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, 2012
Date of Reporting Period
Item 1. Schedule of Investments
Eaton Vance
National Municipal Opportunities Trust
December 31, 2012
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 111.9%
| Security | Principal Amount (000's omitted) |
Value | ||||||
| Cogeneration — 0.8% |
||||||||
| Maryland Energy Financing Administration, (AES Warrior Run), (AMT), 7.40%, 9/1/19 |
$ | 1,500 | $ | 1,508,385 | ||||
| Pennsylvania Economic Development Financing Authority, (Colver), (AMT), 5.125%, 12/1/15 |
1,250 | 1,273,925 | ||||||
|
|
|
|||||||
| $ | 2,782,310 | |||||||
|
|
|
|||||||
| Education — 10.2% |
||||||||
| Maine Health and Higher Educational Facilities Authority, (Bowdoin College), 5.00%, 7/1/39(1) |
$ | 10,440 | $ | 11,826,119 | ||||
| New Hampshire Health and Education Facilities Authority, (Dartmouth College), 5.25%, 6/1/39(1)(2) |
12,000 | 14,167,920 | ||||||
| New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33 |
1,500 | 1,722,390 | ||||||
| New York Dormitory Authority, (The New School), 5.75%, 7/1/50 |
3,000 | 3,457,920 | ||||||
| Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36 |
1,090 | 1,275,311 | ||||||
| University of Virginia, 5.00%, 6/1/40 |
2,650 | 3,031,997 | ||||||
|
|
|
|||||||
| $ | 35,481,657 | |||||||
|
|
|
|||||||
| Electric Utilities — 12.7% |
||||||||
| Apache County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 4.50%, 3/1/30 |
$ | 340 | $ | 356,381 | ||||
| Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 1/1/34 |
3,650 | 4,303,752 | ||||||
| Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34 |
2,815 | 3,319,195 | ||||||
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 6.50%, 7/1/39 |
4,540 | 5,317,066 | ||||||
| Indiana Finance Authority, (Duke Energy Indiana, Inc.), 6.00%, 8/1/39 |
8,000 | 9,327,680 | ||||||
| Matagorda County, TX, Navigation District No. 1, (Central Power and Light Co.), 6.30%, 11/1/29 |
6,000 | 7,068,780 | ||||||
| Pima County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 5.25%, 10/1/40 |
2,500 | 2,730,700 | ||||||
| Puerto Rico Electric Power Authority, 5.00%, 7/1/42 |
1,750 | 1,665,860 | ||||||
| Salt River Project Agricultural Improvement and Power District, AZ, 5.00%, 1/1/38(1)(2) |
9,000 | 10,094,130 | ||||||
|
|
|
|||||||
| $ | 44,183,544 | |||||||
|
|
|
|||||||
| General Obligations — 2.7% |
||||||||
| California, 6.00%, 4/1/38 |
$ | 5,750 | $ | 6,821,570 | ||||
| Will County, IL, Community Unit School District No. 365-U, (Valley View), 5.75%, 11/1/32 |
2,210 | 2,647,138 | ||||||
|
|
|
|||||||
| $ | 9,468,708 | |||||||
|
|
|
|||||||
| Hospital — 20.1% |
||||||||
| California Health Facilities Financing Authority, (Catholic Healthcare West), 6.00%, 7/1/34 |
$ | 980 | $ | 1,161,672 | ||||
| California Health Facilities Financing Authority, (Catholic Healthcare West), 6.00%, 7/1/39 |
1,000 | 1,181,470 | ||||||
| California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 4/1/42 |
1,120 | 1,255,005 | ||||||
| Harris County, TX, Cultural Education Facilities Finance Corp., (Texas Children's Hospital), 5.50%, 10/1/39(1) |
12,300 | 14,488,908 | ||||||
| Illinois Finance Authority, (Provena Healthcare), 7.75%, 8/15/34 |
3,000 | 3,828,180 | ||||||
| Illinois Finance Authority, (Rush University Medical Center), 6.625%, 11/1/39 |
2,300 | 2,801,998 | ||||||
1
| Security | Principal Amount (000's omitted) |
Value | ||||||
| Johnson City, TN, Health & Educational Facilities Board, (Mountain States Health Alliance), 6.00%, 7/1/38 |
$ | 1,665 | $ | 1,951,263 | ||||
| Kansas Development Finance Authority, (Adventist Health System), 5.75%, 11/15/38 |
5,915 | 6,920,136 | ||||||
