Eaton Vance National Opportunities Trust

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-22269

Investment Company Act File Number

Eaton Vance National Municipal Opportunities Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

March 31

Date of Fiscal Year End

December 31, 2015

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

National Municipal Opportunities Trust

December 31, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 107.3%

 

                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

Education — 9.0%

     

Maine Health and Higher Educational Facilities Authority, (Bowdoin College), 5.00%, 7/1/39(1)

   $ 10,440       $ 11,611,681   

New Hampshire Health and Education Facilities Authority, (Dartmouth College),
5.25%, 6/1/39
(1)(2)

     12,000         13,560,720   

New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33

     1,500         1,679,265   

New York Dormitory Authority, (The New School), 5.75%, 7/1/50

     3,000         3,423,540   

Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36

     750         894,150   
     

 

 

 
   $ 31,169,356   
     

 

 

 

Electric Utilities — 13.1%

     

Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.),
4.50%, 3/1/30

   $ 340       $ 371,912   

Beaver County Industrial Development Authority, PA, (FirstEnergy Nuclear Generation, LLC), 3.50% to 6/1/20 (Put Date), 12/1/35

     3,050         3,113,349   

Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 1/1/34

     3,650         4,171,694   

Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34

     2,815         3,217,348   

Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 6.50%, 7/1/39

     4,540         5,151,493   

Indiana Financing Authority, (Duke Energy Indiana, Inc.), 6.00%, 8/1/39

     8,000         9,179,600   

Matagorda County Navigation District No. 1, TX, (Central Power and Light Co.),
6.30%, 11/1/29

     6,000         6,829,620   

Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.),
4.00%, 9/1/29

     715         750,178   

Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.),
5.25%, 10/1/40

     2,500         2,775,825   

Salt River Project Agricultural Improvement and Power District, AZ, 5.00%, 1/1/38(1)(2)

     9,000         9,594,450   
     

 

 

 
   $ 45,155,469   
     

 

 

 

Escrowed/Prerefunded — 2.1%

     

Atlanta, GA, Water & Wastewater Revenue, Prerefunded to 11/1/19, 6.25%, 11/1/34

   $ 3,000       $ 3,576,390   

Illinois Finance Authority, (Rush University Medical Center), Prerefunded to 5/1/19,
6.625%, 11/1/39

     2,300         2,716,277   

New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17,
5.625%, 7/1/37

     1,000         1,073,130   
     

 

 

 
   $ 7,365,797   
     

 

 

 

General Obligations — 5.1%

     

California, 5.00%, 10/1/33

   $ 4,035       $ 4,781,435   

California, 6.00%, 4/1/38

     5,750         6,660,972   

Illinois, 5.00%, 5/1/36

     3,500         3,692,465   

Will County Community Unit School District No. 365-U, IL, (Valley View), 5.75%, 11/1/32

     2,210         2,584,440   
     

 

 

 
   $ 17,719,312   
     

 

 

 

Hospital — 18.1%

     

California Health Facilities Financing Authority, (Catholic Healthcare West), 6.00%, 7/1/34

   $ 980       $ 1,128,372   

California Health Facilities Financing Authority, (Catholic Healthcare West), 6.00%, 7/1/39

     1,000         1,147,350   

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37

     165         189,524   

Camden County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42

     665         760,600   

Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children’s Hospital), 5.50%, 10/1/39(1)

     12,300         13,955,949   

 

1

 

 


                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

Illinois Finance Authority, (Provena Healthcare), 7.75%, 8/15/34

   $ 3,000       $ 3,621,960   

Illinois Finance Authority, (Rush University Medical Center), 4.00%, 11/15/39

     1,000         1,026,340   

Johnson City Health & Educational Facilities Board, TN, (Mountain States Health Alliance), 6.00%, 7/1/38

     1,665         1,887,677   

Kansas Development Finance Authority, (Adventist Health System), 5.75%, 11/15/38

     5,915         6,801,718   

Maricopa County Industrial Development Authority, AZ, (Catholic Healthcare West), 6.00%, 7/1/39

     3,400         3,837,852   

Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 4.75%, 7/1/25

     1,450         1,542,887   

Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46

     4,070         4,213,834   

Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42

     2,425         2,914,729   

South Lake County Hospital District, FL, (South Lake Hospital), 6.25%, 4/1/39

     1,365         1,546,149   

Southwestern Illinois Development Authority, (Memorial Group, Inc.), 7.25%, 11/1/33

