Eaton Vance National Municipal Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Eaton Vance National Municipal Income Fund held 603 positions with $4.08B in net assets. Its ten largest holdings made up 9.7% of the fund. The EANAX share class costs 0.69% a year. Over the 12 months to May 2026, EANAX returned 7.4%, with dividends reinvested. In 2026 Q2 it added 119 new positions and exited 145.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
County of Montgomery MD 2.75% floating · due 2037-11-01 | 1.47% | $60.00M | — |
County of King WA Sewer Revenue 2.85% floating · due 2065-01-01 | 1.47% | $60.00M | — |
Ohio Water Development Authority Water Pollution Control Loan Fund 2.90% floating · due 2054-12-01 | 0.98% | $40.00M | — |
District of Columbia Water & Sewer Authority 2.90% floating · due 2060-10-01 | 0.96% | $39.21M | — |
Harris County-Houston Sports Authority 0.00% · due 2034-11-15 | 0.95% | $38.92M | — |
City of Gainesville FL Utilities System Revenue 2.90% floating · due 2042-10-01 | 0.88% | $36.00M | — |
New York City Transitional Finance Authority Future Tax Secured Revenue 5.00% · due 2038-11-01 | 0.83% | $33.96M | — |
City of Los Angeles Department of Airports 5.00% · due 2046-05-15 | 0.77% | $31.46M | — |
State of California 5.00% · due 2042-11-01 | 0.67% | $27.42M | — |
Chicago O'Hare International Airport 5.50% · due 2048-01-01 | 0.66% | $26.77M | — |
The 200 largest of 603 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 102.30% |
How it has done
EANAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.61%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.69% | +7.38% | +11.89% | +3.80% | -6.24% | |
| 1.44% | +6.57% | +9.36% | -0.08% | -6.44% | |
| 0.44% | +7.65% | +12.70% | +5.06% | -6.30% |
These classes hold the same portfolio, so the 5.13pp spread over 5 years is the cost difference between them — roughly 1.03pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.44% – 1.44%· EANAX 0.69%
- Portfolio turnover
- 109.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
119 new· the largest 8
145 exited· the largest 8
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.
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