Overview

Distribution Rates2

as of May 23, 2016
Distribution Rate at NAV 3.96%
Taxable-Equivalent Distribution Rate at NAV 7.37%
Distribution Rate at Market Price 4.26%
Taxable-Equivalent Distribution Rate at Market Price 7.93%

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
04/30/2016
Fund at NAV 1.54 3.00 5.81 14.12 7.89 8.72
Market Price 0.76 5.66 8.80 17.84 4.67 6.14
03/31/2016
Fund at NAV 1.66 4.20 4.20 10.58 8.40 8.41
Market Price 1.80 7.98 7.98 16.17 4.45 6.04
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.

Fund Factsas of Apr 30, 2016

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

Portfolio Management

Craig R. Brandon, CFA Managed Fund since 2015

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.


Performance

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
04/30/2016
Fund at NAV 1.54 3.00 5.81 14.12 7.89 8.72
Market Price 0.76 5.66 8.80 17.84 4.67 6.14
03/31/2016
Fund at NAV 1.66 4.20 4.20 10.58 8.40 8.41
Market Price 1.80 7.98 7.98 16.17 4.45 6.04
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 (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 31.47 7.44
Market Price 26.14 10.80

Fund Facts

Performance Inception 03/28/2013

Distribution Rates2

as of May 23, 2016
Distribution Rate at NAV 3.96%
Taxable-Equivalent Distribution Rate at NAV 7.37%
Distribution Rate at Market Price 4.26%
Taxable-Equivalent Distribution Rate at Market Price 7.93%

Distribution History3

Ex-Date Distribution Reinvest Price
May 20, 2016 $0.07083 $19.77
Apr 20, 2016 $0.07083 $19.98
Mar 22, 2016 $0.07083 $20.05
Feb 18, 2016 $0.07083 $19.41
Jan 20, 2016 $0.07083 $19.20
Dec 21, 2015 $0.07083 $18.86
Nov 19, 2015 $0.07083 $17.82
Oct 21, 2015 $0.07083 $17.76
Sep 21, 2015 $0.07083 $17.47
Aug 20, 2015 $0.07083 $17.37
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

Exempt-Interest Dividends    
Non-AMT AMT Total Non-Qualified Ordinary Dividends Capital Gain Distributions Nondividend Distributions Total Distributions
Distributions ($)
2015 $0.71 $0.11 $0.82 $0.03 $0.00 $0.00 $0.85
2014 $0.72 $0.12 $0.84 $0.01 $0.00 $0.00 $0.85
2013 $0.44 $0.06 $0.50 $0.00 $0.00 $0.00 $0.50
Distributions (%)
2015 83.14% 13.66% 96.80% 3.20% 0.00% 0.00% 100.00%
2014 84.70% 14.53% 99.23% 0.77% 0.00% 0.00% 100.00%
2013 88.39% 11.61% 100.00% 0.00% 0.00% 0.00% 100.00%
This data reflects distributions paid on Fund shares held for the full calendar year and is not predictive of the tax character of current or future distributions. Fund shareholders should refer to the individual IRS Form 1099-DIVs provided to them shortly after each year-end to determine the appropriate federal income tax treatment of the distributions they receive. Eaton Vance is not responsible for any errors in tax reporting that may result from using the above data. Exempt-interest dividends are not subject to regular federal income tax. Exempt-interest dividends derived from specified private activity bonds are subject to the alternative minimum tax (AMT). Non-qualified ordinary dividends are subject to federal income tax at ordinary rates. Capital gains distributions are taxable at long-term capital gain rates. Nondividend distributions, also known as return of capital distributions, are not subject to current federal income tax. Instead, the tax cost basis of each shareholder receiving a return of capital distribution is reduced by the amount of the distribution.

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.


Portfolio

Fund Holdings4,5as of Mar 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
Michigan Finance Authority 5.00% 07/01/2030 2.56%
JPMorgan Chase Putters/Drivers Trust 7.18% 11/15/2020 2.51%
Tender Option Bond Trust Receipts/Certificates 17.36% 03/15/2022 2.43%
Puttable Floating Option Tax-Exempt Receipts 6.52% 01/01/2031 2.37%
New Jersey Transportation Trust Fund Authority 0.00% 12/15/2028 2.33%
Puerto Rico Electric Power Authority 5.25% 07/01/2030 2.26%
Delta Air Lines Inc 5.00% 01/01/2027 1.87%
Salt River Project Agricultural Improvement & Power District 22.09% 06/01/2020 1.80%
Chicago O'Hare International Airport 5.00% 01/01/2028 1.80%
Portland Community College District 8.15% 06/15/2032 1.70%
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).

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.


Insights & Analysis

Commentary

A Word On The Markets as of Mar 31, 2016

The U.S. municipal bond market generated a gain for the first quarter of 2016, with the Barclays Municipal Bond Index6 advancing 1.7% for the first three months of the year.

