Eaton Vance National Municipal 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, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

National Municipal Opportunities Trust

December 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 111.3%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.1%

      

Pennsylvania Economic Development Financing Authority, (Colver), (AMT), 5.125%, 12/1/15

    $ 200       $ 203,710   
     

 

 

  
   $ 203,710   
     

 

 

  

Education — 9.0%

      

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

    $ 10,440       $ 11,748,132   

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

      12,000         13,696,680   

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

      1,500         1,690,635   

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

      3,000         3,427,710   

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

      750         900,128   
     

 

 

  
   $ 31,463,285   
     

 

 

  

Electric Utilities — 13.2%

      

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

    $ 340       $ 364,715   

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

      3,050         3,151,443   

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

      3,650         4,326,965   

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

      2,815         3,337,098   

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

      4,540         5,286,285   

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

      8,000         9,139,440   

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

      6,000         6,920,280   

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

      715         739,146   

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

      2,500         2,765,700   

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

      9,000         9,836,010   
     

 

 

  
   $ 45,867,082   
     

 

 

  

Escrowed/Prerefunded — 0.3%

      

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

    $ 1,000       $ 1,125,430   
     

 

 

  
   $ 1,125,430   
     

 

 

  

General Obligations — 5.2%

      

California, 5.00%, 10/1/33

    $ 4,035       $ 4,781,999   

California, 6.00%, 4/1/38

      5,750         6,904,715   

Illinois, 5.00%, 5/1/36

      3,500         3,749,060   

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

      2,210         2,625,679   
     

 

 

  
   $ 18,061,453   
     

 

 

  

Hospital — 20.7%

      

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

    $ 980       $ 1,151,353   

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

      1,000         1,167,330   

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

      165         188,202   

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 665       $ 768,434   

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

      12,300         14,170,215   

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

      3,000         3,751,080   

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

      2,300         2,662,135   

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

      1,665         1,905,626   

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

      5,915         6,807,633   

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

      3,400         3,870,118   

Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33

      3,725         3,730,140   

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

      1,450         1,532,171   

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

      4,070         4,227,265   

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

      2,425         2,478,229   

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

      1,365         1,538,956   

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

      770         953,329   

St. Paul, MN, Housing and Redevelopment Authority, (HealthEast), 6.00%, 11/15/35

      3,750         3,884,100   

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

      3,115         3,267,199   

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

      3,500         4,080,755   

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

      4,500         4,726,710   

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

      5,000         5,209,250   
     

 

 

  
      $ 72,070,230   
     

 

 

  

Housing — 3.0%

      

Maryland Community Development Administration, Department of Housing and Community Development, (AMT), 5.15%, 9/1/42

    $ 20       $ 20,417   

Maryland Community Development Administration, Department of Housing and Community Development, (AMT), 5.15%, 9/1/42(1)

      10,110         10,321,097   
     

 

 

  
      $ 10,341,514   
     

 

 

  

Industrial Development Revenue — 10.4%

      

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

    $ 5,000       $ 5,020,500   

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

      3,000         3,337,020   

California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23(3)

      5,000         5,198,600   

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

      3,000         3,459,660   

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

      3,420         4,275,786   

Massachusetts Development Finance Agency, (Covanta Energy),
4.875%, 11/1/42(3)

      2,695         2,743,699   

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

      1,800         2,000,862   

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

      630         680,866   

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

      1,900         2,028,782   

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

      2,560         3,091,456   

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

      3,000         3,435,510   

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

      850         962,421   
     

 

 

  
      $ 36,235,162   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 0.9%

      

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

    $ 2,910       $ 3,207,897   
     

 

 

  
      $ 3,207,897   
     

 

 

  

Insured-Special Tax Revenue — 3.1%

      

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

    $ 295       $ 301,552   

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

      4,000         4,225,920   

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

      6,000         6,252,300   
     

 

 

  
      $ 10,779,772   
     

 

 

  

Insured-Transportation — 6.1%

      

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

    $ 710       $ 814,469   

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

      2,885         3,253,559   

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

      4,000         1,858,520   

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

      15,000         6,680,100   

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

      7,850         8,608,467   
     

 

 

  
      $ 21,215,115   
     

 

 

  

Insured-Water and Sewer — 0.4%

      

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

    $ 1,410       $ 1,451,581   
     

 

 

  
      $ 1,451,581   
     

 

 

  

Lease Revenue/Certificates of Participation — 2.3%

      

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

    $ 2,000       $ 2,389,020   

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

      5,000         5,734,200   
     

 

 

  
      $ 8,123,220   
     

 

 

  

Other Revenue — 2.8%

      

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

    $ 510       $ 594,797   

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

      575         679,173   

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

      315         372,286   

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

      1,250         1,373,250   

New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44(3)

      4,000         4,167,520   

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

      1,245         1,442,930   

Seminole Tribe, FL, 5.50%, 10/1/24(3)

      925         1,005,216   
     

 

 

  
      $ 9,635,172   
     

 

 

  

