Fund Evaluator:
Eaton Vance Ntnl Ultr Shrt Muni Inc A (EXFLX)
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Fund Details
Eaton Vance Ntnl Ultr Shrt Muni Inc A Overview
Eaton Vance Ntnl Ultr Shrt Muni Inc A (EXFLX) is an actively managed Municipal Bond Muni National Short fund. Eaton Vance launched the fund in 1996.
The investment seeks to provide current income exempt from regular federal income tax. 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. At least 75% of the fund’s net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment, if unrated, determined by the investment adviser to be of at least investment grade quality.
About Eaton Vance Ntnl Ultr Shrt Muni Inc A (EXFLX)
There are 2 members of the management team with an average tenure of 13.34 years: Julie Callahan (2021), Craig Brandon (2004). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1 Yr 1-2 TR USD index with a weighting of 100%. Eaton Vance Ntnl Ultr Shrt Muni Inc A has 165 securities in its portfolio. The top 10 holdings constitute 17.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Eaton Vance Ntnl Ultr Shrt Muni Inc A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Eaton Vance Ntnl Ultr Shrt Muni Inc A has 1.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.6% (91.9% domestic bond, 1.7% foreign bond and 0.0% convertible bond). Eaton Vance Ntnl Ultr Shrt Muni Inc A has 6.4% of the portfolio in cash.
Assets Under Management
The fund has $47 million in total assets, which is below the $633 million average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
EXFLX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Eaton Vance Ntnl Ultr Shrt Muni Inc A expense ratio is average compared to funds in the Muni National Short category. Eaton Vance Ntnl Ultr Shrt Muni Inc A has an expense ratio of 0.50%, which is 13% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Eaton Vance Ntnl Ultr Shrt Muni Inc A has a portfolio turnover rate of 112%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.
Recently, in the month of July 2026, Eaton Vance Ntnl Ultr Shrt Muni Inc A returned -0.0%, which earned it a grade of A, as the Muni National Short category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Eaton Vance Ntnl Ultr Shrt Muni Inc A has a trailing yield of 2.67%, which is below the 2.78% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Eaton Vance Ntnl Ultr Shrt Muni Inc A Grades
Year to date, the fund has returned 1.3%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 2.4% over the past year (grade of D), 3.1% over the past three years (grade of D) and 2.2% per year over the past five years (grade of A) and 1.5% per year over the past 10 years (grade of C).
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EXFLX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EXFLX Return (NAV) | -0.0% | 0.4% | 2.4% | 3.1% | 2.2% | 1.5% |
| EXFLX Grade | A | A | D | D | A | C |
| +/- Category | 0.5% | 0.3% | -0.3% | -0.1% | 0.7% | -0.0% |
| Muni National Short Avg | -0.5% | 0.1% | 2.7% | 3.2% | 1.5% | 1.5% |
| EXFLX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
EXFLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EXFLX Return (NAV) | 1.3% | 3.0% | 3.2% | 3.3% | -0.0% | 0.4% | 0.0% | 1.7% | 1.5% | 1.1% | 0.6% |
| EXFLX Grade | A | F | A | F | A | B | F | F | B | D | A |
| +/- Category | 0.5% | -1.0% | 0.6% | -0.6% | 3.2% | 0.0% | -2.4% | -1.7% | 0.3% | -0.8% | 0.7% |
| Muni National Short Avg | 0.8% | 4.0% | 2.6% | 3.9% | -3.2% | 0.4% | 2.4% | 3.4% | 1.2% | 1.9% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 0.6% |
| Total Risk Index: | 0.05 - Low |
| Category Risk Index: | 0.29 - Low |
| Category Risk Grade: | A (10% Rank) |
| Beta: | 0.08 |
| R-Squared: | 57% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $355 Mil |
| Fund Total Assets: | $ 48 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 112% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 21.9 years | |||
| Average Tenure: 13.3 years | |||
| Managers (Year): Brandon Craig (2004), Callahan Julie (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 165 |
| % in Top 10 Holdings: | 17.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 91.9% |
| Foreign Bond: | 1.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.4% |
Purchase Information
| Fund Family: | Eaton Vance |
| Phone Number: | 800-262-1122 |
| Website: | www.eatonvance.com |
| Status: | Open |
| Inception Date: | June 27, 1996 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 2.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.15% |
Expenses and Fees | |
| Expense Ratio (%): | 0.50% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.58% |
| Share Class: | Eaton Vance Ntnl Ultr Shrt Muni Inc A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
