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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.15

$223 M

3.55%

$0.29

1.00%

Vitals

YTD Return

-0.3%

1 yr return

4.1%

3 Yr Avg Return

-1.2%

5 Yr Avg Return

0.9%

Net Assets

$223 M

Holdings in Top 10

28.2%

52 WEEK LOW AND HIGH

$8.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.00%

SALES FEES

Front Load 3.25%

Deferred Load N/A

TRADING FEES

Turnover 32.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.15

$223 M

3.55%

$0.29

1.00%

ETMBX - Profile

Distributions

  • YTD Total Return -0.3%
  • 3 Yr Annualized Total Return -1.2%
  • 5 Yr Annualized Total Return 0.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.53%
DIVIDENDS
  • Dividend Yield 3.6%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Eaton Vance AMT-Free Municipal Income Fund
  • Fund Family Name
    EatonVance
  • Inception Date
    Mar 10, 1999
  • Shares Outstanding
    15757809
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Cynthia Clemson

Fund Description

Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in obligations (including notes and tax-exempt commercial paper) 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 (the “80% Policy”). The Fund will not invest in an obligation if the interest on that obligation 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 Moody’s Investors Service, Inc. (“Moody’s”), 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 obligations rated below investment grade and in unrated 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 in securities in any rating category, including those in default. 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. Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives for such purposes.

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 Fund’s 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 Fund may invest in restricted securities.

The investment adviser’s 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.  When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio.  The portfolio managers also may trade securities to minimize taxable capital gains to shareholders.

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ETMBX - Performance

Return Ranking - Trailing

Period ETMBX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -2.7% 12.2% 82.30%
1 Yr 4.1% -3.0% 38.5% 29.35%
3 Yr -1.2%* -10.3% 3.3% 73.50%
5 Yr 0.9%* -5.7% 1102.9% 56.93%
10 Yr 2.4%* -0.2% 248.3% 24.32%

* Annualized

Return Ranking - Calendar

Period ETMBX Return Category Return Low Category Return High Rank in Category (%)
2023 3.4% -1.4% 41.0% 25.19%
2022 -14.5% -39.7% 0.3% 85.35%
2021 -0.7% -5.6% 6.9% 62.04%
2020 2.1% -2.6% 310.0% 33.13%
2019 4.0% 0.0% 26.0% 41.68%

Total Return Ranking - Trailing

Period ETMBX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -2.7% 12.2% 82.30%
1 Yr 4.1% -3.0% 38.5% 29.35%
3 Yr -1.2%* -10.3% 3.3% 73.50%
5 Yr 0.9%* -5.7% 1102.9% 56.93%
10 Yr 2.4%* -0.2% 248.3% 24.32%

* Annualized

Total Return Ranking - Calendar

Period ETMBX Return Category Return Low Category Return High Rank in Category (%)
2023 7.4% -1.3% 41.0% 11.66%
2022 -11.7% -39.7% 1.1% 83.97%
2021 2.0% -4.8% 23761504.0% 37.90%
2020 4.9% -1.5% 17057.9% 16.97%
2019 7.6% 0.2% 3514.6% 20.53%

NAV & Total Return History


ETMBX - Holdings

Concentration Analysis

ETMBX Category Low Category High ETMBX % Rank
Net Assets 223 M 3.48 M 68.1 B 66.54%
Number of Holdings 110 2 12848 82.02%
Net Assets in Top 10 65.6 M -317 M 3.4 B 55.35%
Weighting of Top 10 28.22% 1.9% 100.4% 14.12%

Top 10 Holdings

  1. PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE 5.32%
  2. SPRING BRANCH TX INDEP SCH DIST 3.92%
  3. ANAHEIM CA PUBLIC FING AUTH LEASE REVENUE 2.93%
  4. HARRIS CNTY-HOUSTON TX SPORTS AUTH 2.86%
  5. MASSACHUSETTS ST SPL OBLG DEDICATED TAX REVENUE 2.80%
  6. SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV 2.31%
  7. LOUISIANA ST GAS FUELS TAX REVENUE 2.15%
  8. MET PIER EXPOSITION AUTH IL REVENUE 2.04%
  9. NEW YORK CITY NY MUNI WTR FIN AUTH WTR SWR SYS REVENUE 1.97%
  10. NEW JERSEY ST ECON DEV AUTH REV 1.91%

Asset Allocation

Weighting Return Low Return High ETMBX % Rank
Bonds
100.99% 0.00% 150.86% 7.86%
Stocks
0.00% 0.00% 99.80% 72.57%
Preferred Stocks
0.00% 0.00% 0.52% 94.14%
Other
0.00% -8.54% 33.35% 88.92%
Convertible Bonds
0.00% 0.00% 0.93% 93.98%
Cash
0.00% -50.86% 50.09% 96.78%

Bond Sector Breakdown

Weighting Return Low Return High ETMBX % Rank
Municipal
99.26% 44.39% 100.00% 34.67%
Derivative
0.00% -8.54% 23.38% 87.63%
Cash & Equivalents
0.00% 0.00% 48.02% 97.36%
Securitized
0.00% 0.00% 5.93% 93.98%
Corporate
0.00% 0.00% 9.41% 94.70%
Government
0.00% 0.00% 52.02% 94.76%

Bond Geographic Breakdown

Weighting Return Low Return High ETMBX % Rank
US
100.99% 0.00% 142.23% 7.41%
Non US
0.00% 0.00% 23.89% 74.29%

ETMBX - Expenses

Operational Fees

ETMBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.00% 0.01% 20.65% 30.00%
Management Fee 0.43% 0.00% 1.20% 50.87%
12b-1 Fee 0.25% 0.00% 1.00% 54.31%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

ETMBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.25% 0.50% 4.75% 59.04%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

ETMBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ETMBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 32.00% 0.00% 283.00% 81.78%

ETMBX - Distributions

Dividend Yield Analysis

ETMBX Category Low Category High ETMBX % Rank
Dividend Yield 3.55% 0.00% 14.36% 10.56%

Dividend Distribution Analysis

ETMBX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

ETMBX Category Low Category High ETMBX % Rank
Net Income Ratio 2.53% -0.53% 5.33% 17.42%

Capital Gain Distribution Analysis

ETMBX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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ETMBX - Fund Manager Analysis

Managers

Cynthia Clemson


Start Date

Tenure

Tenure Rank

Nov 01, 2005

16.59

16.6%

Cindy Clemson is a vice president and portfolio manager for Calvert Research and Management, a wholly owned subsidiary of Eaton Vance Management specializing in responsible and sustainable investing across global capital markets. She joined Calvert Research and Management in 2016. Cindy began her career in the investment management industry in 1985. She has been affiliated with the Eaton Vance organization since 1985. Cindy earned a B.A. from Mount Holyoke College and an MBA from Boston University. She is a member of the Boston Municipal Analysts Forum, the CFA Society of Boston, the Municipal Bond Buyer Conference and the National Federation of Municipal Analysts.

Julie Callahan


Start Date

Tenure

Tenure Rank

Oct 01, 2021

0.66

0.7%

Ms. Callahan is a senior vice president and municipal bond portfolio manager in the New York office. Prior to joining PIMCO in 2011, she was a portfolio manager for municipal separately managed accounts at Western Asset (WAMCO). She previously managed the firm's municipal money market funds. Before that, Ms. Callahan was director and portfolio manager for municipal money market funds with Citigroup Asset Management. She has 22 years of investment experience and holds a bachelor's degree from Fairfield University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58