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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eaton Vance Florida Municipal Income Trust | AMEX:FEV | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number |
|
811-09143 |
|
|
|
|
|
|
Eaton Vance National Municipal Income Trust |
||
(Exact Name of Registrant as Specified in Charter) |
||
|
|
|
The
Eaton Vance Building,
|
|
02109 |
(Address of Principal Executive Offices) |
|
(Zip code) |
|
|
|
Maureen A. Gemma Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109 |
||
(Name and Address of Agent for Service) |
||
|
||
Registrants Telephone Number, Including Area Code: |
|
(617) 482-8260 |
|
|
|
Date of Fiscal Year End: |
|
November 30 |
|
|
|
Date of Reporting Period: |
|
August 31, 2008 |
Item 1. Schedule of Investments
Eaton Vance National Municipal Income Trust |
|
as of August 31, 2008 |
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments 176.7%
Principal
|
|
Security |
|
Value |
|
||
Education 6.5% |
|
|
|
||||
$ |
1,000 |
|
Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59 |
|
$ |
1,078,110 |
|
2,500 |
|
Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38 (1) |
|
2,564,165 |
|
||
|
|
|
|
$ |
3,642,275 |
|
|
Electric Utilities 0.9% |
|
|
|
||||
$ |
500 |
|
Brazos River Authority, TX, PCR, (Texas Energy Co.), (AMT), 8.25%, 5/1/33 |
|
$ |
502,745 |
|
|
|
|
|
$ |
502,745 |
|
|
Escrowed/Prerefunded 4.0% |
|
|
|
||||
$ |
500 |
|
Stoneybrook West, FL, Community Development District, Escrowed to 5/1/10, 7.00%, 5/1/32 |
|
$ |
539,550 |
|
1,500 |
|
Tobacco Settlement Management Authority, SC, Escrowed to Maturity, 6.375%, 5/15/30 |
|
1,697,775 |
|
||
|
|
|
|
$ |
2,237,325 |
|
|
Health Care-Miscellaneous 0.6% |
|
|
|
||||
$ |
140 |
|
Osceola County, FL, Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17 |
|
$ |
140,080 |
|
200 |
|
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 |
|
188,454 |
|
||
|
|
|
|
$ |
328,534 |
|
|
Hospital 16.8% |
|
|
|
||||
$ |
515 |
|
California Health Facilities Financing Authority, (Kaiser Permanente), 5.00%, 4/1/37 |
|
$ |
488,009 |
|
275 |
|
California Statewide Communities Development Authority, (Catholic Healthcare West), 5.50%, 7/1/30 |
|
274,631 |
|
||
365 |
|
California Statewide Communities Development Authority, (Catholic Healthcare West), 5.50%, 7/1/31 |
|
361,459 |
|
||
175 |
|
California Statewide Communities Development Authority, (Catholic Healthcare West), 5.625%, 7/1/35 |
|
174,384 |
|
||
350 |
|
Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 |
|
304,696 |
|
||
210 |
|
Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36 |
|
203,232 |
|
||
2,000 |
|
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/32 |
|
1,900,280 |
|
||
2,500 |
|
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/36 (1) |
|
2,534,775 |
|
||
315 |
|
New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29 |
|
307,689 |
|
||
635 |
|
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37 |
|
621,576 |
|
||
1,000 |
|
Virginia Small Business Financing Authority, (Wellmort Health), 5.25%, 9/1/37 |
|
885,040 |
|
||
1,400 |
|
West Orange, FL, Health Care District, 5.80%, 2/1/31 |
|
1,418,830 |
|
||
|
|
|
|
$ |
9,474,601 |
|
|
Housing 10.4% |
|
|
|
||||
$ |
330 |
|
California Housing Finance Agency, (AMT), 4.75%, 8/1/42 |
|
$ |
267,663 |
|
2,000 |
|
Delaware Housing Authority, (Senior Single Family Mortgage Revenue), (AMT), 5.30%, 1/1/49 |
|
1,758,080 |
|
||
505 |
|
Escambia County, FL, Housing Finance Authority, Single Family Mortgage Revenue, (Multi-County Program), (AMT), 5.50%, 10/1/31 |
