ETX - Eaton Vance Municipal Income 2028 Term Trust

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Nov 14, 2025

   Rockefeller Capital Management L.P. filed an updated notice; it still owns 5.3%, as a passive investor.

   Original document →

2. May 15, 2025

   Rockefeller Capital Management L.P. now owns 5.3%, as a passive investor.

   Original document →

About this fund

• Run by Eaton Vance Management. Part of the Eaton Vance fund family. As of Jan 31, 2026, from the fund's yearly report. Original document →
• Size: about $197 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 4% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 0.9% a year in total, including interest on borrowed money. Fiscal year ended Jan 31, 2026. As of Jan 31, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 39 charge a lower management fee and 8 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Jan 31, 2026) the fund paid $0.94 a share. $0.64 of that was income; $0.30 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Jan 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Jan 31, 2026): $18.47. The shares traded at $18.87, about 2.2% above that. As of Jan 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 0.2% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2012.

How this has changed

• Payouts per share: $0.94 in the fiscal year ended Jan 31, 2026; $0.94 in the year ended Jan 31, 2025; $0.74 in the year ended Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.30 in the year ended Jan 31, 2026; $0.28 in the year ended Jan 31, 2025; $0.09 in the year ended Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.89% a year in the fiscal year ended Jan 31, 2026; 1.14% a year in the year ended Jan 31, 2025; 2.14% a year in the year ended Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $201 million at Jan 31, 2026; $203 million at Jan 31, 2025; $206 million at Jan 31, 2024. From the fund's quarterly holdings reports. Original documents: Jan 31, 2026 →, Jan 31, 2025 →, Jan 31, 2024 →.
• Borrowing: about 4% on top of its own money at Jan 31, 2026; 4% at Jan 31, 2025; 13% at Jan 31, 2024. From the fund's quarterly holdings reports. Original documents: Jan 31, 2026 →, Jan 31, 2025 →, Jan 31, 2024 →.
• The fund had about 10.9 million shares at Jan 31, 2026, about the same as at Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Jan 31, 2026: the shares returned +9.2%, counting payouts; the holdings +4.3%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Jan 31, 2026, from the fund's annual report. Original document →
• The year ended Jan 31, 2025: the shares returned +7.9%, counting payouts; the holdings +3.4%. As of Jan 31, 2025, from the fund's annual report. Original document →
• The year ended Jan 31, 2024: the shares returned -0.2%, counting payouts; the holdings +2.8%. As of Jan 31, 2024, from the fund's annual report. Original document →
• The year ended Jan 31, 2023: the shares returned -5.8%, counting payouts; the holdings -3.7%. As of Jan 31, 2023, from the fund's annual report. Original document →
• The year ended Jan 31, 2022: the shares returned -7%, counting payouts; the holdings -1.4%. As of Jan 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +3%. $10,000 of shares bought at the start (Feb 1, 2021) would have become about $10,300 by Jan 31, 2026, with every payout counted, before tax. As of Jan 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +3.1%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 65 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 20 reported a higher share return for that year and 44 a lower one. As of Jan 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. Port Authority of New York & New Jersey, Port Auth of New York & New Jersey NY - 5%
2. New Jersey Transportation Trust Fund Authority, New Jersey St Transprtn Trust Fund Auth - 4.3%
3. Matagorda County Navigation District No 1, Matagorda Cnty TX Nav Dist #1 - 3.1%
4. New York Transportation Development, New York St Transprtn Dev Corp Spl Fac Revenue - 2.6%
5. Puerto Rico Electric Power Authority, Puerto Rico Elec Pwr Auth Pwrrevenue - 2.5%
6. New Hampshire Business Finance Authority, National Fin Auth NH Revenue - 2.3%
7. Alameda Corridor Transportation Authority, Alameda CA Corridor Transprtn Auth Revenue - 2.3%
8. Bay Area Toll Authority, Bay Area CA Toll Auth Toll Bridge Revenue - 2%
9. University of Connecticut, Univ of Connecticut CT - 2%
10. Patriots Energy Group Financing Agency, Patriots Energy Group Fing Agy SC Gas Sply Revenue - 2%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →