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a> </div> <div style="width:100%;"> <div style="color:#000000;font-family:arial;font-size:14pt;font-style:normal;font-weight:normal;line-height:17pt;text-align:left;text-decoration:none;text-transform:none;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> </div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Notes to Financial Statements</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 16pt; text-align: left; text-decoration: none; text-transform: none;">1&#160;&#160;Significant Accounting Policies</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">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&#8217;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.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">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&#160;is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.&#160;</div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">A&#160;&#160;Investment Valuation<span style="padding-left: 1%;"></span><span style="color: #000000;">&#8212;</span><span style="padding-left: 1%;"></span><span style="color: #000000;">The following methodologies are used to determine the market value or fair value of investments.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Debt Obligations.<span style="font-weight: normal;"> Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services&#8217; 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.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Fair Valuation.<span style="font-weight: normal;"> In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Trust&#8217;s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security&#8217;s &#8220;fair value&#8221;, 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&#8217;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&#8217;s or entity&#8217;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.</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">B&#160;&#160;Investment Transactions and Related Income<span style="padding-left: 1%;"></span><span style="color: #000000;">&#8212;</span><span style="padding-left: 1%;"></span><span style="color: #000000;">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.</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">C&#160;&#160;Federal Taxes<span style="padding-left: 1%;"></span><span style="color: #000000;">&#8212;</span><span style="padding-left: 1%;"></span><span style="color: #000000;">The Trust&#8217;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.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of March 31, 2025, 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.</div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">D&#160;&#160;Legal Fees<span style="padding-left: 1%;"></span><span style="color: #000000;">&#8212;</span><span style="padding-left: 1%;"></span><span style="color: #000000;"> 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.</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">E&#160;&#160;Use of Estimates<span style="padding-left: 1%;"></span><span style="color: #000000;">&#8212;</span><span style="padding-left: 1%;"></span><span style="color: #000000;">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.</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">F&#160;&#160;Indemnifications<span style="padding-left: 1%;"></span><span style="color: #000000;">&#8212;</span><span style="padding-left: 1%;"></span><span style="color: #000000;">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&#8217;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.</span></div> </div> <div style="margin-top: 42pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">27</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_8cb49761-8fd2-423c-b142-15f03ec086c9_2"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Notes to Financial Statements&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">G&#160;&#160;Floating Rate Notes Issued in Conjunction with Securities Held<span style="padding-left: 1%;"></span><span style="color: #000000;">&#8212;</span><span style="padding-left: 1%;"></span><span style="color: #000000;">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 &#8220;Payable for floating rate notes issued&#8221; 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 March 31, 2025. 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 March 31, 2025 the amount of the Trust's Floating Rate Notes outstanding and the related collateral were $39,662,528 and $51,858,286, respectively. The range of interest rates on the Floating Rate Notes outstanding at March 31, 2025 was 2.87% to 3.07%. For the year ended March 31, 2025, the Trust's average settled Floating Rate Notes outstanding and the average interest rate including fees were $39,660,000 and 3.73%, respectively.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">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 March 31, 2025.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">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.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Trust&#8217;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&#160;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&#8217;s investment policies do not allow the Trust to borrow money except as permitted by the 1940 Act. Effective August 19, 2022, the Trust began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. Consistent with Rule 18f-4, the Trust may treat its investments in residual interest bonds and similar financing transactions as subject to the asset coverage requirements of Section 18 of the 1940 Act, or as derivatives transactions subject to the Trust&#8217;s value-at-risk (VaR)-based limits on leverage risk. Effective October 11, 2023, the Trust has opted to treat such investments as derivatives transactions. The Trust may change this approach at any time. Residual interest bonds held by the Trust are securities exempt from registration under Rule 144A of the Securities Act of 1933.</div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">H&#160;&#160;When-Issued Securities and Delayed Delivery Transactions<span style="padding-left: 1%;"></span><span style="color: #000000;">&#8212;</span><span style="padding-left: 1%;"></span><span style="color: #000000;">The Trust may purchase 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. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">I&#160;&#160;Segment Reporting<span style="padding-left: 1%;"></span><span style="color: #000000;">&#8212;</span><span style="padding-left: 1%;"></span><span style="color: #000000;">During this reporting period, the Trust adopted FASB Accounting Standards Update No. 2023-07, </span><span style="color: #000000; font-style: italic;">Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures</span><span style="color: #000000;"> (ASU 2023-07), which requires incremental disclosures related to a public entity&#8217;s reportable segments. The Trust operates as a single reportable segment, an investment company whose investment objectives are included in Note 1. In connection with the adoption of ASU 2023-07, the Trust&#8217;s President acts as the Trust's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Trust's single segment and deciding how to allocate the segment&#8217;s resources. To perform this function, the CODM reviews the information in the Trust&#8217;s financial statements.</span></div> </div> <div style="margin-top: 84pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">28</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_8cb49761-8fd2-423c-b142-15f03ec086c9_3"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Notes to Financial Statements&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 16pt; text-align: left; text-decoration: none; text-transform: none;">2&#160;&#160;Distributions to Shareholders and Income Tax Information</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">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.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The tax character of distributions declared for the years ended March 31, 2025 and March 31, 2024 was as follows:</div> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="line-height: 8pt; padding-bottom: 3.5pt; padding-right: 12pt; text-align: left; vertical-align: bottom; width: 73.05%;">&#160;</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.33%;">Year Ended March 31,</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 12pt; padding-top: 2.70pt; text-align: center; vertical-align: bottom; width: 73.05%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.66%; padding: 2.70pt 12pt 3.5pt 12pt;">2025</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.66%; padding: 2.70pt 10pt 3.5pt 12pt;">2024</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.05%; padding: 2.70pt 12pt 1.75pt 0pt;">Tax-exempt income</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.66%; padding: 2.70pt 12pt 1.75pt 12pt;">$11,088,194</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.66%; padding: 2.70pt 10pt 1.75pt 12pt;">$10,674,400</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.05%; padding: 1.75pt 12pt 1.75pt 0pt;">Ordinary income</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.66%; padding: 1.75pt 12pt 1.75pt 12pt;">$<span style="padding-left: 4.82pt;"></span>1,115,020</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.66%; padding: 1.75pt 10pt 1.75pt 12pt;">$<span style="padding-left: 4.82pt;"></span>1,044,291</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.05%; padding: 1.75pt 12pt 5.20pt 0pt;">Tax return of capital</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.66%; padding: 1.75pt 12pt 5.20pt 12pt;">$<span style="padding-left: 12.04pt;"></span>331,098</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.66%; padding: 1.75pt 10pt 5.20pt 12pt;">$<span style="padding-left: 27.34pt;"></span>&#8195;&#8212;</td> </tr> </table> </div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of March 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:</div> <div style="text-align: center;">
<table style="border-collapse: collapse; border-top: 0.30pt solid #000000; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 0pt; padding-right: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 86.16%;">Deferred capital losses</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 12pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 14.22%;">$<span style="padding-left: 0.28pt;"></span>(23,777,084)</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 86.16%; padding: 1.5pt 12pt 5.20pt 0pt;">Net unrealized appreciation</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 14.22%; padding: 1.5pt 10pt 5.20pt 19.72pt;">&#8199;6,940,247</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 86.16%; padding: 2.88pt 12pt 5.20pt 0pt;">Accumulated loss</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 14.22%; padding: 2.88pt 10pt 5.20pt 12pt;">$(16,836,837)</td> </tr> </table> </div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">At March 31, 2025, the Trust, for federal income tax purposes, had deferred capital losses of $23,777,084 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust&#160;of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Trust&#8217;s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2025, $9,036,472&#160;are short-term and $14,740,612 are long-term.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The cost and unrealized appreciation (depreciation) of investments of the Trust at March 31, 2025, as determined on a federal income tax basis, were as follows:</div> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 99.24%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 5.20pt; padding-left: 0pt; padding-right: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%;">Aggregate cost</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 5.20pt; padding-left: 6pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%;">$273,143,828</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 3.12pt 6pt 1.75pt 0pt;">Gross unrealized appreciation</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 3.12pt 10pt 1.75pt 6pt;">$<span style="padding-left: 5.16pt;"></span>13,507,406</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 1.75pt 6pt 5.20pt 0pt;">Gross unrealized depreciation</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.46%; padding: 1.75pt 10pt 5.20pt 18.17pt;">(6,567,159)<span style="padding-left: -2.62pt;"></span></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 87.54%; padding: 3.12pt 6pt 5.20pt 0pt;">Net unrealized appreciation</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 12.46%; padding: 3.12pt 10pt 5.20pt 6pt;">$<span style="padding-left: 9.69pt;"></span>6,940,247</td> </tr> </table> </div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 16pt; text-align: left; text-decoration: none; text-transform: none;">3&#160;&#160;Investment Adviser and Administrative Fee and Other Transactions with Affiliates</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The investment adviser and administrative fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as&#160;compensation for investment advisory and administrative services rendered to the Trust. The fee is computed at an annual rate as a percentage of the&#160;Trust&#8217;s average daily gross assets as follows and is payable monthly:</div> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 84.99%;">Average Daily Gross Assets</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 10pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 15.39%;">Annual Fee Rate</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 84.99%; padding: 2.45pt 12pt 1.5pt 0pt;">Up to and including $1.5 billion</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 15.39%; padding: 2.45pt 10pt 1.5pt 12pt;">0.60%</td> </tr>
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<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 84.99%; padding: 1.5pt 12pt 5.20pt 0pt;">Over $1.5 billion</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 15.39%; padding: 1.5pt 10pt 5.20pt 12pt;">0.59%</td> </tr> </table> </div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Gross assets, as defined in the Trust&#8217;s investment advisory and administrative agreement with EVM, means total assets of the Trust, including any form of investment leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to</div> </div> <div style="margin-top: 35pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">29</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_8cb49761-8fd2-423c-b142-15f03ec086c9_4"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Notes to Financial Statements&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other similar preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the Trust&#8217;s investment objectives and policies, and/or (iv) any other means. For purposes of this calculation, gross assets represent net assets plus the amount payable by the Trust to floating-rate note holders. For the year ended March 31, 2025, the investment adviser and administrative fee incurred by the Trust and the effective annual rate, as a percentage of average daily gross assets, were $1,972,285 and 0.60%, respectively.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trustees and officers of the Trust who are members of EVM&#8217;s organization receive remuneration for their services to the Trust out of the investment adviser and administrative 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. Certain officers and Trustees of the Trust are officers of EVM.</div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 16pt; text-align: left; text-decoration: none; text-transform: none;">4&#160;&#160;Purchases and Sales of Investments</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Purchases and sales of investments, other than short-term obligations, aggregated $92,282,488 and $95,120,383, respectively, for the year ended March 31, 2025.</div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 16pt; text-align: left; text-decoration: none; text-transform: none;">5&#160;&#160;Common Shares of Beneficial Interest and Shelf Offering</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Trust may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Trust for the years ended March 31, 2025 and March 31, 2024.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">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 years ended March 31, 2025 and March 31, 2024.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Pursuant to a registration statement filed with the SEC, the Trust is authorized to issue up to an additional 1,908,750 common shares through an equity shelf offering program (the &#8220;shelf offering&#8221;). 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&#8217;s net asset value per common share. During the years ended March 31, 2025 and March 31, 2024, there were no shares sold by the Trust pursuant to its shelf offering.</div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 16pt; text-align: left; text-decoration: none; text-transform: none;">6&#160;&#160;Fair Value Measurements</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">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.</div> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 2pt; width: 100%;" cellpadding="6" cellspacing="0">
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<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 0.95%;">&#8226;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 99.05%;">Level 1 &#8211; quoted prices in active markets for identical investments</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 0.95%;">&#8226;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 99.05%;">Level 2 &#8211; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 0.95%;">&#8226;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 99.05%;">Level 3 &#8211; significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)</td> </tr> </table> </div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">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.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">At March 31, 2025, the hierarchy of inputs used in valuing the Trust's&#160;investments, which are carried at fair&#160;value, were as follows:</div> <div style="text-align: center;">
<table style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 99.81%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 57.31%;">Asset Description<span style="font-weight: normal;">&#8201;</span></td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 6pt; padding-right: 9pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 7.78%;">Level 1</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 9pt; padding-right: 9pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.28%;">Level 2</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 9pt; padding-right: 9pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 8.35%;">Level 3</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 9pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.28%;">Total</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 57.31%; padding: 2.70pt 6pt 1.75pt 0pt;">Corporate Bonds</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 7.78%; padding: 2.70pt 9pt 1.75pt 6pt;">$<span style="padding-left: 0.03pt;"></span>&#8195;&#8212;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.28%; padding: 2.70pt 9pt 1.75pt 9pt;">$<span style="padding-left: 0.35pt;"></span>&#8199;&#8199;2,602,870</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 8.35%; padding: 2.70pt 9pt 1.75pt 9pt;">$<span style="padding-left: 0.03pt;"></span>&#8195;&#8212;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.28%; padding: 2.70pt 10pt 1.75pt 9pt;">$<span style="padding-left: 0.35pt;"></span>&#8199;&#8199;2,602,870</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 57.31%; padding: 1.75pt 6pt 1.75pt 0pt;">Tax-Exempt Municipal Obligations</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.78%; padding: 1.75pt 9pt 1.75pt 10.85pt;">&#8195;&#8212;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.28%; padding: 1.75pt 9pt 1.75pt 14.16pt;">304,993,818</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.35%; padding: 1.75pt 9pt 1.75pt 13.85pt;">&#8195;&#8212;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.28%; padding: 1.75pt 10pt 1.75pt 14.16pt;">304,993,818</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 57.31%; padding: 1.75pt 6pt 5.20pt 0pt;">Taxable Municipal Obligations</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.78%; padding: 1.75pt 9pt 5.20pt 10.85pt;">&#8195;&#8212;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.28%; padding: 1.75pt 9pt 5.20pt 14.16pt;">&#8199;12,149,915</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 8.35%; padding: 1.75pt 9pt 5.20pt 13.85pt;">&#8195;&#8212;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.28%; padding: 1.75pt 10pt 5.20pt 14.16pt;">&#8199;12,149,915</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 57.31%; padding: 3.12pt 6pt 5.20pt 0pt;">Total Investments</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 7.78%; padding: 3.12pt 9pt 5.20pt 6pt;">$&#8195;&#8212;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.28%; padding: 3.12pt 9pt 5.20pt 9pt;">$319,746,603</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 8.35%; padding: 3.12pt 9pt 5.20pt 9pt;">$&#8195;&#8212;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 13.28%; padding: 3.12pt 10pt 5.20pt 9pt;">$319,746,603</td> </tr> </table> </div> </div> <div style="margin-top: 82pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 88pt; text-align: center; text-decoration: none; text-transform: none;">30</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_bd383bfb-eeb8-4308-af76-9034e532b0cb_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Report of Independent Registered Public Accounting Firm</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To the Trustees and Shareholders of Eaton Vance National Municipal Opportunities Trust:&#160;</div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Opinion on the Financial Statements and Financial Highlights&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">We have audited the accompanying statement of assets and liabilities of Eaton Vance National Municipal Opportunities Trust (the &#8220;Trust&#8221;), including the portfolio of investments, as of March 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Trust as of March 31, 2025, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.&#160;</div> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Basis for Opinion&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">These financial statements and financial highlights are the responsibility of the Trust&#8217;s management. Our responsibility is to express an opinion on the Trust's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.&#160;</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 58pt; text-align: left; text-decoration: none; text-transform: none;">/s/ Deloitte &amp; Touche LLP<br/>Boston, Massachusetts<br/>May 21, 2025</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 10pt; text-align: left; text-decoration: none; text-transform: none;">We have served as the auditor of one or more Eaton Vance investment companies since 1959.</div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 228pt; text-align: center; text-decoration: none; text-transform: none;">31</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_9924b059-c14a-49f3-8e03-45c6dd7acb70_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Federal Tax Information (Unaudited)</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trust. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Exempt-Interest Dividends.<span style="font-weight: normal;"> For the fiscal year ended March 31, 2025, the Trust designates 91.10% of distributions from net investment income as an exempt-interest dividend.</span></div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 550pt; text-align: center; text-decoration: none; text-transform: none;">32</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_61754bd3-5591-4cef-9c1b-7c7286561399_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Annual Meeting of Shareholders (Unaudited)</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The Trust held its Annual Meeting of Shareholders on January 8, 2025. The following action was taken by the shareholders:</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Proposal 1(b): The election of Valerie A. Mosley, Susan J. Sutherland and Scott E. Wennerholm as Class I Trustees of the Trust for a three-year term expiring in 2028.</div> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;" cellpadding="0" cellspacing="0">
<tr style="page-break-inside: avoid;">
<td style="line-height: 8pt; padding-bottom: 3.5pt; padding-right: 12.5pt; padding-top: 7pt; text-align: left; vertical-align: bottom; width: 54.77%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 3.5pt; padding-right: 12.5pt; padding-top: 7pt; text-align: center; vertical-align: bottom; width: 11.55%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 3.5pt; padding-right: 12.5pt; padding-top: 7pt; text-align: center; vertical-align: bottom; width: 11.55%;">&#160;</td>
<td colspan="2" style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12.5pt; padding-top: 7pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 24.50%;">Number of Shares</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.77%; padding: 2.45pt 12.5pt 3.5pt 0pt;">Nominees for Trustee</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 8pt; padding-bottom: 3.5pt; padding-right: 12.5pt; padding-top: 2.45pt; text-align: center; vertical-align: bottom; width: 11.55%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; line-height: 0pt; padding-bottom: 3.5pt; padding-right: 12.5pt; padding-top: 2.45pt; text-align: center; vertical-align: bottom; width: 11.55%;">&#160;</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.94%; padding: 2.45pt 12.5pt 3.5pt 12.5pt;">For</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12.5pt; padding-top: 2.45pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%;">Withheld</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.77%; padding: 2.45pt 12.5pt 1.5pt 0pt;">Valerie A. Mosley</td>
<td style="line-height: 8pt; padding-bottom: 1.5pt; padding-right: 12.5pt; padding-top: 2.45pt; text-align: center; vertical-align: bottom; width: 11.55%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.5pt; padding-right: 12.5pt; padding-top: 2.45pt; text-align: center; vertical-align: bottom; width: 11.55%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.94%; padding: 2.45pt 12.5pt 1.5pt 12.5pt;">13,811,826</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 12.5pt; padding-top: 2.45pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%;">418,604</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.77%; padding: 1.5pt 12.5pt 1.5pt 0pt;">Susan J. Sutherland</td>
<td style="line-height: 8pt; padding-bottom: 1.5pt; padding-right: 12.5pt; padding-top: 1.5pt; text-align: center; vertical-align: bottom; width: 11.55%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 1.5pt; padding-right: 12.5pt; padding-top: 1.5pt; text-align: center; vertical-align: bottom; width: 11.55%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.94%; padding: 1.5pt 12.5pt 1.5pt 12.5pt;">13,806,084</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 12.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%;">424,346</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 54.77%; padding: 1.5pt 12.5pt 6pt 0pt;">Scott E. Wennerholm</td>
<td style="line-height: 8pt; padding-bottom: 6pt; padding-right: 12.5pt; padding-top: 1.5pt; text-align: center; vertical-align: bottom; width: 11.55%;">&#160;</td>
<td style="line-height: 0pt; padding-bottom: 6pt; padding-right: 12.5pt; padding-top: 1.5pt; text-align: center; vertical-align: bottom; width: 11.55%;">&#160;</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.94%; padding: 1.5pt 12.5pt 6pt 12.5pt;">13,728,880</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 6pt; padding-left: 12.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.55%;">501,550</td> </tr> </table> </div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 481pt; text-align: center; text-decoration: none; text-transform: none;">33</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_78020bfa-30ed-4f92-b3b3-f3db9d5707ab_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Dividend Reinvestment Plan</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The Trust offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares (Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by Equiniti Trust Company, LLC (&#8220;EQ&#8221;), the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Trust's transfer agent re-register your Shares in your name or you will not be able to participate.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The Agent&#8217;s service fee for handling distributions will be paid by the Trust. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.</div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 426pt; text-align: center; text-decoration: none; text-transform: none;">34</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_0c3ec63d-6dda-4e7c-9cb5-0ce12600321b_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Application for Participation in Dividend Reinvestment Plan</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 60pt; width: 92.99%;"> <div style="border: 0.5pt solid black; margin-top: 6.5pt;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6.5pt; padding-left: 1.14%; text-align: left; text-decoration: none; text-transform: none;">This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.</div> </div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 10pt; padding-left: 1.14%; text-align: left; text-decoration: none; text-transform: none;">The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.</div> <div style="text-align: right;">
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<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 68.38%; padding: 1.45pt 6pt 0.75pt 0pt;">Please print exact name on account</td>
<td style="line-height: 8pt; padding-bottom: 0.75pt; padding-right: 10pt; padding-top: 1.45pt; text-align: left; vertical-align: bottom; width: 29.41%;">&#160;</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 68.38%; padding: 1.45pt 6pt 0.75pt 0pt;">Shareholder signature</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 29.41%; padding: 1.45pt 10pt 0.75pt 6pt;">Date</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 68.38%; padding: 1.45pt 6pt 0.75pt 0pt;">Shareholder signature</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 29.41%; padding: 1.45pt 10pt 0.75pt 6pt;">Date</td> </tr>
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<td colspan="2" style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 97.79%; padding: 0.75pt 10pt 6pt 0pt;">Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.</td> </tr> </table> </div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; padding-left: 1.14%; text-align: left; text-decoration: none; text-transform: none;">YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 6pt; padding-left: 1.14%; text-align: left; text-decoration: none; text-transform: none;">This authorization form, when signed, should be mailed to the following address:</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 10pt; padding-left: 35.42%; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance National Municipal Opportunities Trust<br/>c/o Equiniti Trust Company, LLC (&#8220;EQ&#8221;)<br/>P.O. Box 10027<br/>Newark, NJ 07101</div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 310pt; text-align: center; text-decoration: none; text-transform: none;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 310pt; text-align: center; text-decoration: none; text-transform: none;">35</div> </div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_178f22e7-4bd5-477d-b592-38f740e48bca_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Management and Organization</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Fund Management.<span style="font-weight: normal;"> The Board of Trustees of the Fund (the &#8220;Board&#8221;) is responsible for the overall management and supervision of the affairs of the Fund. The Board members and officers of the Fund are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund&#8217;s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 76th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the Securities and Exchange Commission, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The &#8220;noninterested Trustees&#8221; consist of those Trustees who are not &#8220;interested persons&#8221; of the Fund, as that term is defined under the 1940 Act. The business address of each Board member and officer is One Post Office Square, Boston, Massachusetts 02109. As used below, &#8220;BMR&#8221; refers to Boston Management and Research, &#8220;EV&#8221; refers to EV LLC, &#8220;EVM&#8221; refers to Eaton Vance Management, "MSIM" refers to Morgan Stanley Investment Management, Inc. and &#8220;EVD&#8221; refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Each of EVM, BMR, EVD and EV are indirect, wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 123 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).&#160;</span></div> <div style="text-align: left;">
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<td style="border-bottom: 0.30pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.32%;">Name and Year of Birth</td>
<td style="border-bottom: 0.30pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 6pt; padding-right: 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 14.77%;">Fund<br/>Position(s)</td>
<td style="border-bottom: 0.30pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 6pt; padding-right: 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 14.77%;">Length of Service</td>
<td style="border-bottom: 0.30pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 51.89%;">Principal Occupation(s) and Other Directorships<br/>During Past Five Years and Other Relevant Experience</td> </tr>
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<td colspan="4" style="color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-left: 0pt; padding-top: 3.20pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 100%;">Noninterested&#8201;Trustees<span style="color: #000000; font-size: 9pt; line-height: 12pt;">&#8201;</span></td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">Alan C. Bowser<br/>1962</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Class III<br/>Trustee</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Until 2027.<br/>3 years.<br/>Since 2023.</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Private investor. Formerly, Co-Head of the Americas Region, Chief Diversity Officer, Partner and a Member of the Operating Committee, at Bridgewater Associates, an asset management firm (2011-2023). Formerly, Managing Director and Head of Investment Services at UBS Wealth Management Americas (2007-2010). Formerly, Managing Director and Head of Client Solutions, Citibank Private Bank (1999 &#8211; 2007).<br/><span style="font-weight: bold;">Other Directorships</span>. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021).</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">Mark R. Fetting<br/>1954</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Class III<br/>Trustee</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Until 2027.<br/>3 years.<br/>Since 2016.</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).<br/><span style="font-weight: bold;">Other Directorships.</span> None.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">Cynthia E. Frost<br/>1961</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Class II<br/>Trustee</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Until 2026.<br/>3 years.<br/>Since 2014.</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).<br/><span style="font-weight: bold;">Other Directorships.</span> None.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">George J. Gorman<br/>1952</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Chairperson<br/>of the Board<br/>and Class III<br/>Trustee</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Until 2027.<br/>3 years. Chairperson of the Board since 2021 and Trustee since 2014.</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst &amp; Young LLP (a registered public accounting firm) (1974-2009).<br/><span style="font-weight: bold;">Other Directorships.</span> None.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%; padding: 2.25pt 6pt 6pt 0pt;">Valerie A. Mosley<br/>1960</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%; padding: 2.25pt 6pt 6pt 6pt;">Class I<br/>Trustee</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%; padding: 2.25pt 6pt 6pt 6pt;">Until 2028.<br/>3 years.<br/>Since 2014.</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-bottom: 6pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).<br/><span style="font-weight: bold;">Other Directorships. </span>Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022).</td> </tr> </table> </div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 36pt; text-align: center; text-decoration: none; text-transform: none;">36</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_178f22e7-4bd5-477d-b592-38f740e48bca_2"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Management and Organization&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 37pt; width: 92.99%;"> <div style="text-align: left;">
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<td style="border-bottom: 0.30pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.32%;">Name and Year of Birth</td>
<td style="border-bottom: 0.30pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 6pt; padding-right: 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 14.77%;">Fund<br/>Position(s)</td>
<td style="border-bottom: 0.30pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 6pt; padding-right: 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 14.77%;">Length of Service</td>
<td style="border-bottom: 0.30pt solid #00A5FA; color: #00a5fa; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 51.89%;">Principal Occupation(s) and Other Directorships<br/>During Past Five Years and Other Relevant Experience</td> </tr>
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<td colspan="4" style="color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-left: 0pt; padding-top: 3.20pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 100%;">Noninterested&#8201;Trustees<span style="color: #000000; font-size: 9pt; line-height: 12pt;">&#8201;</span>(continued)</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">Keith Quinton<br/>1958</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Class II<br/>Trustee</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Until 2026.<br/>3 years.<br/>Since 2018.</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).<br/><span style="font-weight: bold;">Other Directorships.</span> Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">Marcus L. Smith<br/>1966</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Class III<br/>Trustee</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Until 2027.<br/>3 years.<br/>Since 2018.</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).<br/><span style="font-weight: bold;">Other Directorships.</span> Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">Nancy Wiser Stefani<br/>1967</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Class II<br/>Trustee</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Until 2026.<br/>3 years.<br/>Since 2022.</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).<br/><span style="font-weight: bold;">Other Directorships.</span> None.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">Susan J. Sutherland<br/>1957</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Class I<br/>Trustee</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Until 2028.<br/>3 years.<br/>Since 2015.</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher &amp; Flom LLP (law firm) (1982-2013).<br/><span style="font-weight: bold;">Other Directorships.</span> Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023).</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%; padding: 2.25pt 6pt 6pt 0pt;">Scott E. Wennerholm<br/>1959</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%; padding: 2.25pt 6pt 6pt 6pt;">Class I<br/>Trustee</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%; padding: 2.25pt 6pt 6pt 6pt;">Until 2028.<br/>3 years.<br/>Since 2016.</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-bottom: 6pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).<br/><span style="font-weight: bold;">Other Directorships. </span>None.</td> </tr> </table> </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">&#160;&#160;&#160;&#160;</div> <div style="text-align: left;">
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<td style="border-bottom: 0.30pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.32%;">Name and Year of Birth</td>
<td style="border-bottom: 0.30pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 6pt; padding-right: 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 14.77%;">Fund<br/>Position(s)</td>
<td style="border-bottom: 0.30pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 6pt; padding-right: 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 14.77%;">Length of Service</td>
<td style="border-bottom: 0.30pt solid #00A5FA; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 51.89%;">Principal Occupation(s)<br/>During Past Five Years</td> </tr>