| Maricopa County, AZ, Industrial Development Authority, (Catholic Healthcare West), 6.00%, 7/1/39 |
3,400 | 3,899,936 | ||||||
| Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33 |
3,725 | 3,779,460 | ||||||
| Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 4.75%, 7/1/25 |
1,450 | 1,525,139 | ||||||
| Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46 |
4,070 | 4,302,234 | ||||||
| New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37 |
1,000 | 1,095,400 | ||||||
| Onondaga Civic Development Corp., NY, (St. Joseph's Hospital Health Center), 5.00%, 7/1/42 |
1,195 | 1,222,222 | ||||||
| Orange County, FL, Health Facilities Authority, (Orlando Health, Inc.), 5.00%, 10/1/42 |
1,660 | 1,821,518 | ||||||
| South Lake County, FL, Hospital District, (South Lake Hospital), 6.25%, 4/1/39 |
1,365 | 1,569,450 | ||||||
| St. Paul, MN, Housing and Redevelopment Authority, (HealthEast), 6.00%, 11/15/35 |
3,750 | 3,934,762 | ||||||
| Sullivan County, TN, Health, Educational and Facilities Board, (Wellmont Health System), 5.25%, 9/1/36 |
3,150 | 3,325,235 | ||||||
| Tyler, TX, Health Facilities Development Corp., (East Texas Medical Center), 5.375%, 11/1/37 |
4,500 | 4,786,515 | ||||||
| Wisconsin Health and Educational Facilities Authority, (Wheaton Franciscan Healthcare System), 5.125%, 8/15/30 |
5,000 | 5,308,050 | ||||||
|
|
|
|||||||
| $ | 70,158,553 | |||||||
|
|
|
|||||||
| Housing — 3.4% |
||||||||
| Maryland Community Development Administration, Department of Housing and Community Development, (AMT), 5.15%, 9/1/42(1) |
$ | 11,205 | $ | 11,715,388 | ||||
|
|
|
|||||||
| $ | 11,715,388 | |||||||
|
|
|
|||||||
| Industrial Development Revenue — 12.3% |
||||||||
| Alabama Industrial Development Authority, (Pine City Fiber Co.), (AMT), 6.45%, 12/1/23 |
$ | 5,000 | $ | 4,999,350 | ||||
| Brazos River Harbor Navigation District of Brazoria County, TX, (Dow Chemical Co.), (AMT), 5.95%, 5/15/33 |
3,000 | 3,425,370 | ||||||
| California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23 |
5,000 | 5,434,900 | ||||||
| Campbell County, WY, (Basin Electric Power Cooperative), 5.75%, 7/15/39 |
3,000 | 3,443,340 | ||||||
| Clayton County, GA, Development Authority, (Delta Airlines, Inc.), 8.75%, 6/1/29 |
3,420 | 4,309,029 | ||||||
| Gulf Coast, TX, Waste Disposal Authority, (International Paper Co.), (AMT), 6.10%, 8/1/24 |
2,750 | 2,759,790 | ||||||
| Houston, TX, (Continental Airlines), (AMT), 6.75%, 7/1/29 |
3,500 | 3,514,350 | ||||||
| Nevada Department of Business and Industry, (Republic Services, Inc.), (AMT), 5.625% to 6/1/18 (Put Date), 12/1/26 |
1,800 | 2,088,216 | ||||||
| New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23 |
630 | 631,808 | ||||||
| New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29 |
1,900 | 1,908,094 | ||||||
| New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 |
3,070 | 3,586,343 | ||||||
| Niagara Area Development Corp., NY, (Covanta Energy), 5.25%, 11/1/42 |
625 | 639,125 | ||||||
| Owen County, KY, (Kentucky-American Water Co., Inc.), 6.25%, 6/1/39 |
3,000 | 3,377,670 | ||||||
| Richland County, SC, (International Paper Co.), (AMT), 6.10%, 4/1/23 |
380 | 387,904 | ||||||
| Sabine River Authority, LA, (International Paper Co.), 6.20%, 2/1/25 |
205 | 205,750 | ||||||
| Selma, AL, Industrial Development Board, (International Paper Co.), 5.80%, 5/1/34 |
850 | 964,266 | ||||||
| St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37 |
945 | 1,008,107 | ||||||
|
|
|
|||||||
| $ | 42,683,412 | |||||||
|
|
|
|||||||
2
| Security | Principal Amount (000's omitted) |
Value | ||||||
| Insured-Other Revenue — 0.5% |
||||||||
| New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 5.00%, 1/1/36 |
$ | 1,785 | $ | 1,792,693 | ||||
