Fund Evaluator:
Calvert Responsible Municipal Income I (CTTIX)
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Best Performing in Muni National Interm Over the Last Year
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Fund Details
Calvert Responsible Municipal Income I Overview
Calvert Responsible Municipal Income I (CTTIX) is an actively managed Municipal Bond Muni National Interm fund. Calvert Research and Management launched the fund in 2015.
The investment seeks to provide current income exempt from regular federal income tax. Under normal market conditions, at least 80% of the income from the fund will be exempt from federal income tax. It normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in issuers that the investment adviser determines operate in a manner consistent with or promote The Calvert Principles for Responsible Investment (the “Principles”) (the “Principles 80% Policy”).
About Calvert Responsible Municipal Income I (CTTIX)
There are 2 members of the management team with an average tenure of 7.21 years: William Delahunty (2021), Cynthia Clemson (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Calvert Responsible Municipal Income I has 306 securities in its portfolio. The top 10 holdings constitute 11.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Calvert Responsible Municipal Income I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Calvert Responsible Municipal Income I has 0.0% 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 97.9% (97.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Calvert Responsible Municipal Income I has 2.1% of the portfolio in cash.
Assets Under Management
The fund has $336 million in total assets, which is below the $1 billion average for the Muni National Interm 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.
CTTIX 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 Calvert Responsible Municipal Income I expense ratio is average compared to funds in the Muni National Interm category. Calvert Responsible Municipal Income I has an expense ratio of 0.50%, which is 26% lower than its category average, making the fund expense ratio grade a B. 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. Calvert Responsible Municipal Income I has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Calvert Responsible Municipal Income I returned -1.9%, which earned it a grade of F, as the Muni National Interm category had an average return of -1.6%. 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.
Calvert Responsible Municipal Income I has a trailing yield of 3.48%, which is above the 3.27% category average. The fund normally distributes its income monthly.
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.
Calvert Responsible Municipal Income I Grades
Year to date, the fund has returned 0.5%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 5.9% over the past year (grade of A), 3.4% over the past three years (grade of B) and 0.7% per year over the past five years (grade of C) and 1.9% per year over the past 10 years (grade of B).
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CTTIX 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 |
|
| CTTIX Return (NAV) | -1.9% | -0.7% | 5.9% | 3.4% | 0.7% | 1.9% |
| CTTIX Grade | F | D | A | B | C | B |
| +/- Category | -0.3% | -0.2% | 1.2% | 0.2% | 0.1% | 0.2% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| CTTIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
CTTIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CTTIX Return (NAV) | 0.5% | 4.5% | 1.9% | 5.8% | -7.9% | 0.4% | 4.7% | 7.4% | 0.9% | 5.3% | -0.1% |
| CTTIX Grade | C | C | C | C | C | F | B | B | B | B | C |
| +/- Category | 0.1% | 0.3% | -0.1% | -0.0% | 0.3% | -1.3% | 0.4% | 0.7% | 0.1% | 0.6% | 0.1% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 5.6% |
| Total Risk Index: | 0.46 - Low |
| Category Risk Index: | 1.17 - High |
| Category Risk Grade: | F (87% Rank) |
| Beta: | 0.97 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $427 Mil |
| Fund Total Assets: | $ 336 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 39% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.6 years | |||
| Average Tenure: 7.2 years | |||
| Managers (Year): Clemson Cynthia (2016), Delahunty William (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 306 |
| % in Top 10 Holdings: | 11.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.1% |
Purchase Information
| Fund Family: | Calvert Research and Management |
| Phone Number: | 800-368-2745 |
| Website: | www.calvert.com |
| Status: | Open |
| Inception Date: | July 15, 2015 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.50% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Calvert Responsible Municipal Income A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
