National Municipal Opportunities Trust (EOT)

Overview

Historical Returns (%) as of Sep 30, 2024

10/31/2024 09/30/2024
10/31/2024	as of Oct 31, 2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	-1.89	0.45	3.64	17.12	-1.24	1.07	2.61
Market Price	-1.57	3.39	8.04	23.94	-3.60	-1.65	3.34
09/30/2024	as of Sep 30, 2024
Fund at NAV	1.51	3.52	5.64	16.14	-0.71	1.45	2.96
Market Price	3.26	7.83	9.76	15.83	-4.80	-0.45	3.68
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

11/20/2024
	as of Nov 20, 2024
Distribution Rate at NAV	4.39%
Taxable-Equivalent Distribution Rate at NAV	7.42%
Distribution Rate at Market Price	4.75%
Taxable-Equivalent Distribution Rate at Market Price	8.02%

Fund Facts as of Oct 31, 2024

10/31/2024
Performance Inception	05/29/2009
Investment Objective	Current income
CUSIP	27829L105

Expense Ratios (%)²

06/30/2024
as of Annual Report dated 03/31/2024
Management Fees	0.69
Other Expenses	0.11
Total Expenses (ex Interest and Fee Expense)	0.77
Interest and Fee Expense	0.62
Total Expenses	1.42

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.

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 Sep 30, 2024

10/31/2024 09/30/2024
10/31/2024	as of Oct 31, 2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	-1.89	0.45	3.64	17.12	-1.24	1.07	2.61
Market Price	-1.57	3.39	8.04	23.94	-3.60	-1.65	3.34
09/30/2024	as of Sep 30, 2024
Fund at NAV	1.51	3.52	5.64	16.14	-0.71	1.45	2.96
Market Price	3.26	7.83	9.76	15.83	-4.80	-0.45	3.68
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

10/31/2024
Performance Inception	05/29/2009

Distribution Rates¹

11/20/2024
	as of Nov 20, 2024
Distribution Rate at NAV	4.39%
Taxable-Equivalent Distribution Rate at NAV	7.42%
Distribution Rate at Market Price	4.75%
Taxable-Equivalent Distribution Rate at Market Price	8.02%

Distribution History^3,4

11/20/2024
Ex-Date	Distribution	Reinvest Price
Oct 23, 2024	$0.06830
Sep 20, 2024	$0.06830	$17.88
Aug 22, 2024	$0.06830
Jul 23, 2024	$0.06830
Jun 21, 2024	$0.06250
May 23, 2024	$0.06250
Apr 22, 2024	$0.06250
Mar 20, 2024	$0.06250
Feb 21, 2024	$0.06250
Jan 22, 2024	$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.

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 Sep 30, 2024

09/30/2024
Holding	Coupon Rate	Maturity Date	% of Net Assets
State of New Jersey	0.00%	12/15/2038	3.98%
North Carolina Turnpike Authority	0.00%	01/01/2036	2.93%
County of Miami-Dade FL	7.00%	10/01/2039	2.47%
Chicago Board of Education	5.00%	12/01/2042	2.20%
San Francisco City & County Airport Comm-San Francisco International Airport	5.00%	05/01/2049	2.14%
Metropolitan Transportation Authority	4.00%	11/15/2048	2.11%
NTE Mobility Partners Segments 3 LLC	5.00%	06/30/2058	1.97%
Oglethorpe Power Corp	4.13%	11/01/2045	1.90%
Pasadena Independent School District	4.25%	02/15/2053	1.72%
County of Miami-Dade FL	6.88%	10/01/2034	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).

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.