|
|
|
|||||||
| $ | 1,792,693 | |||||||
|
|
|
|||||||
| Insured-Special Tax Revenue — 3.8% |
||||||||
| Hesperia, CA, Public Financing Authority, (Redevelopment and Housing Projects), (XLCA), 5.00%, 9/1/37 |
$ | 295 | $ | 253,526 | ||||
| Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 6.875%, (0.00% until 10/1/19), 10/1/34 |
4,000 | 3,517,760 | ||||||
| Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, (0.00% until 10/1/19), 10/1/39 |
6,000 | 5,139,900 | ||||||
| Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 |
53,125 | 4,284,531 | ||||||
|
|
|
|||||||
| $ | 13,195,717 | |||||||
|
|
|
|||||||
| Insured-Transportation — 7.8% |
||||||||
| Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39 |
$ | 2,885 | $ | 3,250,385 | ||||
| Foothill/Eastern Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/30 |
4,000 | 1,448,960 | ||||||
| Foothill/Eastern Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/32 |
500 | 160,160 | ||||||
| North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/35 |
4,000 | 1,520,600 | ||||||
| North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/36 |
15,000 | 5,445,900 | ||||||
| San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/32 |
10,000 | 3,687,000 | ||||||
| San Jose, CA, Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47 |
7,850 | 8,798,908 | ||||||
| Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/34 |
4,480 | 1,248,576 | ||||||
| Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/35 |
1,745 | 456,981 | ||||||
| Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/37 |
4,775 | 1,105,556 | ||||||
|
|
|
|||||||
| $ | 27,123,026 | |||||||
|
|
|
|||||||
| Lease Revenue/Certificates of Participation — 3.2% |
||||||||
| Mohave County, AZ, Industrial Development Authority, (Mohave Prison LLC), 8.00%, 5/1/25 |
$ | 2,000 | $ | 2,464,300 | ||||
| New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31 |
7,435 | 8,712,779 | ||||||
|
|
|
|||||||
| $ | 11,177,079 | |||||||
|
|
|
|||||||
| Other Revenue — 3.8% |
||||||||
| Brooklyn, NY, Arena Local Development Corp., (Barclays Center), 6.00%, 7/15/30 |
$ | 510 | $ | 593,594 | ||||
| Brooklyn, NY, Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40 |
575 | 667,828 | ||||||
| Brooklyn, NY, Arena Local Development Corp., (Barclays Center), 6.375%, 7/15/43 |
315 | 366,685 | ||||||
| Golden State Tobacco Securitization Corp., CA, 5.30%, 6/1/37 |
4,430 | 4,024,434 | ||||||
| Golden State Tobacco Securitization Corp., CA, 5.75%, 6/1/47 |
4,690 | 4,457,892 | ||||||
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 |
2,000 | 2,235,560 | ||||||
| Seminole Tribe, FL, 5.50%, 10/1/24(3) |
925 | 1,007,371 | ||||||
|
|
|
|||||||
| $ | 13,353,364 | |||||||
|
|
|
|||||||
| Senior Living/Life Care — 4.4% |
||||||||
| ABAG Finance Authority for Nonprofit Corporations, CA, (Episcopal Senior Communities), 6.00%, 7/1/31 |
$ | 1,295 | $ | 1,522,415 | ||||
| Bexar County, TX, Health Facilities Development Corp., (Army Retirement Residence Foundation), 6.20%, 7/1/45 |
2,000 | 2,240,740 | ||||||
| Douglas County, NE, Hospital Authority No. 2, (Immanuel Obligated Group), 5.50%, 1/1/30 |
465 | 529,254 | ||||||
| Douglas County, NE, Hospital Authority No. 2, (Immanuel Obligated Group), 5.625%, 1/1/40 |
925 | 1,039,691 | ||||||
| Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32 |
300 | 318,609 | ||||||
3
| Security | Principal Amount (000's omitted) |
Value | ||||||
| Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37 |
$ | 275 | $ | 288,929 | ||||
| Lee County, FL, Industrial Development Authority, (Shell Point Village/Alliance Community), 5.00%, 11/15/29 |
1,705 | 1,724,914 | ||||||
| Lee County, FL, Industrial Development Authority, (Shell Point Village/Alliance Community), 6.125%, 11/15/26 |