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<td colspan="4" style="color: #00a5fa; font-family: Arial; font-size: 8.5pt; font-style: Normal; font-weight: Normal; line-height: 11.5pt; padding-left: 0pt; padding-top: 3.20pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 100%;">Principal Officers who are not Trustees<span style="color: #000000; font-size: 9pt; line-height: 12pt;">&#8201;</span></td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">Kenneth A. Topping<br/>1966</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 14.77%;">President</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Since 2023</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (&#8220;CRM&#8221;) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management `Classic' (2009-2020).</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">Deidre E. Walsh<br/>1971</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Vice President and<br/>Chief<br/>Legal Officer</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Since 2009</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Vice President of EVM and BMR. Also Vice President of CRM.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">James F. Kirchner<br/>1967</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 14.77%;">Treasurer</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Since 2007</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Vice President of EVM and BMR. Also Vice President of CRM.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 0pt; padding-right: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%;">Nicholas S. Di Lorenzo<br/>1987</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 14.77%;">Secretary</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%;">Since 2022</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP.</td> </tr>
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<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 19.32%; padding: 2.25pt 6pt 6pt 0pt;">Laura T. Donovan<br/>1976</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%; padding: 2.25pt 6pt 6pt 6pt;">Chief Compliance<br/>Officer</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 14.77%; padding: 2.25pt 6pt 6pt 6pt;">Since 2024</td>
<td style="color: #000000; font-family: Arial; font-size: 7.5pt; font-style: Normal; font-weight: Normal; line-height: 10.5pt; padding-bottom: 6pt; padding-left: 6pt; padding-top: 2.25pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 51.89%;">Vice President of EVM and BMR.</td> </tr> </table> </div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; margin-top: 89pt; text-align: center; text-decoration: none; text-transform: none;">37</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_67184ca1-dc7f-429c-a1ea-e7884805f159_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance Funds</div> </div> <div style="margin-top: 46pt; width: 92.99%;"> <div style="text-align: left;">
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<td style="color: #00a5fa; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 0pt; padding-right: 4pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 78.69%;">U.S. Customer Privacy Notice</td>
<td style="color: #00a5fa; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0.00pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 21.31%;">March 2024</td> </tr> </table> </div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 8pt; width: 92.99%;"> <div style="text-align: left;">
<table style="border-bottom: 1pt solid #bfbfbf; border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 98.86%;" cellpadding="0" cellspacing="0">
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<td style="border-bottom: 1pt solid #000000; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: center; white-space: nowrap; width: 13.79%; background-color: #000000; padding: 8pt 9pt 6pt 8pt;">FACTS</td>
<td style="border-bottom: 1pt solid #000000; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: center; width: 86.02%; padding: 8pt 8pt 6pt 9pt;">WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?</td> </tr> </table> </div> <div style="text-align: left;">
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<td style="border-right: 1pt solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 9pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 13.87%; background-color: #808080;">Why?<span style="color: #000000; font-size: 9pt; font-weight: normal; line-height: 12pt;">&#8202;</span></td>
<td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 9pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 86.13%;">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.<span style="font-size: 9pt; line-height: 12pt;">&#8202;</span></td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; padding-right: 9pt; padding-top: 0.75pt; text-align: left; vertical-align: top; width: 13.87%; background-color: #000000;"/>
<td style="border-bottom: 1pt solid #BFBFBF; padding-right: 8pt; padding-top: 0.75pt; text-align: left; vertical-align: top; width: 86.13%; background-color: #808080;"/> </tr>
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<td style="border-right: 1pt solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 9pt; padding-top: 1pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 13.87%; background-color: #808080;">What?<span style="color: #000000; font-size: 9pt; font-weight: normal; line-height: 12pt;">&#8202;</span></td>
<td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 9pt; padding-right: 8pt; padding-top: 1pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 86.13%;">The types of personal information we collect and share depend on the product or service you have with us. This information can include: <div style="margin-top: 6pt;"></div> &#9632;&#8201;Social Security number and income<br/>&#9632;&#8201;investment experience and risk tolerance<br/>&#9632;&#8201;checking account information and wire transfer instructions<span style="font-size: 9pt; line-height: 12pt;">&#8202;</span></td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; padding-right: 9pt; padding-top: 0.75pt; text-align: left; vertical-align: top; width: 13.87%; background-color: #000000;"/>
<td style="border-bottom: 1pt solid #BFBFBF; padding-right: 8pt; padding-top: 0.75pt; text-align: left; vertical-align: top; width: 86.13%; background-color: #808080;"/> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 13.87%; background-color: #808080; padding: 1pt 9pt 3pt 8pt;">How?<span style="color: #000000; font-size: 9pt; font-weight: normal; line-height: 12pt;">&#8202;</span></td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 86.13%; padding: 1pt 8pt 3pt 9pt;">All financial companies need to share customers&#8217; personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers&#8217; personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.<span style="font-size: 9pt; line-height: 12pt;">&#8202;</span></td> </tr> </table> </div> <div style="text-align: left;">
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: center; width: 67.67%; background-color: #808080; padding: 4pt 6pt 5.20pt 8pt;">Reasons we can share your personal information</td>
<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: center; width: 15.59%; background-color: #808080; padding: 4pt 6pt 5.20pt 6pt;">Does Eaton Vance<br/>share?</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: center; width: 15.59%; background-color: #808080; padding: 4pt 6pt 5.20pt 6pt;">Can you limit<br/>this sharing?</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 4.05pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 67.67%;">For our everyday business purposes &#8212; <span style="font-weight: normal;">such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus</span></td>
<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 4.05pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">Yes</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 4.05pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">No</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 2.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 67.67%;">For our marketing purposes &#8212; <span style="font-weight: normal;">to offer our products and services to you</span></td>
<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">Yes</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">No</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 2.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 67.67%;">For joint marketing with other financial companies</td>
<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">No</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 15.59%;">We don&#8217;t share</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 2.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 67.67%;">For our affiliates&#8217; everyday business purposes &#8212; <span style="font-weight: normal;">information about your transactions and experiences</span></td>
<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">Yes</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">No*</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 2.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 67.67%;">For our affiliates&#8217; everyday business purposes &#8212; <span style="font-weight: normal;">information about your creditworthiness</span></td>
<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">Yes</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">Yes*</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 2.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 67.67%;">For our affiliates to market to you</td>
<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">Yes</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 6pt; padding-top: 2.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%;">Yes*</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 67.67%; padding: 2.5pt 6pt 6pt 8pt;">For nonaffiliates to market to you</td>
<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.59%; padding: 2.5pt 6pt 6pt 6pt;">No</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 15.59%; padding: 2.5pt 6pt 6pt 6pt;">We don&#8217;t share</td> </tr> </table> </div> <div style="text-align: left;">
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 9pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 13.87%; background-color: #808080;">To limit our<br/>sharing<span style="color: #000000; font-size: 9pt; font-weight: normal; line-height: 12pt;">&#8202;</span></td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 9pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 86.13%;">Call toll-free 1-800-262-1122 or email: <span style="color: #00a5fa; text-decoration: underline;">EVPrivacy@eatonvance.com</span> <div style="margin-top: 6pt;"></div> <span style="font-weight: bold;">Please note:</span> <div style="margin-top: 6pt;"></div> If you are a <span style="font-style: italic;">new</span> customer, we can begin sharing your information 30 days from the date we sent this notice. When you are <span style="font-style: italic;">no longer</span> our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.<span style="font-size: 9pt; line-height: 12pt;">&#8202;</span></td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 13.87%; background-color: #808080; padding: 3pt 9pt 3pt 8pt;">Questions? <span style="color: #000000; font-size: 9pt; font-weight: normal; line-height: 12pt;">&#8202;</span></td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 86.13%; padding: 3pt 8pt 3pt 9pt;">Call toll-free 1-800-262-1122 or email: <span style="color: #00a5fa; text-decoration: underline;">EVPrivacy@eatonvance.com</span><span style="font-size: 9pt; line-height: 12pt;">&#8202;</span></td> </tr> </table> </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">&#160;&#160;&#160;&#160;</div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 67pt; text-align: center; text-decoration: none; text-transform: none;">38</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_67184ca1-dc7f-429c-a1ea-e7884805f159_2"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance Funds</div> </div> <div style="margin-top: 46pt; width: 92.99%;"> <div style="text-align: left;">
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<td style="color: #00a5fa; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 0pt; padding-right: 4pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 79.15%;">U.S. Customer Privacy Notice&#8201;&#8212;&#8201;continued</td>
<td style="color: #00a5fa; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0.00pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 20.85%;">March 2024</td> </tr> </table> </div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="background-color: #000000; height: 15pt; margin-top: 18pt; width: 18.27%;"> <div style="background-color: #000000; color: #ffffff; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 13pt; margin-top: 5pt; padding-left: 12.86%; text-align: left; text-decoration: none; text-transform: none;">Page&#160;2</div> </div> <div style="margin-top: 6pt; width: 92.99%;"> <div style="text-align: left;">
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<td colspan="2" style="border-bottom: 1pt solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 8pt; padding-top: 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 98.85%; background-color: #808080;">Who we are</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 25.10%; background-color: #ffffff;">Who is providing this notice?</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 73.75%; background-color: #ffffff;">Eaton Vance Management and our investment management affiliates (&#8220;Eaton Vance&#8221;) (see Affiliates definition below.)</td> </tr>
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<td colspan="2" style="border-bottom: 1pt solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 98.85%; background-color: #808080;">What we do</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 25.10%; background-color: #ffffff;">How does Eaton Vance<br/>protect my personal<br/>information?</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 73.75%; background-color: #ffffff;">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 25.10%; background-color: #ffffff;">How does Eaton Vance<br/>collect my personal<br/>information?</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 73.75%; background-color: #ffffff;">We collect your personal information, for example, when you <div style="margin-top: 6pt;"></div> &#9632;&#8201;open an account or make deposits or withdrawals from your account<br/>&#9632;&#8201;buy securities from us or make a wire transfer<br/>&#9632;&#8201;give us your contact information <div style="margin-top: 6pt;"></div> We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 25.10%; background-color: #ffffff;">Why can&#8217;t I limit all sharing?</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 73.75%; background-color: #ffffff;">Federal law gives you the right to limit only <div style="margin-top: 6pt;"></div> &#9632;&#8201;sharing for affiliates&#8217; everyday business purposes &#8212; information about your creditworthiness<br/>&#9632;&#8201;affiliates from using your information to market to you<br/>&#9632;&#8201;sharing for nonaffiliates to market to you <div style="margin-top: 6pt;"></div> State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 25.10%; background-color: #ffffff;">What happens when I limit<br/>sharing for an account I hold<br/>jointly with someone else?</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 73.75%; background-color: #ffffff;">Your choices will apply to everyone on your account.</td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 25.10%; background-color: #ffffff;">Affiliates</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 73.75%; background-color: #ffffff;">Companies related by common ownership or control. They can be financial and nonfinancial companies. <div style="margin-top: 6pt;"></div> &#9632;&#8201;<span style="font-style: italic;">Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the &#8220;Investment Management Affiliates&#8221;); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley &amp; Co. (the &#8220;Morgan Stanley Affiliates&#8221;).</span></td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 25.10%; background-color: #ffffff;">Nonaffiliates</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 73.75%; background-color: #ffffff;">Companies not related by common ownership or control. They can be financial and nonfinancial companies. <div style="margin-top: 6pt;"></div> &#9632;&#8201;<span style="font-style: italic;">Eaton Vance does not share with nonaffiliates so they can market to you.</span></td> </tr>
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<td style="border-bottom: 1pt solid #BFBFBF; border-right: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; padding-left: 8pt; padding-right: 6pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 25.10%; background-color: #ffffff;">Joint marketing</td>
<td style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 6pt; padding-right: 8pt; padding-top: 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 73.75%; background-color: #ffffff;">A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <div style="margin-top: 6pt;"></div> &#9632;&#8201;<span style="font-style: italic;">Eaton Vance does not jointly market.</span></td> </tr>
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<td colspan="2" style="border-bottom: 1pt Solid #BFBFBF; color: #ffffff; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 98.85%; background-color: #808080; padding: 3pt 8pt 6pt 8pt;">Other important information</td> </tr> </table> </div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; margin-top: 38pt; text-align: center; text-decoration: none; text-transform: none;">39</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_67184ca1-dc7f-429c-a1ea-e7884805f159_3"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance Funds</div> </div> <div style="margin-top: 46pt; width: 92.99%;"> <div style="text-align: left;">
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<td style="color: #00a5fa; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 0pt; padding-right: 4pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 79.15%;">U.S. Customer Privacy Notice&#8201;&#8212;&#8201;continued</td>
<td style="color: #00a5fa; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0.00pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 20.85%;">March 2024</td> </tr> </table> </div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="background-color: #000000; height: 15pt; margin-top: 18pt; width: 18.27%;"> <div style="background-color: #000000; color: #ffffff; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 13pt; margin-top: 5pt; padding-left: 12.86%; text-align: left; text-decoration: none; text-transform: none;">Page&#160;3</div> </div> <div style="margin-top: 17pt; width: 92.99%;"> <div style="text-align: left;">
<table style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 98.86%; border: 1pt solid #bfbfbf;" cellpadding="0" cellspacing="0">
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<td colspan="2" style="border-bottom: 1pt solid #BFBFBF; color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 98.85%; background-color: #ffffff; padding: 6pt 8pt 6pt 8pt;">*PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you. <div style="margin-top: 4pt;"></div> Vermont:<span style="font-weight: normal;"> Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.</span> <div style="margin-top: 4pt;"></div> California:<span style="font-weight: normal;"> Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.</span></td> </tr> </table> </div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: italic; font-weight: normal; line-height: 10.5pt; margin-top: 499pt; text-align: center; text-decoration: none; text-transform: none;">40</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_76c34765-452a-45b0-a32c-509e44850890_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Potential Conflicts of Interest</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As a diversified global financial services firm, Morgan Stanley, the parent company of the Fund&#8217;s investment adviser, engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment banking and financial services firm and therefore engages in activities where Morgan Stanley&#8217;s interests or the interests of its clients may conflict with the interests of the Fund. Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with any new or successor funds, programs, accounts or businesses sponsored, managed, or advised by the Investment adviser or one of its investment adviser affiliates, the &#8220;Affiliated Investment Accounts&#8221;) with a wide variety of investment objectives that in some instances may overlap or conflict with the Fund&#8217;s investment objectives and present conflicts of interest. In addition, Morgan Stanley, the investment adviser and/or the investment adviser affiliates of the investment adviser may also from time to time create new or successor Affiliated Investment Accounts that may compete with the Fund and present similar conflicts of interest. The discussion below enumerates certain actual, apparent and potential conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and, in fact, they may not be. The conflicts herein do not purport to be a complete list or explanation of the conflicts associated with the financial or other interests the investment adviser or its affiliates may have now or in the future. Conflicts of interest not described below may also exist. References to the investment adviser in this section include the Fund&#8217;s affiliated sub-adviser (if any) unless otherwise noted. References to a Fund in this section may refer to a fund advised by the investment adviser or its affiliates.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The discussions below with respect to actual, apparent and potential conflicts of interest may be applicable to or arise from the Affiliated Investment Accounts managed by the investment adviser affiliates of the investment adviser whether or not specifically identified.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Material Non-Public and Other Information.<span style="font-weight: normal;"> It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the investment adviser. If such information becomes available, the investment adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or disposition opportunity including for an extended period of time. The investment adviser may also from time to time be subject to contractual &#8220;stand-still&#8221; obligations and/or confidentiality obligations that may restrict its ability to transact in certain investments on the Fund&#8217;s behalf. In addition, the investment adviser may be precluded from disclosing such information to an investment team, even in circumstances in which the information would be beneficial if disclosed. Therefore, the investment team may not be provided access to material non-public information in the possession of Morgan Stanley that might be relevant to an investment decision to be made on behalf of the Fund, and the investment team may initiate a transaction or sell an investment that, if such information had been known to it, may not have been undertaken. In addition, certain members of the investment team may be recused from certain investment-related discussions so that such members do not receive information that would limit their ability to perform functions of their employment with the investment adviser or its affiliates unrelated to that of the Fund. Furthermore, access to information held by certain parts of Morgan Stanley may be subject to third party confidentiality obligations and to information barriers established by Morgan Stanley designed to manage potential conflicts of interest and regulatory restrictions, including, without limitation, joint transaction restrictions pursuant to the 1940 Act. Accordingly, the investment adviser&#8217;s ability to source investments from, or invest alongside, other business units within Morgan Stanley may be limited and there can be no assurance that the investment adviser will be able to source any investments from any one or more parts of the Morgan Stanley network.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The investment adviser may restrict its investment decisions and activities on behalf of the Fund in various circumstances, including because of applicable regulatory requirements or information held by the investment adviser, the investment adviser affiliates of the investment adviser or Morgan Stanley. The investment adviser might not engage in transactions or other activities for, or enforce certain rights in favor of, the Fund due to Morgan Stanley&#8217;s activities outside the Fund. Furthermore, Morgan Stanley could have an interest that is different from, and potentially adverse to, that of the Fund, which may impede the Fund from participating in certain opportunities. In instances where trading of an investment is restricted, the investment adviser may not be able to purchase or sell such investment on behalf of the Fund including for an extended period of time, resulting in the Fund&#8217;s inability to participate in certain desirable transactions. This inability to buy or sell an investment could have an adverse effect on the Fund&#8217;s portfolio due to, among other things, changes in an investment&#8217;s value during the period its trading is restricted.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley has established certain information barriers and other policies designed to address the sharing of information between different businesses within Morgan Stanley. As a result of information barriers, the investment adviser, in certain instances, will not have access, or will have limited access, to certain information and personnel in other areas of Morgan Stanley and, in such instances, will not manage the Fund with the benefit of the information held by such other areas. Morgan Stanley, due to its access to and knowledge of funds, markets and securities based on its various businesses, may make decisions based on information or take (or refrain from taking) actions with respect to interests in investments of the kind held (directly or indirectly) by the Fund in a manner that may be adverse to the Fund, and will not have any obligation or other duty to share information with the investment adviser.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In other instances, Morgan Stanley personnel, including personnel of the investment adviser, will have access to information and personnel of its affiliates. For example, the investment adviser may, in certain instances, share information with its affiliates regarding due diligence of companies and other investment-related due diligence. The investment adviser may face conflicts of interest in determining whether to engage in the sharing of information with its affiliates. Information sharing may limit or restrict the ability of the investment adviser to engage in or otherwise effect transactions on behalf of the Fund (including purchasing or selling securities that the investment adviser may otherwise have purchased or sold for the Fund in the absence of the sharing of information). Also, it may adversely affect the Fund's investments, ability to invest in, or divest from, a company or engage in transactions or otherwise disadvantage the Fund. In managing conflicts of interest that arise because of the foregoing, the investment adviser generally will be subject to fiduciary requirements. The investment adviser may also implement internal information barriers or ethical walls or other internal information sharing protocols, and the conflicts described herein with respect to information barriers and otherwise with respect to Morgan Stanley and the investment adviser will also apply</div> </div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">41</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_76c34765-452a-45b0-a32c-509e44850890_2"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Potential Conflicts of Interest&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">internally within the investment adviser. As a result, the Fund may not be permitted to transact in (e.g., dispose of a security in whole or in part) during periods when it otherwise would have been desirable and able to do so, which could adversely affect the Fund. Other investors in the security that are not subject to such restrictions may be able to transact in the security during such periods. There may also be circumstances in which, as a result of information held by certain portfolio management teams in the investment adviser, the investment adviser limits an activity or transaction for the Fund, including if the Fund is managed by a portfolio management team other than the team holding such information.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley and its personnel will not be under any obligation or other duty to share certain information with the investment adviser or personnel involved in decision-making for Affiliated Investment Accounts (including the Fund), as applicable, and the investment adviser may make investment decisions for the Fund that differ from those the investment adviser would have made if Morgan Stanley, or other parts, of the investment adviser had provided such information, and the Fund be disadvantaged as a result thereof. Additionally, different portfolio management teams within the investment adviser may make decisions based on information or take (or refrain from taking) actions with respect to Affiliated Investment Accounts they advise in a manner different than or adverse to the Fund.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Investments by Morgan Stanley and its Affiliated Investment Accounts.<span style="font-weight: normal;"> In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the investment adviser and its investment teams, may have obligations to other clients or investors in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of the Fund or its shareholders. An investment team may have obligations to Affiliated Investment Accounts managed by both the investment adviser and one or more of the investment adviser&#8217;s investment adviser affiliates. The Fund&#8217;s investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a result, the members of an investment team may face conflicts in the allocation of investment opportunities among the Fund and other investment funds, programs, accounts and businesses advised by or affiliated with the investment adviser or its investment adviser affiliates. Certain Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the investment adviser to favor such other accounts.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley currently invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities globally. Morgan Stanley and its Affiliated Investment Accounts, to the extent consistent with applicable law and policies and procedures, will be permitted to invest in investment opportunities without making such opportunities available to the Fund. Subject to the foregoing, Morgan Stanley may offer investments that fall into the investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within the Fund&#8217;s investment objectives. The Fund may invest in opportunities that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. All of the foregoing may reduce the number of investment opportunities available to the Fund and may create conflicts of interest in allocating investment opportunities. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to the Fund&#8217;s advantage. There can be no assurance that the Fund will have an opportunity to participate in certain opportunities that fall within their investment objectives. The interests of Morgan Stanley in an investment or a company may present certain conflicts of interest with respect to an investment by the Fund in the same investment or the Fund's participation in a transaction with such company.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To the extent the investment adviser utilizes quantitative models or risk management or optimization investment techniques, the decision on when to initiate a purchase or sale transaction may differ, and be done for different reasons, than the investment adviser or its affiliates may take for Affiliated Investment Accounts when not utilizing such techniques. This could create conflicts of interest, and it is possible that one or more accounts managed by the investment adviser will achieve investment results that are substantially more or less favorable than those results achieved by the Fund.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, the investment adviser has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of the investment adviser, including the Fund, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the investment adviser. Each client of the investment adviser that is subject to the allocation policies and procedures, including the Fund, is assigned an investment team and portfolio manager(s) by the investment adviser. The investment team and portfolio managers review investment opportunities and will decide with respect to the allocation of each opportunity considering various factors and in accordance with the allocation policies and procedures. The allocation policies and procedures are subject to change. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to the advantage of the Fund.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible that Morgan Stanley or an Affiliated Investment Account, including another Morgan Stanley Fund, will invest in or advise (in the case of Morgan Stanley) a company that is or becomes a competitor of a company of which the Fund holds an investment. Such investment could create a conflict between the Fund, on the one hand, and Morgan Stanley or the Affiliated Investment Account, on the other hand. In such a situation, Morgan Stanley may also have a conflict in the allocation of its own resources to the portfolio investment. Furthermore, certain Affiliated Investment Accounts will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with the Fund.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In addition, certain investment professionals who are involved in the Fund&#8217;s activities remain responsible for the investment activities of other Affiliated Investment Accounts managed by the investment adviser and its affiliates, and they will devote time to the management of such investments and other newly created Affiliated Investment Accounts (whether in the form of funds, separate accounts or other vehicles), as well as their own investments. In</div> </div> <div style="margin-top: 56pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">42</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_76c34765-452a-45b0-a32c-509e44850890_3"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Potential Conflicts of Interest&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">addition, in connection with the management of investments for other Affiliated Investment Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with the Fund&#8217;s portfolio investments. Moreover, these Affiliated Investment Accounts managed by Morgan Stanley and its affiliates may pursue investment opportunities that may also be suitable for the Fund.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It should be noted that Morgan Stanley may, directly or indirectly, make large investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley&#8217;s investment in the Fund may not be a determining factor in the outcome of any of the foregoing conflicts. Nothing herein restricts or in any way limits the activities of Morgan Stanley, including its ability to buy or sell interests in, or provide financing to, equity and/or debt instruments, funds or portfolio companies, for its own accounts or for the accounts of Affiliated Investment Accounts or other investment funds or clients in accordance with applicable law.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Different clients of the investment adviser and its affiliates, including the Fund, may invest in (1) different classes of securities of the same issuer (including, without limitation, different parts of an issuer's capital structure), depending on the respective clients&#8217; investment objectives and policies and/or (2) the same class of securities of the same issuer while seeking different investment objectives or executing different investment strategies (such as long-term v. short-term investment horizons), and the investment adviser may face conflicts with respect to the interests involved. As a result, the investment adviser and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one / the same class of securities of a particular issuer by pursuing or enforcing rights on behalf of those clients with respect to such (class of) securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, the investment adviser and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by the investment adviser or its affiliates on behalf of one client can negatively impact securities held by another client. Alternatively, for example, if a client owns a security while seeking short-term capital appreciation that the investment adviser may vote proxies or engage with the issuer (as applicable) in pursuit of that goal &#8211; which could negatively impact clients who hold the same security but are seeking long-term capital appreciation. These conflicts also exist as between the investment adviser&#8217;s clients, including the Fund, and the Affiliated Investment Accounts managed by the investment adviser affiliates of the investment adviser.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In addition, in certain circumstances, the investment adviser restricts, limits or reduces the amount of the Fund&#8217;s investment, or restricts the type of governance or voting rights it acquires or exercises, where the Fund (potentially together with Morgan Stanley) exceeds a certain ownership interest, or possesses certain degrees of voting or control or has other interests.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The investment adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, the Fund even though such other clients&#8217; investment objectives may be similar to those of the Fund and the investment adviser may make decisions for the Fund that may be more beneficial to one type of shareholder than another.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The investment adviser and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in portfolio management and trading in that opposite directional positions may be taken in client accounts, including client accounts managed by the same investment team, and creates risks such as: (i) the risk that short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa) and (ii) the risks associated with the trading desk receiving opposing orders in the same security simultaneously. The investment adviser and its affiliates have adopted policies and procedures that are reasonably designed to mitigate these conflicts. In certain circumstances, the investment adviser invests on behalf of itself in securities and other instruments that would be appropriate for, held by, or may fall within the investment guidelines of its clients, including the Fund. At times, the investment adviser may give advice or take action for its own accounts that differs from, conflicts with, or is adverse to advice given or action taken for any client.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, conflicts also arise due to the fact that certain securities or instruments may be held in some client accounts, including the Fund, but not in others, or that client accounts may have different amounts of holdings in certain securities or instruments. In addition, due to differences in the investment strategies or restrictions among client accounts, the investment adviser may take action with respect to one account that differs from the action taken with respect to another account. In some cases, a client account may compensate the investment adviser based on the performance of the securities held by that account or pay a higher overall fee rate. The existence of such a performance based fee or higher fee rates may create additional conflicts of interest for the investment adviser in the allocation of management time, resources and investment opportunities. The investment adviser has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser&#8217;s trading practices, including, among other things, the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In addition, at times an investment team will give advice or take action with respect to the investments of one or more clients that is not given or taken with respect to other clients with similar investment programs, objectives, and strategies. Accordingly, clients with similar strategies will not always hold the same securities or instruments or achieve the same performance. The investment adviser&#8217;s investment teams also advise clients with conflicting programs, objectives or strategies. These conflicts also exist as between the investment adviser&#8217;s clients, including the Fund, and the Affiliated Investment Accounts managed by the investment adviser affiliates of the investment adviser.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the investment adviser or its affiliates may provide opportunities to Affiliated Investment Accounts (including potentially the Fund) or other clients to make investments in companies (such as in equity, debt or other securities issued by companies) or to engage in transactions involving companies (such as refinancing, restructuring or other transactions) in which certain Affiliated Investment Accounts (including potentially the Fund) or other</div> </div> <div style="margin-top: 30pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">43</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_76c34765-452a-45b0-a32c-509e44850890_4"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Potential Conflicts of Interest&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">clients have already invested. These investments can create conflicts of interest, including those associated with the assets of the Fund potentially providing value to, or otherwise supporting the investments of, other Affiliated Investment Accounts or other clients and potentially diluting or otherwise adversely affecting the Fund previously invested in the company.