National Municipal Opportunities Trust (EOT)

Overview

Historical Returns (%) as of Mar 31, 2024

03/31/2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	0.43	0.96	0.96	5.60	-1.27	1.50	3.23
Market Price	-0.40	-0.85	-0.85	-1.82	-5.89	-0.71	3.18
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

04/16/2024
	as of Apr 15, 2024
Distribution Rate at NAV	4.10%
Taxable-Equivalent Distribution Rate at NAV	6.93%
Distribution Rate at Market Price	4.61%
Taxable-Equivalent Distribution Rate at Market Price	7.78%

Fund Facts as of Mar 31, 2024

03/31/2024
Performance Inception	05/29/2009
Investment Objective	Current income
CUSIP	27829L105

Expense Ratios (%)²

01/31/2024
as of Annual Report dated 03/31/2023
Management Fees	0.67
Other Expenses	0.10
Total Expenses (ex Interest and Fee Expense)	0.77
Interest and Fee Expense	0.32
Total Expenses	1.09

Portfolio Management

04/11/2023
William J. Delahunty, CFA			Managed Fund since 2021
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.

Eaton Vance Distributors, Inc., Member FINRA/SIPC, is an affiliate of Eaton Vance Management.

RISK CONSIDERATIONS

The value of investments held by the Trust may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Because the Trust may invest significantly in a particular sector, the NAV of the Trust's shares may fluctuate more than a fund with less exposure to such sector. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. The Trust's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Trust), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Trust shares may decline and/or the Trust could experience delays in the return of collateral or other assets held by the counterparty. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. The Trust may engage in other investment practices that may involve additional risks.

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. For National Municipal Funds, Taxable-Equivalent Distribution Rate at NAV and Market Price is calculated using a 40.8% tax rate (equals maximum individual federal tax rate adjusted for the Medicare surtax). For Single-State Municipal Funds, Taxable-Equivalent Distribution Rates also reflect maximum effective individual state income tax rates. Local income taxes that may apply are not considered. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income."
2. Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions.

Performance

Historical Returns (%) as of Mar 31, 2024

03/31/2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	0.43	0.96	0.96	5.60	-1.27	1.50	3.23
Market Price	-0.40	-0.85	-0.85	-1.82	-5.89	-0.71	3.18
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 (%)

12/31/2023
	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Fund at NAV	17.44	4.35	0.87	5.99	0.68	8.32	5.64	4.36	-15.42	8.55
Market Price	19.77	7.19	2.65	14.17	-12.81	22.16	-1.62	11.48	-22.38	7.62

Fund Facts

03/31/2024
Performance Inception	05/29/2009

Distribution Rates¹

04/16/2024
	as of Apr 15, 2024
Distribution Rate at NAV	4.10%
Taxable-Equivalent Distribution Rate at NAV	6.93%
Distribution Rate at Market Price	4.61%
Taxable-Equivalent Distribution Rate at Market Price	7.78%

Distribution History^3,4

04/16/2024
Ex-Date	Distribution	Reinvest Price
Mar 20, 2024	$0.06250
Feb 21, 2024	$0.06250
Jan 22, 2024	$0.06250
Dec 21, 2023	$0.06250
Nov 21, 2023	$0.06250
Oct 20, 2023	$0.06250
Sep 21, 2023	$0.06250
Aug 21, 2023	$0.06250
Jul 21, 2023	$0.06250
Jun 21, 2023	$0.06250
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

Distributions ($)Distributions (%)
Distributions ($)	as of Dec 31, 2023
	Exempt-Interest Dividends
	Non-AMT	AMT	Total	Non-Qualified Ordinary Dividends	Capital Gain Distributions	Nondividend Distributions	Total Distributions
2023	$0.56	$0.13	$0.69	$0.06	$0.00	$0.00	$0.75
2022	$0.69	$0.08	$0.77	$0.05	$0.00	$0.00	$0.82
2021	$0.46	$0.12	$0.59	$0.17	$0.00	$0.00	$0.76
2020	$0.52	$0.13	$0.64	$0.07	$0.00	$0.07	$0.78
2019	$0.77	$0.13	$0.90	$0.04	$0.07	$0.00	$1.02
2018	$0.84	$0.15	$0.99	$0.04	$0.11	$0.00	$1.14
2017	$0.70	$0.11	$0.81	$0.04	$0.00	$0.00	$0.85
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	$0.72	$0.12	$0.84	$0.01	$0.00	$0.00	$0.85
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 (%)	as of Dec 31, 2023
2023	72.59%	19.19%	91.78%	8.22%	0.00%	0.00%	100.00%
2022	83.19%	9.98%	93.17%	6.83%	0.00%	0.00%	100.00%
2021	60.93%	16.31%	77.24%	22.76%	0.00%	0.00%	100.00%
2020	66.55%	16.24%	82.79%	8.84%	0.00%	8.37%	100.00%
2019	75.28%	12.77%	88.04%	4.37%	7.05%	0.00%	100.00%
2018	74.12%	12.64%	86.76%	3.80%	9.44%	0.00%	100.00%
2017	82.28%	12.67%	94.95%	5.05%	0.00%	0.00%	100.00%
2016	68.52%	10.40%	78.92%	4.94%	16.14%	0.00%	100.00%
2015	83.14%	13.66%	96.80%	3.20%	0.00%	0.00%	100.00%
2014	84.70%	14.53%	99.23%	0.77%	0.00%	0.00%	100.00%
2013	82.74%	16.44%	99.18%	0.82%	0.00%	0.00%	100.00%
2013	88.39%	11.61%	100.00%	0.00%	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%

Eaton Vance Distributors, Inc., Member FINRA/SIPC, is an affiliate of Eaton Vance Management.

RISK CONSIDERATIONS

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. For National Municipal Funds, Taxable-Equivalent Distribution Rate at NAV and Market Price is calculated using a 40.8% tax rate (equals maximum individual federal tax rate adjusted for the Medicare surtax). For Single-State Municipal Funds, Taxable-Equivalent Distribution Rates also reflect maximum effective individual state income tax rates. Local income taxes that may apply are not considered. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income."
3. See “Tax Character of Distributions”. For information about any distributions in the current year estimated to include non-dividend distributions or capital gains, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a).
4. A nondividend or return of capital distribution may include, for example, a return of some or all of the money that an investor invested in Fund shares, which can cause the Fund's NAV to erode.

Portfolio

Municipal Obligations by State/Territory^5,6 as of Dec 31, 2022

12/31/2022
New York	19.81
Illinois	14.14
New Jersey	9.15
Texas	8.83
California	8.52
Florida	8.41
Georgia	4.08
North Carolina	3.56
New Hampshire	2.42
Virginia	2.14
View All

Fund Holdings^7,8 as of Feb 29, 2024

02/29/2024
Holding	Coupon Rate	Maturity Date	% of Net Assets
New Jersey Transportation Trust Fund Authority	0.00%	12/15/2038	3.90%
North Carolina Turnpike Authority	0.00%	01/01/2036	2.89%
County of Miami-Dade FL	7.00%	10/01/2039	2.56%
Chicago Board of Education	5.00%	12/01/2042	2.25%
San Francisco City & County Airport Comm-San Francisco International Airport	5.00%	05/01/2049	2.18%
Metropolitan Transportation Authority	4.00%	11/15/2048	2.13%
Oglethorpe Power Corp	4.13%	11/01/2045	1.87%
South Dakota Housing Development Authority	5.35%	05/01/2048	1.76%
Pasadena Independent School District	4.25%	02/15/2053	1.74%
County of Miami-Dade FL	6.88%	10/01/2034	1.72%
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).

RISK CONSIDERATIONS

Eaton Vance Distributors, Inc., Member FINRA/SIPC, is an affiliate of Eaton Vance Management.

5. Percent of municipal obligation holdings. Includes municipal obligations issued by the District of Columbia, if any.
6. In the event a municipal obligation has dual exemption in more than one state/territory, the primary state/territory as classified by a third-party data provider will be shown.
7. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.
8. Percent of total net assets.

Management

William J. Delahunty, CFA

Managing Director, Portfolio Manager
Joined Eaton Vance in 1998

Biography

William Delahunty is a portfolio manager on the Municipals team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's municipal bond strategies. He joined Eaton Vance in 1998. Morgan Stanley acquired Eaton Vance in March 2021.

Bill began his career in the investment management industry in 1994. Before joining Eaton Vance, he was a financial analyst with Grubb & Ellis.

Bill earned a B.A. in economics from the University of Vermont. He has served on the board of the National Federation of Municipal Analysts and is a past president of the Boston Municipal Analyst Forum. He is a CFA charterholder.

Education

B.A. in economics from the University of Vermont

Experience

Managed Fund since 2021

Other funds managed

Municipal Income Trust

Cynthia J. Clemson

Managing Director, Co-Head of Municipals
Joined Eaton Vance 1985

Biography

Cynthia is Co-Head of Municipals and portfolio manager on the 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. Morgan Stanley acquired Eaton Vance in March 2021.

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 CFA Society Boston, the Municipal Bond Buyer Conference and the National Federation of Municipal Analysts.