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, 2018

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

National Municipal Opportunities Trust

June 30, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 103.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.7%

      

New York City Industrial Development Agency, NY, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.65%, 10/1/28

    $ 2,280      $ 2,301,978  
     

 

 

  
      $ 2,301,978  
     

 

 

  

Education — 2.1%

      

Jacksonville, FL, (Jacksonville University), 5.00%, 6/1/53(1)

    $ 1,000      $ 1,044,470  

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

      1,500        1,546,830  

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

      3,000        3,234,210  

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

      750        828,990  
     

 

 

  
      $ 6,654,500  
     

 

 

  

Electric Utilities — 10.1%

      

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

    $ 340      $ 363,763  

Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45

      3,000        3,017,640  

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

      3,650        3,785,086  

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

      2,815        2,919,183  

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

      4,540        4,736,491  

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

      7,600        7,955,756  

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

      6,000        6,372,300  

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

      715        750,314  

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

      2,500        2,666,575  
     

 

 

  
      $ 32,567,108  
     

 

 

  

Escrowed/Prerefunded — 14.0%

      

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

    $ 3,000      $ 3,184,110  

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

      2,000        2,169,180  

California, Prerefunded to 4/1/19, 6.00%, 4/1/38

      2,035        2,105,737  

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

      980        1,024,864  

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

      1,000        1,045,780  

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

      1,625        1,714,700  

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

      2,970        3,170,921  

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

      2,300        2,395,174  

Johnson City Health & Educational Facilities Board, TN, (Mountain States Health Alliance), Prerefunded to 7/1/20, 6.00%, 7/1/38

      1,665        1,804,477  

Kansas Development Finance Authority, (Adventist Health System), Prerefunded to 11/15/19, 5.75%, 11/15/38

      130        136,880  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Kansas Development Finance Authority, (Adventist Health System), Prerefunded to 11/15/19, 5.75%, 11/15/38

    $ 5,785      $ 6,107,340  

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

      2,425        2,599,867  

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

      470        517,550  

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

      1,000        1,105,090  

New Hampshire Health and Education Facilities Authority, (Dartmouth College), Prerefunded to 6/1/19, 5.25%, 6/1/39(2)

      12,000        12,404,400  

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

      2,425        2,710,859  

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

      770        966,211  
     

 

 

  
      $ 45,163,140  
     

 

 

  

General Obligations — 5.5%

      

California, 6.00%, 4/1/38

    $ 3,715      $ 3,835,366  

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

      1,030        1,099,937  

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

      1,075        1,140,790  

Illinois, 4.25%, 12/1/37

      6,000        5,769,360  

Illinois, 5.00%, 5/1/36

      3,500        3,608,535  

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

      2,210        2,477,742  
     

 

 

  
      $ 17,931,730  
     

 

 

  

Hospital — 9.9%

      

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

    $ 165      $ 183,681  

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

      665        727,058  

Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children’s Hospital), 5.50%, 10/1/39(2)

      12,300        12,875,886  

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

      2,000        2,007,260  

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

      2,500        2,597,875  

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

      1,000        1,005,940  

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

      3,400        3,535,320  

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

      1,450        1,514,525  

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

      900        999,648  

Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38

      300        334,530  

Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43

      890        1,007,106  

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

      1,365        1,401,637  

Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(2)

      3,500        3,883,180  
     

 

 

  
      $ 32,073,646  
     

 

 

  

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      $ 478,126  

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

      1,000        1,005,860  
     

 

 

  
      $ 1,483,986  
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Industrial Development Revenue — 11.6%

      

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

    $ 5,000      $ 4,999,700  

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

      3,000        3,064,260  

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

      3,000        3,117,300  

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

      3,420        3,806,802  

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

      1,950        1,972,405  

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

      725        751,289  

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

      2,695        2,695,862  

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

      1,500        1,509,360  

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

      630        683,311  

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

      1,900        2,065,414  

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

      2,560        3,185,408  

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

      3,000        3,120,030  

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

      3,935        3,992,215  

Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1)

      455        461,106  

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

      850        909,245  

Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT),
4.625% to 4/3/28 (Put Date), 4/1/36(1)

      145        145,386  

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

      790        933,251  
     

 

 

  
   $ 37,412,344  
     

 

 

  

Insured-General Obligations — 1.0%

 

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

    $ 145      $ 148,518  

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

      2,910        3,155,225  
     

 

 

  
   $ 3,303,743  
     

 

 

  

Insured-Special Tax Revenue — 4.5%

 

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

    $ 295      $ 295,280  

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

      4,000        5,091,200  

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

      6,000        7,644,060  

Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/39

      735        725,548  

Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/40

      865        853,530  
     

 

 

  
   $ 14,609,618  
     

 

 

  

Insured-Transportation — 5.0%

 

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

    $ 710      $ 794,568  

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

      2,885        3,032,856  

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

      460        469,343  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,295      $ 1,317,106  

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

      1,135        1,149,494  

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

      750        755,572  

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

      4,000        2,139,400  

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

      13,000        6,637,020  
     

 

 

  
   $ 16,295,359  
     

 

 

  

Lease Revenue/Certificates of Participation — 1.6%

 

