Eaton Vance National Municipal Opportunities Trust Report of Earnings

BOSTON, March 4, 2011 /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, 2010.  The Trust's fiscal year ends on March 31, 2011.

For the three months ended December 31, 2010, the Trust had net investment income of $4,702,561 ($0.308 per common share). The Trust's net investment income for the nine months ended December 31, 2010 was $14,144,116 ($0.926 per common share). In comparison, for the three months ended December 31, 2009, the Trust had net investment income of $4,741,189 ($0.310 per common share). The Trust's net investment income for the period from the start of business, May 29, 2009, to December 31, 2009 was $10,427,420 ($0.692 per common share).

Net realized and unrealized losses for the three months ended December 31, 2010 were $32,520,539 ($2.132 per common share). The Trust's net realized and unrealized losses for the nine months ended December 31, 2010 were $18,646,461 ($1.220 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2009 were $14,310,617 ($0.935 per common share). The Trust's net realized and unrealized gains for the period from the start of business, May 29, 2009, to December 31, 2009 were $28,916,753 ($1.885 per common share).

On December 31, 2010, net assets of the Trust were $304,058,801.  The net asset value per share on December 31, 2010 was $19.88 based on 15,294,435 shares outstanding.  In comparison, on December 31, 2009, net assets of the Trust were $319,997,164.  The net asset value per share on December 31, 2009 was $20.95 based on 15,277,613 shares outstanding.

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 $191.7 billion in assets as of January 31, 2011 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.

SOURCE Eaton Vance Management

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