Muni performance was generally supported by strong demand from investors seeking haven from financial market volatility that persisted due to ongoing global growth concerns. Municipal mutual fund flows were consistently positive throughout the quarter, as investors sought the tax-free income, relative safety and diversification benefits of the municipal asset class. Municipal performance was further supported by declining U.S. Treasury yields, as the Federal Reserve signaled a slower path for interest rate hikes.

However, in a reversal of a 2015 trend, munis lagged U.S. Treasurys. As a result, intermediate- and long-term securities ended the period at comparatively attractive valuations. Meanwhile, the supply of munis declined a bit compared to the same three-month period in 2015. While overall supply was lower during the quarter, new money deals increased considerably compared to the same three-month period in 2015, potentially an early indication of renewed willingness for issuers to take on new debt to fund infrastructure and other projects.

Across the curve, yields moved somewhat proportionally lower, although intermediate-term yields declined most significantly. The continued low-rate environment fueled investors' appetite for higher-yielding securities. On a total return basis, longer-duration bonds outperformed shorter-duration securities, and lower-investment-grade munis outpaced many higher-quality securities. Meanwhile, below investment-grade bonds typically outperformed their higher-quality counterparts, primarily due to strength in the tobacco and transportation sectors.

Performance Summary 

Eaton Vance Municipal Income 2028 Term Trust (the Trust) (ETX) significantly outperformed the Barclays 15 Year Municipal Bond Index (the Index)7 at net asset value for the quarter. The Fund's use of leverage employed through TOBs bolstered its performance versus the Index. The Fund's overweight to zeros and security selection within those bonds boosted relative performance. Security selection in the hospital sector also boosted relative performance. Security selection among Illinois paper hurt performance, as bonds in Illinois held by the Fund lagged those in the Index. An underweight position in the transportation sector also hurt performance, as the transportation sector was one of the best-performing sectors in the Index for the quarter.

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 1.66 4.20 4.20 10.58 8.40 8.41
Market Price 1.80 7.98 7.98 16.17 4.45 6.04
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.

Fund Factsas of Mar 31, 2016

Performance Inception 03/28/2013

Investment Outlook And Fund Positioning 

Late in the period, the Federal Reserve voiced concern about global growth and indicated it expects to make only two rate hikes in 2016, rather than the four rate hikes it had signaled earlier this year. We believe this "low-for-longer" backdrop should provide continued support for munis. We also expect that muni supply/demand conditions should remain favorable in coming quarters. Although improving state and local budgets could encourage issuers to take on new debt to fund infrastructure and other projects, we don't anticipate outsized new bond issuance this year. In addition, in an environment where economic growth is slow and financial market uncertainty persists, we believe demand for munis could remain strong.

Given our outlook for a continued low-rate environment, we believe tax-sensitive income-seeking investors may continue to seek munis as a source of yield. Attractive valuations may be another lure. We continue to closely monitor events in Puerto Rico. Additional defaults on the island's debt will likely occur in the coming months. If a default by a Puerto Rico issuer disrupts the broader muni market, we would consider any price volatility as an opportunity.8

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

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.

Attribution

No attribution information is currently available.


Management

Biography
Craig R. Brandon, CFA

Craig R. Brandon, CFA

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1998

Craig Brandon is a vice president of Eaton Vance Management, co-director of Municipal Investments and portfolio manager on Eaton Vance's municipal bond team.

Craig joined Eaton Vance in 1998 as a research analyst covering both high-yield and high–grade bonds. He was responsible for state and local government obligation, hospital, industrial development and tobacco-backed sectors. Prior to joining Eaton Vance, he was a senior budget and capital finance analyst with the New York State Assembly Ways and Means Committee responsible for negotiating that state's debt service budget and its various capital financing programs.

Craig earned a B.S. in finance in 1989 from Canisius College and an M.B.A. from the University of Pittsburgh in 1991. He is a CFA charterholder and is a member of the Boston Security Analysts Society, the CFA Institute, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

Education
  • B.A. Canisius College
  • M.B.A. Joseph M. Katz Graduate School of Business, University of Pittsburgh
Experience
  • Managed Fund since 2015

Literature

Literature

Fact Sheet

Annual Report

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Closed-End Fund Earnings Undistributed Net Income Information

Morningstar ETX Fact Sheet

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Municipal Income Trust Data Now Available

Eaton Vance Municipal Income Term Trust (ETX) Raises $205 Million in Initial Public Offering

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Closed-End Fund Earnings Undistributed Net Income Information

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Closed-End Fund Earnings Undistributed Net Income Information

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Closed-End Fund Earnings Undistributed Net Income Information

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Closed-End Fund Earnings Undistributed Net Income Information

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Eaton Vance Municipal Income 2028 Term Trust Annual Meeting of Shareholders

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Section 16 Filings - www.sec.gov

Semi-Annual Report


 

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