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley and its affiliates maintain separate trading desks that operate independently of each other and do not share information with the investment adviser. The Morgan Stanley and affiliate trading desks may compete against the investment adviser trading desks when implementing buy and sell transactions, possibly causing certain Affiliated Investment Accounts to pay more or receive less for a security than other Affiliated Investment Accounts.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Investments by Separate Investment Departments.<span style="font-weight: normal;"> For the investment adviser and certain of its investment adviser affiliates, the entities and individuals that provide investment-related services can differ by client, investment function, or business line (each, an &#8220;Investment Department&#8221; and collectively, the &#8220;Investment Departments&#8221;). Nonetheless, Investment Departments (with certain exceptions) can engage in discussions and share information and resources with another Investment Department (or a team within the other Investment Department) regarding investment-related matters. The sharing of information and resources between the Investment Departments is designed to further increase the knowledge and effectiveness of each Investment Department. However, an investment team&#8217;s decisions as to the use of shared research and participation in discussions with another Investment Department could adversely impact a client. Certain investment teams within one Investment Department could make investment decisions and execute trades together with investment teams within other Investment Departments. Other investment teams make investment decisions and execute trades independently. This could cause the quality and price of execution, and the performance of investments and accounts, to vary. Internal policies and procedures set forth the guidelines under which securities and securities trades can be crossed, aggregated, and coordinated between accounts serviced by different Investment Departments. Internal policies and procedures take into consideration a variety of factors, including the primary market in which such security trades. If a security or securities trade is ineligible for crossing, aggregation, or other coordinated trading, then each Investment Department will execute such trades independently of the other.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Payments to Broker-Dealers and Other Financial Intermediaries.<span style="font-weight: normal;"> The investment adviser, Eaton Vance Distributors, Inc. (the &#8220;Distributor&#8221;) and/or their affiliates may pay compensation, out of their own funds and not as an expense of the Fund, to certain Financial Intermediaries (which may include affiliates of the investment adviser and the Distributor), including recordkeepers and administrators of various deferred compensation plans, in connection with the sale, distribution, marketing and retention of shares of the Fund and/or shareholder servicing. For example, the investment adviser or the Distributor may pay additional compensation to a Financial Intermediary for, among other things, promoting the sale and distribution of Fund shares, providing access to various programs, mutual fund platforms or preferred or recommended mutual fund lists that may be offered by a Financial Intermediary, granting the Distributor access to a Financial Intermediary&#8217;s financial advisors and consultants, providing assistance in the ongoing education and training of a Financial Intermediary&#8217;s financial personnel, furnishing marketing support, maintaining share balances and/or for sub-accounting, recordkeeping, administrative, shareholder or transaction processing services. Such payments are in addition to any distribution fees, shareholder servicing fees and/or transfer agency fees that may be payable by the Fund. The additional payments may be based on various factors, including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of the Fund and/or some or all other Morgan Stanley Funds), amount of assets invested by the Financial Intermediary&#8217;s customers (which could include current or aged assets of the Fund and/or some or all other Morgan Stanley Funds), the Fund&#8217;s advisory fee, some other agreed upon amount or other measures as determined from time to time by the investment adviser and/or the Distributor. The amount of these payments may be different for different Financial Intermediaries. In certain cases, payments to broker-dealers and other Financial Intermediaries may be shared by and among the investment adviser, the Distributor and their affiliates.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The prospect of receiving, or the receipt of, additional compensation, as described above, by Financial Intermediaries may provide such Financial Intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of the Fund over other investment options with respect to which these Financial Intermediaries do not receive additional compensation (or receives lower levels of additional compensation). These payment arrangements, however, will not change the price that an investor pays for shares of the Fund or the amount that the Fund receives to invest on behalf of an investor. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and should review carefully any disclosures provided by Financial Intermediaries as to their compensation.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The additional compensation received by a given Financial Intermediary from the investment adviser and/or the Distributor may vary from the additional compensation received by the Financial Intermediary in respect of an Affiliated Investment Account managed by an affiliate of the investment adviser or principally underwritten by an affiliate of the Distributor. In such circumstances, differences in the prospect of receiving, or the receipt of, additional compensation, as described above, by Financial Intermediaries may provide such Financial Intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of one Affiliated Investment Account over other investment options with respect to which these Financial Intermediaries do not receive additional compensation (or receives lower levels of additional compensation).</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley Trading and Principal Investing Activities.<span style="font-weight: normal;"> Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for the Fund&#8217;s holdings, although these activities could have an adverse impact on the value of one or more of the Fund&#8217;s investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from and potentially adverse to that of the Fund. Furthermore, from time to time, the investment adviser or its affiliates may invest &#8220;seed&#8221; capital in a Fund, typically to enable such Fund to commence investment operations and/or achieve sufficient scale, as further described below. The investment adviser and its affiliates may hedge such seed capital exposure by investing in derivatives or other instruments expected to produce offsetting exposure. Such hedging transactions, if any, would occur outside of such Fund.</span></div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">44</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_76c34765-452a-45b0-a32c-509e44850890_5"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Potential Conflicts of Interest&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley&#8217;s sales and trading, financing and principal investing businesses (whether or not specifically identified as such, and including Morgan Stanley&#8217;s trading and principal investing businesses) will not be required to offer any investment opportunities to the Fund. These businesses may encompass, among other things, principal trading activities as well as principal investing.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley&#8217;s sales and trading, financing and principal investing businesses have acquired or invested in, and in the future may acquire or invest in, minority and/or majority control positions in equity or debt instruments of diverse public and/or private companies. Such activities may put Morgan Stanley in a position to exercise contractual, voting or creditor rights, or management or other control with respect to securities or loans of portfolio investments or other issuers, and in these instances Morgan Stanley may, in its discretion and subject to applicable law, act to protect its own interests or interests of clients, and not the Fund&#8217;s interests.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Subject to the limitations of applicable law, the Fund may purchase from or sell assets to, or make investments in, companies in which Morgan Stanley has or may acquire an interest, including as an owner, creditor or counterparty.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley&#8217;s Investment Banking and Other Commercial Activities.<span style="font-weight: normal;"> Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment funds that may compete with the Fund and with respect to investments that the Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may involve an action of a different timing or nature than the action taken, by the Fund. Morgan Stanley may give advice and provide recommendations to persons competing with the Fund and/or any of the Fund&#8217;s investments that are contrary to the Fund&#8217;s best interests and/or the best interests of any of its investments.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley could be engaged in financial advising, whether on the buy-side or sell-side, or in financing or lending assignments that could result in Morgan Stanley&#8217;s determining in its discretion or being required to act exclusively on behalf of one or more third parties, which could limit the Fund&#8217;s ability to transact with respect to one or more existing or potential investments. Morgan Stanley may have relationships with third-party funds, companies or investors who may have invested in or may look to invest in portfolio companies, and there could be conflicts between the Fund&#8217;s best interests, on the one hand, and the interests of a Morgan Stanley client or counterparty, on the other hand.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To the extent that Morgan Stanley advises companies in financial restructurings outside of, prior to or after filing for protection under Chapter 11 of the U.S. Bankruptcy Code or similar laws in other jurisdictions, the investment adviser&#8217;s flexibility in making investments in such restructurings on the Fund&#8217;s behalf, or participating on steering committees and other committees in connection with existing investments, may be limited.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley could provide investment banking services to competitors of portfolio companies, as well as to private equity and/or private credit funds; such activities may present Morgan Stanley with a conflict of interest vis-a-vis the Fund&#8217;s investment and may also result in a conflict in respect of the allocation of investment banking resources to portfolio companies.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To the extent permitted by applicable law, Morgan Stanley may provide a broad range of financial services to companies in which the Fund invests, including strategic and financial advisory services, interim acquisition financing and other lending and underwriting or placement of securities, and Morgan Stanley generally will be paid fees (that may include warrants or other securities) for such services. Morgan Stanley will not share any of the foregoing interest, fees and other compensation received by it (including, for the avoidance of doubt, amounts received by the investment adviser) with the Fund, and any advisory fees payable will not be reduced thereby.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley may be engaged to act as a financial advisor to a company in connection with the sale of such company, or subsidiaries or divisions thereof, may represent potential buyers of businesses through its mergers and acquisition activities and may provide lending and other related financing services in connection with such transactions. Morgan Stanley&#8217;s compensation for such activities is usually based upon realized consideration and is usually contingent, in substantial part, upon the closing of the transaction. Under these circumstances, the Fund may be precluded from participating in a transaction with or relating to the company being sold or participating in any financing activity related to merger or acquisition.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The involvement or presence of Morgan Stanley in the investment banking and other commercial activities described above (or the financial markets more broadly) may restrict or otherwise limit investment opportunities that may otherwise be available to the Fund. For example, issuers may hire and compensate Morgan Stanley to provide underwriting, financial advisory, placement agency, brokerage services or other services and, because of limitations imposed by applicable law and regulation, the Fund may be prohibited from buying or selling securities issued by those issuers or participating in related transactions or otherwise limited in its ability to engage in such investments.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In addition, in situations where the investment adviser is required to aggregate its positions with those of other Morgan Stanley business units for position limit calculations, the investment adviser may have to refrain from making investments due to the positions held by other Morgan Stanley business units or their clients. There may be other situations where the investment adviser refrains from making an investment or refrains from taking certain actions related to the management of such investment due to, among other reasons, additional disclosure obligations, regulatory requirements, policies, and reputational risk, or the investment adviser may limit purchases or sales of securities in respect of which Morgan Stanley is engaged in an underwriting or other distribution capacity.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Morgan Stanley&#8217;s Marketing Activities.<span style="font-weight: normal;"> Morgan Stanley is engaged in the business of underwriting, syndicating, brokering, administering, servicing, arranging and advising on the distribution of a wide variety of securities and other investments in which the Fund may invest. Subject to the restrictions of the 1940 Act, including Sections 10(f) and 17(e) thereof, the Fund may invest in transactions in which Morgan Stanley acts as underwriter, placement</span></div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">45</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_76c34765-452a-45b0-a32c-509e44850890_6"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Potential Conflicts of Interest&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">agent, syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent and receives fees or other compensation from the sponsors of such products or securities. Any fees earned by Morgan Stanley in such capacity will not be shared with the investment adviser or the Fund. Certain conflicts of interest, in addition to the receipt of fees or other compensation, would be inherent in these transactions. Moreover, the interests of one of Morgan Stanley&#8217;s clients with respect to an issuer of securities in which the Fund has an investment may be adverse to the investment adviser&#8217;s or the Fund&#8217;s best interests. In conducting the foregoing activities, Morgan Stanley will be acting for its other clients and will have no obligation to act in the investment adviser&#8217;s or the Fund&#8217;s best interests. Due to the restrictions of the 1940 Act, the Fund may be restricted from participating in certain transactions in which Morgan Stanley acts as underwriter, placement agent, syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent, including transactions that would otherwise be beneficial to the Fund.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Client Relationships.<span style="font-weight: normal;"> Morgan Stanley has existing and potential relationships with a significant number of corporations, institutions and individuals. In providing services to its clients, Morgan Stanley may face conflicts of interest with respect to activities recommended to or performed for such clients, on the one hand, and the Fund, its shareholders or the entities in which the Fund invests, on the other hand. In addition, these client relationships may present conflicts of interest in determining whether to offer certain investment opportunities to the Fund.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In acting as principal or in providing advisory and other services to its other clients, Morgan Stanley may engage in or recommend activities with respect to a particular matter that conflict with or are different from activities engaged in or recommended by the investment adviser on the Fund&#8217;s behalf.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Principal Investments.<span style="font-weight: normal;"> There may be situations in which the Fund&#8217;s interests may conflict with the interests of one or more general accounts of Morgan Stanley and its affiliates or accounts managed by Morgan Stanley or its affiliates. This may occur because these accounts hold public and private debt and equity securities of many issuers which may be or become portfolio companies, or from whom portfolio companies may be acquired.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Transactions with Portfolio Companies of Affiliated Investment Accounts.<span style="font-weight: normal;"> The companies in which the Fund may invest may be counterparties to or participants in agreements, transactions or other arrangements with portfolio companies or other entities of portfolio investments of Affiliated Investment Accounts (for example, a company in which the Fund invests may retain a company in which an Affiliated Investment Account invests to provide services or may acquire an asset from such company or vice versa). Certain of these agreements, transactions and arrangements involve fees, servicing payments, rebates and/or other benefits to Morgan Stanley or its affiliates. For example, portfolio entities may, including at the encouragement of Morgan Stanley, enter into agreements regarding group procurement and/or vendor discounts. Morgan Stanley and its affiliates may also participate in these agreements and may realize better pricing or discounts as a result of the participation of portfolio entities. To the extent permitted by applicable law, certain of these agreements may provide for commissions or similar payments and/or discounts or rebates to be paid to a portfolio entity of an Affiliated Investment Account, and such payments or discounts or rebates may also be made directly to Morgan Stanley or its affiliates. Under these arrangements, a particular portfolio company or other entity may benefit to a greater degree than the other participants, and the Morgan Stanley Funds, investment vehicles and accounts (which may or may not include the Fund) that own an interest in such entity will receive a greater relative benefit from the arrangements than the Morgan Stanley Funds, investment vehicles or accounts that do not own an interest therein. Fees and compensation received by portfolio companies of Affiliated Investment Accounts in relation to the foregoing will not be shared with a Fund or offset advisory fees payable.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Investments in Portfolio Investments of Other Funds.<span style="font-weight: normal;"> To the extent permitted by applicable law, when the Fund invests in certain companies or other entities, other funds affiliated with the investment adviser may have made or may be making an investment in such companies or other entities. Other funds that have been or may be managed by the investment adviser may invest in the companies or other entities in which the Fund has made an investment. Under such circumstances, the Fund and such other funds may have conflicts of interest (e.g., over the terms, exit strategies and related matters, including the exercise of remedies of their respective investments). If the interests held by the Fund are different from (or take priority over) those held by such other funds, the investment adviser may be required to make a selection at the time of conflicts between the interests held by such other funds and the interests held by the Fund.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Investments in Morgan Stanley Funds and Other Funds.<span style="font-weight: normal;"> To the extent permitted by applicable law, the Fund may invest in a fund affiliated with the investment adviser or its affiliates or a fund advised by the investment adviser or its affiliates. In connection with any such investments, an investing Fund, to the extent permitted by the 1940 Act, will pay all advisory, administrative and/or Rule 12b-1 fees applicable to the investment. To the extent consistent with applicable law, certain Funds that invest in other funds managed by the investment adviser or its affiliates may pay advisory fees to the investment adviser or its affiliates that are not reduced by any fees payable by such other funds to the investment adviser or its affiliates as manager of such other funds (i.e., there may be fees and expenses involved in making any such investment, which would not arise in connection with the direct allocation of assets by investors in the Funds to such other funds). In such circumstances, as well as in all other circumstances in which the investment adviser receives any fees or other compensation in any form relating to the provision of services, no accounting or repayment to the Funds will be required.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Affiliated Investment Accounts (including the Funds) may, individually or in the aggregate, own a substantial percentage of a Fund. Further, the Adviser, its affiliates, or another entity (i.e., a seed investor) may invest in the Funds at or near the establishment of such Funds, which may facilitate the Funds achieving a specified size or scale. The Adviser and/or its affiliates may make payments to an investor that contributes seed capital to a Fund. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached, and will be made from the assets of the Adviser and/or such affiliates (and not the applicable Fund). Seed investors may contribute all or a majority of the assets in a Fund. There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from the Adviser and/or its affiliates have ceased. Such redemptions could negatively impact a Fund&#8217;s liquidity, expenses and market price of its shares, as applicable.</div> </div> <div style="margin-top: 46pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">46</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_76c34765-452a-45b0-a32c-509e44850890_7"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Potential Conflicts of Interest&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Allocation of Expenses.<span style="font-weight: normal;"> Expenses may be incurred that are attributable to the Fund and one or more other Affiliated Investment Accounts (including in connection with issuers in which the Fund and such other Affiliated Investment Accounts have overlapping investments). The allocation of such expenses among such entities raises potential conflicts of interest. The investment adviser and its affiliates intend to allocate such common expenses among the Fund and any such other Affiliated Investment Accounts on a pro rata basis or in such other manner as the investment adviser deems to be fair and equitable or in such other manner as may be required by applicable law.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Temporary Investments. <span style="font-weight: normal;">To more efficiently invest short-term cash balances held by the Fund, the investment adviser may invest such balances on an overnight &#8220;sweep&#8221; basis in shares of one or more money market funds or other short-term vehicles. It is anticipated that the investment adviser to these money market funds or other short-term vehicles may be the investment adviser (or an affiliate) to the extent permitted by applicable law, including Rule 12d1-1 under the 1940 Act. In such a case, the affiliated investment adviser may receive asset-based fees in respect of the Fund&#8217;s investment (which will reduce the net return realized by the Fund).</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Transactions with Affiliates. <span style="font-weight: normal;">The investment adviser and any investment sub-adviser might purchase securities from underwriters or placement agents in which a Morgan Stanley affiliate is a member of a syndicate or selling group, as a result of which an affiliate might benefit from the purchase through receipt of a fee or otherwise. Neither the investment adviser nor any investment sub-adviser will purchase securities on behalf of the Fund from an affiliate that is acting as a manager of a syndicate or selling group. Purchases by the investment adviser on behalf of the Fund from an affiliate acting as a placement agent must meet the requirements of applicable law. Furthermore, Morgan Stanley may face conflicts of interest when a Fund uses service providers affiliated with Morgan Stanley because Morgan Stanley receives greater overall fees when they are used.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Affiliated Indexes.<span style="font-weight: normal;"> Affiliates of the investment adviser develop, own and operate indexes (&#8220;Indexes&#8221;), and may continue to do so in the future, based on investment and trading strategies and concepts developed by the investment adviser or its affiliates (&#8220;Adviser Strategies&#8221;). Some of the Funds seek to track the performance of the Indexes. The investment adviser manages Accounts which track the same Indexes used by the Funds or which are based on the same, or substantially similar, Adviser Strategies that are used in the operation of the Indexes and the Funds. The operation of the Indexes, the Funds and the Accounts in this manner gives rise to potential conflicts of interest. For example, Accounts that track the same Indexes used by the Funds may engage in purchases and sales of securities prior to when the Index and the Funds engage in similar transactions because such Accounts may be managed and rebalanced on an ongoing basis, whereas the Funds&#8217; portfolios are only rebalanced on a periodic or other basis subsequent to the rebalancing of the Index.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The investment adviser has adopted policies and procedures that are designed to address potential conflicts that arise in connection with the operation of the Indexes, the Funds and the Accounts. The investment adviser has established certain information barriers and other policies designed to address the sharing of information between different businesses within the investment adviser, including with respect to personnel responsible for constructing and maintaining the Indexes and those involved in decision-making for the Funds.</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation of the Fund&#8217;s Investments.<span style="font-weight: normal;"> The investment adviser performs certain valuation services related to securities and other assets held by the Fund and performs such services in accordance with its valuation policies. The investment adviser will face a conflict with respect to valuation of the Fund&#8217;s investments generally because of the effect of such valuations on the investment adviser&#8217;s fees and other compensation and performance of the Fund.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Proxy Voting by the Adviser.<span style="font-weight: normal;"> The investment adviser has implemented processes designed to prevent conflicts of interest from influencing proxy voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such decisions are made in accordance with its fiduciary obligations to its clients. Notwithstanding such proxy voting processes, proxy voting decisions made by the investment adviser in respect of securities held by the Fund may benefit the interests of Morgan Stanley and/or accounts other than the Fund. Further, the investment adviser may make different proxy voting decisions in respect of the same security held by clients with different investment objectives or strategies.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Potential Conflict of Interest Related to Use of Sub-Adviser(s).<span style="font-weight: normal;"> To the extent the Fund&#8217;s investment adviser engages affiliated and/or unaffiliated sub-advisers, the investment adviser generally expects to compensate the sub-adviser out of the advisory fee it receives from the Fund, which creates an incentive for the investment adviser to select sub-adviser(s) with lower fee rates or to select affiliated sub-adviser(s). In addition, a sub-adviser may have interests and relationships that create actual or potential conflicts of interest related to their management of Fund assets allocated to or managed by the sub-adviser. These conflicts may be similar to or different from the conflicts described herein related to Morgan Stanley and its investment advisory affiliates. For additional information about potential conflicts of interest for each sub-adviser(s) can be found in the relevant sub-adviser&#8217;s Form ADV. A copy of Part 1 and Part 2 of a sub-adviser&#8217;s Form ADV is available on the SEC&#8217;s website (www.adviserinfo.sec.gov).</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Electronic Communication Networks and Alternative Trading Systems.<span style="font-weight: normal;"> The investment adviser&#8217;s affiliate(s) have ownership interests in and/or board seats on electronic communication networks (&#8220;ECNs&#8221;) or other alternative trading systems (&#8220;ATSs&#8221;). In certain instances the investment adviser&#8217;s affiliate(s) could be deemed to control one or more of such ECNs or ATSs based on the level of such ownership interests and whether such affiliates are represented on the board of such ECNs or ATSs. Consistent with its fiduciary obligation to seek best execution, the Adviser may, from time to time, directly or indirectly, effect client trades through ECNs or other ATSs in which the Firm&#8217;s affiliates have or could acquire an interest or board seat. These affiliates might receive an indirect economic benefit based upon their ownership in the ECNs or other ATSs. The investment adviser will, directly or indirectly, execute through an ECN or other ATSs in which an affiliate has an interest only in situations where the Firm or the broker dealer through whom it is accessing the ECN or ATS reasonably believes such transaction will be in the best interest of its clients and the requirements of applicable law have been satisfied.</span></div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">General Process for Potential Conflicts.<span style="font-weight: normal;"> All of the transactions described above involve the potential for conflicts of interest between the investment adviser, related persons of the investment adviser and/or their clients. The Advisers Act, the 1940 Act and ERISA impose certain requirements designed to decrease</span></div> </div> <div style="margin-top: 34pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">47</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_76c34765-452a-45b0-a32c-509e44850890_8"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance</div> <div style="color: #00a5fa; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">National Municipal Opportunities Trust</div> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">March 31, 2025</div> </div> <div style="margin-top: 32pt; width: 100%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">Potential Conflicts of Interest&#160;&#8212;&#160;continued</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 28pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. In addition, the investment adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. The investment adviser seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client.</div> </div> <div style="margin-top: 558pt; width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; text-align: center; text-decoration: none; text-transform: none;">48</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_4aa28d79-2e54-4414-8c74-5b19ea5a8122_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 14pt; font-style: normal; font-weight: normal; line-height: 17pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance Funds</div> </div> <div style="margin-top: 46pt; width: 92.99%;"> <div style="color: #00a5fa; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 40pt; text-align: left; text-decoration: none; text-transform: none;">IMPORTANT NOTICES</div> <hr style="background-color: #00a5fa; border-bottom: 0pt; border-left: 0pt; border-right: 0pt; border-top: 2pt solid #00a5fa; height: 2pt; width: 100%; text-align: left;"/></div> <div style="margin-top: 30pt; width: 92.99%;"> <div style="color: #00a5fa; font-family: arial; font-size: 8.5pt; font-style: normal; font-weight: bold; line-height: 11.5pt; margin-top: 7pt; text-align: justify; text-decoration: none; text-transform: none;">Delivery of Shareholder Documents.<span style="font-weight: normal;">&#160;</span><span style="color: #000000; font-weight: normal;">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 &#8220;householding&#8221; and it helps eliminate duplicate mailings to shareholders. </span><span style="color: #000000; font-style: italic; font-weight: normal;">Equiniti Trust Company, LLC</span><span style="color: #000000; font-weight: normal;"> (&#8220;</span><span style="color: #000000; font-style: italic; font-weight: normal;">EQ</span><span style="color: #000000; font-weight: normal;">&#8221;), </span><span style="color: #000000; font-style: italic; font-weight: normal;">the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct EQ, or your financial intermediary, otherwise. </span><span style="color: #000000; font-weight: normal;">If you would prefer that your Eaton Vance documents not be householded, please contact EQ 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 EQ or your financial intermediary.</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 8.5pt; font-style: normal; font-weight: bold; line-height: 11.5pt; margin-top: 7pt; text-align: justify; text-decoration: none; text-transform: none;">Portfolio Holdings.<span style="font-weight: normal;">&#160;</span><span style="color: #000000; font-weight: normal;">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&#8217;s website at www.sec.gov.</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 8.5pt; font-style: normal; font-weight: bold; line-height: 11.5pt; margin-top: 7pt; text-align: justify; text-decoration: none; text-transform: none;">Proxy Voting.<span style="font-weight: normal;">&#160;</span><span style="color: #000000; font-weight: normal;">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&#8217; and Portfolios&#8217; 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&#8217;s website at www.sec.gov. You may also access proxy voting information for the Eaton Vance Funds or their underlying Portfolios at www.eatonvance.com/<br/>proxyvoting.</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 8.5pt; font-style: normal; font-weight: bold; line-height: 11.5pt; margin-top: 7pt; text-align: justify; text-decoration: none; text-transform: none;">Share Repurchase Program.<span style="font-weight: normal;">&#160;</span><span style="color: #000000; font-weight: normal;">The Fund&#8217;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&#8217;s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund&#8217;s annual and semi-annual reports to shareholders.</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 8.5pt; font-style: normal; font-weight: bold; line-height: 11.5pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">Additional Notice to Shareholders.<span style="font-weight: normal;">&#160;</span><span style="color: #000000; font-weight: normal;">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.</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 8.5pt; font-style: normal; font-weight: bold; line-height: 11.5pt; margin-top: 7pt; text-align: justify; text-decoration: none; text-transform: none;">Closed-End Fund Information.<span style="font-weight: normal;">&#160;</span><span style="color: #000000; font-weight: normal;">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&#8217; 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 &#8220;Closed-End Funds &amp; Term Trusts.&#8221;</span></div> </div> <div style="width: 92.99%;"> <div style="color: #000000; font-family: arial; font-size: 7.5pt; font-style: normal; font-weight: normal; line-height: 10.5pt; margin-top: 274pt; text-align: center; text-decoration: none; text-transform: none;">49</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_dd4ebd18-d49f-4e01-8ac1-3df739731af1_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: center; text-decoration: none; text-transform: none;">This Page Intentionally Left Blank</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_dd4ebd18-d49f-4e01-8ac1-3df739731af1_2"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: center; text-decoration: none; text-transform: none;">This Page Intentionally Left Blank</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_dd4ebd18-d49f-4e01-8ac1-3df739731af1_3"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: center; text-decoration: none; text-transform: none;">This Page Intentionally Left Blank</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_dd4ebd18-d49f-4e01-8ac1-3df739731af1_4"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="float: left; overflow: hidden; position: relative; width: 49%;"> <div style="color: #00a5fa; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Investment Adviser and Administrator</div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 1pt; text-align: left; text-decoration: none; text-transform: none;">Eaton Vance Management<br/><span style="color: #333333; font-weight: normal;">One Post Office Square<br/>Boston, MA 02109</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 26pt; text-align: left; text-decoration: none; text-transform: none;">Custodian</div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 1pt; text-align: left; text-decoration: none; text-transform: none;">State Street Bank and Trust Company<br/><span style="color: #333333; font-weight: normal;">One Congress Street, Suite 1<br/>Boston, MA 02114-2016</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 26pt; text-align: left; text-decoration: none; text-transform: none;">Transfer Agent</div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 1pt; text-align: left; text-decoration: none; text-transform: none;">Equiniti Trust Company, LLC (&#8220;EQ&#8221;)<br/><span style="color: #333333; font-weight: normal;">P.O. Box 500<br/>Newark, NJ 07101</span></div> </div> <div style="float: right; overflow: hidden; position: relative; width: 49%;"> <div style="color: #00a5fa; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 26pt; text-align: left; text-decoration: none; text-transform: none;">Independent Registered Public Accounting Firm</div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 1pt; text-align: left; text-decoration: none; text-transform: none;">Deloitte &amp; Touche LLP<br/><span style="color: #333333; font-weight: normal;">115 Federal Street, Suite 15<br/>Boston, MA 02110-1894</span></div> <div style="color: #00a5fa; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 26pt; text-align: left; text-decoration: none; text-transform: none;">Fund Offices</div> <div style="color: #333333; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 1pt; text-align: left; text-decoration: none; text-transform: none;">One Post Office Square<br/>Boston, MA 02109</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> <hr style="margin-bottom: 0pt;"/> <div style="width: 100%;"><a id="xx_789ac797-52d7-4422-b4c7-12aa1fede6d6_1"></a> <div style="font-family: arial; font-size: 7pt; line-height: 10pt; font-weight: normal; text-transform: none; text-align: left; vertical-align: bottom; padding-bottom: 10pt;"><a href="#JOB_EV_AR_8d21b758-dbc7-4ab8-bccb-7dc3d1006976_TOC"> Table of Contents </a></div> <div style="width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 486pt; text-align: left; text-decoration: none; text-transform: none;"></div> </div> <div style="width: 100%;"></div> <div style="margin-top: 17.79pt; width: 100%;"> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 68pt; text-align: right; text-decoration: none; text-transform: none;">3741&#160;&#160;&#160;&#160;3.31.25</div> </div> </div> <div style="clear: both; font-size: 12pt; height: 0pt;"></div> </div> </div>

