Overview

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.26 1.25 1.25 0.29 5.61 5.32 7.41
Market Price -1.16 4.70 4.70 2.04 9.03 4.99 7.30
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Distribution Rates1

as of Apr 27, 2017
Distribution Rate at NAV 4.74%
Taxable-Equivalent Distribution Rate at NAV 8.37%
Distribution Rate at Market Price 4.77%
Taxable-Equivalent Distribution Rate at Market Price 8.43%

Fund Factsas of Mar 31, 2017

Performance Inception 05/29/2009
Investment Objective Current income
CUSIP 27829L105

Portfolio Management

Cynthia J. Clemson Managed Fund since inception

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

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 only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Performance

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.26 1.25 1.25 0.29 5.61 5.32 7.41
Market Price -1.16 4.70 4.70 2.04 9.03 4.99 7.30
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 1.40 11.49 14.47 -4.83 17.44 4.35 0.87
Market Price 6.41 16.44 11.22 -12.15 19.77 7.19 2.65

Fund Facts

Performance Inception 05/29/2009

Distribution Rates1

as of Apr 27, 2017
Distribution Rate at NAV 4.74%
Taxable-Equivalent Distribution Rate at NAV 8.37%
Distribution Rate at Market Price 4.77%
Taxable-Equivalent Distribution Rate at Market Price 8.43%

Distribution History2

Ex-Date Distribution Reinvest Price
Mar 22, 2017 $0.08590 $21.59
Feb 16, 2017 $0.08590 $21.73
Jan 20, 2017 $0.08590 $21.36
Dec 21, 2016 $0.08590 $20.92
Nov 21, 2016 $0.08583 $21.04
Oct 20, 2016 $0.08583 $21.84
Sep 21, 2016 $0.08583 $23.01
Aug 22, 2016 $0.08583 $23.05
Jul 20, 2016 $0.08583 $23.02
Jun 21, 2016 $0.08583 $23.21
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Tax Character of Distributions

Exempt-Interest Dividends    
Non-AMT AMT Total Non-Qualified Ordinary Dividends Capital Gain Distributions Nondividend Distributions Total Distributions
Distributions ($)
2016 $0.85 $0.13 $0.98 $0.06 $0.20 $0.00 $1.24
2015 $0.86 $0.14 $1.00 $0.03 $0.00 $0.00 $1.03
2014 $0.85 $0.15 $1.00 $0.03 $0.00 $0.00 $1.03
2013 $0.86 $0.17 $1.03 $0.01 $0.00 $0.00 $1.04
2012 $0.90 $0.18 $1.08 $0.01 $0.00 $0.00 $1.09
2011 $0.97 $0.21 $1.18 $0.01 $0.00 $0.00 $1.19
2010 $1.24 $0.00 $1.24 $0.11 $0.02 $0.00 $1.37
2009 $0.70 $0.00 $0.70 $0.00 $0.00 $0.00 $0.70
Distributions (%)
2016 68.52% 10.40% 78.92% 4.94% 16.14% 0.00% 100.00%
2015 83.40% 13.27% 96.67% 3.33% 0.00% 0.00% 100.00%
2014 82.34% 15.14% 97.48% 2.52% 0.00% 0.00% 100.00%
2013 82.74% 16.44% 99.18% 0.82% 0.00% 0.00% 100.00%
2012 82.80% 16.57% 99.37% 0.63% 0.00% 0.00% 100.00%
2011 81.31% 18.15% 99.46% 0.54% 0.00% 0.00% 100.00%
2010 90.65% 0.00% 90.65% 8.26% 1.09% 0.00% 100.00%
2009 99.96% 0.00% 99.96% 0.04% 0.00% 0.00% 100.00%
This data reflects distributions paid on Fund shares held for the full calendar year and is not predictive of the tax character of current or future distributions. Fund shareholders should refer to the individual IRS Form 1099-DIVs provided to them shortly after each year-end to determine the appropriate federal income tax treatment of the distributions they receive. Eaton Vance is not responsible for any errors in tax reporting that may result from using the above data. Exempt-interest dividends are not subject to regular federal income tax. Exempt-interest dividends derived from specified private activity bonds are subject to the alternative minimum tax (AMT). Non-qualified ordinary dividends are subject to federal income tax at ordinary rates. Capital gains distributions are taxable at long-term capital gain rates. Nondividend distributions, also known as return of capital distributions, are not subject to current federal income tax. Instead, the tax cost basis of each shareholder receiving a return of capital distribution is reduced by the amount of the distribution.

