Form 424B3 - Prospectus [Rule 424(b)(3)]
20 Juli 2023 - 3:43PM
Edgar (US Regulatory)
Filed pursuant to Rule 424(b)(3)
File No. 333- 265180
EATON VANCE NATIONAL MUNICIPAL OPPORTUNITIES
TRUST
Supplement to Prospectus dated July 28, 2022
The following replaces the Financial Highlights contained in the Prospectus:
| |
Year Ended March 31, |
| |
2023 |
2022 |
2021 |
2020 |
2019 |
| Net asset value – Beginning of year |
$20.070 |
$21.730 |
$20.530 |
$21.090 |
$21.320 |
| Income (Loss) From Operations |
|
|
|
|
|
| Net investment income(1) |
$0.722 |
$0.733 |
$0.780 |
$0.835 |
$0.955 |
| Net realized and unrealized gain (loss) |
(1.722) |
(1.652) |
1.183 |
(0.412) |
(0.057) |
| Total income (loss) from operations |
$(1.000) |
$(0.919) |
$1.963 |
$0.423 |
$0.898 |
| Less Distributions |
|
|
|
|
|
| From net investment income |
$(0.750) |
$(0.753) |
$(0.764) |
$(0.841) |
$(1.021) |
| From net realized gain |
— |
— |
— |
(0.078) |
(0.107) |
| Tax return of capital |
— |
— |
— |
(0.065) |
— |
| Total distributions |
$(0.750) |
$(0.753) |
$(0.764) |
$(0.984) |
$(1.128) |
| Premium from common shares sold through shelf offering(1) |
$ — |
$0.012 |
$0.001 |
$0.001 |
$ — |
| Net asset value – End of year |
$18.320 |
$20.070 |
$21.730 |
$20.530 |
$21.090 |
| Market value – End of year |
$17.670 |
$19.050 |
$22.500 |
$19.500 |
$21.120 |
| Total Investment Return on Net Asset Value(2) |
(4.73)% |
(4.36)% |
9.87% |
1.90% |
4.54% |
| Total Investment Return on Market Value(2) |
(3.19)% |
(12.33)% |
19.77% |
(3.35)% |
7.98% |
| Ratios/Supplemental Data |
|
|
|
|
|
| Net assets, end of year (000’s omitted) |
$286,208 |
$313,625 |
$333,178 |
$314,321 |
$321,241 |
| Ratios (as a percentage of average daily net assets): |
|
|
|
|
|
| Expenses excluding interest and fees |
0.77% |
0.73% |
0.73% |
0.75% |
0.76% |
| Interest and fee expense(4) |
0.32% |
0.06% |
0.05% |
0.17% |
0.22% |
| Total expenses |
1.09% |
0.79% |
0.78% |
0.92% |
0.98% |
| Net investment income |
3.92% |
3.35% |
3.67% |
3.88% |
4.55% |
| Portfolio Turnover |
45% |
13% |
13% |
44% |
17% |
(See related footnotes.)
| |
Year Ended March 31, |
| |
2018 |
2017 |
2016 |
2015 |
2014 |
| Net asset value – Beginning of year |
$21.700 |
$22.890 |
$23.050 |
$21.510 |
$22.700 |
| Income (Loss) From Operations |
|
|
|
|
|
| Net investment income(1) |
$0.986 |
$1.016 |
$1.065 |
$1.087 |
$1.096 |
| Net realized and unrealized gain (loss) |
(0.213) |
(0.969) |
(0.190) |
1.479 |
(1.270) |
| Total income (loss) from operations |
$0.773 |
$0.047 |
$0.875 |
$2.566 |
$(0.174) |
| Less Distributions |
|
|
|
|
|
| From net investment income |
$(1.031) |
$(1.030) |
$(1.030) |
$(1.030) |
$(1.030) |
| From net realized gain |
(0.122) |
(0.207) |
(0.005) |
— |
— |
| Tax return of capital |
— |
— |
— |
— |
— |
| Total distributions |
$(1.153) |
$(1.237) |
$(1.035) |
$(1.030) |
$(1.030) |
| Anti-dilutive effect of share repurchase program(1) |
$ — |
$ — |
$ — |
$0.004 |
$ 0.014 |
| Net asset value – End of year |
$21.320 |
$21.700 |
$22.890 |
$23.050 |
$21.510 |
| Market value – End of year |
$20.670 |
$21.520 |
$22.310 |
$21.200 |
$19.390 |
| Total Investment Return on Net Asset Value(2) |
3.59% |
0.29% |
4.27% |
12.68% |
(0.02)% |
| Total Investment Return on Market Value(2) |
1.27% |
2.04% |
10.50% |
14.96% |
(8.05)% |
| Ratios/Supplemental Data |
|
|
|
|
|
| Net assets, end of year (000’s omitted) |
$324,587 |
$330,183 |
$348,145 |
$350,611 |
$327,723 |
| Ratios (as a percentage of average daily net assets): |
|
|
|
|
|
| Expenses excluding interest and fees(3) |
0.76% |
0.75% |
0.76% |
0.77% |
0.79% |
| Interest and fee expense(4) |
0.20% |
0.16% |
0.08% |
0.09% |
0.11% |
| Total expenses(3) |
0.96% |
0.91% |
0.84% |
0.86% |
0.90% |
| Net investment income |
4.52% |
4.50% |
4.70% |
4.83% |
5.17% |
| Portfolio Turnover |
17% |
11% |
6% |
13% |
12% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions
reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. |
| (3) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were
earned on cash deposit balances, were discontinued by the custodian. |
| (4) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions. |
July 20, 2023
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