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<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Not applicable. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;2. Code of Ethics </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The registrant (sometimes referred to as the &#8220;Fund&#8221;) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling <span style="white-space:nowrap"><span style="white-space:nowrap"><span style="white-space:nowrap">1-800-262-1122.</span></span></span> The registrant has not amended the code of ethics as described in Form <span style="white-space:nowrap">N-CSR</span> during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form <span style="white-space:nowrap">N-CSR</span> during the period covered by this report. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;3. Audit Committee Financial Expert </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The registrant&#8217;s Board of Trustees (the &#8220;Board&#8221;) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr.&#160;Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr.&#160;Gorman served in various capacities at Ernst&#160;&amp; Young LLP (a registered public accounting firm), including as Senior Partner. Mr.&#160;Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr.&#160;Wennerholm is a private investor. Previously, Mr.&#160;Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm). </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;4. Principal Accountant Fees and Services </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">(a) &#8211;(d) </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table presents the aggregate fees billed to the registrant for the registrant&#8217;s fiscal years ended March&#160;31, 2024 and March&#160;31, 2025 by the registrant&#8217;s principal accountant, Deloitte&#160;&amp; Touche LLP (&#8220;D&amp;T&#8221;), for professional services rendered for the audit of the registrant&#8217;s annual financial statements and fees billed for other services rendered by D&amp;T during such periods. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold">3/31/25</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audit Fees</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">57,700</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">57,900</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audit-Related Fees<sup style="font-size:75%; vertical-align:top">(1)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Fees<sup style="font-size:75%; vertical-align:top">(2)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">All Other Fees<sup style="font-size:75%; vertical-align:top">(3)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&#160;</p></td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&#160;</p></td>
<td>&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&#160;</p></td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&#160;</p></td>
<td>&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">57,700</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">57,900</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&#160;</p></td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&#160;</p></td>
<td>&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&#160;</p></td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&#160;</p></td>
<td>&#160;</td></tr>
</table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><sup style="font-size:75%; vertical-align:top">(1)</sup>&#160;</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant&#8217;s financial statements and are not reported under the category of audit fees. </p></td></tr></table>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><sup style="font-size:75%; vertical-align:top">(2)</sup>&#160;</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. </p></td></tr></table>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><sup style="font-size:75%; vertical-align:top">(3)</sup></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e)(1) The registrant&#8217;s audit committee has adopted policies and procedures relating to the <span style="white-space:nowrap">pre-approval</span> of services provided by the registrant&#8217;s principal accountant (the <span style="white-space:nowrap">&#8220;Pre-Approval</span> Policies&#8221;). The <span style="white-space:nowrap">Pre-Approval</span> Policies establish a framework intended to assist the audit committee in the proper discharge of its <span style="white-space:nowrap">pre-approval</span> responsibilities. As a general matter, the <span style="white-space:nowrap">Pre-Approval</span> Policies (i)&#160;specify certain types of audit, audit-related, tax, and other services determined to be <span style="white-space:nowrap">pre-approved</span> by the audit committee; and (ii)&#160;delineate specific procedures governing the mechanics of the <span style="white-space:nowrap">pre-approval</span> process, including the approval and monitoring of audit and <span style="white-space:nowrap">non-audit</span> service fees. Unless a service is specifically <span style="white-space:nowrap">pre-approved</span> under the <span style="white-space:nowrap">Pre-Approval</span> Policies, it must be separately <span style="white-space:nowrap">pre-approved</span> by the audit committee. </p>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%;clear:both"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <span style="white-space:nowrap">Pre-Approval</span> Policies and the types of audit and <span style="white-space:nowrap">non-audit</span> services <span style="white-space:nowrap">pre-approved</span> therein must be reviewed and ratified by the registrant&#8217;s audit committee at least annually. The registrant&#8217;s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant&#8217;s principal accountant. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant&#8217;s audit committee pursuant to the &#8220;de minimis exception&#8221; set forth in Rule <span style="white-space:nowrap">2-01(c)(7)(i)(C)</span> of Regulation <span style="white-space:nowrap">S-X.</span> </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(f) Not applicable. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(g) The following table presents (i)&#160;the aggregate <span style="white-space:nowrap">non-audit</span> fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&amp;T for the registrant&#8217;s fiscal years ended March&#160;31, 2024 and March&#160;31, 2025; and (ii)&#160;the aggregate <span style="white-space:nowrap">non-audit</span> fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&amp;T for the same time periods. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:76%;border-spacing:0;margin:0 auto">