|
474,831 |
|
||
455 |
|
Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), Prerefunded to 8/15/10, 7.75%, 8/15/20 |
|
507,462 |
|
||
1,000 |
|
Georgia Housing and Finance Authority, (AMT), 5.25%, 12/1/37 |
|
894,550 |
|
||
710 |
|
Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37 |
|
639,987 |
|
||
1,500 |
|
Virginia Housing Development Authority, (AMT), 5.10%, 10/1/35 |
|
1,325,745 |
|
||
|
|
|
|
$ |
5,868,318 |
|
1
Industrial Development Revenue 19.7% |
|
|
|
||||
$ |
1,000 |
|
Brazos River, TX, Harbor Navigation District, (Dow Chemical Co.), (AMT), 5.95%, 5/15/33 |
|
$ |
941,450 |
|
702 |
|
Broward County, FL, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19 |
|
656,919 |
|
||
1,060 |
|
Capital Trust Agency, FL, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32 |
|
909,141 |
|
||
1,055 |
|
Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.25%, 10/1/32 |
|
694,084 |
|
||
875 |
|
Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.75%, 10/1/32 |
|
620,393 |
|
||
1,000 |
|
Gulf Coast Waste Disposal Authority, TX, (Valero Energy Corp.), 5.60%, 4/1/32 |
|
893,420 |
|
||
1,000 |
|
Houston, TX, Airport System, (Continental Airlines), (AMT), 6.75%, 7/1/29 |
|
805,200 |
|
||
2,250 |
|
Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 (1) |
|
2,279,295 |
|
||
1,000 |
|
New Morgan, PA, Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19 |
|
981,890 |
|
||
280 |
|
Phoenix, AZ, Industrial Development Authority, (America West Airlines, Inc.), (AMT), 6.25%, 6/1/19 |
|
222,020 |
|
||
650 |
|
Puerto Rico Port Authority, (American Airlines), (AMT), 6.30%, 6/1/23 |
|
365,274 |
|
||
2,000 |
|
St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37 |
|
1,728,480 |
|
||
|
|
|
|
$ |
11,097,566 |
|
|
Insured-Education 1.3% |
|
|
|
||||
$ |
735 |
|
University of Vermont and State Agricultural College, (MBIA), 5.00%, 10/1/40 |
|
$ |
732,405 |
|
|
|
|
|
$ |
732,405 |
|
|
Insured-Electric Utilities 2.7% |
|
|
|
||||
$ |
1,600 |
|
Burke County, GA, Development Authority, (Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34 (2) |
|
$ |
1,520,848 |
|
|
|
|
|
$ |
1,520,848 |
|
|
Insured-Escrowed/Prerefunded 4.5% |
|
|
|
||||
$ |
650 |
|
Dade County, FL, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30 |
|
$ |
701,109 |
|
1,844 |
|
Tampa Bay, FL, Water Utility System, (FGIC), Prerefunded to 10/1/08, 4.75%, 10/1/27 (1) |
|
1,867,899 |
|
||
|
|
|
|
$ |
2,569,008 |
|
|
Insured-General Obligations 10.0% |
|
|
|
||||
$ |
1,500 |
|
King County, WA, Public Hospital District No. 1, (AGC), 5.00%, 12/1/37 (3) |
|
$ |
1,477,215 |
|
1,500 |
|
Puerto Rico, (FSA), Variable Rate, 9.32%, 7/1/27 (4)(5) |
|
1,781,130 |
|
||
5,040 |
|
San Juan, CA, Unified School District, (FSA), 0.00%, 8/1/23 |
|
2,408,515 |
|
||
|
|
|
|
$ |
5,666,860 |
|
|
Insured-Hospital 19.5% |
|
|
|
||||
$ |
2,500 |
|
Illinois Finance Authority, (Rush University Medical Center), (MBIA), 5.25%, 11/1/35 |
|
$ |
2,345,275 |
|
3,250 |
|
Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (FSA), 5.25%, 5/15/41 (1) |
|
3,261,992 |
|
||
2,000 |
|
Maricopa County, AZ, Industrial Development Authority, (Catholic Healthcare West), (BHAC), 5.25%, 7/1/32 |
|
2,022,400 |
|
||
1,000 |
|
Maricopa County, AZ, Industrial Development Authority, (Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37 |
|
1,002,830 |
|
||
2,500 |
|
Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/47 (1) |
|
2,383,388 |
|
||
|
|
|
|
$ |
11,015,885 |
|
|
Insured-Housing 1.8% |
|
|
|
||||
$ |
1,100 |
|
