Fund Evaluator:

Eaton Vance AMT-Free Municipal Income I Overview

Eaton Vance AMT-Free Municipal Income I (EVMBX) is an actively managed Municipal Bond Muni National Long fund. Eaton Vance launched the fund in 1978.

The investment seeks to provide current income exempt from regular federal income tax. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in obligations issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax. It 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.

About Eaton Vance AMT-Free Municipal Income I (EVMBX)

There are 2 members of the management team with an average tenure of 12.80 years: Julie Callahan (2021), Cynthia Clemson (2005). 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%. Eaton Vance AMT-Free Municipal Income I has 105 securities in its portfolio. The top 10 holdings constitute 30.2% 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 AMT-Free Municipal Income I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Eaton Vance AMT-Free Municipal Income I has 2.3% 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 99.6% (97.4% domestic bond, 2.3% foreign bond and 0.0% convertible bond). Eaton Vance AMT-Free Municipal Income I has 0.4% of the portfolio in cash.

Assets Under Management

The fund has $83 million in total assets, which is below the $1 billion average for the Muni National Long 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.

EVMBX 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 AMT-Free Municipal Income I expense ratio is average compared to funds in the Muni National Long category. Eaton Vance AMT-Free Municipal Income I has an expense ratio of 0.58%, which is 26% 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 AMT-Free Municipal Income I has a portfolio turnover rate of 89%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Long category.

Recently, in the month of July 2026, Eaton Vance AMT-Free Municipal Income I returned -1.6%, which earned it a grade of A, as the Muni National Long category had an average return of -1.9%. 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 AMT-Free Municipal Income I has a trailing yield of 4.12%, which is above the 3.72% 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 AMT-Free Municipal Income I Grades

Year to date, the fund has returned 0.9%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 5.8% over the past year (grade of D), 2.9% over the past three years (grade of D) and -0.2% per year over the past five years (grade of D) and 1.7% per year over the past 10 years (grade of C).

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