Eaton Vance National Municipal Opportunities Trust Raises $275 Million in Initial Public Offering

BOSTON, May 27  /PRNewswire-FirstCall/ -- Eaton Vance Corp. (NYSE:EV) announced today the initial public offering of common shares of its new closed-end fund, Eaton Vance National Municipal Opportunities Trust.  The Trust is issuing 13.75 million shares at an initial price of $20.00 per share, resulting in gross proceeds of $275 million.  Up to approximately 2.1 million additional shares may be issued upon exercise of the underwriters' overallotment option, which may not occur.  According to industry sources, this is the largest initial public offering of a listed closed-end fund in the U.S. since 2007.  The Trust begins trading today on the New York Stock Exchange under the ticker symbol "EOT."

The Trust's primary investment objective is to provide current income exempt from federal income tax.  The Trust will, as a secondary investment objective, seek to achieve capital appreciation.  Eaton Vance National Municipal Opportunities Trust intends to make distributions of tax-exempt income on a monthly basis.  The Trust will invest primarily in municipal obligations that, at the time of investment, are investment grade quality.

The underwriting syndicate was led by UBS Investment Bank and included Citi, Merrill Lynch & Co., Morgan Stanley and Wachovia Securities.

Eaton Vance Management, a wholly owned subsidiary of Eaton Vance Corp., is the Fund's investment adviser.

In the third quarter of its fiscal 2009, Eaton Vance Corp. expects to recognize a structuring fee expense of approximately $2.7 million in connection with the offering, in addition to distribution-related compensation expenses.

Eaton Vance Corp. (NYSE:EV) is one of the oldest investment management firms in the United States, with a history dating back to 1924.  Eaton Vance and its affiliates managed $127.2 billion in assets as of April 30, 2009, offering individuals and institutions a broad array of investment products 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 http://www.eatonvance.com/.

This news release contains statements that are not historical facts, referred to as "forward looking statements."  Actual future results may differ significantly from those stated in any forward looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of shares, the continuation of investment advisory, administration, and service contracts, and other risks discussed from time to time. 

DATASOURCE: Eaton Vance Corp.



CONTACT:  Investors, Jonathan Isaac, [phone],

, or Media, Robyn Tice, [phone],

, both of Eaton Vance Corp.



Web Site:  http://www.eatonvance.com/ 

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