Eaton Vance National Municipal Opportunities Trust is a diversified, closed-end management investment company. The Company’s primary investment objective is to provide current income exempt from regular federal income tax. The Company’s will, as a secondary investment objective, seek to achieve capital appreciation. The Company may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Company may sell a variable or fixed rate bond to a broker for cash. At the same time, the Company buys a residual interest in the assets and cash flows of a special-purpose vehicle (the SPV), (which is generally organized as a trust), set up by the broker. Eaton Vance Management serves as the investment adviser. The Company is a subsidiary of Eaton Vance Management.