Eaton Vance National Municipal Income Trust Report of Earnings

BOSTON, May 8  /PRNewswire-FirstCall/ -- Eaton Vance National Municipal Income Trust (NYSE Alternext US: FEV) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three months ended February 28, 2009.  The Trust's fiscal year ends on November 30, 2009.

For the three months ended February 28, 2009, the Trust had net investment income of $1,110,311 ($0.261 per common share).  From this amount, the Trust paid dividends on preferred shares of $51,376 (equal to $0.012 for each common share), resulting in net investment income after the preferred dividends of $1,058,935, or $0.249 per common share. In comparison, for the three months ended February 29, 2008, the Trust had net investment income of $1,016,664 ($0.239 per common share).  From this amount, the Trust paid dividends on preferred shares of $343,479 (equal to $0.081 for each common share), resulting in net investment income after the preferred dividends of $673,185, or $0.158 per common share.

Net realized and unrealized gains for the three months ended February 28, 2009 were $5,228,892 ($1.228 per common share). In comparison, net realized and unrealized losses for the three months ended February 29, 2008 were $9,246,662 ($2.172 per common share).

On February 28, 2009, net assets of the Trust applicable to common shares were $42,989,324.  The net asset value per common share on February 28, 2009 was $10.10 based on 4,258,386 common shares outstanding.  In comparison, on February 29, 2008, net assets of the Trust applicable to common shares were $53,506,611.  The net asset value per common share on February 29, 2008 was $12.57 based on 4,257,408 common shares outstanding.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE:EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $119.3 billion in assets as of March 31, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors.  For more information about Eaton Vance, visit http://www.eatonvance.com/.

                EATON VANCE NATIONAL MUNICIPAL INCOME TRUST
                     SUMMARY OF RESULTS OF OPERATIONS
                 (in thousands, except per share amounts)

                                     Three Months Ended  Three Months Ended
                                          February 28,        February 29,
                                            ---------           ---------
                                              2009                2008
                                            ---------           ---------
  Net investment income                       $1,110              $1,017
  Net realized and unrealized gains (losses)
   on investments                              5,229              (9,247)
  Preferred dividends paid from net
   investment income (1)                         (51)               (343)
                                            ---------           ---------
    Net increase (decrease) in net assets
     from operations                          $6,288             $(8,573)
                                            =========           =========
  Earnings per Common Share Outstanding
  -------------------------------------
  Net investment income                       $0.261              $0.239
  Net realized and unrealized gains (losses)
   on investments                              1.228              (2.172)
  Preferred dividends paid from net
   investment income (1)                      (0.012)             (0.081)
                                            ---------           ---------
    Net increase (decrease) in net assets
     from operations                          $1.477             $(2.014)
                                            =========           =========

  Net investment income                       $0.261              $0.239
  Preferred dividends paid from net
   investment income (1)                      (0.012)             (0.081)
                                            ---------           ---------
  Net investment income after preferred
   dividends                                  $0.249              $0.158
                                            =========           =========

  Net Asset Value at February 28 (Common Shares)
  ----------------------------------------------
  Net assets                                 $42,989             $53,507
  Shares outstanding                           4,258               4,257
  Net asset value per share outstanding       $10.10              $12.57

  Market Value Summary (Common Shares)
  ------------------------------------
  Market price on NYSE Alternext US at
   February 28                                 $9.52              $11.81
  High market price (period ended
   February 28)                               $10.99              $13.30
  Low market price (period ended
   February 28)                                $5.62              $11.81

  (1) During the year ended November 30, 2008, the Trust made a partial
  redemption of its preferred shares.


DATASOURCE: Eaton Vance Management



CONTACT:  Investor Contact: [phone]



Web Site:  http://www.eatonvance.com/ 

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