<tr>

<td style="width:80%"/>

<td style="vertical-align:bottom;width:4%"/>
<td/>
<td/>
<td/>

<td style="vertical-align:bottom;width:4%"/>
<td/>
<td/>
<td/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Fiscal Years Ended</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold">3/31/24</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold">3/31/25</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">Registrant</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">Eaton Vance<sup style="font-size:75%; vertical-align:top">(1</sup><sup style="font-size:75%; vertical-align:top">)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">52,836</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">18,490</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><sup style="font-size:75%; vertical-align:top">(1)</sup>&#160;</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Eaton Vance Management, a subsidiary of Morgan Stanley, acts as the registrant&#8217;s investment adviser and administrator. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(h) The registrant&#8217;s audit committee has considered whether the provision by the registrant&#8217;s principal accountant of <span style="white-space:nowrap">non-audit</span> services to the registrant&#8217;s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not <span style="white-space:nowrap">pre-approved</span> pursuant to Rule <span style="white-space:nowrap">2-01(c)(7)(ii)</span> of Regulation <span style="white-space:nowrap">S-X</span> is compatible with maintaining the principal accountant&#8217;s independence. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) Not applicable. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(j) Not applicable. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;5. Audit Committee of Listed Registrants </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The registrant has a separately-designated standing audit committee established in accordance with Section&#160;3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended.&#160;George J. Gorman, Keith Quinton, Scott E. Wennerholm (Chair), and Nancy Wiser Stefani are the members of the registrant&#8217;s audit committee. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;6. Schedule of Investments </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(a)</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form <span style="white-space:nowrap">N-CSR.</span> </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(b)</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Not applicable. </p></td></tr></table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;7. Financial Statements and Financial Highlights for <span style="white-space:nowrap">Open-End</span> Management Investment Companies </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;8. Changes in and Disagreements with Accountants for <span style="white-space:nowrap">Open-End</span> Management Investment Companies </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </p>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%;clear:both"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;9. Proxy Disclosures for <span style="white-space:nowrap">Open-End</span> Management Investment Companies </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;10. Remuneration Paid to Directors, Officers, and Others of <span style="white-space:nowrap">Open-End</span> Management Investment Companies </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;11. Statement Regarding Basis for Approval of Investment Advisory Contract </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;12. Disclosure of Proxy Voting Policies and Procedures for <span style="white-space:nowrap">Closed-End</span> Management Investment Companies </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of the Fund has adopted a proxy voting policy and procedure (the &#8220;Fund Policy&#8221;), pursuant to which the trustees have delegated proxy voting responsibility to the Fund&#8217;s investment adviser and adopted the investment adviser&#8217;s proxy voting policies and procedures (the &#8220;Policies&#8221;) which are described below. The trustees will review the Policies annually. In the event that a conflict of interest arises between the Fund&#8217;s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board, or any committee, <span style="white-space:nowrap">sub-committee</span> or group of independent trustees identified by the Board, which will instruct the investment adviser on the appropriate course of action. If the Board Members are unable to meet and the failure to vote a proxy would have a material adverse impact on the Fund, the investment adviser may vote such proxy, provided that it discloses the existence of the material conflict to the Chairperson of the Fund&#8217;s Board as soon as practicable and to the Board at its next meeting. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Policies are designed to promote accountability of a company&#8217;s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (&#8220;Agent&#8221;), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies in accordance with customized proxy voting guidelines (the &#8220;Guidelines&#8221;) and/or refer them back to the investment adviser pursuant to the Policies. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Agent is required to establish and maintain adequate internal controls and policies in connection with the provision of proxy voting services, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict of interest. The Guidelines include voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may cause the Fund to abstain from voting from time to time where it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote or it is unable to access or access timely ballots or other proxy information, among other stated reasons. The Agent will refer Fund proxies to the investment adviser for instructions under circumstances where, among others: (1)&#160;the application of the Guidelines is unclear; (2)&#160;a particular proxy question is not covered by the Guidelines; or (3)&#160;the Guidelines require input from the investment adviser. When a proxy voting issue has been referred to the investment adviser, the analyst (or portfolio manager if applicable) covering the company subject to the proxy proposal determines the final vote (or decision not to vote) and the investment adviser&#8217;s Proxy Administrator (described below) instructs the Agent to vote accordingly for securities held by the Fund. Where more than one analyst covers a particular company and the recommendations of such analysts voting a proposal conflict, the investment adviser&#8217;s Global Proxy Group (described below) will review such recommendations and any other available information related to the proposal and determine the manner in which it should be voted, which may result in different recommendations for the Fund that may differ from other clients of the investment adviser. </p>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%;clear:both"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The investment adviser has appointed a Proxy Administrator to assist in the coordination of the voting of client proxies (including the Fund&#8217;s) in accordance with the Guidelines and the Policies. The investment adviser and its affiliates have also established a Global Proxy Group. The Global Proxy Group develops the investment adviser&#8217;s positions on all major corporate issues, creates the Guidelines and oversees the proxy voting process. The Proxy Administrator maintains a record of all proxy questions that have been referred by the Agent, all applicable recommendations, analysis and research received and any resolution of the matter. Before instructing the Agent to vote contrary to the Guidelines or the recommendation of the Agent, the Proxy Administrator will provide the Global Proxy Group with the Agent&#8217;s recommendation for the proposal along with any other relevant materials, including the basis for the analyst&#8217;s recommendation. The Proxy Administrator will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. A similar process will be followed if the Agent has a conflict of interest with respect to a proxy. The investment adviser will report to the Fund&#8217;s Board any votes cast contrary to the Guidelines or Agent recommendations, as applicable, no less than annually. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The investment adviser&#8217;s Global Proxy Group is responsible for monitoring and resolving possible material conflicts with respect to proxy voting. Because the Guidelines are predetermined and designed to be in the best interests of shareholders, application of the Guidelines to vote client proxies should, in most cases, adequately address any possible conflict of interest. The investment adviser will monitor situations that may result in a conflict of interest between any of its clients and the investment adviser or any of its affiliates by maintaining a list of significant existing and prospective corporate clients. The Proxy Administrator will compare such list with the names of companies of which he or she has been referred a proxy statement (the &#8220;Proxy Companies&#8221;). If a company on the list is also a Proxy Company, the Proxy Administrator will report that fact to the Global Proxy Group. If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy Group will first determine, in consultation with legal counsel if necessary, whether a material conflict exists. If it is determined that a material conflict exists, the investment adviser will seek instruction on how the proxy should be voted from the Fund&#8217;s Board, or any committee or subcommittee identified by the Board. If a matter is referred to the Global Proxy Group, the decision made and basis for the decision will be documented by the Proxy Administrator and/or Global Proxy Group. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June&#160;30 is available (1)&#160;without charge, upon request, by calling <span style="white-space:nowrap"><span style="white-space:nowrap"><span style="white-space:nowrap">1-800-262-1122,</span></span></span> and (2)&#160;on the Securities and Exchange Commission&#8217;s website at <span style="text-decoration:underline">http://www.sec.gov</span>. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;13. Portfolio Managers of <span style="white-space:nowrap">Closed-End</span> Management Investment Companies </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eaton Vance Management (&#8220;EVM&#8221; or &#8220;Eaton Vance&#8221;) is the investment adviser of the Fund. Cynthia J. Clemson and William J. Delahunty Jr. are responsible for the overall and <span style="white-space:nowrap"><span style="white-space:nowrap">day-to-day</span></span> management of the Fund&#8217;s investments. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&#160;Clemson is a Vice President of EVM, is <span style="white-space:nowrap">Co-Director</span> of Municipal Investments and has been a portfolio manager of the Fund since May 2009. She has managed other Eaton Vance portfolios for more than five years. Mr.&#160;Delahunty is a Vice President of EVM and has been a portfolio of the Fund since October 2021. He has been employed by EVM for more than five years. This information is provided as of the date of filing this report. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table shows, as of the Fund&#8217;s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts. </p>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%;clear:both"/>

<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:92%;border-spacing:0;margin:0 auto">


<tr>

<td style="width:50%"/>

<td style="vertical-align:bottom;width:10%"/>
<td/>
<td/>
<td/>

<td style="vertical-align:bottom;width:10%"/>
<td/>
<td/>
<td/>

<td style="vertical-align:bottom;width:10%"/>
<td/>
<td/>
<td/>

<td style="vertical-align:bottom;width:10%"/>
<td/>
<td/>
<td/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">Number&#160;of<br/>All&#160;Accounts</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">Total&#160;Assets&#160;of<br/>All Accounts</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">Number&#160;of&#160;Accounts<br/>Paying&#160;a<br/>Performance&#160;Fee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center">Total Assets<br/>of&#160;Accounts&#160;Paying<br/>a Performance Fee</td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cynthia J. Clemson</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registered Investment Companies</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">8</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,251.20</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Pooled Investment Vehicles</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Accounts</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">8</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">983.20</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">William J. Delahunty, CFA</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registered Investment Companies</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">8</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">3,791.30</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Pooled Investment Vehicles</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">2</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">244.30</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Accounts</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Fund&#8217;s most recent fiscal year end. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:80%;border-spacing:0;margin:0 auto">


<tr>

<td style="width:51%"/>

<td style="vertical-align:bottom;width:2%"/>
<td style="width:47%"/></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman">Portfolio Manager</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;text-align:center">Dollar Range of Equity Securities</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;text-align:center">Beneficially Owned in the Fund</p></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Cynthia J. Clemson</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;text-align:center">None</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">William J. Delahunty, CFA</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;text-align:center">None</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Potential for Conflicts of Interest</span>. It is possible that conflicts of interest may arise in connection with a portfolio manager&#8217;s management of the Fund&#8217;s investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser&#8217;s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Compensation Structure for EVM </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The compensation structure of Eaton Vance and its affiliates that are investment advisers (for purposes of this section &#8220;Eaton Vance&#8221;) is based on a total reward system of base salary and incentive compensation, which is paid either in the form of cash bonus, or for employees meeting the specified deferred compensation eligibility threshold, partially as a cash bonus and partially as mandatory deferred compensation. Deferred compensation granted to Eaton Vance employees is generally granted as a mix of deferred cash awards under the Investment Management Alignment Plan (IMAP) and equity-based awards in the form of stock units. The portion of incentive compensation granted in the form of a deferred compensation award and the terms of such awards are determined annually by the Compensation, Management Development and Succession Committee of the Board of Directors of Eaton Vance&#8217;s parent company, Morgan Stanley. </p>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%;clear:both"/>
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Base salary compensation.</span> Generally, portfolio managers and research analysts receive base salary compensation based on the level of their position with the Adviser. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Incentive compensation.</span> In addition to base compensation, portfolio managers and research analysts may receive discretionary <span style="white-space:nowrap">year-end</span> compensation. Incentive compensation may include: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top;text-align:left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">Cash bonus </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:5%">&#160;</td>
<td style="width:3%;vertical-align:top;text-align:left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">Deferred compensation: </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:10%">&#160;</td>
<td style="width:2%;vertical-align:top;text-align:left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">A mandatory program that defers a portion of incentive compensation into restricted stock units or other awards based on Morgan Stanley common stock or other plans that are subject to vesting and other conditions. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:10%">&#160;</td>
<td style="width:2%;vertical-align:top;text-align:left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
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<td style="width:10%">&#160;</td>
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<td style="width:10%">&#160;</td>
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<td style="width:1%;vertical-align:top">&#160;</td>
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<td style="width:1%;vertical-align:top">&#160;</td>
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<td style="width:10%">&#160;</td>
<td style="width:2%;vertical-align:top;text-align:left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
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<td style="width:10%">&#160;</td>
<td style="width:2%;vertical-align:top;text-align:left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
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<td style="width:2%;vertical-align:top;text-align:left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
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<td style="width:10%">&#160;</td>
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<td style="width:1%;vertical-align:top">&#160;</td>
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<td style="width:2%;vertical-align:top;text-align:left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
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<td style="width:1%;vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">The <span style="white-space:nowrap">pre-tax</span> investment performance of the funds/accounts managed by the portfolio manager<sup style="font-size:75%; vertical-align:top">(1)</sup> (which may, in certain cases, be measured against the applicable benchmark(s) and/or peer group(s) over one, three and five-year periods),<sup style="font-size:75%; vertical-align:top">(2)</sup> provided that for funds that are <span style="white-space:nowrap">tax-managed</span> or otherwise have an objective of <span style="white-space:nowrap">after-tax</span> returns, performance net of taxes will be considered </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%">&#160;</td>
<td style="width:2%;vertical-align:top;text-align:left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">Individual contribution and performance </p></td></tr></table>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further, the firm&#8217;s Global Incentive Compensation Discretion Policy requires compensation managers to consider only legitimate, business related factors when exercising discretion in determining variable incentive compensation, including adherence to Morgan Stanley&#8217;s core values, conduct, disciplinary actions in the current </p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">performance year, risk management and risk outcomes. </p><div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</div>
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<td style="width:4%;vertical-align:top;text-align:left"><sup style="font-size:75%; vertical-align:top">(1)</sup></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Generally, this is total return performance, provided that consideration may also be given to relative risk-adjusted performance. </p></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left"><sup style="font-size:75%; vertical-align:top">(2)</sup></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">When a fund&#8217;s peer group as determined by Lipper or Morningstar is deemed by the relevant Eaton Vance Chief Investment Officer, or in the case of the <span style="white-space:nowrap">sub-advised</span> Funds, the Director of Product Development and <span style="white-space:nowrap">Sub-Advised</span> Funds, not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. </p></td></tr></table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;14. Purchases of Equity Securities by <span style="white-space:nowrap">Closed-End</span> Management Investment Company and Affiliated Purchasers </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No such purchases this period. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;15. Submission of Matters to a Vote of Security Holders </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There have been no material changes to the procedures by which shareholders may recommend nominee to the Trust&#8217;s Board of Trustees since the Trust last provided disclosure in response to this item. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;16. Controls and Procedures </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top;text-align:left">(a)</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">It is the conclusion of the registrant&#8217;s principal executive officer and principal financial officer that the effectiveness of the registrant&#8217;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&#8217;s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant&#8217;s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top;text-align:left">(b)</td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">There have been no changes in the registrant&#8217;s internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting. </p></td></tr></table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;17. Disclosure of Securities Lending Activities for <span style="white-space:nowrap">Closed-End</span> Management Investment Companies </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No activity to report for the registrant&#8217;s most recent fiscal year end. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;18. Recovery of Erroneously Awarded Compensation </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;19. Exhibits </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top;white-space:nowrap">(a)(1)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Registrant&#8217;s Code of Ethics &#8211; Not applicable (please see Item 2).</td></tr>
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<td style="vertical-align:top;white-space:nowrap">(a)(2)(i)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d912999dex99cert.htm">Principal Financial Officer&#8217;s Section&#160;302 certification. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top;white-space:nowrap">(a)(2)(ii)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d912999dex99cert.htm#a">Principal Executive Officer&#8217;s Section&#160;302 certification. </a></td></tr>
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<td style="height:6pt"/>
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<td style="vertical-align:top;white-space:nowrap">(b)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d912999dex99906cert.htm">Combined Section&#160;906 certification. </a></td></tr>
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<td style="height:6pt"/>
<td style="height:6pt" colspan="2"/></tr>
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<td style="vertical-align:top;white-space:nowrap">(c)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d912999dex99d.htm">Consent of Independent Registered Public Accounting Firm. </a></td></tr>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Signatures </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="text-decoration:underline">Eaton Vance National Municipal Opportunities Trust </span></p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kenneth A. Topping</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Kenneth A. Topping</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Principal Executive Officer</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: May&#160;22, 2025 </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James F. Kirchner</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">James F. Kirchner</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Principal Financial Officer</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: May&#160;22, 2025 </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kenneth A. Topping</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Kenneth A. Topping</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Principal Executive Officer</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: May&#160;22, 2025 </p> <p style="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&#160;</p>
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<DESCRIPTION>SECTION 302 CERTIFICATION
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<HTML><HEAD>
<TITLE>Section 302 Certification</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Eaton Vance National Municipal Opportunities Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FORM <FONT STYLE="white-space:nowrap">N-CSR</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exhibit 19(a)(2)(i) </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CERTIFICATION
</U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, James F. Kirchner, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Eaton Vance National
Municipal Opportunities Trust; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
<FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">May 22, 2025</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James F. Kirchner</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">James F. Kirchner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Principal Financial Officer</TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Eaton Vance National Municipal Opportunities Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FORM <FONT STYLE="white-space:nowrap">N-CSR</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="a"></A>Exhibit 19(a)(2)(ii) </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CERTIFICATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Kenneth A. Topping, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Eaton Vance National
Municipal Opportunities Trust; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
<FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">May 22, 2025</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kenneth A. Topping</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Kenneth A. Topping</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Principal Executive Officer</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>d912999dex99906cert.htm
<DESCRIPTION>SECTION 906 CERTIFICATION
<TEXT>
<HTML><HEAD>
<TITLE>Section 906 Certification</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> Item 19(b) Exhibit </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATION PURSUANT TO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18
U.S.C. SECTION 1350, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AS ADOPTED PURSUANT TO </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance
National Municipal Opportunities Trust (the &#147;<B>Trust</B>&#148;), that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Report of the <B>Trust</B> on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for the period ended
March&nbsp;31, 2025 (the &#147;Report&#148;) fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the<B> Trust</B> for such period. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A signed original of this written statement required by section 906
has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eaton Vance National Municipal Opportunities Trust </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:
May&nbsp;22, 2025 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James F. Kirchner</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">James F. Kirchner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Principal Financial Officer</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: May&nbsp;22, 2025 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kenneth A. Topping</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kenneth A. Topping</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Principal Executive Officer</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)
<SEQUENCE>4
<FILENAME>d912999dex99d.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.
<TEXT>
<HTML><HEAD>
<TITLE>Consent of Independent Registered Public Accounting Firm.</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> Item 19(c) Exhibit </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the incorporation by reference in the Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-265180</FONT> on Form <FONT
STYLE="white-space:nowrap">N-2</FONT> of our report dated May&nbsp;21, 2025, relating to the financial statements and financial highlights of Eaton Vance National Municipal Opportunities Trust (the &#147;Trust&#148;), appearing in this Annual Report
on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of the Trust for the year ended March&nbsp;31, 2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Deloitte&nbsp;&amp; Touche LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;27, 2025 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>5
<FILENAME>ck0001454741-20250528.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
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					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="SectorAndGeographicRiskMember" order="18.0"/>
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					<link:loc xlink:type="locator" xlink:href="#ck0001454741_MarketDisruptionMember" xlink:label="MarketDisruptionMember"/>
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					<link:loc xlink:type="locator" xlink:href="#ck0001454741_SwapsRiskMember" xlink:label="SwapsRiskMember"/>
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					<link:loc xlink:type="locator" xlink:href="#ck0001454741_CounterpartyRiskMember" xlink:label="CounterpartyRiskMember"/>
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					<link:loc xlink:type="locator" xlink:href="#ck0001454741_LiquidityRiskMember" xlink:label="LiquidityRiskMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="LiquidityRiskMember" order="35.0"/>
					<link:loc xlink:type="locator" xlink:href="#ck0001454741_InsuranceRiskMember" xlink:label="InsuranceRiskMember"/>
					<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="InsuranceRiskMember" order="36.0"/>

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				<link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
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					<link:label xlink:type="resource" xlink:label="label_MarketDiscountRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Market Discount Risk [Member]</link:label>
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					<link:loc xlink:type="locator" xlink:href="#ck0001454741_InvestmentAndMarketRiskMember" xlink:label="InvestmentAndMarketRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_InvestmentAndMarketRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Investment and Market Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAndMarketRiskMember" xlink:to="label_InvestmentAndMarketRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_MunicipalObligationsRiskMember" xlink:label="MunicipalObligationsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_MunicipalObligationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Municipal Obligations Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MunicipalObligationsRiskMember" xlink:to="label_MunicipalObligationsRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_InterestRateRisksMember" xlink:label="InterestRateRisksMember"/>
					<link:label xlink:type="resource" xlink:label="label_InterestRateRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Interest Rate Risks [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateRisksMember" xlink:to="label_InterestRateRisksMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_BenchmarkReferenceRatesRiskMember" xlink:label="BenchmarkReferenceRatesRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_BenchmarkReferenceRatesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Benchmark Reference Rates Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BenchmarkReferenceRatesRiskMember" xlink:to="label_BenchmarkReferenceRatesRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_CreditRisksMember" xlink:label="CreditRisksMember"/>
					<link:label xlink:type="resource" xlink:label="label_CreditRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Credit Risks [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRisksMember" xlink:to="label_CreditRisksMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_LowerRatedInvestmentsRiskMember" xlink:label="LowerRatedInvestmentsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_LowerRatedInvestmentsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Lower Rated Investments Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LowerRatedInvestmentsRiskMember" xlink:to="label_LowerRatedInvestmentsRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_InflationRiskDeflationRiskMember" xlink:label="InflationRiskDeflationRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_InflationRiskDeflationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Inflation Risk Deflation Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InflationRiskDeflationRiskMember" xlink:to="label_InflationRiskDeflationRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_UnratedSecuritiesRiskMember" xlink:label="UnratedSecuritiesRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_UnratedSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Unrated Securities Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnratedSecuritiesRiskMember" xlink:to="label_UnratedSecuritiesRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_LeverageRiskMember" xlink:label="LeverageRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_LeverageRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Leverage Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeverageRiskMember" xlink:to="label_LeverageRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_RiskOfResidualInterestBondsMember" xlink:label="RiskOfResidualInterestBondsMember"/>
					<link:label xlink:type="resource" xlink:label="label_RiskOfResidualInterestBondsMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risk of Residual Interest Bonds [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RiskOfResidualInterestBondsMember" xlink:to="label_RiskOfResidualInterestBondsMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_CallAndReinvestmentRisksMember" xlink:label="CallAndReinvestmentRisksMember"/>
					<link:label xlink:type="resource" xlink:label="label_CallAndReinvestmentRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Call and Reinvestment Risks [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CallAndReinvestmentRisksMember" xlink:to="label_CallAndReinvestmentRisksMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember" xlink:label="MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember"/>
					<link:label xlink:type="resource" xlink:label="label_MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Municipal Lease Obligations MLOs and Certificates of Participation [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember" xlink:to="label_MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_RestrictedSecuritiesRiskMember" xlink:label="RestrictedSecuritiesRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_RestrictedSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Restricted Securities Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedSecuritiesRiskMember" xlink:to="label_RestrictedSecuritiesRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_DerivativesRisksMember" xlink:label="DerivativesRisksMember"/>
					<link:label xlink:type="resource" xlink:label="label_DerivativesRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Derivatives Risks [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesRisksMember" xlink:to="label_DerivativesRisksMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_CurrentRegulatoryEnvironmentRiskMember" xlink:label="CurrentRegulatoryEnvironmentRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_CurrentRegulatoryEnvironmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Current Regulatory Environment Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentRegulatoryEnvironmentRiskMember" xlink:to="label_CurrentRegulatoryEnvironmentRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_StateSpecificRiskMember" xlink:label="StateSpecificRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_StateSpecificRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">State Specific Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StateSpecificRiskMember" xlink:to="label_StateSpecificRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_SectorAndGeographicRiskMember" xlink:label="SectorAndGeographicRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_SectorAndGeographicRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Sector and Geographic Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SectorAndGeographicRiskMember" xlink:to="label_SectorAndGeographicRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_RecentMarketConditionsMember" xlink:label="RecentMarketConditionsMember"/>
					<link:label xlink:type="resource" xlink:label="label_RecentMarketConditionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Recent Market Conditions [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecentMarketConditionsMember" xlink:to="label_RecentMarketConditionsMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_RisksAssociatedWithActiveManagementMember" xlink:label="RisksAssociatedWithActiveManagementMember"/>
					<link:label xlink:type="resource" xlink:label="label_RisksAssociatedWithActiveManagementMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Risks Associated with Active Management [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksAssociatedWithActiveManagementMember" xlink:to="label_RisksAssociatedWithActiveManagementMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_TaxRiskMember" xlink:label="TaxRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_TaxRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Tax Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxRiskMember" xlink:to="label_TaxRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_FuturesRiskMember" xlink:label="FuturesRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_FuturesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Futures Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FuturesRiskMember" xlink:to="label_FuturesRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_GeopoliticalRiskMember" xlink:label="GeopoliticalRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_GeopoliticalRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Geopolitical Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeopoliticalRiskMember" xlink:to="label_GeopoliticalRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_TaxSensitiveInvestingRiskMember" xlink:label="TaxSensitiveInvestingRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_TaxSensitiveInvestingRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Tax Sensitive Investing Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxSensitiveInvestingRiskMember" xlink:to="label_TaxSensitiveInvestingRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_CybersecurityRiskMember" xlink:label="CybersecurityRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_CybersecurityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cybersecurity Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CybersecurityRiskMember" xlink:to="label_CybersecurityRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_WhenIssuedAndDelayedDeliveryTransactionsRiskMember" xlink:label="WhenIssuedAndDelayedDeliveryTransactionsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_WhenIssuedAndDelayedDeliveryTransactionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">When Issued and Delayed Delivery Transactions Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WhenIssuedAndDelayedDeliveryTransactionsRiskMember" xlink:to="label_WhenIssuedAndDelayedDeliveryTransactionsRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_PooledInvestmentVehiclesRiskMember" xlink:label="PooledInvestmentVehiclesRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_PooledInvestmentVehiclesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Pooled Investment Vehicles Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PooledInvestmentVehiclesRiskMember" xlink:to="label_PooledInvestmentVehiclesRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_MarketDisruptionMember" xlink:label="MarketDisruptionMember"/>
					<link:label xlink:type="resource" xlink:label="label_MarketDisruptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Market Disruption [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketDisruptionMember" xlink:to="label_MarketDisruptionMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_SwapsRiskMember" xlink:label="SwapsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_SwapsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Swaps Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SwapsRiskMember" xlink:to="label_SwapsRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_DurationAndMaturityRiskMember" xlink:label="DurationAndMaturityRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_DurationAndMaturityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Duration and Maturity Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DurationAndMaturityRiskMember" xlink:to="label_DurationAndMaturityRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_HedgingRiskMember" xlink:label="HedgingRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_HedgingRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Hedging Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingRiskMember" xlink:to="label_HedgingRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_AntiTakeoverProvisionsMember" xlink:label="AntiTakeoverProvisionsMember"/>
					<link:label xlink:type="resource" xlink:label="label_AntiTakeoverProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Anti takeover Provisions [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AntiTakeoverProvisionsMember" xlink:to="label_AntiTakeoverProvisionsMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_GeneralFundInvestingRisksMember" xlink:label="GeneralFundInvestingRisksMember"/>
					<link:label xlink:type="resource" xlink:label="label_GeneralFundInvestingRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">General Fund Investing Risks [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralFundInvestingRisksMember" xlink:to="label_GeneralFundInvestingRisksMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_CommonSharesMember" xlink:label="CommonSharesMember"/>
					<link:label xlink:type="resource" xlink:label="label_CommonSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Common Shares [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonSharesMember" xlink:to="label_CommonSharesMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_CounterpartyRiskMember" xlink:label="CounterpartyRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_CounterpartyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Counterparty Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartyRiskMember" xlink:to="label_CounterpartyRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_LiquidityRiskMember" xlink:label="LiquidityRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Liquidity Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityRiskMember" xlink:to="label_LiquidityRiskMember"/>

					<link:loc xlink:type="locator" xlink:href="#ck0001454741_InsuranceRiskMember" xlink:label="InsuranceRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_InsuranceRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Insurance Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceRiskMember" xlink:to="label_InsuranceRiskMember"/>


				</link:labelLink>
			</link:linkbase>
		</appinfo>
	</annotation>
	<import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
	<import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
	<import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
	<import namespace="http://xbrl.sec.gov/dei/2023" schemaLocation="https://xbrl.sec.gov/dei/2023/dei-2023.xsd"/>
	<import namespace="http://www.xbrl.org/dtr/type/2022-03-31" schemaLocation="https://www.xbrl.org/dtr/type/2022-03-31/types.xsd"/>
	<import namespace="http://xbrl.sec.gov/cef/2023" schemaLocation="https://xbrl.sec.gov/cef/2023/cef-2023.xsd"/>
	<import namespace="http://xbrl.sec.gov/cef-pre/2023" schemaLocation="https://xbrl.sec.gov/cef/2023/cef-2023_pre.xsd"/>
	<element name="MarketDiscountRiskMember" id="ck0001454741_MarketDiscountRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="InvestmentAndMarketRiskMember" id="ck0001454741_InvestmentAndMarketRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MunicipalObligationsRiskMember" id="ck0001454741_MunicipalObligationsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="InterestRateRisksMember" id="ck0001454741_InterestRateRisksMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BenchmarkReferenceRatesRiskMember" id="ck0001454741_BenchmarkReferenceRatesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CreditRisksMember" id="ck0001454741_CreditRisksMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LowerRatedInvestmentsRiskMember" id="ck0001454741_LowerRatedInvestmentsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="InflationRiskDeflationRiskMember" id="ck0001454741_InflationRiskDeflationRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="UnratedSecuritiesRiskMember" id="ck0001454741_UnratedSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LeverageRiskMember" id="ck0001454741_LeverageRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RiskOfResidualInterestBondsMember" id="ck0001454741_RiskOfResidualInterestBondsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CallAndReinvestmentRisksMember" id="ck0001454741_CallAndReinvestmentRisksMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember" id="ck0001454741_MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RestrictedSecuritiesRiskMember" id="ck0001454741_RestrictedSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DerivativesRisksMember" id="ck0001454741_DerivativesRisksMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CurrentRegulatoryEnvironmentRiskMember" id="ck0001454741_CurrentRegulatoryEnvironmentRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="StateSpecificRiskMember" id="ck0001454741_StateSpecificRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="SectorAndGeographicRiskMember" id="ck0001454741_SectorAndGeographicRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RecentMarketConditionsMember" id="ck0001454741_RecentMarketConditionsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RisksAssociatedWithActiveManagementMember" id="ck0001454741_RisksAssociatedWithActiveManagementMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="TaxRiskMember" id="ck0001454741_TaxRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="FuturesRiskMember" id="ck0001454741_FuturesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="GeopoliticalRiskMember" id="ck0001454741_GeopoliticalRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="TaxSensitiveInvestingRiskMember" id="ck0001454741_TaxSensitiveInvestingRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CybersecurityRiskMember" id="ck0001454741_CybersecurityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="WhenIssuedAndDelayedDeliveryTransactionsRiskMember" id="ck0001454741_WhenIssuedAndDelayedDeliveryTransactionsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PooledInvestmentVehiclesRiskMember" id="ck0001454741_PooledInvestmentVehiclesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MarketDisruptionMember" id="ck0001454741_MarketDisruptionMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="SwapsRiskMember" id="ck0001454741_SwapsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DurationAndMaturityRiskMember" id="ck0001454741_DurationAndMaturityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="HedgingRiskMember" id="ck0001454741_HedgingRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="AntiTakeoverProvisionsMember" id="ck0001454741_AntiTakeoverProvisionsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="GeneralFundInvestingRisksMember" id="ck0001454741_GeneralFundInvestingRisksMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CommonSharesMember" id="ck0001454741_CommonSharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CounterpartyRiskMember" id="ck0001454741_CounterpartyRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LiquidityRiskMember" id="ck0001454741_LiquidityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="InsuranceRiskMember" id="ck0001454741_InsuranceRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>