500 | 560,810 | ||||||
| Lee County, FL, Industrial Development Authority, (Shell Point Village/Alliance Community), 6.50%, 11/15/31 |
1,600 | 1,794,528 | ||||||
| Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), 6.125%, 1/1/30 |
470 | 547,771 | ||||||
| Mount Vernon, NY, Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29 |
1,000 | 1,000,810 | ||||||
| Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe), 6.00%, 12/1/32 |
255 | 275,629 | ||||||
| Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe), 6.25%, 12/1/42 |
735 | 798,482 | ||||||
| Washington Housing Finance Commission, (Wesley Homes), 6.20%, 1/1/36 |
2,500 | 2,684,950 | ||||||
|
|
|
|||||||
| $ | 15,327,532 | |||||||
|
|
|
|||||||
| Special Tax Revenue — 3.9% |
||||||||
| Guam, Limited Obligation Bonds, 5.625%, 12/1/29 |
$ | 1,625 | $ | 1,825,362 | ||||
| Guam, Limited Obligation Bonds, 5.75%, 12/1/34 |
3,020 | 3,391,732 | ||||||
| Heritage Harbor South Community Development District, FL, (Capital Improvements), 6.50%, 5/1/34 |
3,020 | 3,082,816 | ||||||
| Illinois, Sales Tax Revenue, 5.00%, 6/15/31 |
690 | 807,259 | ||||||
| Illinois, Sales Tax Revenue, 5.00%, 6/15/32 |
665 | 773,648 | ||||||
| Illinois, Sales Tax Revenue, 5.00%, 6/15/33 |
710 | 822,528 | ||||||
| Virgin Islands Public Finance Authority, 5.00%, 10/1/39 |
965 | 1,003,860 | ||||||
| Virgin Islands Public Finance Authority, 6.75%, 10/1/37 |
1,615 | 1,899,337 | ||||||
|
|
|
|||||||
| $ | 13,606,542 | |||||||
|
|
|
|||||||
| Student Loan — 1.6% |
||||||||
| Massachusetts Educational Financing Authority, 6.00%, 1/1/28 |
$ | 4,760 | $ | 5,542,925 | ||||
|
|
|
|||||||
| $ | 5,542,925 | |||||||
|
|
|
|||||||
| Transportation — 13.5% |
||||||||
| Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/34 |
$ | 1,365 | $ | 1,554,066 | ||||
| Central Texas Regional Mobility Authority, 5.75%, 1/1/31 |
325 | 385,356 | ||||||
| Central Texas Regional Mobility Authority, 6.00%, 1/1/41 |
35 | 41,435 | ||||||
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.00%, 11/1/42 |
5,900 | 6,373,888 | ||||||
| Memphis-Shelby County, TN, Airport Authority, (AMT), 5.75%, 7/1/24 |
350 | 410,879 | ||||||
| Metropolitan Transportation Authority, NY, 5.00%, 11/15/31 |
3,500 | 4,034,240 | ||||||
| Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41 |
1,375 | 1,523,211 | ||||||
| New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/38 |
30,000 | 8,515,800 | ||||||
| North Texas Tollway Authority, 5.75%, 1/1/38 |
5,000 | 5,549,450 | ||||||
| Orlando-Orange County, FL, Expressway Authority, Series A, 5.00%, 7/1/35 |
750 | 840,712 | ||||||
| Port Authority of New York and New Jersey, (AMT), 4.50%, 4/1/37 |
1,450 | 1,572,612 | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/34 |
955 | 316,048 | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/35 |
910 | 283,874 | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/36 |
735 | 216,568 | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/37 |
840 | 234,016 | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/38 |
955 | 250,038 | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/39 |
2,200 | 542,300 | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/40 |
4,625 | 1,075,590 | ||||||
4
| Security | Principal Amount (000's omitted) |
Value | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/41 |
$ | 4,970 | $ | 1,085,498 | ||||
| St. Louis, MO, (Lambert-St. Louis International Airport), 6.625%, 7/1/34 |
5,000 | 5,992,950 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34 |
2,625 | 3,228,409 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39 |
1,520 | 1,821,446 | ||||||
| Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/41 |