     770         1,017,108   

Sullivan County Health, Educational and Housing Facilities Board, TN, (Wellmont Health System), 5.25%, 9/1/36

     3,115         3,193,187   

Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)

     3,500         4,045,860   

Tyler Health Facilities Development Corp., TX, (East Texas Medical Center),
5.375%, 11/1/37

     4,500         4,601,880   

Wisconsin Health and Educational Facilities Authority, (Wheaton Franciscan Healthcare System), 5.125%, 8/15/30

     5,000         5,085,050   
     

 

 

 
   $ 62,518,026   
     

 

 

 

Housing — 0.1%

     

New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/47

   $ 445       $ 463,441   
     

 

 

 
   $ 463,441   
     

 

 

 

Industrial Development Revenue — 11.2%

     

Alabama Industrial Development Authority, (Pine City Fiber Co.), (AMT),
6.45%, 12/1/23

   $ 5,000       $ 5,021,200   

Brazos River Harbor Navigation District of Brazoria County, TX, (Dow Chemical Co.), (AMT), 5.95%, 5/15/33

     3,000         3,296,850   

Campbell County, WY, (Basin Electric Power Cooperative), 5.75%, 7/15/39(3)

     3,000         3,398,940   

Clayton County Development Authority, GA, (Delta Air Lines, Inc.), 8.75%, 6/1/29

     3,420         4,191,107   

Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45(4)

     1,950         2,025,056   

Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(4)

     725         732,352   

Massachusetts Development Finance Agency, (Covanta Energy), 4.875%, 11/1/42(4)

     2,695         2,699,743   

Nevada Department of Business and Industry, (Republic Services, Inc.), (AMT),
5.625% to 6/1/18 (Put Date), 12/1/26

     1,800         1,939,914   

New Jersey Economic Development Authority, (Continental Airlines), (AMT),
5.125%, 9/15/23

     630         693,951   

New Jersey Economic Development Authority, (Continental Airlines), (AMT),
5.25%, 9/15/29

     1,900         2,082,343   

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35

     2,560         3,096,243   

Owen County, KY, (Kentucky-American Water Co., Inc.), 6.25%, 6/1/39

     3,000         3,380,610   

Pennsylvania Economic Development Financing Authority, (PPL Energy Supply, LLC), 6.40%, 12/1/38

     1,690         1,732,385   

Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35

     3,685         3,624,455   

Selma Industrial Development Board, AL, (International Paper Co.), 5.80%, 5/1/34

     850         952,604   
     

 

 

 
   $ 38,867,753   
     

 

 

 

 

2

 

 


                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

Insured-General Obligations — 0.9%

  

McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/30

   $ 2,910       $ 3,248,840   
     

 

 

 
   $ 3,248,840   
     

 

 

 

Insured-Special Tax Revenue — 3.4%

     

Hesperia Public Financing Authority, CA, (Redevelopment and Housing Projects), (XLCA), 5.00%, 9/1/37

   $ 295       $ 299,646   

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC),
6.875%, (0.00% until 10/1/19), 10/1/34

     4,000         4,558,160   

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC),
7.00%, (0.00% until 10/1/19), 10/1/39

     6,000         6,729,960   
     

 

 

 
   $ 11,587,766   
     

 

 

 

Insured-Transportation — 5.9%

     

Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43

   $ 710       $ 813,603   

Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39

     2,885         3,226,036   

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC),
0.00%, 1/1/35

     4,000         1,940,160   

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC),
0.00%, 1/1/36

     13,000         6,046,430   

San Jose, CA, Airport Revenue, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47

     7,850         8,276,491   
     

 

 

 
   $ 20,302,720   
     

 

 

 

Insured-Water and Sewer — 0.4%

     

Detroit, MI, Water Supply System, (NPFG), 5.00%, 7/1/27

   $ 1,410       $ 1,425,722   
     

 

 

 
   $ 1,425,722   
     

 

 

 

Lease Revenue/Certificates of Participation — 2.2%

     

Mohave County Industrial Development Authority, AZ, (Mohave Prison LLC),
8.00%, 5/1/25

   $ 2,000       $ 2,215,240   

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31

     5,000         5,542,050   
     

 

 

 
   $ 7,757,290   
     

 

 

 

