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Eaton Vance National Municipal Opportunities Trust Report of Earnings

EOT | April 15, 2015

BOSTON, April 15, 2015 /PRNewswire/ -- Eaton Vance National Municipal Opportunities Trust (NYSE: EOT) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three and nine-month periods ended December 31, 2014. The Trust's fiscal year ends on March 31, 2015.

For the three months ended December 31, 2014, the Trust had net investment income of $4,144,914 ($0.273 per common share). The Trust's net investment income for the nine months ended December 31, 2014 was $12,378,554 ($0.813 per common share). In comparison, for the three months ended December 31, 2013, the Trust had net investment income of $4,160,726 ($0.271 per common share). The Trust's net investment income for the nine months ended December 31, 2013 was $12,600,315 ($0.822 per common share).

Net realized and unrealized gains for the three months ended December 31, 2014 were $5,460,702 ($0.365 per common share). The Trust's net realized and unrealized gains for the nine months ended December 31, 2014 were $20,413,620 ($1.340 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2013 were $3,301,867 ($0.217 per common share). The Trust's net realized and unrealized losses for the nine months ended December 31, 2013 were $34,357,704 ($2.243 per common share).

On December 31, 2014, net assets of the Trust were $348,222,803. The net asset value per share on December 31, 2014 was $22.89 based on 15,212,333 shares outstanding. In comparison, on December 31, 2013, net assets of the Trust were $312,656,829. The net asset value per share on December 31, 2013 was $20.52 based on 15,238,333 shares outstanding.

The Trust periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Trust portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-end.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $303.4 billion in assets as of March 31, 2015 offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.

EATON VANCE NATIONAL MUNICIPAL OPPORTUNITIES TRUST
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)

		Three Months Ended		Nine Months Ended
		December 31,		December 31,
		2014	2013	2014	2013
Net investment income		$ 4,145	$ 4,161	$ 12,379	$ 12,600
Net realized and unrealized gains (losses)
on investments		5,461	(3,302)	20,414	(34,358)
	Net increase (decrease) in net assets
	from operations	$ 9,606	$ 859	$ 32,793	$(21,758)

Earnings per Share Outstanding
Net investment income		$ 0.273	$ 0.271	$ 0.813	$ 0.822
Net realized and unrealized gains (losses)
on investments		0.365	(0.217)	1.340	(2.243)
	Net increase (decrease) in net assets
	from operations	$ 0.638	$ 0.054	$ 2.153	$ (1.421)

Net Asset Value at December 31
	Net assets			$348,223	$312,657
	Shares outstanding			15,212	15,238
	Net asset value per share outstanding			$22.89	$20.52

Market Value Summary
	Market price on NYSE at December 31			$21.00	$18.46
	High market price (period ended December 31)			$21.04	$22.46
	Low market price (period ended December 31)			$19.33	$17.73