Eaton Vance National Municipal Opportunities Trust is a diversified, closed-end management investment company. The Trust�s primary investment objective is to provide current income exempt from regular federal income tax. The Trust will, as a secondary investment objective, seek to achieve capital appreciation. The Trust may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Trust may sell a variable or fixed rate bond to a broker for cash. At the same time, the Trust 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.