Eaton Vance Municipal Income 2028 Term Trust
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- Eaton Vance Municipal Income 2028 Term Trust (ETX) is a closed-end management investment company that provides current income exempt from regular federal income tax. The Trust invests primarily in a diversified portfolio of municipal obligations issued by or on behalf of states, territories, possessions of the United States, the District of Columbia, and their political subdivisions, agencies, and instrumentalities; at least 80% of its net assets plus borrowings for investment purposes are allocated to such debt securities with interest exempt from regular federal income tax, while at least 50% of total managed assets are in municipal obligations, including investment-grade and below investment-grade securities maturing on or before the Trust's anticipated termination date of June 30, 2028. Portfolio sectors include transportation, education, healthcare, utilities, general purpose obligations, power authorities, toll authorities, and school districts, with top holdings such as State of New Jersey zero-coupon bonds, Puerto Rico Electric Power Authority notes, and Reworld Holding Corp bonds; the Trust employs an active management approach leveraging Eaton Vance's municipal research and trading capabilities for relative value opportunities and may use modest leverage via preferred shares or other financing to enhance distribution rates. Eaton Vance Municipal Income 2028 Term Trust was formed on March 28, 2013, through an initial public offering that raised $205 million, changed its name from Eaton Vance Municipal Income Term Trust, and is managed by Eaton Vance Management, a subsidiary of Morgan Stanley Investment Management, with portfolio managers Craig R. Brandon, CFA (since 2015), and Julie Callahan, CFA (since 2021); it is headquartered in the United States and listed on the New York Stock Exchange. The Trust maintains a policy of stable monthly distributions to common shareholders, currently at $0.0782 per share, potentially comprising ordinary dividends, capital gains, and return of capital, with a distribution rate at NAV of 5.02% and taxable-equivalent rate of 8.47% as of December 18, 2024; it intends to cease operations and liquidate on or about June 30, 2028, distributing net asset value to shareholders. Recent developments include ongoing monthly distribution announcements through 2024 and into 2025, regular undistributed net investment income (UNII) reporting, and standard portfolio management continuity under the current team following prior updates in 2021.