Broward County, FL, Housing Finance Authority, Multifamily Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32 |
|
$ |
1,017,236 |
|
|
|
|
|
$ |
1,017,236 |
|
|
Insured-Lease Revenue/Certificates of Participation 8.2% |
|
|
|
||||
$ |
1,585 |
|
Newberry, SC, (Newberry County School District), (AGC), 5.00%, 12/1/30 |
|
$ |
1,593,496 |
|
3,000 |
|
San Diego County, CA, Water Authority, (FSA), 5.00%, 5/1/38 (1) |
|
3,031,890 |
|
||
|
|
|
|
$ |
4,625,386 |
|
|
Insured-Other Revenue 0.8% |
|
|
|
||||
$ |
425 |
|
Kentucky Economic Development Finance Authority, (Louisville Arena Project), (AGC), 6.00%, 12/1/33 (6) |
|
$ |
434,078 |
|
|
|
|
|
$ |
434,078 |
|
2
Insured-Special Tax Revenue 10.7% |
|
|
|
||||
$ |
670 |
|
Baton Rouge, LA, Public Improvement, (FSA), 4.25%, 8/1/32 |
|
$ |
608,930 |
|
690 |
|
Louisiana Gas and Fuels Tax, (FGIC), (FSA), 5.00%, 5/1/41 |
|
691,263 |
|
||
3,040 |
|
Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/35 |
|
638,917 |
|
||
5,000 |
|
Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/38 |
|
869,250 |
|
||
5,610 |
|
Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/40 |
|
852,383 |
|
||
14,850 |
|
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
|
1,063,111 |
|
||
2,535 |
|
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
|
331,984 |
|
||
5,030 |
|
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
|
620,702 |
|
||
3,165 |
|
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
|
367,140 |
|
||
|
|
|
|
$ |
6,043,680 |
|
|
Insured-Transportation 15.4% |
|
|
|
||||
$ |
1,960 |
|
Central Puget Sound Regional Transportation Authority, WA, Sales & Use Tax Revenue, (FSA), 5.00%, 11/1/34 |
|
$ |
1,991,595 |
|
670 |
|
Chicago, IL, (OHare International Airport), (FSA), 4.50%, 1/1/38 |
|
615,797 |
|
||
240 |
|
Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT), 6.10%, 11/1/24 |
|
241,373 |
|
||
200 |
|
Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT), 6.25%, 11/1/28 |
|
201,272 |
|
||
2,100 |
|
Maryland Transportation Authority, (FSA), 5.00%, 7/1/41 (1) |
|
2,137,443 |
|
||
3,870 |
|
Miami-Dade County, FL, Aviation Revenue (Miami International Airport), (AGC), (CIFG), (AMT), 5.00%, 10/1/38 |
|
3,518,217 |
|
||
|
|
|
|
$ |
8,705,697 |
|
|
Insured-Water and Sewer 17.9% |
|
|
|
||||
$ |
3,750 |
|
Austin, TX, Water and Wastewater System, (FSA), 5.00%, 11/15/33 (1) |
|
$ |
3,767,288 |
|
1,000 |
|
Emerald Coast, FL, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31 |
|
921,040 |
|
||
85 |
|
Fernley, NV, Water and Sewer, (AGC), 5.00%, 2/1/38 |
|
85,377 |
|
||
3,250 |
|
Fernley, NV, Water and Sewer, (AGC), 5.00%, 2/1/38 (1) |
|
3,264,430 |
|
||
640 |
|
Miami Beach, FL, Storm Water, (FGIC), 5.375%, 9/1/30 |
|
640,435 |
|
||
280 |
|
Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34 |
|
258,602 |
|
||
1,156 |
|
Tampa Bay, FL, Water Utility System, (FGIC), 4.75%, 10/1/27 (1) |
|
1,149,862 |
|
||
|
|
|
|
$ |
10,087,034 |
|
|
Nursing Home 1.8% |
|
|
|
||||
$ |
265 |
|
Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24 |
|
$ |
266,020 |
|
735 |
|
Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34 |
|
736,838 |
|
||
|
|
|
|
$ |
1,002,858 |
|
|
Other Revenue 4.3% |
|
|
|
||||
$ |
16,500 |
|
Buckeye Tobacco Settlement Financing Authority, OH, 0.00%, 6/1/47 |
|
$ |
780,450 |
|
1,000 |
|
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 |
|
833,730 |
|
||
1,000 |
|
Salt Verde, AZ, Financial Corporation, Senior Gas Revenue, 5.00%, 12/1/37 |
|
832,950 |
|
||
|
|
|
|
$ |
2,447,130 |
|
|
Special Tax Revenue 14.6% |
|
|
|
||||
$ |
85 |
|
Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/21 |
