EOT - Eaton Vance National Municipal Opportunities Trust

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. May 1, 2025

   The fund said it may sell new shares.

   Original document →

2. Oct 10, 2024

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Eaton Vance Management. Part of the Eaton Vance fund family. As of March 31, 2026, from the fund's yearly report. Original document →
• Size: about $286 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 13% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 1.3% a year in total, including interest on borrowed money. Fiscal year ended March 31, 2026. As of March 31, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 43 charge a lower management fee and 14 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $13 in the first year and about $159 over 10 years, assuming the holdings return 5% a year. As of March 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended March 31, 2026) the fund paid $0.82 a share. $0.79 of that was income; $0.03 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of March 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (March 31, 2026): $17.91. The shares traded at $17.12, about 4.4% below that. As of March 31, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 11.2% below to 3.3% below. As of March 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 3.5% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2009.

How this has changed

• Payouts per share: $0.82 in the fiscal year ended March 31, 2026; $0.80 in the year ended March 31, 2025; $0.75 in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.03 in the year ended March 31, 2026; $0.02 in the year ended March 31, 2025; none in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.25% a year in the fiscal year ended March 31, 2026; 1.32% a year in the year ended March 31, 2025; 1.42% a year in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $280 million at March 31, 2026; $281 million at March 31, 2025; $289 million at March 31, 2024. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →, March 31, 2024 →.
• Borrowing: about 13% on top of its own money at March 31, 2026; 13% at March 31, 2025; 13% at March 31, 2024. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →, March 31, 2024 →.
• The fund had about 15.6 million shares at March 31, 2026, about the same as at March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended March 31, 2026: the shares returned +8%, counting payouts; the holdings +4.4%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of March 31, 2026, from the fund's annual report. Original document →
• The year ended March 31, 2025: the shares returned +5.2%, counting payouts; the holdings +2%. As of March 31, 2025, from the fund's annual report. Original document →
• The year ended March 31, 2024: the shares returned -1.8%, counting payouts; the holdings +5.6%. As of March 31, 2024, from the fund's annual report. Original document →
• The year ended March 31, 2023: the shares returned -3.2%, counting payouts; the holdings -4.7%. As of March 31, 2023, from the fund's annual report. Original document →
• The year ended March 31, 2022: the shares returned -12.3%, counting payouts; the holdings -4.4%. As of March 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned -5.4%. $10,000 of shares bought at the start (April 1, 2021) would have become about $9,460 by March 31, 2026, with every payout counted, before tax. As of March 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +9.4%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 58 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 28 reported a higher share return for that year and 29 a lower one. As of March 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. New Jersey Transportation Trust Fund Authority, New Jersey St Transprtn Trust Fund Auth - 4.3%
2. County of Miami-Dade FL, Miami-Dade Cnty FL Professional Sports Franchise Facs Tax Re - 3.9%
3. North Carolina Turnpike Authority, North Carolina St Turnpike Auth - 3.2%
4. Triborough Bridge & Tunnel Authority, Triborough NY Bridge & Tunnel Auth Revenues - 3.2%
5. Chicago Board of Education, Chicago IL Brd of Edu - 2.9%
6. New York State Urban Development, New York St Urban Dev Corp Revenue - 2.5%
7. Public Finance Authority, Public Fin Auth WI Toll Revenue - 2.4%
8. San Francisco City & County Airport Comm-San Francisco International Airport, San Francisco CA City &Cnty Arpts Commn Intl Arpt Rev - 2.1%
9. Metropolitan Transportation Authority, Met Transprtn Auth NY Revenue - 1.9%
10. Northwest Independent School District, Northwest TX Indep Sch Dist - 1.7%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →