Eaton Vance Municipal Income 2028 Term Trust

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Overview

Fund Facts

The Premium/Discount is calculated as [(market price/NAV)-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. 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."

The Fund has adopted a policy to pay common shareholders a stable monthly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and non-dividend distributions, also known as return of capital.

Pricing & Performance

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please select the "month" timeframe or call 1-800-836-2414. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

Fees and expenses

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions. Expenses are based on the fund's current annual report.

Past performance is not indicative of future results.

Average Annual Total Returns

As of

Past performance is not indicative of future results.

Historical Shareholder Flows

Daily Net Shareholder Flows

Risk/Return Statistics

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Monthly Yields
(% Average Annualized Monthly Net Yield (SEC 30-day Yield))

Distributions

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Tax Center

A portion of the Fund's federal distributions may be subject to alternative minimum tax. The Fund's distributions may be comprised of tax-exempt income, ordinary income, net realized capital gains and nondividend distributions, also known as return of capital. The federal income tax character of distributions paid to a shareholder is reported on the IRS form 1099-DIV provided to the shareholder shortly after each year-end..

The Fund's distributions are determined by the investment adviser based on its current assessment of the Fund's longterm return potential. As portfolio and market conditions change the rate of distributions paid by the Fund could change.

The Fund has adopted a policy to pay common shareholders a stable monthly distribution. In an effort to maintain a stable distribution amount, the Fund may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. 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. There is no assurance that the Fund will always be able to pay distributions of a particular size.

Historical Information

Tax Character of Distributions

Historical Yields (Subsidized)

Past performance is not indicative of future results.

Risk & Reward Profile

Composition

As of

May not sum to 100% due to rounding.

The call schedule reflects the percentage of issues maturing or presently scheduled to be called from the Fund in each year specified. No assurance is made regarding whether or when bonds may be called

Private insurance does not reduce the risk of principal fluctuations associated with this investment.

Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” are not rated by the national ratings agencies stated above.

Geography

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Holdings

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Top 10 holdings represents the largest holdings by CUSIP.

Portfolio Characteristics

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Characteristics data based on total investments.

As of

Total Leverage (%)

The Fund employs RIB financing and/or APS and iMTP leverage. RIB leverage represents the amount of Floating Rate Notes outstanding. APS leverage represents the liquidation value of the Fund's APS outstanding both as a percentage of Fund net assets applicable to common shares plus APS, iMTP and Floating Rate Notes. iMTP leverage represents the liquidation value of the Fund's iMTP outstanding both as a percentage of Fund net assets applicable to common shares plus iMTP, APS and Floating Rate Notes. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund is required to maintain prescribed asset coverage for its borrowings, which could be reduced if Fund asset values decline.

Portfolio information (other than duration) does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140). Average effective maturity and average effective duration take into account the possibility that bonds will be called away before maturity. All data include the effects of APS and RIB leverage. Portfolio profile subject to change due to active management.

Other Funds Managed by This Team

Resources

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.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/or expenses reimbursed. These waivers and/or reimbursements will continue for at least one year from the date of the applicable fund’s current prospectus (unless otherwise noted in the applicable prospectus) or until such time as the fund's Board of Directors acts to discontinue all or a portion of such waivers and/or reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund's current prospectus. The minimum initial investment is $1,000,000 for Class I shares.

Past performance is no guarantee of future results. Investmentreturn and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is forthe 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. Performance less than or equal to one year is cumulative. For performance as of the most recent month-end, please refer to eatonvance.com.

Growth of Investment illustration is based on an initial investment of $10,000 made since fund inception, assumes reinvestment of dividends and capital gains and application of fees, but does not include sales charges. Performance would have been lower if sales charges had been included. Results are hypothetical.

Please keep in mind that high double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

DEFINITIONS: Average call is the portfolio average of the next date the underlying securities can be called. Average maturity – weighted average of the maturities of the underlying securities in the portfolio. The Distribution Rate is based on the Fund's last regular distribution per share (annualized) divided by the Fund's Net Asset Value (NAV) or market price (the price at which the Fund is traded on the exchange) at the end of the period. Effective duration measures a portfolio’s sensitivity to changes in interest rates when a portfolio contains bonds with features such as puts and calls. Generally, the longer the effective duration, the greater the price change relative to interest-rate movements. Number of holdings provided are a typical range, not a maximum number. The portfolio may exceed this from time to time due to market conditions and outstanding trades. Taxable-Equivalent Distributions are calculated using a 40.8% tax rate (equals maximum individual federal tax rate adjusted for the Medicare surtax) and also reflects the maximum effective individual state income tax rates. Local income taxes that may apply are not considered.

OTHER CONSIDERATIONS:

Eaton Vance is part of Morgan Stanley Investment Management. Morgan Stanley Investment Management is the asset management division of Morgan Stanley