</schema>
<!--
Create a text file having key=value pair
https://stackoverflow.com/questions/34176331/how-can-i-read-a-text-file-key-value-and-assign-the-values-to-strings-vars
-->
</XBRL>
</TEXT>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_FeeTableAbstract', window );"><strong>Fee Table [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ShareholderTransactionExpensesTableTextBlock', window );">Shareholder Transaction Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 0pt; padding-right: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%;">Common shareholder transaction expenses</td>
<td style="line-height: 8pt; padding-bottom: 1.5pt; padding-right: 10pt; text-align: center; vertical-align: bottom; width: 27.27%;">&#160;</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;">Sales load paid by you (as a percentage of offering price)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%; padding: 1.5pt 10pt 1.5pt 27.67pt;"><span class="sec-hidden" style="-sec-ix-hidden:h_11_cbd4ee26_2dda_7139_783d_d8d1837b446d" title="Manually tagged">&#8212;</span> <sup style="font-size: 6pt; font-style: normal; text-transform: none;">1</sup></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;">Offering expenses (as a percentage of offering price)</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%; padding: 1.5pt 10pt 1.5pt 17.79pt;">None <sup style="font-size: 6pt; font-style: normal; text-transform: none;">2</sup></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 3pt 0pt;">Dividend reinvestment plan fees</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%; padding: 1.5pt 10pt 3pt 14pt;">$5.00<sup style="font-size: 6pt; font-style: normal; text-transform: none;">3</sup></td> </tr> </table><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3.60pt; text-align: left; text-decoration: none; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">1</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;If common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load.</span></div><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">2</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;Eaton Vance Management (&#8220;EVM&#8221;) will pay the expenses of the offering (other than the applicable commissions); therefore, offering expenses are not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review and filing with the SEC of the Trust&#8217;s registration statement (including its current Prospectus Supplement, the accompanying Prospectus and Statement of Additional Information (&#8220;SAI&#8221;)), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of its current Prospectus Supplement, the accompanying Prospectus, SAI and/or marketing materials, associated filing fees, stock exchange listing fees, and legal and auditing fees associated with the offering.</span></div><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">3</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your common shares held in a dividend reinvestment account.</span></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesPercent', window );">Other Transaction Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 0pt; padding-right: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%;">Annual expenses</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 12pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%;">Percentage&#160;of&#160;net&#160;assets<br/>attributable to&#160;common&#160;shares<sup style="font-size: 6pt; font-style: normal; text-transform: none;">4</sup><span style="padding-left: -3.63pt;"></span></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;">Investment adviser fee</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 1.5pt 10pt 1.5pt 12pt;">0.68%<sup style="font-size: 6pt; font-style: normal; text-transform: none;">5</sup></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;">Interest expense</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 1.5pt 10pt 1.5pt 14pt;">0.51<sup style="font-size: 6pt; font-style: normal; text-transform: none;">6</sup></td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 3.5pt 0pt;">Other expenses</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 1.5pt 10pt 3.5pt 12pt;">0.13</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 2.45pt 12pt 6pt 0pt;">Total annual Fund operating expenses</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 2.45pt 10pt 6pt 12pt;">1.32%</td> </tr> </table><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; text-align: left; text-decoration: none; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">4</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;Stated as a percentage of average net assets attributable to common shares for the year ended March 31, 2025.&#160;</span></div><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">5</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;The investment adviser fee paid by the Trust to EVM is based on the average daily gross assets of the Trust, including all assets attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment leverage in the future, the investment adviser fee will increase as a percentage of net assets.</span></div><div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"><sup style="font-size: 6pt; font-style: normal; text-transform: none;">6</sup><span style="font-size: 7.60pt; line-height: 10.60pt;">&#160;&#160;&#160;&#160;Interest expense relates to the Trust&#8217;s liability with respect to floating-rate notes held by third parties in conjunction with investments in residual interest bonds. The Trust records offsetting interest income in an amount at least equal to this expense relating to the municipal obligations underlying such transactions.</span></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeesPercent', window );">Management Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4],[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.68%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpense1Percent', window );">Other Annual Expense 1 [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.13%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesPercent', window );">Other Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4],[6]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.51%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_TotalAnnualExpensesPercent', window );">Total Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.32%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleTableTextBlock', window );">Expense Example [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Example</div><div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The following Example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (i) total annual expenses of 1.32% of net assets attributable to common shares in years 1 through 10; (ii) a 5% annual return; and (iii) all distributions are reinvested at NAV:</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 94.52%;">
<tr style="page-break-inside: avoid;">
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 12pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 15.37%;">1 Year</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 12pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%;">3 Years</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 12pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%;">5 Years</td>
<td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 28.06%;">10 Years</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 15.37%; padding: 2.45pt 12pt 6pt 0pt;">$13</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%; padding: 2.45pt 12pt 6pt 12pt;">$42</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%; padding: 2.45pt 12pt 6pt 12pt;">$72</td>
<td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 28.06%; padding: 2.45pt 10pt 6pt 12pt;">$159</td> </tr> </table><div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The above table and example and the assumption in the example of a 5% annual return are required by regulations of the U.S. Securities and Exchange&#160;Commission (&#8220;SEC&#8221;) that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the&#160;projected or actual performance of the Trust&#8217;s common shares. In addition, while the example assumes reinvestment of all dividends and distributions at&#160;NAV, participants in the Trust&#8217;s dividend reinvestment plan may receive common shares purchased or issued at a price or value different from NAV.&#160;The&#160;example does not include sales load or estimated offering costs, which would cause the expenses shown in the example to increase.</div><div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The example should not be considered a representation of past or future expenses, and the Trust&#8217;s actual expenses may be greater or less than those&#160;shown. Moreover, the Trust&#8217;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">42<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">72<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The purpose of the table below is to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The table reflects leverage attributable to floating-rate notes for the fiscal year ended March 31, 2025 in an amount equal to 12.06% of the Fund&#8217;s average gross assets (including floating-rate notes) and shows Fund expenses stated as a percentage of net assets attributable to common shares, and not as a percentage of total assets.</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_BasisOfTransactionFeesNoteTextBlock', window );">Basis of Transaction Fees, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">as a percentage of offering price<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionFeesBasisNoteTextBlock', window );">Other Transaction Fees Basis, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Eaton Vance Management (&#8220;EVM&#8221;) will pay the expenses of the offering (other than the applicable commissions); therefore, offering expenses are not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review and filing with the SEC of the Trust&#8217;s registration statement (including its current Prospectus Supplement, the accompanying Prospectus and Statement of Additional Information (&#8220;SAI&#8221;)), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of its current Prospectus Supplement, the accompanying Prospectus, SAI and/or marketing materials, associated filing fees, stock exchange listing fees, and legal and auditing fees associated with the offering.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock', window );">Management Fee not based on Net Assets, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">The investment adviser fee paid by the Trust to EVM is based on the average daily gross assets of the Trust, including all assets attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment leverage in the future, the investment adviser fee will increase as a percentage of net assets.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Investment Objectives.&#160;<span style="color: #000000;"> The Fund&#8217;s primary investment objective is to provide current income exempt from federal income tax. Capital appreciation is a secondary objective.</span></div>  <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Principal Strategies.&#160;<span style="color: #000000;"> During normal market conditions, the Fund will invest at least 80% of its gross assets in debt obligations issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (&#8220;municipal obligations&#8221;). For purposes of this 80% policy, municipal obligations will include investments in residual interest bonds whose interest is exempt from regular federal income tax.</span></div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">During normal market conditions, at least 70% of the Fund&#8217;s investments in municipal obligations will be investment grade quality at time of investment. A municipal obligation is considered investment grade quality if it is either (i) rated within the four highest ratings categories by at least one nationally recognized statistical rating organization (a &#8220;Rating Agency&#8221;), which are those rated Baa or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB or higher by Standard &amp; Poor&#8217;s Ratings Services (&#8220;S&amp;P&#8221;) or Fitch Ratings (&#8220;Fitch&#8221;), or (ii) an unrated municipal obligation that the Fund&#8217;s investment adviser considers to be of investment grade quality. If a municipal obligation is rated differently by two or more Rating Agencies, the Fund will use the higher of such ratings (the &#8220;Municipal Obligation Rating&#8221;). If a municipal obligation is insured, the Fund will use the higher of the Municipal Obligation Rating or the insurance issuer&#8217;s rating. Securities rated in the fourth highest category (i.e., Baa by Moody&#8217;s or BBB by S&amp;P or Fitch) are considered investment grade quality, but may have speculative characteristics.</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Up to 30% of the Fund&#8217;s investments in municipal obligations may be below investment grade quality at time of investment. A municipal obligation is considered below investment grade quality if it is either (i) rated below investment grade by a Rating Agency, or (ii) an unrated municipal obligation that the Fund&#8217;s investment adviser considers to be of comparable quality. Municipal obligations of below investment grade quality (commonly referred to as &#8220;junk&#8221; bonds) involve special risks as compared to municipal obligations of investment grade quality. These risks include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading. The Fund may invest in below investment grade municipal obligations of any quality. This means that the Fund&#8217;s investments in municipal obligations may include securities of issuers that are having financial difficulties, which may include being in default on obligations to pay principal or interest thereon when due or involved in bankruptcy or insolvency proceedings (such securities are commonly referred to as &#8220;distressed securities&#8221;). While the Fund is not limited in its exposure to any issuer or obligor, the Fund generally will not invest more than 2% of its gross assets in any single security of below investment grade quality. Under normal market conditions, the Fund will seek to maintain an average credit quality of investment grade.</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Up to 20% of the Fund&#8217;s investments in municipal obligations may be subject to the alternative minimum tax. Up to 5% of the Fund&#8217;s investments in municipal obligations may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled between certain states and American tobacco companies. The Fund invests in residual interest bonds, also known as inverse floating rate securities, which have the economic effect of leverage. If the Fund invests 25% or more of its gross assets in any one state (or U.S. territory) the Fund may be more susceptible to adverse economic, political or regulatory occurrences affecting a particular state (or territory).</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may purchase municipal obligations in the form of bonds, notes, leases or certificates of participation; structured as callable or non-callable; with payment forms that include fixed coupon, variable rate, zero-coupon, capital appreciation bonds, residual interest bonds and short-term floating-rate securities. Such municipal obligations may be acquired through investments in pooled vehicles, partnerships, or other investment companies. No established resale market exists for certain of the municipal obligations in which the Fund may invest. The Fund has no limitation on the amount of its assets that may be invested in securities that are not readily marketable or are subject to restrictions on resale.</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">In addition to investing in residual interest bonds, the Fund may invest without limitation in other derivative instruments (which are instruments that derive their value from another instrument, security or index) acquired for hedging purposes. The Fund may purchase and sell various kinds of financial futures contracts and related options, including futures contracts and related options based on various debt securities and securities indices. The Fund also may enter into interest rate, total return and other swaps and forward rate contracts to seek to hedge against changes in interest rates or for other risk management purposes.</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">During unusual market conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objective(s) and other policies.</div> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskFactorsTableTextBlock', window );">Risk Factors [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Principal Risks</div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Market Discount Risk.<span style="font-weight: normal;"> As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund&#8217;s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund&#8217;s NAV may decrease.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Investment and Market Risk.<span style="font-weight: normal;"> An investment in common shares of the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in common shares represents an indirect investment in the securities owned by the Fund, which will generally trade in the over-the-counter (&#8220;OTC&#8221;) markets. The common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of distributions.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of such resulting changes in the value of the Fund&#8217;s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Municipal Obligations Risk.<span style="font-weight: normal;"> Because the Fund may invest in municipal obligations, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. To the extent that the Fund invests in municipal obligations of issuers in the same state, U.S. territory, or economic sector, it could be more sensitive to economic, business or political developments that affect such state or sector. Municipal obligations and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy during periods of economic stress. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund&#8217;s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risk.<span style="font-weight: normal;"> In general, the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer-duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or effective maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Benchmark Reference Rates Risk.<span style="font-weight: normal;"> Many debt securities, derivatives, and other financial instruments utilize benchmark or reference rates for variable interest rate calculations, including the Euro Interbank Offer Rate, Sterling Overnight Index Average Rate, and the Secured Overnight Financing Rate (each a &#8220;Reference Rate&#8221;). Instruments in which the Fund invests may pay interest at floating rates based on such Reference Rates or may be subject to interest caps or floors based on such Reference Rates. The Fund and issuers of instruments in which the Fund invests may also obtain financing at floating rates based on such Reference Rates. The elimination of a Reference Rate or any other changes to or reforms of the determination or supervision of Reference Rates could have an adverse impact on the market for, or value of, any instruments or payments linked to those Reference Rates. For example, some Reference Rates, as well as other types of rates and indices, are described as &#8220;benchmarks&#8221; and have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts. As a result, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Credit Risk.<span style="font-weight: normal;"> Investments in municipal obligations and other debt obligations (referred to below as &#8220;debt instruments&#8221;) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer&#8217;s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund&#8217;s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Lower Rated Investments Risk.<span style="font-weight: normal;"> Investments rated below investment grade and comparable unrated investments (sometimes referred to as &#8220;junk&#8221;) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Inflation Risk/Deflation Risk.<span style="font-weight: normal;"> Inflation risk is the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions thereon can decline. In addition, during periods of rising inflation, short-term interest rates and the Fund&#8217;s cost of leverage would likely increase, reducing returns to the common shareholders to the extent that such increased cost is not offset by commensurately higher income. Deflation risk is the risk that prices throughout the economy decline over time &#8722; the opposite of inflation. Deflation may have an adverse affect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund&#8217;s investments.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Unrated Securities Risk.<span style="font-weight: normal;"> The Fund may invest in unrated obligations for which Eaton Vance will make a credit quality determination for purposes of the Fund&#8217;s credit quality policy. To the extent that the Fund invests in such unrated obligations, the Fund&#8217;s credit quality will be more dependent on Eaton Vance&#8217;s credit analysis than if the Fund invested in only rated obligations. Some unrated securities may not have an active trading market or may be difficult to value.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Leverage Risk.<span style="font-weight: normal;"> Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying reference instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. Leverage may cause the Fund&#8217;s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund&#8217;s portfolio securities. The Fund may not be able to adjust its use of leverage rapidly enough to respond to interest rate volatility, inflation, and other changing market conditions. As a result, the Fund&#8217;s use of leverage may have a negative impact on the Fund&#8217;s performance from time to time. The loss on leveraged investments may substantially exceed the initial investment.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Risk of Residual Interest Bonds.<span style="font-weight: normal;"> The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond, including the risk of loss of principal. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. As such, residual interest bonds tend to underperform the market for fixed rate bond in rising long-term interest rate environments. The value and income of, and market for, residual interest bonds are volatile, and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Call and Reinvestment Risks.<span style="font-weight: normal;"> If interest rates fall, it is possible that issuers of callable bonds with high interest coupons will &#8220;call&#8221; (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during a period of declining interest rates, the Fund would likely replace such called security with a lower yielding security. If that were to happen, it could decrease the Fund&#8217;s dividends and possibly could affect the market price of common shares. Similar risks exist when the Fund invests the proceeds from matured or traded municipal obligations at market interest rates that are below the Fund&#8217;s current earnings rate.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Municipal Lease Obligations (&#8220;MLOs&#8221;) and Certificates of Participation.<span style="font-weight: normal;"> The Fund may invest in MLOs and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. MLOs are bonds that are secured by lease payments made by the party, typically a state or municipality, leasing the facilities (e.g., schools or office buildings) that were financed by the bond. Interest income from MLOs is generally exempt from local and state taxes in the state of issuance. MLOs, like other municipal debt obligations, are subject to the risk of non-payment. Although MLOs do not constitute general obligations of the issuer for which the issuer&#8217;s unlimited taxing power is pledged, the leasing state or municipality may be obligated to appropriate funds from its general tax revenues to make lease payments as long as it utilizes the leased property. Other lease payments may be subject to annual appropriation or may be made only from revenues associated with the facility financed. For example, certain lease obligations contain &#8220;non-appropriation&#8221; clauses, which provide that the issuer has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis, which function to render constitutional and statutory requirements for the issuance of debt inapplicable to such obligations. In addition, such leases or contracts may be subject to temporary abatement of payments in the event the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although &#8220;non-appropriation&#8221; lease obligations may be secured by the leased property, disposition of the property in the event of foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">A certificate of participation (also referred to as a &#8220;participation&#8221;) in a municipal lease is an instrument evidencing a pro rata share in a specific pledged revenue stream, usually lease payments by the issuer that are typically subject to annual appropriation. The certificate generally entitles the holder to receive a share, or participation, in the payments from a particular project. Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to an underlying lease. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">MLOs and participations therein represent a type of financing that may not have the depth of marketability associated with more conventional securities and, as such, they may be less liquid than conventional securities. Certain MLOs may be deemed illiquid, unless determined by the Fund&#8217;s investment adviser, pursuant to guidelines adopted by the Board, to be liquid securities. The Fund&#8217;s investment adviser will consider the factors it believes are relevant to the marketability of the obligation, to the extent that information regarding such factor is available to the Fund&#8217;s investment adviser and pertinent to the liquidity determination, which may include: (1) the willingness of dealers to bid for the obligation; (2) the number of dealers willing to purchase or sell the</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">obligation and the number of other potential buyers; (3) the frequency of trades and quotes for the obligation; (4) the nature of the marketplace trades, including the time needed to dispose of the obligation, the method of soliciting offers, and the mechanics of transfer; (5) the willingness of the governmental issuer to continue to appropriate funds for the payment of the obligation; (6) how likely or remote an event of non-appropriation may be, which depends in varying degrees on a variety of factors, including those relating to the general creditworthiness of the governmental issuer, its dependence on its continuing access to the credit markets, and the importance to the issuer of the equipment, property or facility covered by the lease or contract; (7) an assessment of the likelihood that the lease may or may not be cancelled; and (8) other factors and information unique to the obligation in determining its liquidity.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The ability of issuers of MLOs to make timely lease payments may be adversely impacted in general economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state and local governmental units. Such non-payment would result in a reduction of income from and value of the obligation. Issuers of MLOs might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, holders of MLOs could experience delays and limitations with respect to the collection of principal and interest on such MLOs and may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in lease payments, the Fund might take possession of and manage the assets securing the issuer&#8217;s obligations on such securities or otherwise incur costs to protect its right, which may increase the Fund&#8217;s operating expenses and adversely affect the net asset value of the Fund. When the lease contains a non-appropriation clause, however, the failure to pay would not be a default and the Fund would not have the right to take possession of the assets. Any income derived from the Fund&#8217;s ownership or operation of such assets may not be tax-exempt.</div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Restricted Securities Risk.<span style="font-weight: normal;"> Unless registered for sale to the public under applicable federal securities law, restricted securities can be sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a private transaction could be less than the Fund&#8217;s purchase price for the restricted security. It may be difficult to identify a qualified purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value such securities.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk.<span style="font-weight: normal;"> The Fund&#8217;s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (&#8220;reference instrument&#8221;), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in OTC markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative&#8217;s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Counterparty Risk.<span style="font-weight: normal;"> Changes in the credit quality of the companies that serve as the Fund&#8217;s counterparties with respect to its derivatives positions and liquidity providers for the Fund&#8217;s residual interest bonds or other investments supported by another party&#8217;s credit will affect the value of those instruments. Certain entities that have served as counterparties in the municipals markets have recently incurred significant financial hardships, including bankruptcy and material loss of credit standing as a result of exposure to investments that have experienced defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced these entities&#8217; capital and called into question their continued ability to perform their obligations. By using derivatives or other instruments that expose the Fund to counterparties, the Fund assumes the risk that its counterparties could experience future financial hardship.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties&#8217; performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Fund.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk.<span style="font-weight: normal;"> The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. These effects may be exacerbated during times of financial or political stress.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Insurance Risk.<span style="font-weight: normal;"> Municipal obligations may be insured as to their scheduled payment of principal and interest. Although the insurance feature may reduce some financial risks, the premiums for insurance and the higher market price sometimes paid for insured obligations may reduce the current yield on the insured obligation. Insured obligations also may be secured by bank credit agreements or escrow accounts. Changes in the ratings of an insurer may affect the value of an insured obligation, and in some cases may even cause the value of a security to be less than a comparable uninsured obligation. The insurance does not guarantee the market value of the insured obligation or the net asset value of the Fund&#8217;s shares. The credit rating of an insured</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">obligation reflects the credit rating of the insurer, based on its claims-paying ability. The obligation of a municipal bond insurance company to pay a claim extends over the life of each insured obligation. Although defaults on insured municipal obligations have been low to date and municipal bond insurers have met their claims, there is no assurance this will continue. A higher than expected default rate could strain the insurer&#8217;s loss reserves and adversely affect its ability to pay claims to bondholders. Because a significant portion of insured municipal obligations that have been issued and are outstanding is insured by a small number of insurance companies, an event involving one or more of these insurance companies, such as a credit rating downgrade, could have a significant adverse effect on the value of the municipal obligations insured by that insurance company and on the municipal bond markets as a whole.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Current Regulatory Environment Risk.<span style="font-weight: normal;"> From time to time proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on certain types of municipal obligations, and it can be expected that similar proposals may be introduced in the future. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal obligations. This could in turn affect the Fund&#8217;s net asset value and ability to acquire and dispose of municipal obligations at desirable yield and price levels.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">At any time after the date of this prospectus, legislation may be enacted that could negatively affect the assets of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Fund&#8217;s investment adviser cannot predict the effects of any new governmental regulation that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect the Fund&#8217;s ability to achieve its investment objective.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">State Specific Risk.<span style="font-weight: normal;"> If the Fund focuses its investments in any one state (or U.S. territory), the Fund may be more susceptible to adverse economic, political or regulatory occurrences affecting a particular state (or territory). Certain municipal bond issuers in Puerto Rico have recently experienced financial difficulties and rating agency downgrades, and two such issuers have defaulted on their payment obligations.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Up to 5% of the Fund&#8217;s investments in municipal obligations may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state&#8217;s proportionate share in the Master Settlement Agreement (&#8220;MSA&#8221;). The MSA is an agreement, reached out of court in November 1998 between 46 states and nearly all of the major U.S. tobacco manufacturers. Under the terms of the MSA, the actual amount of future settlement payments by tobacco manufacturers is dependent on many factors, including, but not limited to, annual domestic cigarette shipments, reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies, continuing litigation and the possibility of tobacco manufacturer bankruptcy. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Sector and Geographic Risk.<span style="font-weight: normal;"> Because the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territories and in certain types of municipal or other obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly. General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax revenues.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Recent Market Conditions.<span style="font-weight: normal;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. National economies are substantially interconnected, as are global financial markets, which creates the possibility that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/or markets may be diminishing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Some countries, including the United States, have adopted more protectionist trade policies. Slowing global economic growth, the rise in protectionist trade policies, changes to some major international trade agreements, risks associated with the trade agreement between the United Kingdom and the European Union, and the risks associated with trade negotiations between the United States and China, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, the current strength of the U.S. dollar may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Regulators in the United States have proposed and adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly adopted regulations is not currently known. Additionally, it is not currently known whether any of the proposed regulations will be adopted. However, due to the scope of regulations being proposed and adopted, certain of these changes to regulation could limit the Fund&#8217;s ability to pursue its investment strategies or make certain investments, may make it more costly for it to operate, or adversely impact performance.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East, or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.</div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">There is widespread concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impact of climate change in ways that cannot be foreseen. The impact of legislation, regulation and international accords related to climate change may negatively impact certain issuers and/or industries.</div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Risks Associated with Active Management.<span style="font-weight: normal;"> The success of the Fund&#8217;s investment strategy depends on portfolio management&#8217;s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Tax Risk.<span style="font-weight: normal;"> Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Futures Risk.<span style="font-weight: normal;"> Although some futures contracts call for making or taking delivery of the underlying reference instrument, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). Closing a futures contract sale is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument or commodity with the same delivery date. If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The Fund&#8217;s investment adviser has claimed an exclusion from the definition of a Commodity Pool Operator under the Commodity Exchange Act with respect to the Fund and therefore, neither the Fund&#8217;s investment adviser nor the Fund are subject to registration or regulation thereunder.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Geopolitical Risk.<span style="font-weight: normal;"> The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund&#8217;s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political discord, war or debt crises and downgrades, among others, may result in market volatility and may have short and/or long term effects on both the U.S. and global financial markets. Other financial, economic and other global market and social developments or disruptions may result in similar adverse circumstances, and it is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods).</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Such global events may negatively impact broad segments of businesses and populations, cause a significant negative impact on the performance of the Fund&#8217;s investments, adversely affect and increase the volatility of the Fund&#8217;s share price, and/or exacerbate preexisting political, social and economic risks to the Fund. The Fund&#8217;s operations may be interrupted and any such event(s) could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. There is a risk that you may lose money by investing in the Fund.</div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Tax-Sensitive Investing Risk.<span style="font-weight: normal;"> The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund&#8217;s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund&#8217;s distributions may be taxable.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Cybersecurity Risk.<span style="font-weight: normal;"> With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund&#8217;s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund&#8217;s ability to calculate its net asset value, interfere with Fund shareholders&#8217; ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">When-Issued and Delayed-Delivery Transactions Risk.<span style="font-weight: normal;"> Securities may be purchased on a &#8220;forward commitment,&#8221; &#8220;when-issued&#8221; or &#8220;delayed delivery&#8221; basis (meaning securities are purchased or sold with payment and delivery taking place in the future) in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. When the Fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement to purchase. The Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. From the time of entering into the transaction until delivery and payment is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations. In forward commitment, when-issued or delayed delivery transactions, if the seller or buyer, as the case may be, fails to consummate the transaction the counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. However, no payment or delivery is made until payment is received or delivery is made from the other party to the transaction. Such transactions may be considered a form of leverage.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Pooled Investment Vehicles Risk.<span style="font-weight: normal;"> Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (&#8220;ETFs&#8221;). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Market Disruption<span style="font-weight: normal;">. Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the world have previously resulted, and may in the future result in market volatility and may have long-term effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the common shares.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Swaps Risk.<span style="font-weight: normal;"> Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross returns to be exchanged or &#8220;swapped&#8221; between the parties are generally calculated with respect to a &#8220;notional amount&#8221; (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a &#8220;basket&#8221; of securities representing a particular index). Other types of swap agreements may calculate the obligations of the parties to the agreement on a &#8220;net basis.&#8221; Consequently, a party&#8217;s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the &#8220;net amount&#8221;). Whether the use of swap agreements will be successful will depend on the Adviser&#8217;s ability to predict correctly whether certain types of reference instruments are likely to produce greater returns than other instruments. Swap agreements may be subject to contractual restrictions on transferability and termination and they may have terms of greater than seven days. The Fund&#8217;s obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund under the swap). Developments in the swaps market, including potential government regulation, could adversely affect the Fund&#8217;s ability to terminate existing swap agreements or to realize amounts to be received under such agreements, as well as to participate in swap agreements in the future. If there is a default by the counterparty to a swap, the Fund will have contractual remedies pursuant to the swap agreement, but any recovery may be delayed depending on the circumstances of the default.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Duration and Maturity Risk.<span style="font-weight: normal;"> Holding long duration and long maturity investments will expose the Fund to certain magnified risks. These risks include interest rate risk, credit risk and liquidity risks as discussed above.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Hedging Risk.<span style="font-weight: normal;"> The Fund&#8217;s use of derivatives or other transactions to reduce risks involves costs and will be subject to Eaton Vance&#8217;s ability to predict correctly changes in the relationships of such hedge instruments to the Fund&#8217;s portfolio holdings or other factors. No assurance can be given that Eaton Vance&#8217;s judgment in this respect will be correct. In addition, no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging transactions have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain, if any, in the value of the underlying asset in the Fund&#8217;s portfolio; the limited availability of such instruments; the loss of principal; the possible default of the other party to the transaction; illiquidity of the derivative investments; and the imperfect correlation between the tax-exempt and taxable markets. Furthermore, the ability to successfully use hedging transactions depends on the Eaton Vance&#8217;s ability to predict pertinent market movements, which cannot be assured. Thus, the use of hedging transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio investments at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell.</span></div>    <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Anti-takeover Provisions.<span style="font-weight: normal;"> The Fund&#8217;s Agreement and Declaration of Trust and Amended and Restated By-Laws (the &#8220;By-Laws&#8221;) include provisions that could have the effect of making it more difficult to acquire control of the Fund or to change the composition of its Board.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">General Fund Investing Risks.<span style="font-weight: normal;"> The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></div> <span></span>
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<td class="text"><div style="color:#000000;font-family:arial;font-size:8pt;font-style:normal;font-weight:normal;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The following table sets forth for each of the periods indicated the high and low closing market prices for the common shares on the New York Stock<br/> Exchange, and the corresponding NAV per share and the premium or discount to NAV per share at which the Trust&#8217;s common shares were trading as of such date.</div>
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<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:15pt;padding-top:2.45pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:34.00%;">Fiscal Quarter Ended </td>
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;">High </td>
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;">Low </td>
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<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;">Low </td>
<td style="border-bottom:0.30pt solid #000000;line-height:0pt;padding-bottom:3.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">High </td>
<td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:20pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">Low </td> </tr>
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<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:2.45pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:34.00%;">March 31, 2025 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;">17.25</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;">16.47</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;">18.55</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;">18.05</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(7.01) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.82pt;padding-right:20pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(8.75) </td> </tr>
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<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">December 31, 2024 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;">17.94</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;">16.46</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;">18.99</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;">18.33</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(5.53) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(10.20) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">September 30, 2024 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;">18.07</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;">16.59</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;">18.93</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;">18.68</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(4.54) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(11.19) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">June 30, 2024 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;">16.86</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;">16.22</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;">18.62</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;">18.10</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(9.45) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(10.39) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">March 31, 2024 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;">17.14</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;">16.48</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;">18.50</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;">18.32</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(7.35) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(10.04) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">December 31, 2023 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;">17.05</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;">14.80</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;">18.53</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;">16.59</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(7.99) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(10.79) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">September 30, 2023 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;">17.50</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;">15.93</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;">18.29</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;">16.99</td>
<td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(4.32) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.82pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(6.24) </td> </tr>
<tr style="page-break-inside:avoid">
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;">June 30, 2023 </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;">18.02</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;">17.06</td>
<td style="line-height:0pt;padding-bottom:6pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;">18.63</td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;">18.35</td>
<td style="line-height:0pt;padding-bottom:6pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;">(3.27) </td>
<td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:19.82pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;">(7.03) </td> </tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(7.55%)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001454741_MarketDiscountRiskMember', window );">Market Discount Risk [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Market Discount Risk.<span style="font-weight: normal;"> As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund&#8217;s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund&#8217;s NAV may decrease.</span></div> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001454741_InvestmentAndMarketRiskMember', window );">Investment and Market Risk [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Investment and Market Risk.<span style="font-weight: normal;"> An investment in common shares of the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in common shares represents an indirect investment in the securities owned by the Fund, which will generally trade in the over-the-counter (&#8220;OTC&#8221;) markets. The common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of distributions.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of such resulting changes in the value of the Fund&#8217;s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.</div> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001454741_MunicipalObligationsRiskMember', window );">Municipal Obligations Risk [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Municipal Obligations Risk.<span style="font-weight: normal;"> Because the Fund may invest in municipal obligations, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. To the extent that the Fund invests in municipal obligations of issuers in the same state, U.S. territory, or economic sector, it could be more sensitive to economic, business or political developments that affect such state or sector. Municipal obligations and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy during periods of economic stress. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund&#8217;s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements.</span></div> <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risk.<span style="font-weight: normal;"> In general, the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer-duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or effective maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.</span></div> <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Benchmark Reference Rates Risk.<span style="font-weight: normal;"> Many debt securities, derivatives, and other financial instruments utilize benchmark or reference rates for variable interest rate calculations, including the Euro Interbank Offer Rate, Sterling Overnight Index Average Rate, and the Secured Overnight Financing Rate (each a &#8220;Reference Rate&#8221;). Instruments in which the Fund invests may pay interest at floating rates based on such Reference Rates or may be subject to interest caps or floors based on such Reference Rates. The Fund and issuers of instruments in which the Fund invests may also obtain financing at floating rates based on such Reference Rates. The elimination of a Reference Rate or any other changes to or reforms of the determination or supervision of Reference Rates could have an adverse impact on the market for, or value of, any instruments or payments linked to those Reference Rates. For example, some Reference Rates, as well as other types of rates and indices, are described as &#8220;benchmarks&#8221; and have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts. As a result, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.</span></div> <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Credit Risk.<span style="font-weight: normal;"> Investments in municipal obligations and other debt obligations (referred to below as &#8220;debt instruments&#8221;) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer&#8217;s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund&#8217;s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.</span></div> <span></span>
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<td class="text">  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Inflation Risk/Deflation Risk.<span style="font-weight: normal;"> Inflation risk is the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions thereon can decline. In addition, during periods of rising inflation, short-term interest rates and the Fund&#8217;s cost of leverage would likely increase, reducing returns to the common shareholders to the extent that such increased cost is not offset by commensurately higher income. Deflation risk is the risk that prices throughout the economy decline over time &#8722; the opposite of inflation. Deflation may have an adverse affect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund&#8217;s investments.</span></div>  <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Unrated Securities Risk.<span style="font-weight: normal;"> The Fund may invest in unrated obligations for which Eaton Vance will make a credit quality determination for purposes of the Fund&#8217;s credit quality policy. To the extent that the Fund invests in such unrated obligations, the Fund&#8217;s credit quality will be more dependent on Eaton Vance&#8217;s credit analysis than if the Fund invested in only rated obligations. Some unrated securities may not have an active trading market or may be difficult to value.</span></div> <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Leverage Risk.<span style="font-weight: normal;"> Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying reference instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. Leverage may cause the Fund&#8217;s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund&#8217;s portfolio securities. The Fund may not be able to adjust its use of leverage rapidly enough to respond to interest rate volatility, inflation, and other changing market conditions. As a result, the Fund&#8217;s use of leverage may have a negative impact on the Fund&#8217;s performance from time to time. The loss on leveraged investments may substantially exceed the initial investment.</span></div> <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Call and Reinvestment Risks.<span style="font-weight: normal;"> If interest rates fall, it is possible that issuers of callable bonds with high interest coupons will &#8220;call&#8221; (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during a period of declining interest rates, the Fund would likely replace such called security with a lower yielding security. If that were to happen, it could decrease the Fund&#8217;s dividends and possibly could affect the market price of common shares. Similar risks exist when the Fund invests the proceeds from matured or traded municipal obligations at market interest rates that are below the Fund&#8217;s current earnings rate.</span></div> <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Municipal Lease Obligations (&#8220;MLOs&#8221;) and Certificates of Participation.<span style="font-weight: normal;"> The Fund may invest in MLOs and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. MLOs are bonds that are secured by lease payments made by the party, typically a state or municipality, leasing the facilities (e.g., schools or office buildings) that were financed by the bond. Interest income from MLOs is generally exempt from local and state taxes in the state of issuance. MLOs, like other municipal debt obligations, are subject to the risk of non-payment. Although MLOs do not constitute general obligations of the issuer for which the issuer&#8217;s unlimited taxing power is pledged, the leasing state or municipality may be obligated to appropriate funds from its general tax revenues to make lease payments as long as it utilizes the leased property. Other lease payments may be subject to annual appropriation or may be made only from revenues associated with the facility financed. For example, certain lease obligations contain &#8220;non-appropriation&#8221; clauses, which provide that the issuer has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis, which function to render constitutional and statutory requirements for the issuance of debt inapplicable to such obligations. In addition, such leases or contracts may be subject to temporary abatement of payments in the event the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although &#8220;non-appropriation&#8221; lease obligations may be secured by the leased property, disposition of the property in the event of foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets.</span></div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">A certificate of participation (also referred to as a &#8220;participation&#8221;) in a municipal lease is an instrument evidencing a pro rata share in a specific pledged revenue stream, usually lease payments by the issuer that are typically subject to annual appropriation. The certificate generally entitles the holder to receive a share, or participation, in the payments from a particular project. Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to an underlying lease. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">MLOs and participations therein represent a type of financing that may not have the depth of marketability associated with more conventional securities and, as such, they may be less liquid than conventional securities. Certain MLOs may be deemed illiquid, unless determined by the Fund&#8217;s investment adviser, pursuant to guidelines adopted by the Board, to be liquid securities. The Fund&#8217;s investment adviser will consider the factors it believes are relevant to the marketability of the obligation, to the extent that information regarding such factor is available to the Fund&#8217;s investment adviser and pertinent to the liquidity determination, which may include: (1) the willingness of dealers to bid for the obligation; (2) the number of dealers willing to purchase or sell the</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">obligation and the number of other potential buyers; (3) the frequency of trades and quotes for the obligation; (4) the nature of the marketplace trades, including the time needed to dispose of the obligation, the method of soliciting offers, and the mechanics of transfer; (5) the willingness of the governmental issuer to continue to appropriate funds for the payment of the obligation; (6) how likely or remote an event of non-appropriation may be, which depends in varying degrees on a variety of factors, including those relating to the general creditworthiness of the governmental issuer, its dependence on its continuing access to the credit markets, and the importance to the issuer of the equipment, property or facility covered by the lease or contract; (7) an assessment of the likelihood that the lease may or may not be cancelled; and (8) other factors and information unique to the obligation in determining its liquidity.</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The ability of issuers of MLOs to make timely lease payments may be adversely impacted in general economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state and local governmental units. Such non-payment would result in a reduction of income from and value of the obligation. Issuers of MLOs might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, holders of MLOs could experience delays and limitations with respect to the collection of principal and interest on such MLOs and may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in lease payments, the Fund might take possession of and manage the assets securing the issuer&#8217;s obligations on such securities or otherwise incur costs to protect its right, which may increase the Fund&#8217;s operating expenses and adversely affect the net asset value of the Fund. When the lease contains a non-appropriation clause, however, the failure to pay would not be a default and the Fund would not have the right to take possession of the assets. Any income derived from the Fund&#8217;s ownership or operation of such assets may not be tax-exempt.</div> <span></span>
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<td class="text">  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Restricted Securities Risk.<span style="font-weight: normal;"> Unless registered for sale to the public under applicable federal securities law, restricted securities can be sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a private transaction could be less than the Fund&#8217;s purchase price for the restricted security. It may be difficult to identify a qualified purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value such securities.</span></div>  <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk.<span style="font-weight: normal;"> The Fund&#8217;s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (&#8220;reference instrument&#8221;), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in OTC markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative&#8217;s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.</span></div> <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Current Regulatory Environment Risk.<span style="font-weight: normal;"> From time to time proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on certain types of municipal obligations, and it can be expected that similar proposals may be introduced in the future. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal obligations. This could in turn affect the Fund&#8217;s net asset value and ability to acquire and dispose of municipal obligations at desirable yield and price levels.</span></div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">At any time after the date of this prospectus, legislation may be enacted that could negatively affect the assets of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Fund&#8217;s investment adviser cannot predict the effects of any new governmental regulation that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect the Fund&#8217;s ability to achieve its investment objective.</div> <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">State Specific Risk.<span style="font-weight: normal;"> If the Fund focuses its investments in any one state (or U.S. territory), the Fund may be more susceptible to adverse economic, political or regulatory occurrences affecting a particular state (or territory). Certain municipal bond issuers in Puerto Rico have recently experienced financial difficulties and rating agency downgrades, and two such issuers have defaulted on their payment obligations.</span></div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Up to 5% of the Fund&#8217;s investments in municipal obligations may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state&#8217;s proportionate share in the Master Settlement Agreement (&#8220;MSA&#8221;). The MSA is an agreement, reached out of court in November 1998 between 46 states and nearly all of the major U.S. tobacco manufacturers. Under the terms of the MSA, the actual amount of future settlement payments by tobacco manufacturers is dependent on many factors, including, but not limited to, annual domestic cigarette shipments, reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies, continuing litigation and the possibility of tobacco manufacturer bankruptcy. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.</div> <span></span>
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<td class="text">  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Recent Market Conditions.<span style="font-weight: normal;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. National economies are substantially interconnected, as are global financial markets, which creates the possibility that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/or markets may be diminishing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span></div>   <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Some countries, including the United States, have adopted more protectionist trade policies. Slowing global economic growth, the rise in protectionist trade policies, changes to some major international trade agreements, risks associated with the trade agreement between the United Kingdom and the European Union, and the risks associated with trade negotiations between the United States and China, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, the current strength of the U.S. dollar may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries.</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Regulators in the United States have proposed and adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly adopted regulations is not currently known. Additionally, it is not currently known whether any of the proposed regulations will be adopted. However, due to the scope of regulations being proposed and adopted, certain of these changes to regulation could limit the Fund&#8217;s ability to pursue its investment strategies or make certain investments, may make it more costly for it to operate, or adversely impact performance.</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East, or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.</div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">There is widespread concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impact of climate change in ways that cannot be foreseen. The impact of legislation, regulation and international accords related to climate change may negatively impact certain issuers and/or industries.</div> <span></span>
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<td class="text">  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Risks Associated with Active Management.<span style="font-weight: normal;"> The success of the Fund&#8217;s investment strategy depends on portfolio management&#8217;s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.</span></div>  <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Futures Risk.<span style="font-weight: normal;"> Although some futures contracts call for making or taking delivery of the underlying reference instrument, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). Closing a futures contract sale is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument or commodity with the same delivery date. If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The Fund&#8217;s investment adviser has claimed an exclusion from the definition of a Commodity Pool Operator under the Commodity Exchange Act with respect to the Fund and therefore, neither the Fund&#8217;s investment adviser nor the Fund are subject to registration or regulation thereunder.</span></div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Geopolitical Risk.<span style="font-weight: normal;"> The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund&#8217;s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political discord, war or debt crises and downgrades, among others, may result in market volatility and may have short and/or long term effects on both the U.S. and global financial markets. Other financial, economic and other global market and social developments or disruptions may result in similar adverse circumstances, and it is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods).</span></div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Such global events may negatively impact broad segments of businesses and populations, cause a significant negative impact on the performance of the Fund&#8217;s investments, adversely affect and increase the volatility of the Fund&#8217;s share price, and/or exacerbate preexisting political, social and economic risks to the Fund. The Fund&#8217;s operations may be interrupted and any such event(s) could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. There is a risk that you may lose money by investing in the Fund.</div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text">  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Tax-Sensitive Investing Risk.<span style="font-weight: normal;"> The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund&#8217;s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund&#8217;s distributions may be taxable.</span></div>  <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Cybersecurity Risk.<span style="font-weight: normal;"> With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund&#8217;s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund&#8217;s ability to calculate its net asset value, interfere with Fund shareholders&#8217; ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</span></div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">When-Issued and Delayed-Delivery Transactions Risk.<span style="font-weight: normal;"> Securities may be purchased on a &#8220;forward commitment,&#8221; &#8220;when-issued&#8221; or &#8220;delayed delivery&#8221; basis (meaning securities are purchased or sold with payment and delivery taking place in the future) in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. When the Fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement to purchase. The Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. From the time of entering into the transaction until delivery and payment is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations. In forward commitment, when-issued or delayed delivery transactions, if the seller or buyer, as the case may be, fails to consummate the transaction the counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. However, no payment or delivery is made until payment is received or delivery is made from the other party to the transaction. Such transactions may be considered a form of leverage.</span></div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Pooled Investment Vehicles Risk.<span style="font-weight: normal;"> Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (&#8220;ETFs&#8221;). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests.</span></div> <span></span>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Market Disruption<span style="font-weight: normal;">. Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the world have previously resulted, and may in the future result in market volatility and may have long-term effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the common shares.</span></div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Swaps Risk.<span style="font-weight: normal;"> Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross returns to be exchanged or &#8220;swapped&#8221; between the parties are generally calculated with respect to a &#8220;notional amount&#8221; (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a &#8220;basket&#8221; of securities representing a particular index). Other types of swap agreements may calculate the obligations of the parties to the agreement on a &#8220;net basis.&#8221; Consequently, a party&#8217;s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the &#8220;net amount&#8221;). Whether the use of swap agreements will be successful will depend on the Adviser&#8217;s ability to predict correctly whether certain types of reference instruments are likely to produce greater returns than other instruments. Swap agreements may be subject to contractual restrictions on transferability and termination and they may have terms of greater than seven days. The Fund&#8217;s obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund under the swap). Developments in the swaps market, including potential government regulation, could adversely affect the Fund&#8217;s ability to terminate existing swap agreements or to realize amounts to be received under such agreements, as well as to participate in swap agreements in the future. If there is a default by the counterparty to a swap, the Fund will have contractual remedies pursuant to the swap agreement, but any recovery may be delayed depending on the circumstances of the default.</span></div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text">  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Duration and Maturity Risk.<span style="font-weight: normal;"> Holding long duration and long maturity investments will expose the Fund to certain magnified risks. These risks include interest rate risk, credit risk and liquidity risks as discussed above.</span></div>  <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Hedging Risk.<span style="font-weight: normal;"> The Fund&#8217;s use of derivatives or other transactions to reduce risks involves costs and will be subject to Eaton Vance&#8217;s ability to predict correctly changes in the relationships of such hedge instruments to the Fund&#8217;s portfolio holdings or other factors. No assurance can be given that Eaton Vance&#8217;s judgment in this respect will be correct. In addition, no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging transactions have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain, if any, in the value of the underlying asset in the Fund&#8217;s portfolio; the limited availability of such instruments; the loss of principal; the possible default of the other party to the transaction; illiquidity of the derivative investments; and the imperfect correlation between the tax-exempt and taxable markets. Furthermore, the ability to successfully use hedging transactions depends on the Eaton Vance&#8217;s ability to predict pertinent market movements, which cannot be assured. Thus, the use of hedging transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio investments at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell.</span></div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Anti-takeover Provisions.<span style="font-weight: normal;"> The Fund&#8217;s Agreement and Declaration of Trust and Amended and Restated By-Laws (the &#8220;By-Laws&#8221;) include provisions that could have the effect of making it more difficult to acquire control of the Fund or to change the composition of its Board.</span></div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text">  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">General Fund Investing Risks.<span style="font-weight: normal;"> The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></div>  <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=ck0001454741_CounterpartyRiskMember', window );">Counterparty Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Counterparty Risk.<span style="font-weight: normal;"> Changes in the credit quality of the companies that serve as the Fund&#8217;s counterparties with respect to its derivatives positions and liquidity providers for the Fund&#8217;s residual interest bonds or other investments supported by another party&#8217;s credit will affect the value of those instruments. Certain entities that have served as counterparties in the municipals markets have recently incurred significant financial hardships, including bankruptcy and material loss of credit standing as a result of exposure to investments that have experienced defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced these entities&#8217; capital and called into question their continued ability to perform their obligations. By using derivatives or other instruments that expose the Fund to counterparties, the Fund assumes the risk that its counterparties could experience future financial hardship.</span></div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties&#8217; performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Fund.</div> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk.<span style="font-weight: normal;"> The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. These effects may be exacerbated during times of financial or political stress.</span></div> <span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text"> <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;">Insurance Risk.<span style="font-weight: normal;"> Municipal obligations may be insured as to their scheduled payment of principal and interest. Although the insurance feature may reduce some financial risks, the premiums for insurance and the higher market price sometimes paid for insured obligations may reduce the current yield on the insured obligation. Insured obligations also may be secured by bank credit agreements or escrow accounts. Changes in the ratings of an insurer may affect the value of an insured obligation, and in some cases may even cause the value of a security to be less than a comparable uninsured obligation. The insurance does not guarantee the market value of the insured obligation or the net asset value of the Fund&#8217;s shares. The credit rating of an insured</span></div>  <div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">obligation reflects the credit rating of the insurer, based on its claims-paying ability. The obligation of a municipal bond insurance company to pay a claim extends over the life of each insured obligation. Although defaults on insured municipal obligations have been low to date and municipal bond insurers have met their claims, there is no assurance this will continue. A higher than expected default rate could strain the insurer&#8217;s loss reserves and adversely affect its ability to pay claims to bondholders. Because a significant portion of insured municipal obligations that have been issued and are outstanding is insured by a small number of insurance companies, an event involving one or more of these insurance companies, such as a credit rating downgrade, could have a significant adverse effect on the value of the municipal obligations insured by that insurance company and on the municipal bond markets as a whole.</div> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=ck0001454741_CommonSharesMember', window );">Common Shares [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_BasisOfTransactionFeesNoteTextBlock', window );">Basis of Transaction Fees, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Percentage&#160;of&#160;net&#160;assets<br/>attributable to&#160;common&#160;shares<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBid', window );">Lowest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 16.47<span></span>
</td>
<td class="nump">$ 16.46<span></span>
</td>
<td class="nump">$ 16.59<span></span>
</td>
<td class="nump">$ 16.22<span></span>
</td>
<td class="nump">$ 16.48<span></span>
</td>
<td class="nump">$ 14.80<span></span>
</td>
<td class="nump">$ 15.93<span></span>
</td>
<td class="nump">$ 17.06<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17.25<span></span>
</td>
<td class="nump">17.94<span></span>
</td>
<td class="nump">18.07<span></span>
</td>
<td class="nump">16.86<span></span>
</td>
<td class="nump">17.14<span></span>
</td>
<td class="nump">17.05<span></span>
</td>
<td class="nump">17.50<span></span>
</td>
<td class="nump">18.02<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidNav', window );">Lowest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18.05<span></span>
</td>
<td class="nump">18.33<span></span>
</td>
<td class="nump">18.68<span></span>
</td>
<td class="nump">18.10<span></span>
</td>
<td class="nump">18.32<span></span>
</td>
<td class="nump">16.59<span></span>
</td>
<td class="nump">16.99<span></span>
</td>
<td class="nump">18.35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidNav', window );">Highest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 18.55<span></span>
</td>
<td class="nump">$ 18.99<span></span>
</td>
<td class="nump">$ 18.93<span></span>
</td>
<td class="nump">$ 18.62<span></span>
</td>
<td class="nump">$ 18.50<span></span>
</td>
<td class="nump">$ 18.53<span></span>
</td>
<td class="nump">$ 18.29<span></span>
</td>
<td class="nump">$ 18.63<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent', window );">Highest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7.01%)<span></span>
</td>
<td class="num">(5.53%)<span></span>
</td>
<td class="num">(4.54%)<span></span>
</td>
<td class="num">(9.45%)<span></span>
</td>
<td class="num">(7.35%)<span></span>
</td>
<td class="num">(7.99%)<span></span>
</td>
<td class="num">(4.32%)<span></span>
</td>
<td class="num">(3.27%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent', window );">Lowest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8.75%)<span></span>
</td>
<td class="num">(10.20%)<span></span>
</td>
<td class="num">(11.19%)<span></span>
</td>
<td class="num">(10.39%)<span></span>
</td>
<td class="num">(10.04%)<span></span>
</td>
<td class="num">(10.79%)<span></span>
</td>
<td class="num">(6.24%)<span></span>
</td>
<td class="num">(7.03%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Common Shares<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,624,921<span></span>
</td>
</tr>
<tr><td colspan="10"></td></tr>
<tr><td colspan="10"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">If common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your common shares held in a dividend reinvestment account.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Eaton Vance Management (&#8220;EVM&#8221;) will pay the expenses of the offering (other than the applicable commissions); therefore, offering expenses are not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review and filing with the SEC of the Trust&#8217;s registration statement (including its current Prospectus Supplement, the accompanying Prospectus and Statement of Additional Information (&#8220;SAI&#8221;)), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of its current Prospectus Supplement, the accompanying Prospectus, SAI and/or marketing materials, associated filing fees, stock exchange listing fees, and legal and auditing fees associated with the offering.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Stated as a percentage of average net assets attributable to common shares for the year ended March 31, 2025.&#160;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">The investment adviser fee paid by the Trust to EVM is based on the average daily gross assets of the Trust, including all assets attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment leverage in the future, the investment adviser fee will increase as a percentage of net assets.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Interest expense relates to the Trust&#8217;s liability with respect to floating-rate notes held by third parties in conjunction with investments in residual interest bonds. The Trust records offsetting interest income in an amount at least equal to this expense relating to the municipal obligations underlying such transactions.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">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.</td>
</tr>
</table></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 4<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to10">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to10</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FeeTableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FeeTableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_GeneralDescriptionOfRegistrantAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_GeneralDescriptionOfRegistrantAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InvestmentObjectivesAndPracticesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 2<br> -Paragraph b, d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InvestmentObjectivesAndPracticesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpense1Percent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpense1Percent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionFeesBasisNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionFeesBasisNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PurposeOfFeeTableNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PurposeOfFeeTableNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskFactorsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskFactorsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SalesLoadPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SalesLoadPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SharePriceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SharePriceTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ShareholderTransactionExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ShareholderTransactionExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_TotalAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_TotalAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_MarketDiscountRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_MarketDiscountRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_InvestmentAndMarketRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_InvestmentAndMarketRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_MunicipalObligationsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_MunicipalObligationsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_InterestRateRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_InterestRateRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_BenchmarkReferenceRatesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_BenchmarkReferenceRatesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_CreditRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_CreditRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_LowerRatedInvestmentsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_LowerRatedInvestmentsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_InflationRiskDeflationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_InflationRiskDeflationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_UnratedSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_UnratedSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_LeverageRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_LeverageRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_RiskOfResidualInterestBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_RiskOfResidualInterestBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_CallAndReinvestmentRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_CallAndReinvestmentRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_RestrictedSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_RestrictedSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_DerivativesRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_DerivativesRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_CurrentRegulatoryEnvironmentRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_CurrentRegulatoryEnvironmentRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_StateSpecificRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_StateSpecificRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_SectorAndGeographicRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_SectorAndGeographicRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_RecentMarketConditionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_RecentMarketConditionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_RisksAssociatedWithActiveManagementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_RisksAssociatedWithActiveManagementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_TaxRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
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<tr>
<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=ck0001454741_FuturesRiskMember</td>
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=ck0001454741_HedgingRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
.report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

