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, 2011
Date of Reporting Period

 

 

Item 1. Schedule of Investments

Eaton Vance
National Municipal Opportunities Trust
December 31, 2011

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

Tax-Exempt Investments — 112.0%

 

 

1

 

2

 

3

 

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

 

 

4

A summary of open financial instruments at December 31, 2011 is as follows:

 

Futures Contracts

 

 

At December 31, 2011, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

 

The Trust is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Trust holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trust purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.

 

At December 31, 2011, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is interest rate risk was $541,738.

 

The cost and unrealized appreciation (depreciation) of investments of the Trust at December 31, 2011, as determined on a federal income tax basis, were as follows:

 

Aggregate cost		$	275,639,972
Gross unrealized appreciation		$	37,438,692
Gross unrealized depreciation			(372,522	)
Net unrealized appreciation		$	37,066,170

 

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.

 

 

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, 2011, the hierarchy of inputs used in valuing the Trust’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description		Level 1				Level 2				Level 3				Total
Tax-Exempt Investments		$	—			$	357,136,142			$	—			$	357,136,142
Total Investments		$	—			$	357,136,142			$	—			$	357,136,142
Liability Description
Futures Contracts		$	(541,738	)		$	—			$	—			$	(541,738	)
Total		$	(541,738	)		$	—			$	—			$	(541,738	)

 

The Trust held no investments or other financial instruments as of March 31, 2011 whose fair value was determined using Level 3 inputs. At December 31, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the fiscal year to date then ended was not significant.

 

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.

 

5

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/ Cynthia J. Clemson
		Cynthia J. Clemson
		President
Date:		February 23, 2012

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/ Cynthia J. Clemson
		Cynthia J. Clemson
		President
Date:		February 23, 2012
By:		/s/ Barbara E. Campbell
		Barbara E. Campbell
		Treasurer
Date:		February 23, 2012