Other Revenue — 1.2%

     

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.00%, 7/15/30

   $ 510       $ 578,478   

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.25%, 7/15/40

     575         654,373   

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.375%, 7/15/43

     315         362,070   

Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37

     1,245         1,445,507   

Seminole Tribe, FL, 5.50%, 10/1/24(4)

     925         973,951   
     

 

 

 
   $ 4,014,379   
     

 

 

 

Senior Living/Life Care — 6.7%

     

ABAG Finance Authority for Nonprofit Corporations, CA, (Episcopal Senior Communities), 6.00%, 7/1/31

   $ 1,295       $ 1,475,497   

Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37

     3,405         3,643,520   

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 6.20%, 7/1/45

     2,000         2,263,480   

Douglas County Hospital Authority No. 2, NE, (Immanuel Obligated Group),
5.50%, 1/1/30

     465         512,291   

Douglas County Hospital Authority No. 2, NE, (Immanuel Obligated Group),
5.625%, 1/1/40

     925         1,016,066   

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28

     165         186,561   

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 6.375%, 1/1/33

     345         400,997   

 

3

 

 


                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32

   $ 300       $ 327,144   

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37

     275         300,732   

Lee County Industrial Development Authority, FL, (Shell Point Village/Alliance Community), 5.00%, 11/15/29

     1,705         1,769,841   

Lee County Industrial Development Authority, FL, (Shell Point Village/Alliance Community), 6.125%, 11/15/26

     500         586,915   

Lee County Industrial Development Authority, FL, (Shell Point Village/Alliance Community), 6.50%, 11/15/31

     1,600         1,872,608   

Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), 6.125%, 1/1/30

     470         526,945   

Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.00%, 10/1/24

     835         944,385   

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39

     550         655,331   

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49

     2,560         3,069,952   

Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe),
6.00%, 12/1/32

     255         277,284   

Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe),
6.25%, 12/1/42

     735         801,128   

Washington Housing Finance Commission, (Wesley Homes), 6.20%, 1/1/36

     2,500         2,601,775   
     

 

 

 
   $ 23,232,452   
     

 

 

 

Special Tax Revenue — 0.9%

     

Guam, Limited Obligation Bonds, 5.625%, 12/1/29

   $ 1,625       $ 1,805,180   

Guam, Limited Obligation Bonds, 5.75%, 12/1/34

     1,020         1,136,872   
     

 

 

 
   $ 2,942,052   
     

 

 

 

Student Loan — 1.3%

     

Massachusetts Educational Financing Authority, 6.00%, 1/1/28

   $ 2,820       $ 2,982,545   

New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43

     1,445         1,484,376   
     

 

 

 
   $ 4,466,921   
     

 

 

 

Transportation — 18.5%

     

Central Texas Regional Mobility Authority, 5.00%, 1/1/45

   $ 750       $ 837,045   

Central Texas Regional Mobility Authority, 5.75%, 1/1/31

     325         370,747   

Central Texas Regional Mobility Authority, 6.00%, 1/1/41

     35         40,157   

Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33

     1,500         1,719,795   

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25

     1,345         1,552,238   

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26

     1,140         1,307,785   

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30

     1,125         1,330,054   

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31

     1,735         2,046,762   

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT),
5.00%, 11/1/38

     5,225         5,657,473   

Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43

     875         961,826   

Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41

     1,065         1,193,173   

Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29

     2,060         2,238,128   

Illinois Toll Highway Authority, 5.00%, 12/1/31(5)

     1,315         1,559,985   

Memphis-Shelby County Airport Authority, TN, (AMT), 5.75%, 7/1/24

     350         400,456   

Metropolitan Transportation Authority, NY, 5.00%, 11/15/31

     1,000         1,166,240   

Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41

     1,360         1,474,498   

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34

     1,250         1,388,825   

New Jersey Transportation Trust Fund Authority, (Transportation System),
0.00%, 12/15/38

     20,000         6,039,200   

 

4

 

 


                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

New Jersey Turnpike Authority, 5.00%, 1/1/38

   $ 5,000       $ 5,611,700   

North Texas Tollway Authority, 5.50%, 9/1/41(1)(2)