|
$ |
85,042 |
|
500 |
|
Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/31 |
|
477,135 |
|
||
240 |
|
Dupree Lakes, FL, Community Development District, 5.00%, 11/1/10 |
|
232,020 |
|
||
205 |
|
Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12 |
|
191,935 |
|
||
355 |
|
Dupree Lakes, FL, Community Development District, 5.375%, 5/1/37 |
|
279,126 |
|
||
310 |
|
Heritage Harbor South, FL, Community Development District, (Capital Improvements), 6.20%, 5/1/35 |
|
311,225 |
|
||
230 |
|
Heritage Springs, FL, Community Development District, 5.25%, 5/1/26 |
|
211,931 |
|
||
340 |
|
New River, FL, Community Development District (Capital Improvements), 5.00%, 5/1/13 |
|
301,873 |
|
||
140 |
|
New River, FL, Community Development District, (Capital Improvements), 5.35%, 5/1/38 |
|
96,093 |
|
||
340 |
|
North Springs, FL, Improvement District, (Heron Bay), 5.20%, 5/1/27 |
|
261,922 |
|
||
595 |
|
North Springs, FL, Improvement District, (Heron Bay), 7.00%, 5/1/19 |
|
595,589 |
|
||
985 |
|
River Hall, FL, Community Development District, (Capital Improvements), 5.45%, 5/1/36 |
|
762,439 |
|
||
475 |
|
Southern Hills, FL, Plantation I Community Development District, 5.80%, 5/1/35 |
|
410,851 |
|
||
600 |
|
Sterling Hill, FL, Community Development District, 6.20%, 5/1/35 |
|
602,064 |
|
||
990 |
|
Tisons Landing, FL, Community Development District, 5.625%, 5/1/37 |
|
688,317 |
|
||
740 |
|
University Square, FL, Community Development District, 6.75%, 5/1/20 |
|
755,355 |
|
||
685 |
|
Waterlefe, FL, Community Development District, 6.95%, 5/1/31 |
|
707,105 |
|
||
175 |
|
West Palm Beach, FL, Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/29 |
|
155,549 |
|
||
1,270 |
|
West Palm Beach, FL, Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/35 |
|
1,094,245 |
|
||
|
|
|
|
$ |
8,219,816 |
|
3
Transportation 4.3% |
|
|
|
||||
$ |
1,000 |
|
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.375%, 5/15/33 |
|
$ |
985,790 |
|
1,500 |
|
North Texas Tollway Authority Revenue, 5.75%, 1/1/38 |
|
1,452,405 |
|
||
|
|
|
|
$ |
2,438,195 |
|
|
Total
Tax-Exempt Investments 176.7%
|
|
$ |
99,677,480 |
|
|||
Other Assets, Less Liabilities (41.0)% |
|
$ |
(23,124,896 |
) |
|||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (35.7)% |
|
$ |
(20,156,193 |
) |
|||
Net Assets Applicable to Common Shares 100.0% |
|
$ |
56,396,391 |
|
AGC |
|
Assured Guaranty Corp. |
AMBAC |
|
AMBAC Financial Group, Inc. |
AMT |
|
Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BHAC |
|
Berkshire Hathaway Assurance Corp. |
CIFG |
|
CIFG Assurance North America, Inc. |
FGIC |
|
Financial Guaranty Insurance Company |
FSA |
|
Financial Security Assurance, Inc. |
MBIA |
|
Municipal Bond Insurance Association |
PCR |
|
Pollution Control Revenue |
At August 31, 2008, the concentration of the Funds investments in the various states, determined as a percentage of total investments, is as follows:
Florida |
|
26.3 |
% |
|
Others, representing less than 10% individually |
|
73.7 |
% |
|
|
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 August 31, 2008, 52.6% 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 ranged from 2.0% to 21.6% of total investments. |
|
|
|
(1) |
|
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust. |
(2) |
|
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
(3) |
|
Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
(4) |
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2008, the aggregate value of these securities is $1,781,130 or 3.2% of the Trusts net assets applicable to common shares. |
