Eaton Vance National Municipal Opportunities Trust Business Summary

Eaton Vance National Municipal Opportunities Trust (EOT) is a diversified, closed-end management investment company that generates revenue primarily through management fees and interest income derived from a leveraged portfolio of municipal obligations. The Trust employs an active investment strategy, allocating at least 80% of its gross assets to debt obligations issued by U.S. states, territories, and local subdivisions across sectors such as healthcare, education, utilities, and transportation. Its business model utilizes Residual Interest Bond (RIB) financing to enhance current tax-exempt income for shareholders while pursuing secondary capital appreciation. Within the competitive landscape, EOT competes directly with other large-scale municipal closed-end funds, including the Nuveen Quality Municipal Income Fund (NAD), BlackRock Municipal Income Trust (BFK), and Invesco Municipal Opportunity Trust (VMO). EOT distinguishes itself through the proprietary bottom-up research of the Eaton Vance Municipals Team, positioning itself as a high-conviction vehicle for institutional-quality municipal bond exposure in the retail secondary market. As a subsidiary of Morgan Stanley Investment Management (MSIM) following its 2021 acquisition, the Trust is overseen by a seasoned leadership team and an independent Board of Trustees. The fund's strategic direction is led by Thomas E. Faust Jr., who serves as Chairman of Eaton Vance, and the investment process is directed by the Eaton Vance Municipals Team, with Craig R. Brandon serving as Co-Head of Municipals. Following the passing of former Chairperson Mark R. Fetting in 2025, Scott E. Wennerholm was appointed Chairperson of the Board, bringing extensive experience from State Street and BNY Mellon. The board also includes prominent industry veterans such as Susan J. Sutherland, a former partner at Skadden Arps, and Keith Quinton, formerly of Fidelity Investments. This leadership structure leverages the century-long pedigree of Eaton Vance, founded in 1924, combined with the global institutional resources of Morgan Stanley to manage complex credit and interest rate risks.