     2,660         3,140,715   

North Texas Tollway Authority, Prerefunded to 1/1/18, 5.75%, 1/1/38

     5,000         5,468,600   

Orlando-Orange County Expressway Authority, FL, 5.00%, 7/1/35

     750         840,030   

San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/50

     6,400         6,916,672   

St. Louis, MO, (Lambert-St. Louis International Airport), 6.625%, 7/1/34

     5,000         5,756,950   

Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34

     2,625         3,201,056   

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39

     1,520         1,787,171   
     

 

 

 
   $ 64,007,281   
     

 

 

 

Water and Sewer — 7.2%

     

Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32

   $ 1,450       $ 1,602,975   

Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39

     1,405         1,556,304   

Detroit, MI, Water Supply System, 5.25%, 7/1/41

     2,725         2,977,389   

Marco Island, FL, Utility System, 5.00%, 10/1/34

     550         621,929   

Marco Island, FL, Utility System, 5.00%, 10/1/40

     2,425         2,744,470   

Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34

     2,070         2,330,613   

New York, NY, Municipal Water Finance Authority, (Water and Sewer System),
5.25%, 6/15/40
(1)

     11,700         13,227,786   
     

 

 

 
   $ 25,061,466   
     

 

 

 

Total Tax-Exempt Municipal Securities — 107.3%
(identified cost $320,970,989)

      $ 371,306,043   
     

 

 

 

Taxable Municipal Securities — 2.2%

     
Security   

Principal

Amount

(000’s omitted)

     Value  

General Obligations — 1.0%

     

Chicago, IL, 7.375%, 1/1/33

   $ 1,750       $ 1,832,407   

Chicago, IL, 7.781%, 1/1/35

     1,400         1,509,844   
     

 

 

 
   $ 3,342,251   
     

 

 

 

Hospital — 1.2%

     

California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24

   $ 4,000       $ 4,262,520   
     

 

 

 
   $ 4,262,520   
     

 

 

 

Total Taxable Municipal Securities — 2.2%
(identified cost $7,221,767)

      $ 7,604,771   
     

 

 

 

Total Investments — 109.5%
(identified cost $328,192,756)

      $ 378,910,814   
     

 

 

 

Other Assets, Less Liabilities — (9.5)%

      $ (32,951,555
     

 

 

 

Net Assets — 100.0%

      $ 345,959,259   
     

 

 

 

 

5

 

 


The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

At December 31, 2015, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:

 

                        

Texas

     16.7

California

     11.2

Others, representing less than 10% individually

     72.1

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. In order to reduce the risk associated with such economic developments, at December 31, 2015, 9.7% 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 0.1% to 5.1% of total investments.

 

(1) Security represents the municipal bond held by a trust that issues residual interest bonds.

 

(2) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $10,300,885.

 

(3) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

 

(4) Security exempt from registration pursuant to Rule 144A under 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 December 31, 2015, the aggregate value of these securities is $6,431,102 or 1.9% of the Trust’s net assets.

 

(5) When-issued security.

Abbreviations:

 

AGC

  -   Assured Guaranty Corp.

AGM

  -   Assured Guaranty Municipal Corp.

AMBAC

  -   AMBAC Financial Group, Inc.

AMT

  -   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BHAC

  -   Berkshire Hathaway Assurance Corp.

NPFG

  -   National Public Finance Guaranty Corp.

XLCA

  -   XL Capital Assurance, Inc.

The Trust did not have any open financial instruments at December 31, 2015.

The cost and unrealized appreciation (depreciation) of investments of the Trust at December 31, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $     285,240,432   
  

 

 

 

Gross unrealized appreciation

   $ 52,099,726   

Gross unrealized depreciation

     (9,344
  

 

 

 

Net unrealized appreciation

   $ 52,090,382   
  

 

 

 

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.

 

 

Level 1 — quoted prices in active markets for identical investments

 

 

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

 

Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

 

6

 

 


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.

At December 31, 2015, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

   $       $ 371,306,043       $       $ 371,306,043   

Taxable Municipal Securities

             7,604,771                 7,604,771   

Total Investments

   $     —       $     378,910,814       $     —       $     378,910,814   

The Trust held no investments or other financial instruments as of March 31, 2015 whose fair value was determined using Level 3 inputs. At December 31, 2015, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Trust’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements included in its semiannual or annual report to shareholders.

 

7

 

 


Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’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 on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.


Signatures

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.

Eaton Vance National Municipal Opportunities Trust

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   February 22, 2016

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.

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   February 22, 2016

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   February 22, 2016