Eaton Vance National Municipal Opportunities Trust (the 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 in the various states and territories include New York, Illinois, Florida, and others. The Trust invests in various sectors, including health care, hospital, education, electric utilities, housing, industrial development, student loan, transportation, life care, and water and sewer, escrowed and general obligations. Eaton Vance Management is an investment advisor and administrator of the Trust.