Senior Living/Life Care — 6.9%

      

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

    $ 1,295       $ 1,498,056   

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

      3,405         3,657,072   

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

      2,000         2,305,840   

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

      465         521,586   

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

      925         1,031,958   

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

      165         187,138   

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

      345         401,397   

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

      300         328,737   

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

      275         302,291   

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,705       $ 1,766,994   

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

      500         577,880   

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

      1,600         1,850,656   

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

      470         535,161   

Mount Vernon, NY, Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29

      1,000         1,001,030   

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

      835         895,537   

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

      550         626,136   

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

      2,560         2,934,579   

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

      255         276,405   

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

      735         794,822   

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

      2,500         2,641,000   
     

 

 

  
      $ 24,134,275   
     

 

 

  

Special Tax Revenue — 0.8%

      

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

    $ 1,625       $ 1,800,971   

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

      1,020         1,133,751   
     

 

 

  
      $ 2,934,722   
     

 

 

  

Student Loan — 1.5%

      

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

    $ 3,545       $ 3,770,639   

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

      1,445         1,491,616   
     

 

 

  
      $ 5,262,255   
     

 

 

  

Transportation — 16.4%

      

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

    $ 325       $ 376,838   

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

      35         40,768   

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

      1,345         1,537,631   

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

      1,140         1,290,275   

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

      1,125         1,334,002   

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

      1,735         2,046,953   

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

      5,225         5,700,109   

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

      875         947,354   

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

      2,060         2,206,342   

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

      350         405,290   

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

      1,000         1,141,000   

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

      1,360         1,485,705   

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

      20,000         6,435,200   

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

      2,660         3,148,935   

North Texas Tollway Authority, 5.75%, 1/1/38

      5,000         5,525,600   

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

      750         838,432   

Route 460 Funding Corp., VA, 0.00%, 7/1/39

      2,200         663,960   

Route 460 Funding Corp., VA, 0.00%, 7/1/40

      4,625         1,307,071   

Route 460 Funding Corp., VA, 0.00%, 7/1/41

      4,970         1,332,358   

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

      8,000         8,459,200   

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

      5,000         5,875,100   

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 2,625       $ 3,194,599   

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

      1,520         1,802,218   
     

 

 

  
   $ 57,094,940   
     

 

 

  

Water and Sewer — 8.2%

      

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

    $ 3,000       $ 3,564,690   

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

      1,450         1,572,975   

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

      1,405         1,521,137   

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

      2,725         2,917,467   

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

      550         622,721   

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

      2,425         2,748,398   

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

      2,070         2,270,852   

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

      11,700         13,226,148   
     

 

 

  
   $ 28,444,388   
     

 

 

  

Total Tax-Exempt Municipal Securities — 111.3%
(identified cost $330,828,114)

       $ 387,651,203   
     

 

 

  

Taxable Municipal Securities — 1.2%

      

Hospital — 1.2%

      

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

    $ 4,000       $ 4,185,320   
     

 

 

  

Total Taxable Municipal Securities — 1.2%
(identified cost $4,000,000)

       $ 4,185,320   
     

 

 

  

Corporate Bonds & Notes — 0.6%

      

Hospital — 0.6%

      

Dignity Health, 5.267%, 11/1/64

    $ 1,725       $ 1,880,155   
     

 

 

  

Total Corporate Bonds & Notes — 0.6%
(identified cost $1,725,000)

       $ 1,880,155   
     

 

 

  

Total Investments — 113.1%
(identified cost $336,553,114)

       $ 393,716,678   
     

 

 

  

Other Assets, Less Liabilities — (13.1)%

       $ (45,493,875 ) 
     

 

 

  

Net Assets — 100.0%

       $ 348,222,803   
     

 

 

  

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

 

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.

 

5

 

 

At December 31, 2014, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:

 

                        

Texas

      15.9 % 

California

      12.7 % 

Others, representing less than 10% individually

      71.4 % 

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, 2014, 9.3% 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 4.8% 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 $10,686,625.

 

(3) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At December 31, 2014, the aggregate value of these securities is $13,115,035 or 3.8% of the Trust’s net assets.

The Trust did not have any open financial instruments at December 31, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Trust at December 31, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     286,831,192   
  

 

 

  

Gross unrealized appreciation

    $ 58,565,486   

Gross unrealized depreciation

      —   
  

 

 

  

Net unrealized appreciation

    $ 58,565,486   
  

 

 

  

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)

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, 2014, 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

    $ —       $ 387,651,203       $ —       $ 387,651,203   

Taxable Municipal Securities

      —         4,185,320         —         4,185,320   

Corporate Bonds & Notes

      —         1,880,155         —         1,880,155   

Total Investments

    $     —       $     393,716,678       $     —       $     393,716,678   

The Trust held no investments or other financial instruments as of March 31, 2014 whose fair value was determined using Level 3 inputs. At December 31, 2014, 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.

 

6

 

 

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 23, 2015

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 23, 2015

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date:   February 23, 2015