Fund Evaluator:
Eaton Vance MN Municipal Income I (EIMNX)
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Best Performing in Muni Minnesota Over the Last Year
| 8.5% | Sit MN Tax-Free Income (SMTFX) |
| 6.7% | Columbia Minnesota Tax-Exempt Inst (CMNZX) |
| 4.3% | Fidelity Minnesota Municipal Income (FIMIX) |
Fund Details
Eaton Vance MN Municipal Income I Overview
Eaton Vance MN Municipal Income I (EIMNX) is an actively managed Municipal Bond Muni Minnesota fund. Eaton Vance launched the fund in 2010.
The investment seeks to provide current income exempt from regular federal income tax and regular Minnesota state personal income tax. The fund normally 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 and the state taxes specified in the fund's investment objective. At least 75% of net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment or, if unrated, determined by the investment adviser to be of at least investment grade quality.
About Eaton Vance MN Municipal Income I (EIMNX)
There are 2 members of the management team with an average tenure of 5.71 years: Julie Callahan (2021), Christopher Eustance (2019). 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 Minnesota TR USD index with a weighting of 100%. Eaton Vance MN Municipal Income I has 163 securities in its portfolio. The top 10 holdings constitute 16.8% 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 MN Municipal Income I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Eaton Vance MN 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 98.3% (96.0% domestic bond, 2.3% foreign bond and 0.0% convertible bond). Eaton Vance MN Municipal Income I has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $178 million in total assets, which is above the $148 million average for the Muni Minnesota 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.
EIMNX 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 MN Municipal Income I expense ratio is average compared to funds in the Muni Minnesota category. Eaton Vance MN Municipal Income I has an expense ratio of 0.52%, which is 39% lower than its category average, making the fund expense ratio grade a A. 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 MN Municipal Income I has a portfolio turnover rate of 58%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 19% for the Muni Minnesota category.
Recently, in the month of July 2026, Eaton Vance MN Municipal Income I returned -2.1%, which earned it a grade of B, as the Muni Minnesota category had an average return of -2.1%. 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 MN Municipal Income I has a trailing yield of 3.49%, which is above the 3.20% 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.
Eaton Vance MN Municipal Income I Grades
Year to date, the fund has returned 0.2%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 6.9% over the past year (grade of B), 2.8% over the past three years (grade of D) and 0.7% per year over the past five years (grade of A) and 1.7% per year over the past 10 years (grade of A).
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EIMNX 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 |
|
| EIMNX Return (NAV) | -2.1% | -1.0% | 6.9% | 2.8% | 0.7% | 1.7% |
| EIMNX Grade | B | C | B | D | A | A |
| +/- Category | -0.0% | -0.1% | 1.1% | -0.1% | 0.6% | 0.3% |
| Muni Minnesota Avg | -2.1% | -0.8% | 5.8% | 3.0% | 0.1% | 1.4% |
| EIMNX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
EIMNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EIMNX Return (NAV) | 0.2% | 3.8% | 1.3% | 5.2% | -6.2% | 0.7% | 4.4% | 6.6% | 0.6% | 4.3% | -0.1% |
| EIMNX Grade | C | C | F | B | A | D | B | C | B | D | C |
| +/- Category | 0.0% | 0.1% | -1.0% | 0.4% | 3.1% | -0.5% | 0.4% | -0.0% | 0.2% | -0.4% | -0.0% |
| Muni Minnesota Avg | 0.2% | 3.7% | 2.2% | 4.8% | -9.3% | 1.3% | 4.0% | 6.7% | 0.4% | 4.7% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 6.3% |
| Total Risk Index: | 0.51 - Below Average |
| Category Risk Index: | 1.03 - Average |
| Category Risk Grade: | C (43% Rank) |
| Beta: | 1.08 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $247 Mil |
| Fund Total Assets: | $ 179 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 58% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.6 years | |||
| Average Tenure: 5.7 years | |||
| Managers (Year): Eustance Christopher (2019), Callahan Julie (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 163 |
| % in Top 10 Holdings: | 16.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.0% |
| Foreign Bond: | 2.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | Eaton Vance |
| Phone Number: | 800-262-1122 |
| Website: | www.eatonvance.com |
| Status: | Open |
| Inception Date: | August 3, 2010 |
| 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 (%): | 0.52% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.85% |
| Share Class: | Eaton Vance MN Municipal Income A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
