Overview

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -0.15 1.45 4.70 0.88 4.30 4.48 7.38
Market Price 0.97 4.83 12.97 3.00 9.86 4.81 7.82
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 Oct 17, 2017
Distribution Rate at NAV 4.67%
Taxable-Equivalent Distribution Rate at NAV 8.25%
Distribution Rate at Market Price 4.42%
Taxable-Equivalent Distribution Rate at Market Price 7.81%

Fund Factsas of Sep 30, 2017

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

Expense Ratios (%)2

as of Annual Report dated 03/31/2017
Management Fees 0.67
Other Expenses 0.08
Total Expenses (ex Interest and Fee Expense) 0.75
Interest and Fee Expense 0.16
Total Expenses 0.91

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 Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -0.15 1.45 4.70 0.88 4.30 4.48 7.38
Market Price 0.97 4.83 12.97 3.00 9.86 4.81 7.82
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 Oct 17, 2017
Distribution Rate at NAV 4.67%
Taxable-Equivalent Distribution Rate at NAV 8.25%
Distribution Rate at Market Price 4.42%
Taxable-Equivalent Distribution Rate at Market Price 7.81%

Distribution History3

Ex-Date Distribution Reinvest Price
Sep 21, 2017 $0.08590 $21.95
Aug 22, 2017 $0.08590 $22.04
Jul 20, 2017 $0.08590 $21.91
Jun 21, 2017 $0.08590 $21.86
May 22, 2017 $0.08590 $21.98
Apr 19, 2017 $0.08590 $21.72
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
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 Holdings4,5as of Aug 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
Duke Energy Indiana LLC 6.00% 08/01/2039 2.47%
New Jersey Transportation Trust Fund Authority 0.00% 12/15/2038 2.20%
County of MiamiDade FL 0.00% 10/01/2039 2.18%
San Joaquin Hills Transportation Corridor Agency 5.00% 01/15/2050 2.12%
AEP Texas Inc 6.30% 11/01/2029 2.02%
North Carolina Turnpike Authority 0.00% 01/01/2036 1.97%
Adventist Health SystemSunbelt Obligated Group 5.75% 11/15/2038 1.96%
State of California 6.00% 04/01/2038 1.89%
DallasFort Worth International Airport 5.00% 11/01/2038 1.73%
City of St Louis MO Airport Revenue 6.63% 07/01/2034 1.65%
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 Jun 30, 2017

The U.S. municipal bond market posted positive returns for the second quarter of 2017, with the Bloomberg Barclays Municipal Bond Index (the Index)6 returning 1.96% for the three-month period. After stabilizing during the first quarter, the municipal market rallied as confidence in the Trump administration's ability to deliver fiscal stimulus faded. This loss in confidence also resulted in a shift in performance leadership during the quarter, as longer-term municipals outperformed significantly after lagging throughout the first three months of the year.

After trending steeper for three consecutive quarters, the municipal yield curve flattened as two-year yields increased four basis points (bps) and 30-year yields decreased 26bps. In comparison, short-term Treasury yields increased more (13bps increase in two-year yields) and longer-term yields decreased less (18bps decrease in 30-year yields). As a result, muni-to-Treasury ratios richened significantly in the two-, five- and 10-year part of the curve, and to a lesser extent the 30-year portion as well.

In terms of credit quality, municipals rated BBB and A outperformed their higher-quality counterparts for the three-month period. Single A credits were the best-performing credit quality in the Index, returning 2.2%, followed closely by a 2.1% return for BBB-rated securities. The Bloomberg Barclays High Yield Municipal Bond Index7 returned 2.0% after a 4.1% return during the first three months of the year. Within the high-yield universe, the tobacco sector continued its dramatic outperformance, returning 4.8% during the quarter. In contrast, the high-yield muni index was hampered by Puerto Rico credits, which were down 7.33%.

The weakness in Puerto Rico was driven by the Commonwealth's decision to file for Title III bankruptcy protection on May 1, which is similar to Chapter 9 municipal bankruptcy. Through June, nine unique Puerto Rico issuers had defaulted on their debt, with the total amount of missed payments totaling approximately $2.4 billion. Additional defaults will likely occur, and the oversight board process is likely to be very long, with initial debt restructuring decisions likely not made until late 2017. By some estimates, the board could be in place for at least a decade.

Finally, from a supply and demand standpoint, municipal technicals improved throughout the quarter. Demand for municipals generally increased and mutual fund inflows accelerated during the quarter, as interest rates declined and investors became more comfortable increasing exposure further out on the yield curve. Following the record new deal activity during 2016, issuance during the first half of 2017 declined approximately 14%. Year-to-date issuance stands at $195 billion, compared to $227 billion during the first six months of 2016.

Performance Summary 

Eaton Vance National Municipal Opportunities Trust (the Trust) (EOT) underperformed the Bloomberg Barclays Capital Long (22+) Municipal Bond Index (the Index)8 at net asset value for the quarter. Detracting from performance was the Fund's overweight to pre-refunded and escrowed bonds, as these bonds underperformed the broader Index. Also detracting from the Fund's relative performance was security selection within California-based municipal bonds. The Fund's overweight to and security selection in zero coupon bonds aided relative performance. In addition, the Fund's security selection with Illinois credits bolstered relative performance.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -0.02 1.93 3.20 -0.91 4.84 5.07 7.43
Market Price 0.30 2.92 7.76 0.56 8.48 5.15 7.45
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 Jun 30, 2017

Performance Inception 05/29/2009

Investment Outlook And Fund Positioning 

The historic move higher in rates during the fourth quarter of 2016 created an opportunity to lock in higher yields and potentially generate higher future returns. With municipal yields still significantly higher than their post-Brexit lows 12 months ago, we believe this opportunity remains in place.

Municipal demand should increase significantly during the summer months due to elevated levels of coupon payments and redemptions, while issuance is expected to be lower due to a drop in refunding deals. As a result of the favorable technical environment, it is our view that municipals are poised to perform well despite lower ratios relative to Treasurys.

Though additional details will likely be forthcoming, the municipal market's initial reaction to details of President Trump's tax cut proposal was fairly muted and coincided with the pickup in demand during the quarter. We believe this reflects the view that munis will still play a key role in long-term portfolios even if the proposed changes to the tax code are enacted.

Finally, from an overall portfolio perspective, municipals continue to offer tax-free yield with lower risk, given the lack of correlation to other asset classes. With equity markets near all-time highs, munis may offer an attractive opportunity for core capital with a focus on principal preservation.9

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: Jun 30, 2017

Commentary

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Mar 31, 2017

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

Download

Eaton Vance and Calvert municipal funds' holdings in Puerto Rico debt

Download - Last updated: Oct 1, 2017

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: Oct 2, 2017

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

Download - Last updated: Sep 1, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Aug 31, 2017

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

Download - Last updated: Aug 1, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Jul 31, 2017

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

Download - Last updated: Jul 3, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Jun 30, 2017

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

Download - Last updated: Jun 1, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: May 31, 2017

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

Download - Last updated: May 1, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Apr 30, 2017

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

Download - Last updated: Apr 3, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Mar 31, 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

Download - Last updated: Dec 1, 2016

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

Download - Last updated: Oct 31, 2016

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

Download - Last updated: Oct 3, 2016

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

Download - Last updated: Sep 1, 2016

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

Download - Last updated: Aug 1, 2016

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

Download - Last updated: Jul 1, 2016

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

Download - Last updated: Jun 1, 2016

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

Download - Last updated: May 2, 2016

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

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

Download - Last updated: Sep 30, 2016