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Eaton Vance fund raises USD275m in IPO

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The initial public offering of Eaton Vance’s new closed-end fund, Eaton Vance National Municipal Opportunities Trust, has raised USD275m.

The initial public offering of Eaton Vance’s new closed-end fund, Eaton Vance National Municipal Opportunities Trust, has raised USD275m.

The trust is issuing 13.75 million shares at an initial price of USD20.00 per share, resulting in gross proceeds of USD275m.

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 US 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.

In the third quarter of its fiscal 2009, Eaton Vance expects to recognise a structuring fee expense of approximately USD2.7m in connection with the offering, in addition to distribution-related compensation expenses.

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