Municipal Income 2028 Term Trust (ETX)

Overview

Historical Returns (%) as of Sep 30, 2024

11/30/2024 09/30/2024
11/30/2024	as of Nov 30, 2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	0.64	0.88	3.72	5.22	0.04	1.60	3.91
Market Price	-0.76	-1.15	11.29	10.32	-2.22	0.96	4.97
09/30/2024	as of Sep 30, 2024
Fund at NAV	0.73	2.11	3.56	7.95	0.06	1.60	4.08
Market Price	0.47	2.22	13.11	16.81	-1.22	1.45	5.26
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Distribution Rates¹

12/20/2024
	as of Dec 20, 2024
Distribution Rate at NAV	5.03%
Taxable-Equivalent Distribution Rate at NAV	8.49%
Distribution Rate at Market Price	5.22%
Taxable-Equivalent Distribution Rate at Market Price	8.82%

Fund Facts as of Nov 30, 2024

11/30/2024
Performance Inception	03/28/2013
Investment Objective	Current income
CUSIP	27829U105

Expense Ratios (%)²

09/30/2024
as of Annual Report dated 01/31/2024
Management Fees	0.79
Other Expenses	0.13
Total Expenses (ex Interest and Fee Expense)	0.92
Interest and Fee Expense	1.22
Total Expenses	2.14

Portfolio Management

10/11/2022
Craig R. Brandon, CFA			Managed Fund since 2015
Julie Callahan, CFA			Managed Fund since 2021

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. For National Municipal Funds, Taxable-Equivalent Distribution Rate at NAV and Market Price is calculated using a 40.8% tax rate (equals maximum individual federal tax rate adjusted for the Medicare surtax). For Single-State Municipal Funds, Taxable-Equivalent Distribution Rates also reflect maximum effective individual state income tax rates. Local income taxes that may apply are not considered. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income."
2. Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions.

Performance

Historical Returns (%) as of Sep 30, 2024

11/30/2024 09/30/2024
11/30/2024	as of Nov 30, 2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	0.64	0.88	3.72	5.22	0.04	1.60	3.91
Market Price	-0.76	-1.15	11.29	10.32	-2.22	0.96	4.97
09/30/2024	as of Sep 30, 2024
Fund at NAV	0.73	2.11	3.56	7.95	0.06	1.60	4.08
Market Price	0.47	2.22	13.11	16.81	-1.22	1.45	5.26
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Calendar Year Returns (%)

12/31/2023
	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Fund at NAV	31.47	7.44	2.01	8.78	1.36	10.27	5.39	2.21	-7.65	4.54
Market Price	26.14	10.80	10.63	10.20	-3.75	19.54	11.25	-4.54	-13.49	1.29

Fund Facts

11/30/2024
Performance Inception	03/28/2013

Distribution Rates¹

12/20/2024
	as of Dec 20, 2024
Distribution Rate at NAV	5.03%
Taxable-Equivalent Distribution Rate at NAV	8.49%
Distribution Rate at Market Price	5.22%
Taxable-Equivalent Distribution Rate at Market Price	8.82%

Distribution History^3,4

12/20/2024
Ex-Date	Distribution	Reinvest Price
Nov 21, 2024	$0.07820
Oct 23, 2024	$0.07820
Sep 20, 2024	$0.07820	$18.95
Aug 22, 2024	$0.07820
Jul 23, 2024	$0.07820
Jun 21, 2024	$0.07820
May 23, 2024	$0.07820
Apr 22, 2024	$0.07820
Mar 20, 2024	$0.07820
Feb 21, 2024	$0.07820
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years. Fund prospectus

Tax Character of Distributions

Distributions (%)
	Exempt-Interest Dividends
	Non-AMT	AMT	Total		Non-Qualified Ordinary Dividends	Capital Gain Distributions	Nondividend Distributions	Total Distributions

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. For National Municipal Funds, Taxable-Equivalent Distribution Rate at NAV and Market Price is calculated using a 40.8% tax rate (equals maximum individual federal tax rate adjusted for the Medicare surtax). For Single-State Municipal Funds, Taxable-Equivalent Distribution Rates also reflect maximum effective individual state income tax rates. Local income taxes that may apply are not considered. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income."
3. See “Tax Character of Distributions”. For information about any distributions in the current year estimated to include non-dividend distributions or capital gains, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a).
4. A nondividend or return of capital distribution may include, for example, a return of some or all of the money that an investor invested in Fund shares, which can cause the Fund's NAV to erode.

Portfolio

Fund Holdings^5,6 as of Oct 31, 2024

10/31/2024
Holding	Coupon Rate	Maturity Date	% of Net Assets
State of New Jersey	0.00%	12/15/2028	3.88%
Puerto Rico Electric Power Authority	5.25%	07/01/2030	2.45%
Reworld Holding Corp	4.00%	11/01/2027	2.23%
Alameda Corridor Transportation Authority	0.00%	10/01/2031	2.02%
Patriots Energy Group Financing Agency	5.25%	10/01/2054	1.97%
Bay Area Toll Authority	3.54%	04/01/2056	1.97%
Leander Independent School District	0.00%	01/14/2025	1.82%
Port Authority of New York & New Jersey	4.59%	07/15/2036	1.65%
State of Illinois	5.00%	01/14/2025	1.61%
Grossmont Union High School District	0.00%	02/01/2025	1.59%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

Management

Craig R. Brandon, CFA

Managing Director, Co-Head of Municipals
Joined Eaton Vance 1998

Biography

Craig Brandon is Co-Head of Municipals and portfolio manager on the municipal bond team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's municipal bond strategies. He joined Eaton Vance in 1998. Morgan Stanley acquired Eaton Vance in March 2021.

Craig began his career in the investment management industry in 1995. He has experience with Eaton Vance across a variety of research roles. Before joining Eaton Vance, he was a senior budget and capital finance analyst with the New York State Assembly Ways and Means Committee.

Craig earned a B.S. from Canisius College and an MBA from the University of Pittsburgh. He is a member of the CFA Society Boston, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts. He is a CFA charterholder.

Education

B.A. Canisius College
M.B.A. Joseph M. Katz Graduate School of Business, University of Pittsburgh

Experience

Managed Fund since 2015

Julie Callahan, CFA

Managing Director, Portfolio Manager
Joined Morgan Stanley in 2020

Biography

Julie is a Portfolio Manager on the Municipals team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's municipal bond strategies. She joined Eaton Vance in 2021. Morgan Stanley acquired Eaton Vance in March 2021.

Prior to joining the firm, she worked Morgan Stanley Investment Management as a Portfolio Manager, and PIMCO as a senior member of the municipal bond portfolio management team. Previously, she served as a portfolio manager for municipal separately managed accounts at Western Asset Management Company, and was a Director and portfolio manager for municipal money market funds with Citigroup Asset Management.

Julie received a B.S. in Accounting from Fairfield University, and holds the Chartered Financial Analyst designation.