Eaton Vance National Municipal Income Fund
Eaton Vance Municipals Trust · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Eaton Vance National Municipal Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2026 Q1
The Funds investment objective is to provide current income exempt from regular federal income tax .
The fund invests at least 80% of assets in municipal bonds exempt from federal income tax, with at least 65% in investment-grade obligations and up to 35% in below-investment-grade and unrated bonds; it may also hold up to 20% in taxable municipals and U.S. Treasury securities. The fund normally targets municipal obligations with maturities of ten years or more, which may result in a longer average maturity and greater interest rate sensitivity than typical municipal bond funds. The fund is non-diversified and may concentrate 25% or more of assets in particular states, sectors or bond types.
| Share class | Expense ratio |
|---|---|
| EANAX | 0.69% |
| ECHMX | 1.44% |
| EIHMX | 0.44% |
Portfolio turnover 109.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 102.30% |
Latest quarter
What changed since the fund's previous filing
Largest new: City of Seattle WA Drainage & Wastewater Revenue, County of King WA Sewer Revenue, County of Cuyahoga OH, Black Belt Energy Gas District, City of Colorado Springs CO Utilities System Revenue, County of Miami-Dade FL Transit System, Los Angeles Unified School District, City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue
Largest exited: Allegheny County Higher Education Building Authority, San Antonio Water System, City of New York NY, JEA Water & Sewer System Revenue, Buckeye Tobacco Settlement Financing Authority, County of Westchester NY, Dallas Independent School District, Minnesota Agricultural & Economic Development Board
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.83% | +10.55% | +3.82% | 4.86% | -6.24% | |
| +5.04% | +8.05% | -0.05% | 4.92% | -6.44% | |
| +6.09% | +11.46% | +5.08% | 4.92% | -6.30% |
These classes hold the same portfolio, so the 5.12pp spread over 5 years is the cost difference between them — roughly 1.02pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 87.6% |
| Floating rate | 10.1% |
| Zero-coupon or unclassified | 2.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 1.6% |
| 3-5y | 1.6% |
| 5-10y | 5.1% |
| 10y+ | 91.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +7.80 yr |
| High yield | +0.31 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.28 yr | 4% |
| 5 yr | 1.56 yr | 20% |
| 10 yr | 4.19 yr | 54% |
| 30 yr | 1.64 yr | 21% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.30 yr | 4% |
| 5 yr | 1.63 yr | 20% |
| 10 yr | 4.47 yr | 55% |
| 30 yr | 1.70 yr | 21% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.00 | $5.0k | $577 |
| 1 yr | +0.28 | +0.27 | +0.03 | $109.3k | $12.0k |
| 5 yr | +1.56 | +1.55 | +0.08 | $633.7k | $31.5k |
| 10 yr | +4.19 | +4.33 | +0.15 | $1.76m | $59.1k |
| 30 yr | +1.64 | +1.64 | +0.06 | $669.1k | $23.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | County of Montgomery MD2.75% floating · due 2037-11-01 | 1.47% | $60.00M | — |
| — | County of King WA Sewer Revenue2.85% floating · due 2065-01-01 | 1.47% | $60.00M | — |
| — | Ohio Water Development Authority Water Pollution Control Loan Fund2.90% floating · due 2054-12-01 | 0.98% | $40.00M | — |
| — | District of Columbia Water & Sewer Authority2.90% floating · due 2060-10-01 | 0.96% | $39.21M | — |
| — | Harris County-Houston Sports Authority0.00% · due 2034-11-15 | 0.95% | $38.92M | — |
| — | City of Gainesville FL Utilities System Revenue2.90% floating · due 2042-10-01 | 0.88% | $36.00M | — |
| — | New York City Transitional Finance Authority Future Tax Secured Revenue5.00% · due 2038-11-01 | 0.83% | $33.96M | — |
| — | City of Los Angeles Department of Airports5.00% · due 2046-05-15 | 0.77% | $31.46M | — |
| — | State of California5.00% · due 2042-11-01 | 0.67% | $27.42M | — |
| — | Chicago O'Hare International Airport5.50% · due 2048-01-01 | 0.66% | $26.77M | — |
Top 10 positions are 9.66% of net assets, top 25 17.57%, across 356 issuers.
See more of this fund's book
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