Eaton Vance National Municipal Opportunities Trust Announces Exercise of Underwriters' Overallotment Option and Initial Distribu

BOSTON, June 26  /PRNewswire-FirstCall/ -- Eaton Vance Corp. announced today the anticipated issuance of approximately 1.50 million shares of Eaton Vance National Municipal Opportunities Trust (NYSE:EOT) pursuant to exercise of the underwriters' overallotment option, which will result in expected net proceeds to the Trust of approximately $28.7 million.  Subject to customary conditions, the closing of the overallotment option is expected to take place on or about June 29, 2009.  This is in addition to the 13.75 million shares issued in the Trust's initial public offering, which concluded on May 29, 2009.  The Trust is a closed-end fund listed for trading on the New York Stock Exchange.  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 also announced an initial monthly income distribution for the Trust of $0.103334 per common share, payable on July 31, 2009 to shareholders of record as of July 24, 2009.  The ex-date for the distribution is July 22, 2009.  Based on the $20.00 per share initial public offering price, the distribution equates to an annualized yield of 6.20%.  For an investor subject to the highest Federal income tax rate of 35%, this represents a taxable equivalent annualized yield of 9.54%.  Based on the closing market price on June 25, 2009, the distribution equates to an annualized market yield of 6.59%, or 10.14% on a taxable equivalent basis for a top bracket Federal taxpayer.

As of June 26, 2009, the Trust has invested substantially all of the net proceeds of its initial public offering.  "This has proved to be an opportune time for the Trust to invest," commented Cindy Clemson, Vice President and Co-Portfolio Manager of the Trust.  "With its initial purchases, we believe the Trust has been able to take advantage of good value both in high quality long-term municipal bonds and certain higher yielding issues.  We also believe the prospect of higher Federal income tax rates for individuals in the future bodes well for the overall tax-exempt municipal bond market."

Monthly distributions on the Trust's common shares may vary as portfolio and market conditions change.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE:EV), one of the oldest investment management firms in the United States, with a history dating back to 1924.  Eaton Vance and its affiliates managed $136.7 billion in client assets as of May 31, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions.  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 Management



CONTACT:  Investors, Jonathan Isaac, [phone],

, or Media, Robyn Tice, [phone],

, both of Eaton Vance Management



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

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