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

June 30, 2015

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

National Municipal Opportunities Trust

June 30, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 110.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.1%

      

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

    $ 200       $ 201,608   
     

 

 

  
   $ 201,608   
     

 

 

  

Education — 9.1%

      

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

    $ 10,440       $ 11,628,490   

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

      12,000         13,531,080   

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

      1,500         1,678,230   

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

      3,000         3,408,240   

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

      750         881,490   
     

 

 

  
   $ 31,127,530   
     

 

 

  

Electric Utilities — 13.3%

      

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

    $ 340       $ 364,949   

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

      3,050         3,150,284   

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

      3,650         4,251,191   

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

      2,815         3,278,659   

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

      4,540         5,187,631   

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

      8,000         9,242,320   

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

      6,000         6,801,720   

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

      715         738,352   

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

      2,500         2,747,125   

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

      9,000         9,717,840   
     

 

 

  
   $ 45,480,071   
     

 

 

  

Escrowed/Prerefunded — 3.3%

      

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

    $ 3,000       $ 3,615,300   

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

      2,300         2,751,582   

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

      1,000         1,096,620   

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

      3,750         3,830,737   
     

 

 

  
   $ 11,294,239   
     

 

 

  

General Obligations — 5.1%

      

California, 5.00%, 10/1/33

    $ 4,035       $ 4,609,019   

California, 6.00%, 4/1/38

      5,750         6,713,528   

Illinois, 5.00%, 5/1/36

      3,500         3,552,220   

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

      2,210         2,544,461   
     

 

 

  
   $ 17,419,228   
     

 

 

  

 

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 19.2%

  

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

    $ 980       $ 1,118,709   

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

      1,000         1,139,900   

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

      165         181,903   

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

      665         747,540   

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

      12,300         14,034,177   

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

      3,000         3,633,210   

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

      1,000         965,930   

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

      1,665         1,868,713   

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

      5,915         6,735,765   

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

      3,400         3,836,764   

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

      3,725         3,738,969   

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

      1,450         1,514,916   

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

      4,070         4,232,922   

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

      2,425         2,481,042   

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

      1,365         1,550,886   

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

      770         947,084   

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

      3,115         3,230,255   

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

      3,500         3,948,665   

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

      4,500         4,638,960   

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

      5,000         5,124,350   
     

 

 

  
   $ 65,670,660   
     

 

 

  

Housing — 2.8%

      

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

    $ 8,895       $ 8,998,538   

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

      20         20,233   

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

      445         455,693   
     

 

 

  
   $ 9,474,464   
     

 

 

  

Industrial Development Revenue — 10.5%

      

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

    $ 5,000       $ 5,020,100   

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

      3,000         3,358,410   

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

      5,000         5,124,600   

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

      3,000         3,417,450   

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

      3,420         4,227,428   

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 2,695       $ 2,731,625   

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

      1,800         1,966,950   

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

      630         686,549   

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

      1,900         2,060,455   

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

      2,560         2,958,387   

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

      3,000         3,397,200   

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

      850         970,334   
     

 

 

  
   $ 35,919,488   
     

 

 

  

Insured-General Obligations — 0.9%

      

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

    $ 2,910       $ 3,137,562   
     

 

 

  
   $ 3,137,562   
     

 

 

  

Insured-Special Tax Revenue — 3.1%

      

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

    $ 295       $ 298,242   

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

      4,000         4,175,520   

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

      6,000         6,183,960   
     

 

 

  
   $ 10,657,722   
     

 

 

  

Insured-Transportation — 5.8%

      

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

    $ 710       $ 788,150   

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

      2,885         3,212,303   

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

      4,000         1,811,040   

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

      13,000         5,640,440   

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

      7,850         8,436,238   
     

 

 

  
   $ 19,888,171   
     

 

 

  

Insured-Water and Sewer — 0.4%

      

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

    $ 1,410       $ 1,437,791   
     

 

 

  
   $ 1,437,791   
     

 

 

  

Lease Revenue/Certificates of Participation — 2.3%

      

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

    $ 2,000       $ 2,316,020   

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

      5,000         5,525,950   
     

 

 

  
   $ 7,841,970   
     

 

 

  

Other Revenue — 2.3%

      

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

    $ 510       $ 587,127   

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

      575         663,550   

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

      315         364,836   

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

      4,000         4,032,560   

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

      1,245         1,348,883   

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

      925         982,239   
     

 

 

  
   $ 7,979,195   
     

 

 

  

Senior Living/Life Care — 7.0%

      