955 | 1,038,964 | ||||||
|
|
|
|||||||
| $ | 46,887,350 | |||||||
|
|
|
|||||||
| Water and Sewer — 7.2% |
||||||||
| Atlanta, GA, Water & Wastewater Revenue, 6.25%, 11/1/34 |
$ | 3,000 | $ | 3,679,260 | ||||
| Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32 |
815 | 866,630 | ||||||
| Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39 |
1,360 | 1,470,364 | ||||||
| Marco Island, FL, Utility System, 5.00%, 10/1/34 |
550 | 617,650 | ||||||
| Marco Island, FL, Utility System, 5.00%, 10/1/40 |
2,425 | 2,698,637 | ||||||
| Metropolitan Water District of Southern California, 5.00%, 7/1/29 |
2,000 | 2,347,360 | ||||||
| New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 5.25%, 6/15/40(1) |
11,700 | 13,572,936 | ||||||
|
|
|
|||||||
| $ | 25,252,837 | |||||||
|
|
|
|||||||
| Total Tax-Exempt Investments — 111.9% |
$ | 389,732,637 | ||||||
|
|
|
|||||||
| Other Assets, Less Liabilities — (11.9)% |
$ | (41,537,297 | ) | |||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% |
$ | 348,195,340 | ||||||
|
|
|
|||||||
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 December 31, 2012, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments, is as follows:
| Texas |
15.3 | % | ||
| California |
13.3 | % | ||
| 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, 2012, 10.8% 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 ranged from 0.1% to 4.5% of total investments.
5
| (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 $10,262,050. |
| (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, 2012, the aggregate value of these securities is $1,007,371 or 0.3% of the Trust’s net assets. |
A summary of open financial instruments at December 31, 2012 is as follows:
Futures Contracts
| Expiration Month/Year |
Contracts |
Position | Aggregate Cost | Value | Net Unrealized Appreciation |
|||||||||||
| 3/13 | 175 U.S. 10-Year Treasury Note | Short | $ | (23,284,297 | ) | $ | (23,236,719 | ) | $ | 47,578 | ||||||
| 3/13 | 125 U.S. 30-Year Treasury Bond | Short | (18,748,795 | ) | (18,437,500 | ) | 311,295 | |||||||||
|
|
|
|||||||||||||||
| $ | 358,873 | |||||||||||||||
|
|
|
|||||||||||||||
At December 31, 2012, 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 objective. 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, 2012, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is interest rate risk was $358,873.
The cost and unrealized appreciation (depreciation) of investments of the Trust at December 31, 2012, as determined on a federal income tax basis, were as follows:
| Aggregate cost |
$ | 280,761,204 | ||
|
|
|
|||
| Gross unrealized appreciation |
$ | 64,851,272 | ||
| Gross unrealized depreciation |
(309,839 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 64,541,433 | ||
|
|
|
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.
6
At December 31, 2012, 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 |
$ | — | $ | 389,732,637 | $ | — | $ | 389,732,637 | ||||||||
| Total Investments |
$ | — | $ | 389,732,637 | $ | — | $ | 389,732,637 | ||||||||
| Futures Contracts |
$ | 358,873 | $ | — | $ | — | $ | 358,873 | ||||||||
| Total |
$ | 358,873 | $ | 389,732,637 | $ | — | $ | 390,091,510 | ||||||||
The Trust held no investments or other financial instruments as of March 31, 2012 whose fair value was determined using Level 3 inputs. At December 31, 2012, 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/ Cynthia J. Clemson | |
| Cynthia J. Clemson | ||
| President | ||
| Date: | February 22, 2013 | |
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 22, 2013 | |
| By: | /s/ Barbara E. Campbell | |
| Barbara E. Campbell | ||
| Treasurer | ||
| Date: | February 22, 2013 | |