Overview

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
08/31/2016
Fund at NAV 0.29 2.04 5.39 8.41 10.29 8.08 8.50
Market Price 0.28 2.73 10.38 19.33 13.66 8.30 8.30
06/30/2016
Fund at NAV 1.72 3.16 5.06 8.89 8.58 8.32 8.66
Market Price 2.37 4.44 10.00 19.74 10.73 8.89 8.46
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 Sep 23, 2016
Distribution Rate at NAV 4.47%
Taxable-Equivalent Distribution Rate at NAV 7.90%
Distribution Rate at Market Price 4.45%
Taxable-Equivalent Distribution Rate at Market Price 7.86%

Fund Factsas of Aug 31, 2016

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 Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
08/31/2016
Fund at NAV 0.29 2.04 5.39 8.41 10.29 8.08 8.50
Market Price 0.28 2.73 10.38 19.33 13.66 8.30 8.30
06/30/2016
Fund at NAV 1.72 3.16 5.06 8.89 8.58 8.32 8.66
Market Price 2.37 4.44 10.00 19.74 10.73 8.89 8.46
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 (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 1.40 11.49 14.47 -4.83 17.44 4.35
Market Price 6.41 16.44 11.22 -12.15 19.77 7.19

Fund Facts

Performance Inception 05/29/2009

Distribution Rates1

as of Sep 23, 2016
Distribution Rate at NAV 4.47%
Taxable-Equivalent Distribution Rate at NAV 7.90%
Distribution Rate at Market Price 4.45%
Taxable-Equivalent Distribution Rate at Market Price 7.86%

Distribution History2

Ex-Date Distribution Reinvest Price
Sep 21, 2016 $0.08583 $22.78
Aug 22, 2016 $0.08583 $23.05
Jul 20, 2016 $0.08583 $23.02
Jun 21, 2016 $0.08583 $23.21
May 20, 2016 $0.08583 $22.90
Apr 20, 2016 $0.08583 $22.46
Mar 22, 2016 $0.08583 $22.54
Feb 18, 2016 $0.08583 $22.03
Jan 20, 2016 $0.08583 $21.87
Dec 21, 2015 $0.08583 $21.53
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 ($)
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 (%)
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 Jul 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
Duke Energy Indiana LLC 6.00% 08/01/2039 2.47%
City of San Jose CA Airport Revenue 6.00% 03/01/2047 2.34%
New Jersey Transportation Trust Fund Authority 0.00% 12/15/2038 2.21%
San Joaquin Hills Transportation Corridor Agency 5.00% 01/15/2050 2.10%
County of Miami-Dade FL 0.00% 10/01/2039 2.09%
North Carolina Turnpike Authority 0.00% 01/01/2036 1.99%
AEP Texas Central Co 6.30% 11/01/2029 1.96%
Adventist Health System/Sunbelt Obligated Group 5.75% 11/15/2038 1.95%
State of California 6.00% 04/01/2038 1.88%
Tender Option Bond Trust Receipts/Certificates 14.45% 04/01/2033 1.68%
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, 2016

The U.S. municipal bond market was positive for the second quarter of 2016, with the Barclays Municipal Bond Index5 (the Index) returning 2.61% for the three-month period. June represented the 12th straight month of positive performance for the Index.

For the quarter, muni performance was supported by strong demand from investors seeking haven from financial market volatility that persisted due to ongoing global growth concerns. While investors' appetite for risk assets, such as high-yield debt, carried over from the first quarter, volatility ramped up near the end of the quarter following weak U.S. economic data.

The unexpected "leave" result of the U.K. Brexit referendum in late June boosted demand for safe haven assets, such as U.S. Treasurys, with the yield on the 10-year Treasury finishing the quarter near record lows. Muni bonds benefited as well, due to their high correlation with Treasurys. At quarter end, the 10-year muni/Treasury ratio stood at 91%, compared to 85% at the beginning of the year; the 30-year ratio ended at 87%, compared to 94% on December 31.