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

    $ 1,295       $ 1,452,912   

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

      3,405         3,530,951   

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

      2,000         2,240,500   

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 465       $ 507,785   

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

      925         1,006,030   

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

      165         185,490   

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

      345         399,351   

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

      300         318,699   

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

      275         293,048   

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

      1,705         1,776,491   

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

      500         579,460   

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

      1,600         1,843,920   

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

      470         519,994   

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

      1,000         1,000,920   

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

      835         934,908   

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

      550         624,915   

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

      2,560         2,940,723   

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

      255         275,227   

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

      735         795,358   

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

      2,500         2,611,575   
     

 

 

  
   $ 23,838,257   
     

 

 

  

Special Tax Revenue — 0.8%

      

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

    $ 1,625       $ 1,793,903   

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

      1,020         1,129,915   
     

 

 

  
   $ 2,923,818   
     

 

 

  

Student Loan — 1.4%

      

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

    $ 3,065       $ 3,238,878   

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

      1,445         1,453,930   
     

 

 

  
   $ 4,692,808   
     

 

 

  

Transportation — 16.1%

      

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

    $ 325       $ 371,176   

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

      35         40,146   

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

      1,345         1,480,845   

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

      1,140         1,243,341   

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

      1,125         1,295,190   

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

      1,735         1,993,359   

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

      5,225         5,525,019   

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 875       $ 937,834   

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

      2,060         2,143,286   

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

      350         397,803   

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

      1,000         1,124,370   

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

      1,360         1,452,997   

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

      1,250         1,363,213   

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

      20,000         5,406,400   

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

      2,660         3,096,985   

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

      5,000         5,586,250   

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

      750         827,078   

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

      2,200         668,470   

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

      4,625         1,332,925   

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

      4,970         1,363,967   

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

      6,400         6,773,184   

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

      5,000         5,798,600   

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

      2,625         3,142,177   

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

      1,520         1,785,802   
     

 

 

  
   $ 55,150,417   
     

 

 

  

Water and Sewer — 7.2%

      

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

    $ 1,450       $ 1,533,259   

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

      1,405         1,489,328   

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

      2,725         2,853,348   

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

      550         620,158   

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

      2,425         2,707,294   

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

      2,070         2,202,666   

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

      11,700         13,248,963   
     

 

 

  
   $ 24,655,016   
     

 

 

  

Total Tax-Exempt Municipal Securities — 110.7%
(identified cost $329,225,016)

       $ 378,790,015   
     

 

 

  

Taxable Municipal Securities — 1.2%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 1.2%

      

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

    $ 4,000       $ 4,170,680   
     

 

 

  

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

       $ 4,170,680   
     

 

 

  

Corporate Bonds & Notes — 0.3%

      

 

5

 

 

                                                 
Security   

Principal
Amount

(000’s omitted)

      Value  

Hospital — 0.3%

      

AHS Hospital Corp., 5.024%, 7/1/45

    $ 845       $ 832,393   
     

 

 

  

Total Corporate Bonds & Notes — 0.3%
(identified cost $845,000)

       $ 832,393   
     

 

 

  

Total Investments — 112.2%
(identified cost $334,070,016)

       $ 383,793,088   
     

 

 

  

Other Assets, Less Liabilities — (12.2)%

       $ (41,733,650 ) 
     

 

 

  

Net Assets — 100.0%

       $ 342,059,438   
     

 

 

  

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.

At June 30, 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

      16.1 % 

California

      12.4 % 

Others, representing less than 10% individually

      71.5 % 

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 June 30, 2015, 9.2% 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 4.6% 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 $10,350,905.

 

(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 June 30, 2015, the aggregate value of these securities is $12,871,024 or 3.8% of the Trust’s net assets.

The Trust did not have any open financial instruments at June 30, 2015.

The cost and unrealized appreciation (depreciation) of investments of the Trust at June 30, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     284,986,561   
  

 

 

  

Gross unrealized appreciation

    $ 51,468,340   

Gross unrealized depreciation

      (171,813 ) 
  

 

 

  

Net unrealized appreciation

    $ 51,296,527   
  

 

 

  

 

6

 

 

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 June 30, 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

    $ —       $ 378,790,015       $ —       $ 378,790,015   

Taxable Municipal Securities

      —         4,170,680         —         4,170,680   

Corporate Bonds & Notes

      —         832,393         —         832,393   

Total Investments

    $ —       $     383,793,088       $ —       $     383,793,088   

The Trust held no investments or other financial instruments as of March 31, 2015 whose fair value was determined using Level 3 inputs. At June 30, 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:   August 24, 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:   August 24, 2015

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 24, 2015