.report table.authRefData a {
	display: block;
	font-weight: bold;
}

.report table.authRefData p {
	margin-top: 0px;
}

.report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

.report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

.report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

.report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
.pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
.report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

.report hr {
	border: 1px solid #acf;
}

/* Top labels */
.report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

.report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

.report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

.report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

.report td.pl div.a {
	width: 200px;
}

.report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
.report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
.report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
.report .re, .report .reu {
	background-color: #def;
}

.report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
.report .ro, .report .rou {
	background-color: white;
}

.report .rou td {
	border-bottom: 1px solid black;
}

.report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
.report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
.report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

.report .nump {
	padding-left: 2em;
}

.report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
.report .text {
	text-align: left;
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      id="t_1_d4f8d515_401e_ef75_f9e6_f9e3efb4cf69"> &lt;div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Investment Objectives.&#160;&lt;span style="color: #000000;"&gt; The Fund&#x2019;s primary investment objective is to provide current income exempt from federal income tax. Capital appreciation is a secondary objective.&lt;/span&gt;&lt;/div&gt;  &lt;div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Principal Strategies.&#160;&lt;span style="color: #000000;"&gt; During normal market conditions, the Fund will invest at least 80% of its gross assets in debt obligations issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (&#x201c;municipal obligations&#x201d;). For purposes of this 80% policy, municipal obligations will include investments in residual interest bonds whose interest is exempt from regular federal income tax.&lt;/span&gt;&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;During normal market conditions, at least 70% of the Fund&#x2019;s investments in municipal obligations will be investment grade quality at time of investment. A municipal obligation is considered investment grade quality if it is either (i) rated within the four highest ratings categories by at least one nationally recognized statistical rating organization (a &#x201c;Rating Agency&#x201d;), which are those rated Baa or higher by Moody&#x2019;s Investors Service, Inc. (&#x201c;Moody&#x2019;s&#x201d;) or BBB or higher by Standard &amp;amp; Poor&#x2019;s Ratings Services (&#x201c;S&amp;amp;P&#x201d;) or Fitch Ratings (&#x201c;Fitch&#x201d;), or (ii) an unrated municipal obligation that the Fund&#x2019;s investment adviser considers to be of investment grade quality. If a municipal obligation is rated differently by two or more Rating Agencies, the Fund will use the higher of such ratings (the &#x201c;Municipal Obligation Rating&#x201d;). If a municipal obligation is insured, the Fund will use the higher of the Municipal Obligation Rating or the insurance issuer&#x2019;s rating. Securities rated in the fourth highest category (i.e., Baa by Moody&#x2019;s or BBB by S&amp;amp;P or Fitch) are considered investment grade quality, but may have speculative characteristics.&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Up to 30% of the Fund&#x2019;s investments in municipal obligations may be below investment grade quality at time of investment. A municipal obligation is considered below investment grade quality if it is either (i) rated below investment grade by a Rating Agency, or (ii) an unrated municipal obligation that the Fund&#x2019;s investment adviser considers to be of comparable quality. Municipal obligations of below investment grade quality (commonly referred to as &#x201c;junk&#x201d; bonds) involve special risks as compared to municipal obligations of investment grade quality. These risks include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading. The Fund may invest in below investment grade municipal obligations of any quality. This means that the Fund&#x2019;s investments in municipal obligations may include securities of issuers that are having financial difficulties, which may include being in default on obligations to pay principal or interest thereon when due or involved in bankruptcy or insolvency proceedings (such securities are commonly referred to as &#x201c;distressed securities&#x201d;). While the Fund is not limited in its exposure to any issuer or obligor, the Fund generally will not invest more than 2% of its gross assets in any single security of below investment grade quality. Under normal market conditions, the Fund will seek to maintain an average credit quality of investment grade.&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Up to 20% of the Fund&#x2019;s investments in municipal obligations may be subject to the alternative minimum tax. Up to 5% of the Fund&#x2019;s investments in municipal obligations may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled between certain states and American tobacco companies. The Fund invests in residual interest bonds, also known as inverse floating rate securities, which have the economic effect of leverage. If the Fund invests 25% or more of its gross assets in any one state (or U.S. territory) the Fund may be more susceptible to adverse economic, political or regulatory occurrences affecting a particular state (or territory).&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The Fund may purchase municipal obligations in the form of bonds, notes, leases or certificates of participation; structured as callable or non-callable; with payment forms that include fixed coupon, variable rate, zero-coupon, capital appreciation bonds, residual interest bonds and short-term floating-rate securities. Such municipal obligations may be acquired through investments in pooled vehicles, partnerships, or other investment companies. No established resale market exists for certain of the municipal obligations in which the Fund may invest. The Fund has no limitation on the amount of its assets that may be invested in securities that are not readily marketable or are subject to restrictions on resale.&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;In addition to investing in residual interest bonds, the Fund may invest without limitation in other derivative instruments (which are instruments that derive their value from another instrument, security or index) acquired for hedging purposes. The Fund may purchase and sell various kinds of financial futures contracts and related options, including futures contracts and related options based on various debt securities and securities indices. The Fund also may enter into interest rate, total return and other swaps and forward rate contracts to seek to hedge against changes in interest rates or for other risk management purposes.&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;During unusual market conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objective(s) and other policies.&lt;/div&gt; </cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:RiskFactorsTableTextBlock
      contextRef="FY2025"
      id="t_2_dabd2fa5_3162_5006_89f8_458600fa1b5f"> &lt;div style="color: #00a5fa; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Principal Risks&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Market Discount Risk.&lt;span style="font-weight: normal;"&gt; As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund&#x2019;s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund&#x2019;s NAV may decrease.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Investment and Market Risk.&lt;span style="font-weight: normal;"&gt; An investment in common shares of the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in common shares represents an indirect investment in the securities owned by the Fund, which will generally trade in the over-the-counter (&#x201c;OTC&#x201d;) markets. The common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of distributions.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of such resulting changes in the value of the Fund&#x2019;s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Municipal Obligations Risk.&lt;span style="font-weight: normal;"&gt; Because the Fund may invest in municipal obligations, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. To the extent that the Fund invests in municipal obligations of issuers in the same state, U.S. territory, or economic sector, it could be more sensitive to economic, business or political developments that affect such state or sector. Municipal obligations and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy during periods of economic stress. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund&#x2019;s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Interest Rate Risk.&lt;span style="font-weight: normal;"&gt; In general, the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer-duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or effective maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Benchmark Reference Rates Risk.&lt;span style="font-weight: normal;"&gt; Many debt securities, derivatives, and other financial instruments utilize benchmark or reference rates for variable interest rate calculations, including the Euro Interbank Offer Rate, Sterling Overnight Index Average Rate, and the Secured Overnight Financing Rate (each a &#x201c;Reference Rate&#x201d;). Instruments in which the Fund invests may pay interest at floating rates based on such Reference Rates or may be subject to interest caps or floors based on such Reference Rates. The Fund and issuers of instruments in which the Fund invests may also obtain financing at floating rates based on such Reference Rates. The elimination of a Reference Rate or any other changes to or reforms of the determination or supervision of Reference Rates could have an adverse impact on the market for, or value of, any instruments or payments linked to those Reference Rates. For example, some Reference Rates, as well as other types of rates and indices, are described as &#x201c;benchmarks&#x201d; and have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts. As a result, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Credit Risk.&lt;span style="font-weight: normal;"&gt; Investments in municipal obligations and other debt obligations (referred to below as &#x201c;debt instruments&#x201d;) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer&#x2019;s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund&#x2019;s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Lower Rated Investments Risk.&lt;span style="font-weight: normal;"&gt; Investments rated below investment grade and comparable unrated investments (sometimes referred to as &#x201c;junk&#x201d;) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Inflation Risk/Deflation Risk.&lt;span style="font-weight: normal;"&gt; Inflation risk is the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions thereon can decline. In addition, during periods of rising inflation, short-term interest rates and the Fund&#x2019;s cost of leverage would likely increase, reducing returns to the common shareholders to the extent that such increased cost is not offset by commensurately higher income. Deflation risk is the risk that prices throughout the economy decline over time &#x2212; the opposite of inflation. Deflation may have an adverse affect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund&#x2019;s investments.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Unrated Securities Risk.&lt;span style="font-weight: normal;"&gt; The Fund may invest in unrated obligations for which Eaton Vance will make a credit quality determination for purposes of the Fund&#x2019;s credit quality policy. To the extent that the Fund invests in such unrated obligations, the Fund&#x2019;s credit quality will be more dependent on Eaton Vance&#x2019;s credit analysis than if the Fund invested in only rated obligations. Some unrated securities may not have an active trading market or may be difficult to value.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Leverage Risk.&lt;span style="font-weight: normal;"&gt; Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying reference instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. Leverage may cause the Fund&#x2019;s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund&#x2019;s portfolio securities. The Fund may not be able to adjust its use of leverage rapidly enough to respond to interest rate volatility, inflation, and other changing market conditions. As a result, the Fund&#x2019;s use of leverage may have a negative impact on the Fund&#x2019;s performance from time to time. The loss on leveraged investments may substantially exceed the initial investment.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Risk of Residual Interest Bonds.&lt;span style="font-weight: normal;"&gt; The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond, including the risk of loss of principal. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. As such, residual interest bonds tend to underperform the market for fixed rate bond in rising long-term interest rate environments. The value and income of, and market for, residual interest bonds are volatile, and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Call and Reinvestment Risks.&lt;span style="font-weight: normal;"&gt; If interest rates fall, it is possible that issuers of callable bonds with high interest coupons will &#x201c;call&#x201d; (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during a period of declining interest rates, the Fund would likely replace such called security with a lower yielding security. If that were to happen, it could decrease the Fund&#x2019;s dividends and possibly could affect the market price of common shares. Similar risks exist when the Fund invests the proceeds from matured or traded municipal obligations at market interest rates that are below the Fund&#x2019;s current earnings rate.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Municipal Lease Obligations (&#x201c;MLOs&#x201d;) and Certificates of Participation.&lt;span style="font-weight: normal;"&gt; The Fund may invest in MLOs and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. MLOs are bonds that are secured by lease payments made by the party, typically a state or municipality, leasing the facilities (e.g., schools or office buildings) that were financed by the bond. Interest income from MLOs is generally exempt from local and state taxes in the state of issuance. MLOs, like other municipal debt obligations, are subject to the risk of non-payment. Although MLOs do not constitute general obligations of the issuer for which the issuer&#x2019;s unlimited taxing power is pledged, the leasing state or municipality may be obligated to appropriate funds from its general tax revenues to make lease payments as long as it utilizes the leased property. Other lease payments may be subject to annual appropriation or may be made only from revenues associated with the facility financed. For example, certain lease obligations contain &#x201c;non-appropriation&#x201d; clauses, which provide that the issuer has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis, which function to render constitutional and statutory requirements for the issuance of debt inapplicable to such obligations. In addition, such leases or contracts may be subject to temporary abatement of payments in the event the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although &#x201c;non-appropriation&#x201d; lease obligations may be secured by the leased property, disposition of the property in the event of foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;A certificate of participation (also referred to as a &#x201c;participation&#x201d;) in a municipal lease is an instrument evidencing a pro rata share in a specific pledged revenue stream, usually lease payments by the issuer that are typically subject to annual appropriation. The certificate generally entitles the holder to receive a share, or participation, in the payments from a particular project. Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to an underlying lease. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;MLOs and participations therein represent a type of financing that may not have the depth of marketability associated with more conventional securities and, as such, they may be less liquid than conventional securities. Certain MLOs may be deemed illiquid, unless determined by the Fund&#x2019;s investment adviser, pursuant to guidelines adopted by the Board, to be liquid securities. The Fund&#x2019;s investment adviser will consider the factors it believes are relevant to the marketability of the obligation, to the extent that information regarding such factor is available to the Fund&#x2019;s investment adviser and pertinent to the liquidity determination, which may include: (1) the willingness of dealers to bid for the obligation; (2) the number of dealers willing to purchase or sell the&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;"&gt;obligation and the number of other potential buyers; (3) the frequency of trades and quotes for the obligation; (4) the nature of the marketplace trades, including the time needed to dispose of the obligation, the method of soliciting offers, and the mechanics of transfer; (5) the willingness of the governmental issuer to continue to appropriate funds for the payment of the obligation; (6) how likely or remote an event of non-appropriation may be, which depends in varying degrees on a variety of factors, including those relating to the general creditworthiness of the governmental issuer, its dependence on its continuing access to the credit markets, and the importance to the issuer of the equipment, property or facility covered by the lease or contract; (7) an assessment of the likelihood that the lease may or may not be cancelled; and (8) other factors and information unique to the obligation in determining its liquidity.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The ability of issuers of MLOs to make timely lease payments may be adversely impacted in general economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state and local governmental units. Such non-payment would result in a reduction of income from and value of the obligation. Issuers of MLOs might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, holders of MLOs could experience delays and limitations with respect to the collection of principal and interest on such MLOs and may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in lease payments, the Fund might take possession of and manage the assets securing the issuer&#x2019;s obligations on such securities or otherwise incur costs to protect its right, which may increase the Fund&#x2019;s operating expenses and adversely affect the net asset value of the Fund. When the lease contains a non-appropriation clause, however, the failure to pay would not be a default and the Fund would not have the right to take possession of the assets. Any income derived from the Fund&#x2019;s ownership or operation of such assets may not be tax-exempt.&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Restricted Securities Risk.&lt;span style="font-weight: normal;"&gt; Unless registered for sale to the public under applicable federal securities law, restricted securities can be sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a private transaction could be less than the Fund&#x2019;s purchase price for the restricted security. It may be difficult to identify a qualified purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value such securities.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Derivatives Risk.&lt;span style="font-weight: normal;"&gt; The Fund&#x2019;s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (&#x201c;reference instrument&#x201d;), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in OTC markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative&#x2019;s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Counterparty Risk.&lt;span style="font-weight: normal;"&gt; Changes in the credit quality of the companies that serve as the Fund&#x2019;s counterparties with respect to its derivatives positions and liquidity providers for the Fund&#x2019;s residual interest bonds or other investments supported by another party&#x2019;s credit will affect the value of those instruments. Certain entities that have served as counterparties in the municipals markets have recently incurred significant financial hardships, including bankruptcy and material loss of credit standing as a result of exposure to investments that have experienced defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced these entities&#x2019; capital and called into question their continued ability to perform their obligations. By using derivatives or other instruments that expose the Fund to counterparties, the Fund assumes the risk that its counterparties could experience future financial hardship.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties&#x2019; performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Fund.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Liquidity Risk.&lt;span style="font-weight: normal;"&gt; The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund&#x2019;s performance. These effects may be exacerbated during times of financial or political stress.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Insurance Risk.&lt;span style="font-weight: normal;"&gt; Municipal obligations may be insured as to their scheduled payment of principal and interest. Although the insurance feature may reduce some financial risks, the premiums for insurance and the higher market price sometimes paid for insured obligations may reduce the current yield on the insured obligation. Insured obligations also may be secured by bank credit agreements or escrow accounts. Changes in the ratings of an insurer may affect the value of an insured obligation, and in some cases may even cause the value of a security to be less than a comparable uninsured obligation. The insurance does not guarantee the market value of the insured obligation or the net asset value of the Fund&#x2019;s shares. The credit rating of an insured&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;"&gt;obligation reflects the credit rating of the insurer, based on its claims-paying ability. The obligation of a municipal bond insurance company to pay a claim extends over the life of each insured obligation. Although defaults on insured municipal obligations have been low to date and municipal bond insurers have met their claims, there is no assurance this will continue. A higher than expected default rate could strain the insurer&#x2019;s loss reserves and adversely affect its ability to pay claims to bondholders. Because a significant portion of insured municipal obligations that have been issued and are outstanding is insured by a small number of insurance companies, an event involving one or more of these insurance companies, such as a credit rating downgrade, could have a significant adverse effect on the value of the municipal obligations insured by that insurance company and on the municipal bond markets as a whole.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Current Regulatory Environment Risk.&lt;span style="font-weight: normal;"&gt; From time to time proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on certain types of municipal obligations, and it can be expected that similar proposals may be introduced in the future. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal obligations. This could in turn affect the Fund&#x2019;s net asset value and ability to acquire and dispose of municipal obligations at desirable yield and price levels.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;At any time after the date of this prospectus, legislation may be enacted that could negatively affect the assets of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Fund&#x2019;s investment adviser cannot predict the effects of any new governmental regulation that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect the Fund&#x2019;s ability to achieve its investment objective.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;State Specific Risk.&lt;span style="font-weight: normal;"&gt; If the Fund focuses its investments in any one state (or U.S. territory), the Fund may be more susceptible to adverse economic, political or regulatory occurrences affecting a particular state (or territory). Certain municipal bond issuers in Puerto Rico have recently experienced financial difficulties and rating agency downgrades, and two such issuers have defaulted on their payment obligations.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Up to 5% of the Fund&#x2019;s investments in municipal obligations may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state&#x2019;s proportionate share in the Master Settlement Agreement (&#x201c;MSA&#x201d;). The MSA is an agreement, reached out of court in November 1998 between 46 states and nearly all of the major U.S. tobacco manufacturers. Under the terms of the MSA, the actual amount of future settlement payments by tobacco manufacturers is dependent on many factors, including, but not limited to, annual domestic cigarette shipments, reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies, continuing litigation and the possibility of tobacco manufacturer bankruptcy. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Sector and Geographic Risk.&lt;span style="font-weight: normal;"&gt; Because the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territories and in certain types of municipal or other obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly. General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax revenues.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Recent Market Conditions.&lt;span style="font-weight: normal;"&gt; Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. National economies are substantially interconnected, as are global financial markets, which creates the possibility that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/or markets may be diminishing, which may impact such economies and markets in ways that cannot be foreseen at this time.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Some countries, including the United States, have adopted more protectionist trade policies. Slowing global economic growth, the rise in protectionist trade policies, changes to some major international trade agreements, risks associated with the trade agreement between the United Kingdom and the European Union, and the risks associated with trade negotiations between the United States and China, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, the current strength of the U.S. dollar may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Regulators in the United States have proposed and adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly adopted regulations is not currently known. Additionally, it is not currently known whether any of the proposed regulations will be adopted. However, due to the scope of regulations being proposed and adopted, certain of these changes to regulation could limit the Fund&#x2019;s ability to pursue its investment strategies or make certain investments, may make it more costly for it to operate, or adversely impact performance.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East, or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;There is widespread concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impact of climate change in ways that cannot be foreseen. The impact of legislation, regulation and international accords related to climate change may negatively impact certain issuers and/or industries.&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Risks Associated with Active Management.&lt;span style="font-weight: normal;"&gt; The success of the Fund&#x2019;s investment strategy depends on portfolio management&#x2019;s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Tax Risk.&lt;span style="font-weight: normal;"&gt; Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Futures Risk.&lt;span style="font-weight: normal;"&gt; Although some futures contracts call for making or taking delivery of the underlying reference instrument, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). Closing a futures contract sale is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument or commodity with the same delivery date. If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The Fund&#x2019;s investment adviser has claimed an exclusion from the definition of a Commodity Pool Operator under the Commodity Exchange Act with respect to the Fund and therefore, neither the Fund&#x2019;s investment adviser nor the Fund are subject to registration or regulation thereunder.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Geopolitical Risk.&lt;span style="font-weight: normal;"&gt; The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund&#x2019;s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political discord, war or debt crises and downgrades, among others, may result in market volatility and may have short and/or long term effects on both the U.S. and global financial markets. Other financial, economic and other global market and social developments or disruptions may result in similar adverse circumstances, and it is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods).&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Such global events may negatively impact broad segments of businesses and populations, cause a significant negative impact on the performance of the Fund&#x2019;s investments, adversely affect and increase the volatility of the Fund&#x2019;s share price, and/or exacerbate preexisting political, social and economic risks to the Fund. The Fund&#x2019;s operations may be interrupted and any such event(s) could have a significant adverse impact on the value and risk profile of the Fund&#x2019;s portfolio. There is a risk that you may lose money by investing in the Fund.&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Tax-Sensitive Investing Risk.&lt;span style="font-weight: normal;"&gt; The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund&#x2019;s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund&#x2019;s distributions may be taxable.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Cybersecurity Risk.&lt;span style="font-weight: normal;"&gt; With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund&#x2019;s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund&#x2019;s ability to calculate its net asset value, interfere with Fund shareholders&#x2019; ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;When-Issued and Delayed-Delivery Transactions Risk.&lt;span style="font-weight: normal;"&gt; Securities may be purchased on a &#x201c;forward commitment,&#x201d; &#x201c;when-issued&#x201d; or &#x201c;delayed delivery&#x201d; basis (meaning securities are purchased or sold with payment and delivery taking place in the future) in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. When the Fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement to purchase. The Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. From the time of entering into the transaction until delivery and payment is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations. In forward commitment, when-issued or delayed delivery transactions, if the seller or buyer, as the case may be, fails to consummate the transaction the counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. However, no payment or delivery is made until payment is received or delivery is made from the other party to the transaction. Such transactions may be considered a form of leverage.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Pooled Investment Vehicles Risk.&lt;span style="font-weight: normal;"&gt; Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (&#x201c;ETFs&#x201d;). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Market Disruption&lt;span style="font-weight: normal;"&gt;. Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the world have previously resulted, and may in the future result in market volatility and may have long-term effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the common shares.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Swaps Risk.&lt;span style="font-weight: normal;"&gt; Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard &#x201c;swap&#x201d; transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross returns to be exchanged or &#x201c;swapped&#x201d; between the parties are generally calculated with respect to a &#x201c;notional amount&#x201d; (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a &#x201c;basket&#x201d; of securities representing a particular index). Other types of swap agreements may calculate the obligations of the parties to the agreement on a &#x201c;net basis.&#x201d; Consequently, a party&#x2019;s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the &#x201c;net amount&#x201d;). Whether the use of swap agreements will be successful will depend on the Adviser&#x2019;s ability to predict correctly whether certain types of reference instruments are likely to produce greater returns than other instruments. Swap agreements may be subject to contractual restrictions on transferability and termination and they may have terms of greater than seven days. The Fund&#x2019;s obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund under the swap). Developments in the swaps market, including potential government regulation, could adversely affect the Fund&#x2019;s ability to terminate existing swap agreements or to realize amounts to be received under such agreements, as well as to participate in swap agreements in the future. If there is a default by the counterparty to a swap, the Fund will have contractual remedies pursuant to the swap agreement, but any recovery may be delayed depending on the circumstances of the default.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Duration and Maturity Risk.&lt;span style="font-weight: normal;"&gt; Holding long duration and long maturity investments will expose the Fund to certain magnified risks. These risks include interest rate risk, credit risk and liquidity risks as discussed above.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Hedging Risk.&lt;span style="font-weight: normal;"&gt; The Fund&#x2019;s use of derivatives or other transactions to reduce risks involves costs and will be subject to Eaton Vance&#x2019;s ability to predict correctly changes in the relationships of such hedge instruments to the Fund&#x2019;s portfolio holdings or other factors. No assurance can be given that Eaton Vance&#x2019;s judgment in this respect will be correct. In addition, no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging transactions have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain, if any, in the value of the underlying asset in the Fund&#x2019;s portfolio; the limited availability of such instruments; the loss of principal; the possible default of the other party to the transaction; illiquidity of the derivative investments; and the imperfect correlation between the tax-exempt and taxable markets. Furthermore, the ability to successfully use hedging transactions depends on the Eaton Vance&#x2019;s ability to predict pertinent market movements, which cannot be assured. Thus, the use of hedging transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio investments at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell.&lt;/span&gt;&lt;/div&gt;    &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Anti-takeover Provisions.&lt;span style="font-weight: normal;"&gt; The Fund&#x2019;s Agreement and Declaration of Trust and Amended and Restated By-Laws (the &#x201c;By-Laws&#x201d;) include provisions that could have the effect of making it more difficult to acquire control of the Fund or to change the composition of its Board.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;General Fund Investing Risks.&lt;span style="font-weight: normal;"&gt; The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.&lt;/span&gt;&lt;/div&gt; </cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_MarketDiscountRiskMember"
      id="t_3_02205e61_08d3_6445_d1e8_8d64d71b1495"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Market Discount Risk.&lt;span style="font-weight: normal;"&gt; As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund&#x2019;s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund&#x2019;s NAV may decrease.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_InvestmentAndMarketRiskMember"
      id="t_4_731dce22_5f0f_1e5b_7408_2ff65e65f1de">  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Investment and Market Risk.&lt;span style="font-weight: normal;"&gt; An investment in common shares of the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in common shares represents an indirect investment in the securities owned by the Fund, which will generally trade in the over-the-counter (&#x201c;OTC&#x201d;) markets. The common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of distributions.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of such resulting changes in the value of the Fund&#x2019;s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_MunicipalObligationsRiskMember"
      id="t_5_51954459_3b31_6519_6306_037f565f91ad"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Municipal Obligations Risk.&lt;span style="font-weight: normal;"&gt; Because the Fund may invest in municipal obligations, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. To the extent that the Fund invests in municipal obligations of issuers in the same state, U.S. territory, or economic sector, it could be more sensitive to economic, business or political developments that affect such state or sector. Municipal obligations and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy during periods of economic stress. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund&#x2019;s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_InterestRateRisksMember"
      id="t_6_4944c126_369e_8c21_f995_561565fcd532"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Interest Rate Risk.&lt;span style="font-weight: normal;"&gt; In general, the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer-duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or effective maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_BenchmarkReferenceRatesRiskMember"
      id="t_7_9bc08e85_34b5_100f_e3f6_68844d6f0c70"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Benchmark Reference Rates Risk.&lt;span style="font-weight: normal;"&gt; Many debt securities, derivatives, and other financial instruments utilize benchmark or reference rates for variable interest rate calculations, including the Euro Interbank Offer Rate, Sterling Overnight Index Average Rate, and the Secured Overnight Financing Rate (each a &#x201c;Reference Rate&#x201d;). Instruments in which the Fund invests may pay interest at floating rates based on such Reference Rates or may be subject to interest caps or floors based on such Reference Rates. The Fund and issuers of instruments in which the Fund invests may also obtain financing at floating rates based on such Reference Rates. The elimination of a Reference Rate or any other changes to or reforms of the determination or supervision of Reference Rates could have an adverse impact on the market for, or value of, any instruments or payments linked to those Reference Rates. For example, some Reference Rates, as well as other types of rates and indices, are described as &#x201c;benchmarks&#x201d; and have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts. As a result, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_CreditRisksMember"
      id="t_8_817a2604_4e7c_a006_d5b8_10d07ff09119"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Credit Risk.&lt;span style="font-weight: normal;"&gt; Investments in municipal obligations and other debt obligations (referred to below as &#x201c;debt instruments&#x201d;) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer&#x2019;s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund&#x2019;s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_LowerRatedInvestmentsRiskMember"
      id="t_9_af9cd8ec_2b12_bb00_e8f9_fde6ac55031f"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Lower Rated Investments Risk.&lt;span style="font-weight: normal;"&gt; Investments rated below investment grade and comparable unrated investments (sometimes referred to as &#x201c;junk&#x201d;) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_InflationRiskDeflationRiskMember"
      id="t_10_1c032e61_1f6e_96ec_3284_0e32577b8621">  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Inflation Risk/Deflation Risk.&lt;span style="font-weight: normal;"&gt; Inflation risk is the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions thereon can decline. In addition, during periods of rising inflation, short-term interest rates and the Fund&#x2019;s cost of leverage would likely increase, reducing returns to the common shareholders to the extent that such increased cost is not offset by commensurately higher income. Deflation risk is the risk that prices throughout the economy decline over time &#x2212; the opposite of inflation. Deflation may have an adverse affect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund&#x2019;s investments.&lt;/span&gt;&lt;/div&gt;  </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_UnratedSecuritiesRiskMember"
      id="t_11_9f8d5bca_07b3_d13f_1022_0a63bd14ce0b"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Unrated Securities Risk.&lt;span style="font-weight: normal;"&gt; The Fund may invest in unrated obligations for which Eaton Vance will make a credit quality determination for purposes of the Fund&#x2019;s credit quality policy. To the extent that the Fund invests in such unrated obligations, the Fund&#x2019;s credit quality will be more dependent on Eaton Vance&#x2019;s credit analysis than if the Fund invested in only rated obligations. Some unrated securities may not have an active trading market or may be difficult to value.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_LeverageRiskMember"
      id="t_12_923d49d2_8328_db3b_fd3c_208eac0b886c"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Leverage Risk.&lt;span style="font-weight: normal;"&gt; Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying reference instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. Leverage may cause the Fund&#x2019;s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund&#x2019;s portfolio securities. The Fund may not be able to adjust its use of leverage rapidly enough to respond to interest rate volatility, inflation, and other changing market conditions. As a result, the Fund&#x2019;s use of leverage may have a negative impact on the Fund&#x2019;s performance from time to time. The loss on leveraged investments may substantially exceed the initial investment.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_RiskOfResidualInterestBondsMember"
      id="t_13_43dc02ef_3ec4_4ffb_2d30_70f6d822036d"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Risk of Residual Interest Bonds.&lt;span style="font-weight: normal;"&gt; The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond, including the risk of loss of principal. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. As such, residual interest bonds tend to underperform the market for fixed rate bond in rising long-term interest rate environments. The value and income of, and market for, residual interest bonds are volatile, and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_CallAndReinvestmentRisksMember"
      id="t_14_8df52996_7458_68f2_701a_1a5846fbaebd"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Call and Reinvestment Risks.&lt;span style="font-weight: normal;"&gt; If interest rates fall, it is possible that issuers of callable bonds with high interest coupons will &#x201c;call&#x201d; (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during a period of declining interest rates, the Fund would likely replace such called security with a lower yielding security. If that were to happen, it could decrease the Fund&#x2019;s dividends and possibly could affect the market price of common shares. Similar risks exist when the Fund invests the proceeds from matured or traded municipal obligations at market interest rates that are below the Fund&#x2019;s current earnings rate.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_MunicipalLeaseObligationsMLOsAndCertificatesOfParticipationMember"
