N-Q 1 d519526dnq.htm EATON VANCE NATIONAL MUNICIPAL OPPORTUNITIES TRUST 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, 2017

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

National Municipal Opportunities Trust

December 31, 2017

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 105.1%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Education — 5.0%

     

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

   $ 10,440      $ 10,936,735  

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

     1,500        1,575,826  

New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.75%, 7/1/50

     3,000        3,296,280  

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

     750        843,833  
     

 

 

 
      $ 16,652,674  
     

 

 

 

Electric Utilities — 9.1%

     

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

   $ 340      $ 372,201  

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

     3,650        3,871,555  

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

     2,815        2,985,871  

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

     4,540        4,865,790  

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

     7,600        8,138,612  

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

     6,000        6,501,000  

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

     715        759,838  

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

     2,500        2,710,950  
     

 

 

 
      $ 30,205,817  
     

 

 

 

Escrowed/Prerefunded — 10.7%

     

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

   $ 3,000      $ 3,253,050  

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), Prerefunded to 7/1/20, 6.20%, 7/1/45

     2,000        2,212,680  

California Health Facilities Financing Authority, (Catholic Healthcare West), Prerefunded to 7/1/19, 6.00%, 7/1/34

     980        1,044,474  

California Health Facilities Financing Authority, (Catholic Healthcare West), Prerefunded to 7/1/19, 6.00%, 7/1/39

     1,000        1,065,790  

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29

     1,625        1,746,647  

Illinois Finance Authority, (Provena Healthcare), Prerefunded to 8/15/19, 7.75%, 8/15/34

     2,970        3,254,259  

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

     2,300        2,451,800  

Marco Island, FL, Utility System, Prerefunded to 10/1/20, 5.00%, 10/1/40

     2,425        2,640,679  

Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), Prerefunded to 1/1/21, 6.125%, 1/1/30

     470        529,878  

Metropolitan Transportation Authority, NY, Prerefunded to 11/15/21, 5.00%, 11/15/31

     1,000        1,124,570  

New Hampshire Health and Education Facilities Authority, (Dartmouth College), Prerefunded to 6/1/19, 5.25%, 6/1/39(1)

     12,000        12,617,160  

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

     2,425        2,761,978  

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33

   $ 770      $ 991,306  
     

 

 

 
      $ 35,694,271  
     

 

 

 

General Obligations — 7.6%

     

California, 5.00%, 10/1/33

   $ 4,035      $ 4,761,582  

California, 6.00%, 4/1/38

     5,750        6,063,260  

Commerce Charter Township, MI, 4.00%, 12/1/38

     1,030        1,138,181  

Commerce Charter Township, MI, 4.00%, 12/1/39

     1,075        1,182,038  

Illinois, 4.25%, 12/1/37

     6,000        5,843,160  

Illinois, 5.00%, 5/1/36

     3,500        3,683,785  

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

     2,210        2,491,223  
     

 

 

 
      $ 25,163,229  
     

 

 

 

Hospital — 13.0%

     

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

   $ 165      $ 188,603  

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

     665        746,090  

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

     12,300        13,161,369  

Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34

     2,000        2,024,640  

Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36

     2,500        2,616,675  

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

     1,000        1,031,560  

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

     1,665        1,796,685  

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

     5,915        6,357,738  

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

     3,400        3,609,678  

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

     1,450        1,544,728  

New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 4.00%, 7/1/47

     3,440        3,577,910  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(2)

     900        1,009,728  

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

     1,365        1,434,164  

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

     3,500        3,995,705  
     

 

 

 
      $ 43,095,273  
     

 

 

 

Housing — 0.5%

     

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

   $ 445      $ 487,902  

New York City Housing Development Corp., NY, 3.85%, 11/1/42

     1,000        1,022,300  
     

 

 

 
      $ 1,510,202  
     

 

 

 

Industrial Development Revenue — 11.8%

     

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

   $ 5,000      $ 4,999,850  

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

     3,000        3,116,580  

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

     3,000        3,176,040  

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

     3,420        3,922,227  

Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45(2)

     1,950        1,966,750  

Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(2)

     725        743,495  

Massachusetts Development Finance Agency, (Covanta Energy), 4.875%, 11/1/42(2)

     2,695        2,696,051  

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

     1,800        1,829,682  

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.00% to 10/1/19 (Put Date), 4/1/29(2)

   $ 1,500      $ 1,498,680  

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

     630        707,837  

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

     1,900        2,094,826  

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

     2,560        3,364,582  

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

     3,000        3,180,780  

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

     3,935        4,017,517  

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

     850        931,235  

Washington Economic Development Finance Authority, (Columbia Pulp I, LLC), (AMT), 7.50%, 1/1/32(2)

     790        948,703  
     

 

 

 
      $ 39,194,835  
     

 

 

 

Insured-General Obligations — 1.0%

     

Atlantic City, NJ, (AGM), 4.00%, 3/1/42

   $ 145      $ 152,144  

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

     2,910        3,228,820  
     

 

 

 
      $ 3,380,964  
     

 

 

 

Insured-Special Tax Revenue — 4.0%

     

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

   $ 295      $ 295,316  

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

     4,000        5,186,080  

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

     6,000        7,760,640  
     

 

 

 
      $ 13,242,036  
     

 

 

 

Insured-Transportation — 4.9%

     

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

   $ 710      $ 817,345  

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

     2,885        3,095,028  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/35

     460        486,961  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37

     1,295        1,366,989  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/41

     1,185        1,247,295  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 1/1/51

     100        104,478  

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

     4,000        2,236,680  

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

     13,000        6,975,150  
     

 

 

 
      $ 16,329,926  
     

 

 

 

Lease Revenue/Certificates of Participation — 1.6%

     

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

   $ 5,000      $ 5,320,600  
     

 

 

 
      $ 5,320,600  
     

 

 

 

Other Revenue — 0.5%

     

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

   $ 1,245      $ 1,560,433  
     

 

 

 
      $ 1,560,433  
     

 

 

 

 

3

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Senior Living/Life Care — 7.4%

     

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

   $ 1,295      $ 1,452,226  

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

     3,405        3,651,215  

District of Columbia, (Ingleside at Rock Creek), 3.875%, 7/1/24

     220        220,084  

District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32

     175        187,710  

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

     465        493,546  

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

     925        978,234  

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

     165        184,117  

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

     345        392,800  

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

     300        335,574  

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

     275        307,568  

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

     500        574,550  

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

     1,600        1,842,720  

Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.),
5.00%, 10/1/57(2)

     1,340        1,451,676  

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

     835        927,626  

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/31

     1,235        1,336,381  

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/32

     1,295        1,397,098  

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

     550        663,421  

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

     2,560        3,109,581  

Public Finance Authority, WI, (Mary’s Woods at Marylhurst), 5.25%, 5/15/37(2)

     630        693,025  

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

     255        273,572  

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

     735        787,971  

Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37(2)

     900        927,342  

Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.25%, 11/15/37

     1,000        1,151,060  

Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/51(2)

     1,335        1,374,089  
     

 

 

 
      $ 24,713,186  
     

 

 

 

Special Tax Revenue — 1.4%

     

New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/47

   $ 4,000      $ 4,352,840  

New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/34

     185        222,289  
     

 

 

 
      $ 4,575,129  
     

 

 

 

Student Loan — 1.2%

     

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

   $ 2,245      $ 2,376,287  

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

     1,445        1,501,991  
     

 

 

 
      $ 3,878,278  
     

 

 

 

 

4

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Transportation — 19.2%

     

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

   $ 750      $ 847,320  

Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31

     325        363,370  

Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 6.00%, 1/1/41

     35        39,387  

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

     1,500        1,724,730  

Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/38

     1,630        1,913,392  

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

     1,345        1,522,204  

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

     1,140        1,291,928  

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

     1,125        1,334,677  

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

     1,735        2,058,369  

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

     5,225        5,586,674  

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

     875        978,276  

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

     1,065        1,223,184  

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

     2,060        2,284,808  

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

     350        382,050  

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

     1,360        1,458,206  

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

     1,250        1,394,012  

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

     20,000        8,052,400  

New Jersey Turnpike Authority, 4.00%, 1/1/37

     1,000        1,075,950  

New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/48

     750        861,743  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46

     2,115        2,326,204  

North Texas Tollway Authority, Prerefunded to 9/1/21, 5.50%, 9/1/41(1)

     2,660        2,998,059  

Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35

     155        166,220  

Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35

     595        643,213  

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

     6,400        7,184,576  

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

     5,000        5,346,450  

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

     2,625        2,941,785  

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

     1,520        1,664,172  

Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/37

     3,500        3,939,530  

Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42

     445        497,470  

Virginia Small Business Financing Authority, (Transform 66 P3), (AMT), 5.00%, 12/31/49

     1,500        1,695,900  
     

 

 

 
      $ 63,796,259  
     

 

 

 

Water and Sewer — 6.2%

     

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

   $ 1,450      $ 1,581,921  

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

     1,405        1,537,000  

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

     2,725        2,982,867  

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

     2,070        2,320,428  

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

     11,700        12,261,249  
     

 

 

 
      $ 20,683,465  
     

 

 

 

Total Tax-Exempt Municipal Securities — 105.1%
(identified cost $312,046,189)

      $ 348,996,577  
     

 

 

 

 

5

 

 


                                                 

Taxable Municipal Securities — 2.8%

     
Security    Principal
Amount
(000’s omitted)
     Value  

General Obligations — 1.1%

     

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

   $ 1,750      $ 2,028,232  

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

     1,400        1,680,784  
     

 

 

 
      $ 3,709,016  
     

 

 

 

Hospital — 1.3%

     

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

   $ 4,000      $ 4,340,640  
     

 

 

 
      $ 4,340,640  
     

 

 

 

Senior Living/Life Care — 0.4%

     

St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), 5.50% to 8/1/24 (Put Date), 8/1/44

   $ 1,265      $ 1,259,877  
     

 

 

 
      $ 1,259,877  
     

 

 

 

Total Taxable Municipal Securities — 2.8%
(identified cost $8,482,751)

      $ 9,309,533  
     

 

 

 

Corporate Bonds & Notes — 0.2%

     
Security    Principal
Amount
(000’s omitted)
     Value  

Hospital — 0.2%

     

NYU Hospitals Center, 4.368%, 7/1/47

   $ 730      $ 787,791  
     

 

 

 

Total Corporate Bonds & Notes — 0.2%
(identified cost $730,000)

      $ 787,791  
     

 

 

 

Total Investments — 108.1%
(identified cost $321,258,940)

      $ 359,093,901  
     

 

 

 

Other Assets, Less Liabilities — (8.1)%

      $ (26,931,580
     

 

 

 

Net Assets — 100.0%

      $ 332,162,321  
     

 

 

 

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

At December 31, 2017, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:

 

                        

Texas

     16.2

Illinois

     10.7

New York

     10.4

Others, representing less than 10% individually

     62.7

 

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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, 2017, 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 6.2% of total investments.

 

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

 

(2) 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, 2017, the aggregate value of these securities is $13,309,539 or 4.0% of the Trust’s net assets.

Abbreviations:

AGC

  -   Assured Guaranty Corp.

AGM

  -   Assured Guaranty Municipal Corp.

AMT

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

XLCA

  -   XL Capital Assurance, Inc.

    

 

The Trust did not have any open derivative instruments at December 31, 2017.

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, 2017, 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

   $      $ 348,996,577      $      $ 348,996,577  

Taxable Municipal Securities

            9,309,533               9,309,533  

Corporate Bonds & Notes

            787,791               787,791  

Total Investments

   $     —      $     359,093,901      $     —      $     359,093,901  

The Trust held no investments or other financial instruments as of March 31, 2017 whose fair value was determined using Level 3 inputs. At December 31, 2017, 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.

 

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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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.


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, 2018

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, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   February 22, 2018