The municipal yield curve flattened during the quarter, with the two-year AAA muni yield declining 9 basis points (bps) and the 30-year AAA yield falling 67bps. As a result, longer duration muni bonds outperformed their shorter duration counterparts. In terms of credit quality, below investment-grade bonds typically outperformed their higher-quality counterparts, primarily due to strength in Puerto Rico bonds. Puerto Rico bonds were among the best-performing area of the muni market despite defaults and an important July 1 payment deadline.

Technical conditions were supportive during the period. Year-to-date muni bond issuance hit approximately $218 billion as of June 30, down 3% compared to the same period last year, according to Thomson Reuters. On the demand side, municipal bond funds enjoyed 39 consecutive weeks of inflows as of 6/29, according to Investment Company Institute.

Performance Summary 

Eaton Vance National Municipal Opportunities Trust (the Trust) (EOT) underperformed the Barclays Capital Long (22+) Municipal Bond Index6 (the Index) at net asset value for the quarter. Contributing to performance was the Fund's use of tender option bonds (TOBs), which generally outpaced the Index. These securities act as a financing mechanism allowing investors to borrow at short-term rates and invest in higher-yielding bonds. The Fund's overweight exposure and security selection among zero coupon bonds aided performance relative to the Index for the quarter. Zeros, which typically have more interest rate sensitivity than coupon-bearing bonds, outperformed the Index as long-term interest rates fell. Security selection and overweight exposure in transportation bonds also aided performance relative to the Index for the quarter. Security selection among hospital bonds hurt, as bonds in these sectors held by the Fund lagged those in the Index. Security selection in bonds rated BBB also hurt performance for the quarter relative to the Index. An overweight and security selection in prerefunded bonds also detracted from performance relative to the Index, as these bonds underperformed the broader Index.

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 1.72 3.16 5.06 8.89 8.58 8.32 8.66
Market Price 2.37 4.44 10.00 19.74 10.73 8.89 8.46
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, 2016

Performance Inception 05/29/2009

Investment Outlook And Fund Positioning 

Absent a meaningful spike in Treasury yields, we believe the municipal market is likely to remain well-supported in the near term. The summer months are historically favorable for municipal bonds primarily due to a decline in municipal issuance, the seasonally large reinvestment of coupons and bond maturities. More importantly, with an economic environment defined by high uncertainty, low growth and muted inflation, we think this favorable supply-demand dynamic should keep a lid on yields in the near term.

Looking out over the longer term, we believe demand for munis could remain strong in an environment where economic growth is slow and financial market uncertainty persists. Given this view, we believe tax-sensitive income-seeking investors may continue to seek munis as a source of yield.

We continue to closely monitor events in Puerto Rico, particularly the important July 1 payment deadline. Additional defaults on the island's debt will likely occur in the coming months. If a default by a Puerto Rico issuer disrupts the broader muni market, we would consider any price volatility as an opportunity.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: Jun 30, 2016

Commentary

Download - Last updated: Jun 30, 2016

Annual Report

Download - Last updated: Mar 31, 2016

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

Download

Eaton Vance municipal funds' holdings in Puerto Rico debt

Download - Last updated: Jul 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Sep 30, 2015

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: Sep 1, 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

Download - Last updated: Jul 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Jun 30, 2016

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

Download - Last updated: Apr 30, 2016

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

Download - Last updated: Apr 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Mar 31, 2016

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

Download - Last updated: Mar 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Feb 29, 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

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Dec 31, 2015

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

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Oct 31, 2015

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

Download - Last updated: Oct 1, 2015

Eaton Vance Limited Duration Income Fund Eaton Vance National Municipal Opportunities Trust Annual Meetings of Shareholders

Download - Last updated: Sep 28, 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

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

Download - Last updated: Apr 1, 2015

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

Download - Last updated: Mar 2, 2015

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

Download - Last updated: Feb 2, 2015

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

Download - Last updated: Jan 16, 2015

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

Download - Last updated: Jan 2, 2015

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

Download - Last updated: Dec 1, 2014

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

Download - Last updated: Nov 3, 2014

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

Download - Last updated: Oct 20, 2014

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

Download - Last updated: Oct 1, 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, 2015