      id="t_15_fa9e53d9_4d76_a75f_bde2_e86e02b23416"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Municipal Lease Obligations (&#x201c;MLOs&#x201d;) and Certificates of Participation.&lt;span style="font-weight: normal;"&gt; The Fund may invest in MLOs and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. MLOs are bonds that are secured by lease payments made by the party, typically a state or municipality, leasing the facilities (e.g., schools or office buildings) that were financed by the bond. Interest income from MLOs is generally exempt from local and state taxes in the state of issuance. MLOs, like other municipal debt obligations, are subject to the risk of non-payment. Although MLOs do not constitute general obligations of the issuer for which the issuer&#x2019;s unlimited taxing power is pledged, the leasing state or municipality may be obligated to appropriate funds from its general tax revenues to make lease payments as long as it utilizes the leased property. Other lease payments may be subject to annual appropriation or may be made only from revenues associated with the facility financed. For example, certain lease obligations contain &#x201c;non-appropriation&#x201d; clauses, which provide that the issuer has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis, which function to render constitutional and statutory requirements for the issuance of debt inapplicable to such obligations. In addition, such leases or contracts may be subject to temporary abatement of payments in the event the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although &#x201c;non-appropriation&#x201d; lease obligations may be secured by the leased property, disposition of the property in the event of foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets.&lt;/span&gt;&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;A certificate of participation (also referred to as a &#x201c;participation&#x201d;) in a municipal lease is an instrument evidencing a pro rata share in a specific pledged revenue stream, usually lease payments by the issuer that are typically subject to annual appropriation. The certificate generally entitles the holder to receive a share, or participation, in the payments from a particular project. Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to an underlying lease. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;MLOs and participations therein represent a type of financing that may not have the depth of marketability associated with more conventional securities and, as such, they may be less liquid than conventional securities. Certain MLOs may be deemed illiquid, unless determined by the Fund&#x2019;s investment adviser, pursuant to guidelines adopted by the Board, to be liquid securities. The Fund&#x2019;s investment adviser will consider the factors it believes are relevant to the marketability of the obligation, to the extent that information regarding such factor is available to the Fund&#x2019;s investment adviser and pertinent to the liquidity determination, which may include: (1) the willingness of dealers to bid for the obligation; (2) the number of dealers willing to purchase or sell the&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;"&gt;obligation and the number of other potential buyers; (3) the frequency of trades and quotes for the obligation; (4) the nature of the marketplace trades, including the time needed to dispose of the obligation, the method of soliciting offers, and the mechanics of transfer; (5) the willingness of the governmental issuer to continue to appropriate funds for the payment of the obligation; (6) how likely or remote an event of non-appropriation may be, which depends in varying degrees on a variety of factors, including those relating to the general creditworthiness of the governmental issuer, its dependence on its continuing access to the credit markets, and the importance to the issuer of the equipment, property or facility covered by the lease or contract; (7) an assessment of the likelihood that the lease may or may not be cancelled; and (8) other factors and information unique to the obligation in determining its liquidity.&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The ability of issuers of MLOs to make timely lease payments may be adversely impacted in general economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state and local governmental units. Such non-payment would result in a reduction of income from and value of the obligation. Issuers of MLOs might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, holders of MLOs could experience delays and limitations with respect to the collection of principal and interest on such MLOs and may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in lease payments, the Fund might take possession of and manage the assets securing the issuer&#x2019;s obligations on such securities or otherwise incur costs to protect its right, which may increase the Fund&#x2019;s operating expenses and adversely affect the net asset value of the Fund. When the lease contains a non-appropriation clause, however, the failure to pay would not be a default and the Fund would not have the right to take possession of the assets. Any income derived from the Fund&#x2019;s ownership or operation of such assets may not be tax-exempt.&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_RestrictedSecuritiesRiskMember"
      id="t_16_2367f0f0_6108_c74f_d589_5bdb38d80261">  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Restricted Securities Risk.&lt;span style="font-weight: normal;"&gt; Unless registered for sale to the public under applicable federal securities law, restricted securities can be sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a private transaction could be less than the Fund&#x2019;s purchase price for the restricted security. It may be difficult to identify a qualified purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value such securities.&lt;/span&gt;&lt;/div&gt;  </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_DerivativesRisksMember"
      id="t_17_20937d57_7ca8_aaf6_ec66_0e9cc86888d6"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Derivatives Risk.&lt;span style="font-weight: normal;"&gt; The Fund&#x2019;s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (&#x201c;reference instrument&#x201d;), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in OTC markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative&#x2019;s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_CounterpartyRiskMember"
      id="t_18_95a32270_5698_5d76_6ff2_4d382f8fba38"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Counterparty Risk.&lt;span style="font-weight: normal;"&gt; Changes in the credit quality of the companies that serve as the Fund&#x2019;s counterparties with respect to its derivatives positions and liquidity providers for the Fund&#x2019;s residual interest bonds or other investments supported by another party&#x2019;s credit will affect the value of those instruments. Certain entities that have served as counterparties in the municipals markets have recently incurred significant financial hardships, including bankruptcy and material loss of credit standing as a result of exposure to investments that have experienced defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced these entities&#x2019; capital and called into question their continued ability to perform their obligations. By using derivatives or other instruments that expose the Fund to counterparties, the Fund assumes the risk that its counterparties could experience future financial hardship.&lt;/span&gt;&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties&#x2019; performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Fund.&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_LiquidityRiskMember"
      id="t_19_011695de_63f8_4c11_c9f1_81dc20509ef2"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Liquidity Risk.&lt;span style="font-weight: normal;"&gt; The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund&#x2019;s performance. These effects may be exacerbated during times of financial or political stress.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_InsuranceRiskMember"
      id="t_20_5467445a_7562_517b_de89_b7141cebedc5"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Insurance Risk.&lt;span style="font-weight: normal;"&gt; Municipal obligations may be insured as to their scheduled payment of principal and interest. Although the insurance feature may reduce some financial risks, the premiums for insurance and the higher market price sometimes paid for insured obligations may reduce the current yield on the insured obligation. Insured obligations also may be secured by bank credit agreements or escrow accounts. Changes in the ratings of an insurer may affect the value of an insured obligation, and in some cases may even cause the value of a security to be less than a comparable uninsured obligation. The insurance does not guarantee the market value of the insured obligation or the net asset value of the Fund&#x2019;s shares. The credit rating of an insured&lt;/span&gt;&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;"&gt;obligation reflects the credit rating of the insurer, based on its claims-paying ability. The obligation of a municipal bond insurance company to pay a claim extends over the life of each insured obligation. Although defaults on insured municipal obligations have been low to date and municipal bond insurers have met their claims, there is no assurance this will continue. A higher than expected default rate could strain the insurer&#x2019;s loss reserves and adversely affect its ability to pay claims to bondholders. Because a significant portion of insured municipal obligations that have been issued and are outstanding is insured by a small number of insurance companies, an event involving one or more of these insurance companies, such as a credit rating downgrade, could have a significant adverse effect on the value of the municipal obligations insured by that insurance company and on the municipal bond markets as a whole.&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_CurrentRegulatoryEnvironmentRiskMember"
      id="t_21_75540eb0_f83c_595d_f01a_a58d5dd2c60b"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Current Regulatory Environment Risk.&lt;span style="font-weight: normal;"&gt; From time to time proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on certain types of municipal obligations, and it can be expected that similar proposals may be introduced in the future. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal obligations. This could in turn affect the Fund&#x2019;s net asset value and ability to acquire and dispose of municipal obligations at desirable yield and price levels.&lt;/span&gt;&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;At any time after the date of this prospectus, legislation may be enacted that could negatively affect the assets of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Fund&#x2019;s investment adviser cannot predict the effects of any new governmental regulation that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect the Fund&#x2019;s ability to achieve its investment objective.&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_StateSpecificRiskMember"
      id="t_22_0db6af9a_88ec_ff2f_4e03_a843f0d625fc"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;State Specific Risk.&lt;span style="font-weight: normal;"&gt; If the Fund focuses its investments in any one state (or U.S. territory), the Fund may be more susceptible to adverse economic, political or regulatory occurrences affecting a particular state (or territory). Certain municipal bond issuers in Puerto Rico have recently experienced financial difficulties and rating agency downgrades, and two such issuers have defaulted on their payment obligations.&lt;/span&gt;&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Up to 5% of the Fund&#x2019;s investments in municipal obligations may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state&#x2019;s proportionate share in the Master Settlement Agreement (&#x201c;MSA&#x201d;). The MSA is an agreement, reached out of court in November 1998 between 46 states and nearly all of the major U.S. tobacco manufacturers. Under the terms of the MSA, the actual amount of future settlement payments by tobacco manufacturers is dependent on many factors, including, but not limited to, annual domestic cigarette shipments, reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies, continuing litigation and the possibility of tobacco manufacturer bankruptcy. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_SectorAndGeographicRiskMember"
      id="t_23_6d225c54_5014_bc08_6fa4_22d3c65c6de8"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Sector and Geographic Risk.&lt;span style="font-weight: normal;"&gt; Because the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territories and in certain types of municipal or other obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly. General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax revenues.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_RecentMarketConditionsMember"
      id="t_24_e055f4a4_0840_6a3f_675a_adf3219f75a1">  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Recent Market Conditions.&lt;span style="font-weight: normal;"&gt; Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. National economies are substantially interconnected, as are global financial markets, which creates the possibility that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/or markets may be diminishing, which may impact such economies and markets in ways that cannot be foreseen at this time.&lt;/span&gt;&lt;/div&gt;   &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Some countries, including the United States, have adopted more protectionist trade policies. Slowing global economic growth, the rise in protectionist trade policies, changes to some major international trade agreements, risks associated with the trade agreement between the United Kingdom and the European Union, and the risks associated with trade negotiations between the United States and China, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, the current strength of the U.S. dollar may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries.&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Regulators in the United States have proposed and adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly adopted regulations is not currently known. Additionally, it is not currently known whether any of the proposed regulations will be adopted. However, due to the scope of regulations being proposed and adopted, certain of these changes to regulation could limit the Fund&#x2019;s ability to pursue its investment strategies or make certain investments, may make it more costly for it to operate, or adversely impact performance.&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East, or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;There is widespread concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impact of climate change in ways that cannot be foreseen. The impact of legislation, regulation and international accords related to climate change may negatively impact certain issuers and/or industries.&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_RisksAssociatedWithActiveManagementMember"
      id="t_25_d64419ac_2716_1fec_f535_4f489965e57f">  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Risks Associated with Active Management.&lt;span style="font-weight: normal;"&gt; The success of the Fund&#x2019;s investment strategy depends on portfolio management&#x2019;s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.&lt;/span&gt;&lt;/div&gt;  </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_TaxRiskMember"
      id="t_26_7c95c893_f956_70ff_87a5_1d59b4529821"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Tax Risk.&lt;span style="font-weight: normal;"&gt; Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_FuturesRiskMember"
      id="t_27_b1cc703d_6509_84c2_609f_f615a979338e"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Futures Risk.&lt;span style="font-weight: normal;"&gt; Although some futures contracts call for making or taking delivery of the underlying reference instrument, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). Closing a futures contract sale is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument or commodity with the same delivery date. If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The Fund&#x2019;s investment adviser has claimed an exclusion from the definition of a Commodity Pool Operator under the Commodity Exchange Act with respect to the Fund and therefore, neither the Fund&#x2019;s investment adviser nor the Fund are subject to registration or regulation thereunder.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_GeopoliticalRiskMember"
      id="t_28_b708770d_be31_2647_041a_a1e6e8ed307b"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Geopolitical Risk.&lt;span style="font-weight: normal;"&gt; The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund&#x2019;s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political discord, war or debt crises and downgrades, among others, may result in market volatility and may have short and/or long term effects on both the U.S. and global financial markets. Other financial, economic and other global market and social developments or disruptions may result in similar adverse circumstances, and it is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods).&lt;/span&gt;&lt;/div&gt;  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Such global events may negatively impact broad segments of businesses and populations, cause a significant negative impact on the performance of the Fund&#x2019;s investments, adversely affect and increase the volatility of the Fund&#x2019;s share price, and/or exacerbate preexisting political, social and economic risks to the Fund. The Fund&#x2019;s operations may be interrupted and any such event(s) could have a significant adverse impact on the value and risk profile of the Fund&#x2019;s portfolio. There is a risk that you may lose money by investing in the Fund.&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_TaxSensitiveInvestingRiskMember"
      id="t_29_b759d90d_01b7_f474_1412_5e378dfd4412">  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Tax-Sensitive Investing Risk.&lt;span style="font-weight: normal;"&gt; The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund&#x2019;s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund&#x2019;s distributions may be taxable.&lt;/span&gt;&lt;/div&gt;  </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_CybersecurityRiskMember"
      id="t_30_0569d01e_31f9_da84_dba9_314d761827b0"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Cybersecurity Risk.&lt;span style="font-weight: normal;"&gt; With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund&#x2019;s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund&#x2019;s ability to calculate its net asset value, interfere with Fund shareholders&#x2019; ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_WhenIssuedAndDelayedDeliveryTransactionsRiskMember"
      id="t_31_f3ad8001_6b6a_3bc2_0758_90e03bd86c63"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;When-Issued and Delayed-Delivery Transactions Risk.&lt;span style="font-weight: normal;"&gt; Securities may be purchased on a &#x201c;forward commitment,&#x201d; &#x201c;when-issued&#x201d; or &#x201c;delayed delivery&#x201d; basis (meaning securities are purchased or sold with payment and delivery taking place in the future) in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. When the Fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement to purchase. The Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. From the time of entering into the transaction until delivery and payment is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations. In forward commitment, when-issued or delayed delivery transactions, if the seller or buyer, as the case may be, fails to consummate the transaction the counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. However, no payment or delivery is made until payment is received or delivery is made from the other party to the transaction. Such transactions may be considered a form of leverage.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_PooledInvestmentVehiclesRiskMember"
      id="t_32_08d1eb29_afe3_abdf_b936_9e6b1e68e9f2"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Pooled Investment Vehicles Risk.&lt;span style="font-weight: normal;"&gt; Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (&#x201c;ETFs&#x201d;). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_MarketDisruptionMember"
      id="t_33_90a1e70a_ef92_c33a_74c7_9c03c6bf67a2"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Market Disruption&lt;span style="font-weight: normal;"&gt;. Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the world have previously resulted, and may in the future result in market volatility and may have long-term effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the common shares.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_SwapsRiskMember"
      id="t_34_8f375c65_6844_65be_73ed_cf041bcb988e"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Swaps Risk.&lt;span style="font-weight: normal;"&gt; Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard &#x201c;swap&#x201d; transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross returns to be exchanged or &#x201c;swapped&#x201d; between the parties are generally calculated with respect to a &#x201c;notional amount&#x201d; (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a &#x201c;basket&#x201d; of securities representing a particular index). Other types of swap agreements may calculate the obligations of the parties to the agreement on a &#x201c;net basis.&#x201d; Consequently, a party&#x2019;s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the &#x201c;net amount&#x201d;). Whether the use of swap agreements will be successful will depend on the Adviser&#x2019;s ability to predict correctly whether certain types of reference instruments are likely to produce greater returns than other instruments. Swap agreements may be subject to contractual restrictions on transferability and termination and they may have terms of greater than seven days. The Fund&#x2019;s obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund under the swap). Developments in the swaps market, including potential government regulation, could adversely affect the Fund&#x2019;s ability to terminate existing swap agreements or to realize amounts to be received under such agreements, as well as to participate in swap agreements in the future. If there is a default by the counterparty to a swap, the Fund will have contractual remedies pursuant to the swap agreement, but any recovery may be delayed depending on the circumstances of the default.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_DurationAndMaturityRiskMember"
      id="t_35_16fcdb2b_e61a_6504_9a66_5bca624927df">  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Duration and Maturity Risk.&lt;span style="font-weight: normal;"&gt; Holding long duration and long maturity investments will expose the Fund to certain magnified risks. These risks include interest rate risk, credit risk and liquidity risks as discussed above.&lt;/span&gt;&lt;/div&gt;  </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_HedgingRiskMember"
      id="t_36_8c07265c_6e37_5940_ec3e_da39ebec8ee6"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Hedging Risk.&lt;span style="font-weight: normal;"&gt; The Fund&#x2019;s use of derivatives or other transactions to reduce risks involves costs and will be subject to Eaton Vance&#x2019;s ability to predict correctly changes in the relationships of such hedge instruments to the Fund&#x2019;s portfolio holdings or other factors. No assurance can be given that Eaton Vance&#x2019;s judgment in this respect will be correct. In addition, no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging transactions have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain, if any, in the value of the underlying asset in the Fund&#x2019;s portfolio; the limited availability of such instruments; the loss of principal; the possible default of the other party to the transaction; illiquidity of the derivative investments; and the imperfect correlation between the tax-exempt and taxable markets. Furthermore, the ability to successfully use hedging transactions depends on the Eaton Vance&#x2019;s ability to predict pertinent market movements, which cannot be assured. Thus, the use of hedging transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio investments at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_AntiTakeoverProvisionsMember"
      id="t_37_ef381ad7_d70b_503e_8f10_040625f1df96"> &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Anti-takeover Provisions.&lt;span style="font-weight: normal;"&gt; The Fund&#x2019;s Agreement and Declaration of Trust and Amended and Restated By-Laws (the &#x201c;By-Laws&#x201d;) include provisions that could have the effect of making it more difficult to acquire control of the Fund or to change the composition of its Board.&lt;/span&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="FY2025_GeneralFundInvestingRisksMember"
      id="t_38_f8d33f27_9f4e_1a57_f31c_d6bb22836933">  &lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;General Fund Investing Risks.&lt;span style="font-weight: normal;"&gt; The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.&lt;/span&gt;&lt;/div&gt;  </cef:RiskTextBlock>
    <cef:PurposeOfFeeTableNoteTextBlock
      contextRef="FY2025"
      id="t_6_b8cb2179_a1c4_047e_acba_5e87ac436140">&lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The purpose of the table below is to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The table reflects leverage attributable to floating-rate notes for the fiscal year ended March 31, 2025 in an amount equal to 12.06% of the Fund&#x2019;s average gross assets (including floating-rate notes) and shows Fund expenses stated as a percentage of net assets attributable to common shares, and not as a percentage of total assets.&lt;/div&gt;</cef:PurposeOfFeeTableNoteTextBlock>
    <cef:ShareholderTransactionExpensesTableTextBlock
      contextRef="FY2025"
      id="t_7_a4ae9a9a_4ccb_0e6d_c1bb_f7373b700067">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;"&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 0pt; padding-right: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%;"&gt;Common shareholder transaction expenses&lt;/td&gt;
&lt;td style="line-height: 8pt; padding-bottom: 1.5pt; padding-right: 10pt; text-align: center; vertical-align: bottom; width: 27.27%;"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;"&gt;Sales load paid by you (as a percentage of offering price)&lt;/td&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%; padding: 1.5pt 10pt 1.5pt 27.67pt;"&gt;&lt;span class="sec-hidden" style="-sec-ix-hidden:h_11_cbd4ee26_2dda_7139_783d_d8d1837b446d" title="Manually tagged"&gt;&#x2014;&lt;/span&gt; &lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;1&lt;/sup&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;"&gt;Offering expenses (as a percentage of offering price)&lt;/td&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%; padding: 1.5pt 10pt 1.5pt 17.79pt;"&gt;None &lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;2&lt;/sup&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 3pt 0pt;"&gt;Dividend reinvestment plan fees&lt;/td&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%; padding: 1.5pt 10pt 3pt 14pt;"&gt;$5.00&lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;3&lt;/sup&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3.60pt; text-align: left; text-decoration: none; text-transform: none;"&gt;&lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;1&lt;/sup&gt;&lt;span style="font-size: 7.60pt; line-height: 10.60pt;"&gt;&#160;&#160;&#160;&#160;If common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load.&lt;/span&gt;&lt;/div&gt;&lt;div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"&gt;&lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;2&lt;/sup&gt;&lt;span style="font-size: 7.60pt; line-height: 10.60pt;"&gt;&#160;&#160;&#160;&#160;Eaton Vance Management (&#x201c;EVM&#x201d;) will pay the expenses of the offering (other than the applicable commissions); therefore, offering expenses are not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review and filing with the SEC of the Trust&#x2019;s registration statement (including its current Prospectus Supplement, the accompanying Prospectus and Statement of Additional Information (&#x201c;SAI&#x201d;)), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of its current Prospectus Supplement, the accompanying Prospectus, SAI and/or marketing materials, associated filing fees, stock exchange listing fees, and legal and auditing fees associated with the offering.&lt;/span&gt;&lt;/div&gt;&lt;div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"&gt;&lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;3&lt;/sup&gt;&lt;span style="font-size: 7.60pt; line-height: 10.60pt;"&gt;&#160;&#160;&#160;&#160;You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your common shares held in a dividend reinvestment account.&lt;/span&gt;&lt;/div&gt;</cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:BasisOfTransactionFeesNoteTextBlock
      contextRef="FY2025"
      id="t_2_b8f6711b_35a8_ed36_0847_8db1d4af7148">as a percentage of offering price</cef:BasisOfTransactionFeesNoteTextBlock>
    <cef:BasisOfTransactionFeesNoteTextBlock
      contextRef="FY2025"
      id="t_3_863f7a0f_8858_cf65_2ec9_44e0c1b1ae3a">as a percentage of offering price</cef:BasisOfTransactionFeesNoteTextBlock>
    <cef:OtherTransactionExpensesPercent
      contextRef="FY2025"
      decimals="4"
      id="h_1_108982e1_136c_dd65_8bc8_525024e5cb8a"
      unitRef="pure">0</cef:OtherTransactionExpensesPercent>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="FY2025"
      decimals="INF"
      id="h_2_719cd143_6347_3957_599e_d0bfd1a0c6ae"
      unitRef="USD">5.00</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:AnnualExpensesTableTextBlock
      contextRef="FY2025"
      id="t_8_59e4d050_1269_c20b_7e64_dc541b309c13">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 100%;"&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 0pt; padding-right: 12pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%;"&gt;Annual expenses&lt;/td&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 1.5pt; padding-left: 12pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.27%;"&gt;Percentage&#160;of&#160;net&#160;assets&lt;br/&gt;attributable to&#160;common&#160;shares&lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;4&lt;/sup&gt;&lt;span style="padding-left: -3.63pt;"&gt;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;"&gt;Investment adviser fee&lt;/td&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 1.5pt 10pt 1.5pt 12pt;"&gt;0.68%&lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;5&lt;/sup&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 1.5pt 0pt;"&gt;Interest expense&lt;/td&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 1.5pt 10pt 1.5pt 14pt;"&gt;0.51&lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;6&lt;/sup&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 1.5pt 12pt 3.5pt 0pt;"&gt;Other expenses&lt;/td&gt;
&lt;td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 1.5pt 10pt 3.5pt 12pt;"&gt;0.13&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 73.11%; padding: 2.45pt 12pt 6pt 0pt;"&gt;Total annual Fund operating expenses&lt;/td&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 27.27%; padding: 2.45pt 10pt 6pt 12pt;"&gt;1.32%&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; text-align: left; text-decoration: none; text-transform: none;"&gt;&lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;4&lt;/sup&gt;&lt;span style="font-size: 7.60pt; line-height: 10.60pt;"&gt;&#160;&#160;&#160;&#160;Stated as a percentage of average net assets attributable to common shares for the year ended March 31, 2025.&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"&gt;&lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;5&lt;/sup&gt;&lt;span style="font-size: 7.60pt; line-height: 10.60pt;"&gt;&#160;&#160;&#160;&#160;The investment adviser fee paid by the Trust to EVM is based on the average daily gross assets of the Trust, including all assets attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment leverage in the future, the investment adviser fee will increase as a percentage of net assets.&lt;/span&gt;&lt;/div&gt;&lt;div style="color: #000000; font-family: arial; font-size: 7pt; font-style: normal; font-weight: normal; line-height: 10pt; margin-top: 3pt; padding-left: 12.5257pt; text-align: left; text-decoration: none; text-indent: -12.5257pt; text-transform: none;"&gt;&lt;sup style="font-size: 6pt; font-style: normal; text-transform: none;"&gt;6&lt;/sup&gt;&lt;span style="font-size: 7.60pt; line-height: 10.60pt;"&gt;&#160;&#160;&#160;&#160;Interest expense relates to the Trust&#x2019;s liability with respect to floating-rate notes held by third parties in conjunction with investments in residual interest bonds. The Trust records offsetting interest income in an amount at least equal to this expense relating to the municipal obligations underlying such transactions.&lt;/span&gt;&lt;/div&gt;</cef:AnnualExpensesTableTextBlock>
    <cef:BasisOfTransactionFeesNoteTextBlock
      contextRef="FY2025_CommonSharesMember"
      id="t_1_9d2aa1bb_7eb0_7676_4da3_9f75c9af9c74">Percentage&#160;of&#160;net&#160;assets&lt;br/&gt;attributable to&#160;common&#160;shares</cef:BasisOfTransactionFeesNoteTextBlock>
    <cef:ManagementFeesPercent
      contextRef="FY2025"
      decimals="4"
      id="h_3_f634e2c5_acee_8a70_9d79_5ea8e1125835"
      unitRef="pure">0.0068</cef:ManagementFeesPercent>
    <cef:OtherAnnualExpensesPercent
      contextRef="FY2025"
      decimals="4"
      id="h_4_2a23dd61_5b5c_1a54_754d_b4b112053d5b"
      unitRef="pure">0.0051</cef:OtherAnnualExpensesPercent>
    <cef:OtherAnnualExpense1Percent
      contextRef="FY2025"
      decimals="4"
      id="h_6_426a4a0d_696d_10f5_cf28_4c5cfcc5864e"
      unitRef="pure">0.0013</cef:OtherAnnualExpense1Percent>
    <cef:TotalAnnualExpensesPercent
      contextRef="FY2025"
      decimals="4"
      id="h_5_2586a997_3123_a954_f6af_13ecf4398345"
      unitRef="pure">0.0132</cef:TotalAnnualExpensesPercent>
    <cef:ExpenseExampleTableTextBlock
      contextRef="FY2025"
      id="t_9_920ba982_e8d6_66fd_1313_fe61764ea3ee">&lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: bold; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;Example&lt;/div&gt;&lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The following Example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (i) total annual expenses of 1.32% of net assets attributable to common shares in years 1 through 10; (ii) a 5% annual return; and (iii) all distributions are reinvested at NAV:&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: auto; margin-right: auto; margin-top: 0pt; width: 94.52%;"&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 0pt; padding-right: 12pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 15.37%;"&gt;1 Year&lt;/td&gt;
&lt;td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 12pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%;"&gt;3 Years&lt;/td&gt;
&lt;td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 12pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%;"&gt;5 Years&lt;/td&gt;
&lt;td style="border-bottom: 0.30pt solid #000000; color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; padding-bottom: 3.5pt; padding-left: 12pt; padding-right: 10pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 28.06%;"&gt;10 Years&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside: avoid;"&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 15.37%; padding: 2.45pt 12pt 6pt 0pt;"&gt;$13&lt;/td&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%; padding: 2.45pt 12pt 6pt 12pt;"&gt;$42&lt;/td&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 27.08%; padding: 2.45pt 12pt 6pt 12pt;"&gt;$72&lt;/td&gt;
&lt;td style="color: #000000; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 28.06%; padding: 2.45pt 10pt 6pt 12pt;"&gt;$159&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The above table and example and the assumption in the example of a 5% annual return are required by regulations of the U.S. Securities and Exchange&#160;Commission (&#x201c;SEC&#x201d;) that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the&#160;projected or actual performance of the Trust&#x2019;s common shares. In addition, while the example assumes reinvestment of all dividends and distributions at&#160;NAV, participants in the Trust&#x2019;s dividend reinvestment plan may receive common shares purchased or issued at a price or value different from NAV.&#160;The&#160;example does not include sales load or estimated offering costs, which would cause the expenses shown in the example to increase.&lt;/div&gt;&lt;div style="color: #000000; font-family: arial; font-size: 8pt; font-style: normal; font-weight: normal; line-height: 11pt; margin-top: 8pt; text-align: left; text-decoration: none; text-transform: none;"&gt;The example should not be considered a representation of past or future expenses, and the Trust&#x2019;s actual expenses may be greater or less than those&#160;shown. Moreover, the Trust&#x2019;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.&lt;/div&gt;</cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="FY2025"
      decimals="INF"
      id="h_7_b9625366_5ef1_d60b_c70a_67e2cb0b045b"
      unitRef="USD">13</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="FY2025"
      decimals="INF"
      id="h_8_080f4e8d_5f4d_21ab_b0a8_d9d8b2606eea"
      unitRef="USD">42</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="FY2025"
      decimals="INF"
      id="h_9_5071dbae_200a_653f_b4f0_9c750a4a8846"
      unitRef="USD">72</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="FY2025"
      decimals="INF"
      id="h_10_5142d390_d319_0305_360a_e7d74b4b0dcc"
      unitRef="USD">159</cef:ExpenseExampleYears1to10>
    <cef:OtherTransactionFeesBasisNoteTextBlock
      contextRef="FY2025"
      id="t_4_0385aefd_b346_c5aa_738e_b4098454934b">Eaton Vance Management (&#x201c;EVM&#x201d;) will pay the expenses of the offering (other than the applicable commissions); therefore, offering expenses are not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review and filing with the SEC of the Trust&#x2019;s registration statement (including its current Prospectus Supplement, the accompanying Prospectus and Statement of Additional Information (&#x201c;SAI&#x201d;)), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of its current Prospectus Supplement, the accompanying Prospectus, SAI and/or marketing materials, associated filing fees, stock exchange listing fees, and legal and auditing fees associated with the offering.</cef:OtherTransactionFeesBasisNoteTextBlock>
    <cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock
      contextRef="FY2025"
      id="t_5_debb29b7_4551_d005_def2_8721415eafc3">The investment adviser fee paid by the Trust to EVM is based on the average daily gross assets of the Trust, including all assets attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment leverage in the future, the investment adviser fee will increase as a percentage of net assets.</cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock>
    <cef:SharePriceTableTextBlock
      contextRef="FY2025"
      id="t_1_286808d8_6a91_0c1b_8733_c14edeba8010">&lt;div style="color:#000000;font-family:arial;font-size:8pt;font-style:normal;font-weight:normal;line-height:11pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;"&gt;The following table sets forth for each of the periods indicated the high and low closing market prices for the common shares on the New York Stock&lt;br/&gt; Exchange, and the corresponding NAV per share and the premium or discount to NAV per share at which the Trust&#x2019;s common shares were trading as of such date.&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.05%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="line-height:8pt;padding-bottom:3.5pt;padding-right:15pt;text-align:left;vertical-align:bottom;width:34.00%;"&gt;&#160; &lt;/td&gt;
&lt;td colspan="2" style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.76%;"&gt;Market Price ($) &lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:3.5pt;padding-right:15pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td colspan="2" style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:19.80%;"&gt;NAV per Share on&lt;br/&gt; Date of Market Price ($) &lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:3.5pt;padding-right:15pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td colspan="2" style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:20pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:24.44%;"&gt;NAV Premium/(Discount) on&lt;br/&gt; Date of Market Price (%) &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:15pt;padding-top:2.45pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:34.00%;"&gt;Fiscal Quarter Ended &lt;/td&gt;
&lt;td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"&gt;High &lt;/td&gt;
&lt;td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"&gt;Low &lt;/td&gt;
&lt;td style="border-bottom:0.30pt solid #000000;line-height:0pt;padding-bottom:3.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"&gt;High &lt;/td&gt;
&lt;td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"&gt;Low &lt;/td&gt;
&lt;td style="border-bottom:0.30pt solid #000000;line-height:0pt;padding-bottom:3.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;"&gt;High &lt;/td&gt;
&lt;td style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:15pt;padding-right:20pt;padding-top:2.45pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;"&gt;Low &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:2.45pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:34.00%;"&gt;March 31, 2025 &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"&gt;17.25&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"&gt;16.47&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"&gt;18.55&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"&gt;18.05&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:2.45pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;"&gt;(7.01) &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.82pt;padding-right:20pt;padding-top:2.45pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;"&gt;(8.75) &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;"&gt;December 31, 2024 &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"&gt;17.94&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"&gt;16.46&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"&gt;18.99&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"&gt;18.33&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;"&gt;(5.53) &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;"&gt;(10.20) &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;"&gt;September 30, 2024 &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"&gt;18.07&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"&gt;16.59&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"&gt;18.93&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"&gt;18.68&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;"&gt;(4.54) &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;"&gt;(11.19) &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;"&gt;June 30, 2024 &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"&gt;16.86&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"&gt;16.22&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"&gt;18.62&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"&gt;18.10&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;"&gt;(9.45) &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;"&gt;(10.39) &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;"&gt;March 31, 2024 &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"&gt;17.14&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"&gt;16.48&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"&gt;18.50&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"&gt;18.32&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;"&gt;(7.35) &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;"&gt;(10.04) &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;"&gt;December 31, 2023 &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"&gt;17.05&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"&gt;14.80&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"&gt;18.53&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"&gt;16.59&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;"&gt;(7.99) &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;"&gt;(10.79) &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;"&gt;September 30, 2023 &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.88%;"&gt;17.50&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.88%;"&gt;15.93&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"&gt;18.29&lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.90%;"&gt;16.99&lt;/td&gt;
&lt;td style="line-height:0pt;padding-bottom:1.5pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.76%;"&gt;(4.32) &lt;/td&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:19.82pt;padding-right:20pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.68%;"&gt;(6.24) &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:15pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.00%;"&gt;June 30, 2023 &lt;/td&gt;
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&lt;td style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:15pt;padding-right:15pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.90%;"&gt;18.63&lt;/td&gt;
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&lt;td style="line-height:0pt;padding-bottom:6pt;padding-right:15pt;padding-top:1.5pt;text-align:center;vertical-align:top;width:2.00%;"&gt;&#160; &lt;/td&gt;
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        <link:footnote id="f_0003_000001" xlink:label="f_0003_000001" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Eaton Vance Management (&#x201c;EVM&#x201d;) will pay the expenses of the offering (other than the applicable commissions); therefore, offering expenses are not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review and filing with the SEC of the Trust&#x2019;s registration statement (including its current Prospectus Supplement, the accompanying Prospectus and Statement of Additional Information (&#x201c;SAI&#x201d;)), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of its current Prospectus Supplement, the accompanying Prospectus, SAI and/or marketing materials, associated filing fees, stock exchange listing fees, and legal and auditing fees associated with the offering.</link:footnote>
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        <link:footnote id="f_0000_000001" xlink:label="f_0000_000001" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">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.</link:footnote>
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        <link:footnote id="f_0003_000005" xlink:label="f_0003_000005" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The investment adviser fee paid by the Trust to EVM is based on the average daily gross assets of the Trust, including all assets attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment leverage in the future, the investment adviser fee will increase as a percentage of net assets.</link:footnote>
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