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), Prerefunded to 10/1/19, 5.75%, 10/1/31

    $ 5,000      $ 5,248,800  
     

 

 

  
   $ 5,248,800  
     

 

 

  

Other Revenue — 0.6%

 

Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/53

    $ 170      $ 186,969  

Kalispel Tribe of Indians, WA, 5.25%, 1/1/38(1)

      390        400,265  

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

      1,245        1,514,368  
     

 

 

  
   $ 2,101,602  
     

 

 

  

Senior Living/Life Care — 8.0%

 

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

    $ 1,295      $ 1,422,622  

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

      3,405        3,632,182  

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/37

      850        921,867  

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/42

      600        648,150  

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

      330        330,050  

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

      175        186,071  

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

      465        485,618  

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

      925        962,573  

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

      165        181,903  

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

      345        388,208  

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

      300        331,068  

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

      275        303,336  

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

      500        562,290  

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

      1,600        1,803,696  

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

      1,340        1,426,631  

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 835      $ 916,446  

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

      1,235        1,325,044  

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

      1,295        1,384,601  

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

      550        630,647  

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

      2,560        2,954,419  

Public Finance Authority, WI, (Mary’s Woods at Marylhurst), 5.25%, 5/15/37(1)

      630        691,242  

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

      255        273,454  

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

      735        789,640  

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

      900        961,083  

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

      1,000        1,110,250  

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

      1,335        1,373,074  
     

 

 

  
   $ 25,996,165  
     

 

 

  

Special Tax Revenue — 1.3%

      

New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/46

    $ 4,000      $ 4,177,080  
     

 

 

  
      $ 4,177,080  
     

 

 

  

Student Loan — 1.1%

      

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

    $ 1,825      $ 1,889,514  

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

      1,445        1,512,178  
     

 

 

  
      $ 3,401,692  
     

 

 

  

Transportation — 19.9%

      

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

    $ 750      $ 819,750  

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

      325        354,926  

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

      35        38,435  

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

      1,500        1,670,220  

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

      1,630        1,837,678  

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

      1,345        1,480,495  

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

      1,140        1,245,222  

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

      1,125        1,271,194  

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

      1,735        1,957,705  

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

      5,225        5,533,066  

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

      875        960,111  

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

      1,065        1,183,577  

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

      2,060        2,232,731  

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

      350        375,253  

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

      1,360        1,442,593  

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

      1,250        1,363,125  

 

5

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 20,000      $ 7,875,000  

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

      750        829,147  

New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C & D Redevelopment), (AMT), 4.00%, 1/1/36

      3,440        3,502,642  

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

      2,115        2,284,031  

North Texas Tollway Authority, Prerefunded to 9/1/21, 5.50%, 9/1/41(2)

      2,660        2,945,471  

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

      595        632,616  

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

      155        164,799  

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

      6,400        6,940,672  

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

      5,000        5,232,650  

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

      2,625        2,851,511  

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

      1,520        1,616,946  

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

      3,500        3,802,750  

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

      445        481,450  

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

      1,500        1,644,390  
     

 

 

  
      $ 64,570,156  
     

 

 

  

Water and Sewer — 6.3%

      

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

    $ 1,450      $ 1,555,574  

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

      1,405        1,511,106  

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

      2,725        2,932,563  

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

      2,070        2,271,763  

New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.25%, 6/15/40(2)

      11,700        12,086,334  
     

 

 

  
      $ 20,357,340  
     

 

 

  

Total Tax-Exempt Municipal Securities — 103.7%
(identified cost $306,546,907)

       $ 335,649,987  
     

 

 

  

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      $ 1,949,027  

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

      1,400        1,613,136  
     

 

 

  
      $ 3,562,163  
     

 

 

  

Hospital — 1.3%

      

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

    $ 4,000      $ 4,235,040  
     

 

 

  
      $ 4,235,040  
     

 

 

  

 

6

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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      $ 1,218,423  
     

 

 

  
      $ 1,218,423  
     

 

 

  

Total Taxable Municipal Securities — 2.8%
(identified cost $8,481,653)

       $ 9,015,626  
     

 

 

  

Total Investments — 106.5%
(identified cost $315,028,560)

       $ 344,665,613  
     

 

 

  

Other Assets, Less Liabilities — (6.5)%

       $ (20,929,783 ) 
     

 

 

  

Net Assets — 100.0%

       $ 323,735,830  
     

 

 

  

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

At June 30, 2018, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:

 

                        

Texas

      17.0 % 

New York

      12.1 % 

Illinois

      11.0 % 

Others, representing less than 10% individually

      59.9 % 

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, 2018, 9.9% 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 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 June 30, 2018, the aggregate value of these securities is $15,365,072 or 4.7% of the Trust’s net assets.

 

(2)

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

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.

 

7

 

 

The Trust did not have any open derivative instruments at June 30, 2018.

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, 2018, 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

    $ —      $ 335,649,987      $ —      $ 335,649,987  

Taxable Municipal Securities

      —        9,015,626        —        9,015,626  

Total Investments

    $     —      $     344,665,613      $     —      $     344,665,613  

At June 30, 2018, 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.

 

8

 

 

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:   August 21, 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:   August 21, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 21, 2018