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 only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Portfolio

Fund Holdings3,4as of Feb 28, 2017

Holding Coupon Rate Maturity Date % of Net Assets
Duke Energy Indiana LLC 6.00% 08/01/2039 2.53%
City of San Jose CA Airport Revenue 6.00% 03/01/2047 2.46%
San Joaquin Hills Transportation Corridor Agency 5.00% 01/15/2050 2.09%
County of Miami-Dade FL 0.00% 10/01/2039 2.07%
AEP Texas Central Co 6.30% 11/01/2029 2.02%
Adventist Health System/Sunbelt Obligated Group 5.75% 11/15/2038 2.00%
State of California 6.00% 04/01/2038 1.96%
New Jersey Transportation Trust Fund Authority 0.00% 12/15/2038 1.89%
North Carolina Turnpike Authority 0.00% 01/01/2036 1.83%
Dallas/Fort Worth International Airport 5.00% 11/01/2038 1.70%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

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 only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Insights & Analysis

Commentary

A Word On The Markets as of Dec 31, 2016

The U.S. municipal bond market posted negative returns for the fourth quarter of 2016, with the Bloomberg Barclays Municipal Bond Index (the Index)5 returning -3.6% for the three-month period. Municipal yields rose modestly early in the quarter, however following Donald Trump's presidential election victory in November, the increase in rates accelerated in anticipation of fiscal stimulus, deregulation and tax reform.

As a result of the volatility and negative total return, municipal mutual fund flows, which had been gradually decreasing since June, turned decidedly negative and weekly outflows averaged over -$2 billion over the last six weeks of the year. Issuance during the quarter declined to $100 billion compared to $115 billion during the third quarter. The slowdown in issuance was largely related to a decline in refunding activity as interest rates rose significantly during the quarter. Despite the fourth quarter decline, 2016's total issuance of $445 billion broke the old record of $433 billion in 2010. The overall increase in new deal activity during 2016 was driven by a significant increase in both new money and refunding deals, as issuers sought to take advantage of record low rates during the middle of the year and demonstrated a renewed willingness take on new debt to fund infrastructure and other projects.

Early in the quarter, U.S. Treasury rates drifted higher as economic data, was generally mixed and investors took a wait-and-see attitude with the U.S. presidential election less than one month away. In contrast, November was an extremely volatile month in U.S. fixed-income markets after Donald Trump's surprise election as U.S. president on November 8. Overall, two-year Treasury yields increased 44bps during the quarter, while longer-term yields increased approximately 70bps-80bps. Though municipals underperformed Treasurys significantly in November, they outperformed in December. As a result, by quarter-end, the 10-year muni/Treasury ratio stood at 95%, compared to 94% at the beginning of the quarter. Meanwhile, the 30-year ratio ended at 100%, compared to 99% on September 30.

Overall, the municipal yield curve, which began the quarter near its flattest level since the financial crisis, steepened significantly during the quarter, with the two-year AAA muni yield increasing 39bps and the 30-year AAA yield increasing 73bps. As a result, longer-duration muni bonds generally underperformed shorter-duration municipals. In terms of credit quality, below-investment-grade bonds underperformed higher-quality, primarily due to weakness in the tobacco sector and industrial development revenue bonds.

Performance Summary 

Eaton Vance National Municipal Opportunities Trust (the Trust) (EOT) outperformed the Bloomberg Barclays Capital Long Municipal Bond Index (the Index)6 at net asset value for the quarter. The Fund's overweight to pre-refunded and escrowed bonds contributed to Fund performance, as these bonds outperformed the broader index. Security selection among education bonds also aided Fund performance for the quarter. The Fund's overweight exposure to zero coupon bonds hurt performance relative to the Index for the quarter. Zeros, which typically have more interest rate sensitivity than coupon bearing bonds, underperformed the Index as long-term interest rates rose. The Fund's use of leverage employed through Tender Option Bonds (TOBs) also detracted from performance. These securities act as a financing mechanism allowing investors to borrow at short-term rates and invest in higher-yielding bonds.