(5) |
|
Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2008. |
(6) |
|
When-issued security. |
A summary of financial instruments at August 31, 2008 is as follows:
Futures Contracts
Expiration
|
|
Contracts |
|
Position |
|
Aggregate
|
|
Value |
|
Net Unrealized
|
|
||
12/08 |
|
60 U.S. Treasury Bond |
|
Short |
|
(7,059,165 |
) |
$ |
(7,038,750 |
) |
$ |
20,415 |
|
Interest Rate Swaps
Counterparty |
|
Notional
|
|
Annual
|
|
Floating
|
|
Effective Date/
|
|
Net Unrealized
|
|
||
Lehman Brothers, Inc. |
|
$ |
2,475,000 |
|
4.985 |
% |
3-month USD-LIBOR-BBA |
|
September 28, 2008 /
|
|
$ |
(60,160 |
) |
Merrill Lynch Capital Services, Inc. |
|
3,975,000 |
|
5.065 |
|
3-month USD-LIBOR-BBA |
|
April 1, 2009 /
|
|
(107,652 |
) |
||
Morgan Stanley Capital Services, Inc. |
|
1,500,000 |
|
5.428 |
|
3-month USD-LIBOR-BBA |
|
September 10, 2008 /
|
|
(144,164 |
) |
||
|
|
|
|
|
|
|
|
|
|
$ |
(311,976 |
) |
|
The effective date represents the date on which the Trust and the counterparty to the interest rate swap contract begin interest payment accruals.
At August 31, 2008, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
4
The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2008, as determined on a federal income tax basis, were as follows:
Aggregate cost |
|
$ |
78,882,512 |
|
Gross unrealized appreciation |
|
$ |
1,173,419 |
|
Gross unrealized depreciation |
|
(4,563,451 |
) |
|
Net unrealized depreciation |
|
$ |
(3,390,032 |
) |
The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), Fair Value Measurements, effective December 1, 2007. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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 funds own assumptions in determining the fair value of investments)
At August 31, 2008, the inputs used in valuing the Trusts investments, which are carried at value, were as follows:
|
|
Valuation Inputs |
|
Investment in
|
|
Other Financial
|
|
||
Level 1 |
|
Quoted Prices |
|
$ |
|
|
$ |
20,415 |
|
Level 2 |
|
Other Significant Observable Inputs |
|
99,677,480 |
|
(311,976 |
) |
||
Level 3 |
|
Significant Unobservable Inputs |
|
|
|
|
|
||
Total |
|
|
|
$ |
99,677,480 |
|
$ |
(291,561 |
) |
* Other financial instruments include futures and interest rate swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument.
The Trust held no investments or other financial instruments as of November 30, 2007 whose fair value was determined using Level 3 inputs.
Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing vendor, as derived from such vendors pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued based on the closing price on the primary exchange on which such contracts trade. Interest rate swaps are normally valued using valuations provided by a pricing vendor. Such vendor valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates market value.
5
Item 2. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants internal control over financial reporting.
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 Income Trust
By: |
|
/s/ Cynthia J. Clemson |
|
|
Cynthia J. Clemson |
|
|
President |
|
|
|
Date: |
|
October 23, 2008 |
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/ Cynthia J. Clemson |
|
|
Cynthia J. Clemson |
|
|
President |
|
|
|
Date: |
|
October 23, 2008 |
|
|
|
By: |
|
/s/ Barbara E. Campbell |
|
|
Barbara E. Campbell |
|
|
Treasurer |
|
|
|
Date: |
|
October 23, 2008 |
1 Year Eaton Vance FL Sbi Chart |
1 Month Eaton Vance FL Sbi Chart |
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