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's secondary investment objective is to seek to achieve capital appreciation. The Trust invests primarily in debt securities issued by municipalities. The Trust's investments are primarily investment grade (rated BBB and higher). The Trust may invest approximately 30% of its assets in obligations below investment grade. The Trust invests in various sectors, including healthcare: acute, industrial development bonds, investor owned utility, toll road, airport, healthcare: life care, water and sewer, education, escrowed, electric utilities, hospital, transportation and state government. Eaton Vance Management is an investment advisor and administrator of the Trust.