EAMLX — Eaton Vance National Ultra-Short Municipal Income Fund
Data updated: 2026-08-27
EAMLX — Eaton Vance National Ultra-Short Municipal Income Fund. Leveraged · $354.14M AUM · 0.50% expense ratio. Holdings, fees, performance and SEC filings.
EAMLX Fund Overview
EAMLX — Eaton Vance National Ultra-Short Municipal Income Fund is a US mutual fund managed by Eaton Vance Investment Trust, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Eaton Vance Investment Trust
- Category: Leveraged
- Assets under management: $354.14M
- 1-year return: 2.7%
- Ticker: EAMLX
- SEC CIK: 0000779991
- SEC series ID: S000004825
- Share class ID: C000225142
EAMLX Investment Objective and Strategy
Eaton Vance National Ultra-Short Municipal Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Eaton Vance Investment Trust.
Investment objective
The Funds investment objective is to provide current income exempt from regular federal income tax.
Principal investment strategy
Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax. Under normal market circumstances, the Fund also invests at least 80% of its total assets in (i) municipal floating-rate bonds or obligations and (ii) fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate (the 80% Policy). At least 75% of the Funds net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moodys Investors Service, Inc. (Moodys), or BBB or higher by either S&P Global Ratings (S&P) or Fitch Ratings (Fitch)) or, if unrated, determined by the investment adviser to be of at least investment grade quality.
The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser (junk bonds). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moodys, S&P or Fitch, or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate and total return swaps, and forward rate contracts) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities.
There is no stated limit on the Funds use of derivatives. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles and exchange-traded funds (ETFs), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors. The investment advisers process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market.
In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio manager also may trade securities to minimize taxable capital gains to shareholders. The Fund expects up to 25% of its annual distributions to be subject to the federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax.
EAMLX Holdings
Top 10 holdings of Eaton Vance National Ultra-Short Municipal Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Ohio Water Development Authority Water Pollution Control Loan Fund | 2.17% |
| City of Quincy MA | 2.15% |
| Allegheny County Hospital Development Authority | 2.00% |
| City of Gainesville FL Utilities System Revenue | 1.75% |
| Bergen County Improvement Authority/The | 1.71% |
| Kentucky Economic Development Finance Authority | 1.69% |
| District of Columbia Water & Sewer Authority | 1.55% |
| Southeast Energy Authority A Cooperative District | 1.51% |
| State of Louisiana Gasoline & Fuels Tax Revenue | 1.51% |
| Black Belt Energy Gas District | 1.48% |
EAMLX Portfolio Allocation
Asset-class allocation of Eaton Vance National Ultra-Short Municipal Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 97.4% |
EAMLX Performance
Total returns for EAMLX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.2% |
| 1 year | 2.7% |
| 3 years (annualised) | 3.1% |
| 5 years (annualised) | 2.1% |
EAMLX Risk Information
Risk metrics for EAMLX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 0.6%
EAMLX Costs and Fees
EAMLX costs about $50 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.50%
- Gross expense ratio: 0.58%
- Portfolio turnover: 112%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
EAMLX Cashflows
Over the 12 months to 2026-06, Eaton Vance National Ultra-Short Municipal Income Fund had net inflows of $23.09M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$1.21M |
| 2026-05 | $14.64M |
| 2026-04 | −$7.41M |
| 2026-03 | $6.18M |
| 2026-02 | $2.07M |
| 2026-01 | $2.44M |
EAMLX Debt Constituents
Largest debt holdings of Eaton Vance National Ultra-Short Municipal Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Ohio Water Development Authority Water Pollution Control Loan Fund | 2.17% |
| City of Quincy MA | 2.15% |
| Allegheny County Hospital Development Authority | 2.00% |
| City of Gainesville FL Utilities System Revenue | 1.75% |
| Bergen County Improvement Authority/The | 1.71% |
| Kentucky Economic Development Finance Authority | 1.69% |
| District of Columbia Water & Sewer Authority | 1.55% |
| Southeast Energy Authority A Cooperative District | 1.51% |
| State of Louisiana Gasoline & Fuels Tax Revenue | 1.51% |
| Black Belt Energy Gas District | 1.48% |
EAMLX Prospectus and SEC Filings
Official Eaton Vance National Ultra-Short Municipal Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-07-28
- Prospectus (485BPOS) — filed 2025-07-24
- Prospectus (485BPOS) — filed 2024-07-25
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-26
- Portfolio holdings (N-PORT) — filed 2026-02-27
- Annual census (N-CEN) — filed 2026-06-04
- Annual census (N-CEN) — filed 2025-05-27
Related Funds
Other Leveraged funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.