EVHMX — Eaton Vance National Municipal Income Fund
Data updated: 2026-08-27
EVHMX — Eaton Vance National Municipal Income Fund. Long Municipal - National Bond · $4.08B AUM. Holdings, fees, performance and SEC filings.
EVHMX Fund Overview
EVHMX — Eaton Vance National Municipal Income Fund is a US mutual fund managed by Eaton Vance Municipals Trust, categorised as Long Municipal - National Bond. 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 Municipals Trust
- Category: Long Municipal - National Bond
- Assets under management: $4.08B
- Ticker: EVHMX
- SEC CIK: 0000778365
- SEC series ID: S000004846
- Share class ID: C000013124
EVHMX Investment Objective and Strategy
Eaton Vance National Municipal Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Eaton Vance Municipals 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, the interest on which is exempt from regular federal income tax (the 80% Policy). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. At least 65% of 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 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 and instrumentalities (Agency Securities). The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate 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. In pursuing its objective, the Fund normally acquires municipal obligations with maturities of ten years or more, but may acquire municipal obligations with shorter maturities or that are subject to shorter call provisions. The Funds portfolio could have a longer average maturity than is typical of many other funds that invest primarily in municipal obligations. In such case, the interest rate risk described below may be more significant for the Fund. 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 or economic sectors (such as housing, hospitals, healthcare facilities or utilities).
The Fund may invest in pooled investment vehicles, including exchange-traded funds (ETFs), in order 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. A portion of the Funds distributions generally will be subject to federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax.
EVHMX Holdings
Top 10 holdings of Eaton Vance National Municipal Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| County of King WA Sewer Revenue | 1.47% |
| County of Montgomery MD | 1.47% |
| Ohio Water Development Authority Water Pollution Control Loan Fund | 0.98% |
| District of Columbia Water & Sewer Authority | 0.96% |
| Harris County-Houston Sports Authority | 0.95% |
| City of Gainesville FL Utilities System Revenue | 0.88% |
| New York City Transitional Finance Authority Future Tax Secured Revenue | 0.83% |
| City of Los Angeles Department of Airports | 0.77% |
| State of California | 0.67% |
| Chicago O'Hare International Airport | 0.66% |
EVHMX Portfolio Allocation
Asset-class allocation of Eaton Vance National Municipal Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 102.3% |
EVHMX Costs and Fees
EVHMX costs about $163 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.63%
- Gross expense ratio: 1.63%
- Portfolio turnover: 109%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
EVHMX Cashflows
Over the 12 months to 2026-06, Eaton Vance National Municipal Income Fund had net outflows of $245.95M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $12.49M |
| 2026-05 | $9.81M |
| 2026-04 | −$85.44M |
| 2026-03 | $16.04M |
| 2026-02 | −$12.48M |
| 2026-01 | $7.49M |
EVHMX Debt Constituents
Largest debt holdings of Eaton Vance National Municipal Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| County of King WA Sewer Revenue | 1.47% |
| County of Montgomery MD | 1.47% |
| Ohio Water Development Authority Water Pollution Control Loan Fund | 0.98% |
| District of Columbia Water & Sewer Authority | 0.96% |
| Harris County-Houston Sports Authority | 0.95% |
| City of Gainesville FL Utilities System Revenue | 0.88% |
| New York City Transitional Finance Authority Future Tax Secured Revenue | 0.83% |
| City of Los Angeles Department of Airports | 0.77% |
| State of California | 0.67% |
| Chicago O'Hare International Airport | 0.66% |
EVHMX Prospectus and SEC Filings
Official Eaton Vance National Municipal Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-01-27
- Prospectus (485BPOS) — filed 2025-01-23
- Prospectus (485BPOS) — filed 2024-01-24
- 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 2025-12-12
- Annual census (N-CEN) — filed 2024-12-05
Related Funds
Other Long Municipal - National Bond 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.