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.80 -3.65 0.87 0.87 7.32 6.13 7.49
Market Price 0.44 -8.83 2.65 2.65 9.63 5.18 6.89
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Fund Factsas of Dec 31, 2016

Performance Inception 05/29/2009

Investment Outlook And Fund Positioning 

Following the significant move higher in rates, we believe munis are attractive on both an absolute and relative level. Large municipal fund outflows and the expectation of lower taxes under the Trump administration have already impacted the valuations of munis in our view. In addition, little detail has been provided on the specifics of Trump's policies, what will get through Congress and when. As a result, there are a wide range of potential outcomes.

In our view, this historic move has created an emerging opportunity to lock in higher yields and potentially generate higher future returns. In recent history, the municipal market has proven to be resilient and sharp increases in municipal yields have resulted in buying opportunities and rewarded investors with strong returns in subsequent months. Therefore, in our view, we could see rates move back down a bit in 2017. There are other factors that could cause rates to retrace a bit, especially on the longer end of the Treasury curve. First, U.S. Treasury yields are still historically low, but very attractive when compared with other developed markets such as Europe, where rates are negative in some cases. Second, the dollar has strengthened meaningfully, which may be a drag on growth and contain inflation in 2017. And finally, the Federal Reserve is forecasting three rate hikes in 2017, demonstrating a willingness to squeeze off inflationary pressures, if necessary.

Given this outlook, we believe the extreme short-term reaction after the U.S. election provides tax-sensitive investors a chance to scale into munis at higher yields and cheaper valuations. In addition, municipals will continue to act as an anchor to provide diversification in the context of an overall portfolio.7

The views expressed in this report are those of 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 disclaims 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 "forward looking statements". The Fund'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's filings with the Securities and Exchange Commission.

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

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 only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

Attribution

No attribution information is currently available.


Management

Biography
Cynthia J. Clemson

Cynthia J. Clemson

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1985

Cynthia Clemson is a vice president of Eaton Vance Management, co-director of municipal investments and portfolio manager on Eaton Vance’s municipal bond team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s municipal bond strategies. Cindy began her career in the investment management industry with Eaton Vance in 1985.

Cindy earned a B.A. from Mount Holyoke College and an MBA from Boston University. She is a member of the Boston Municipal Analysts Forum, the Boston Security Analysts Society, the Municipal Bond Buyer Conference and the National Federation of Municipal Analysts.

Education
  • B.A. Mount Holyoke College
  • M.B.A. Graduate School of Management, Boston University

Experience
  • Managed Fund since inception


Literature

Literature

Fact Sheet

Download - Last updated: Dec 31, 2016

Commentary

Download - Last updated: Dec 31, 2016

Annual Report

Download - Last updated: Mar 31, 2016

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Download

Morningstar EOT Fact Sheet

Download

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: Apr 24, 2014

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: Jan 21, 2014

Eaton Vance Announces Updated Results of Closed-End Fund Share Repurchase Programs

Download - Last updated: Jan 9, 2014

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: Nov 20, 2013

Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

Download - Last updated: Nov 15, 2013

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: Jul 16, 2013

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: Feb 4, 2013

Eaton Vance National Municipal Opportunities Trust Opportunities Trust

Download - Last updated: Nov 30, 2010

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: Nov 9, 2010

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Apr 3, 2017

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Mar 1, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Feb 28, 2017

Distributions Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Feb 1, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Jan 31, 2017

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Jan 3, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Dec 31, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Dec 1, 2016

Eaton Vance National Municipal Opportunities Trust Declares Capital Gain Distribution

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Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Nov 30, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Nov 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Sep 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Aug 31, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Aug 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Jul 31, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Jun 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: May 31, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: May 2, 2016

Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Apr 1, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Mar 1, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Feb 1, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Jan 4, 2016

Eaton Vance National Municipal Opportunities Trust Declares Capital Gain Distribution

Download - Last updated: Dec 11, 2015

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Dec 1, 2015

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Nov 2, 2015

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Oct 1, 2015

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Sep 1, 2015

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Aug 3, 2015

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Jul 1, 2015

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Jun 1, 2015

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: May 1, 2015

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: Jan 16, 2015

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: Oct 20, 2014

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: Jul 30, 2014

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Download - Last updated: May 1, 2013

Section 16 Filings - www.sec.gov

Download - Last updated: Jun 30, 2011

Semi-Annual Report

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