UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-22777
Investment Company Act File Number
Eaton Vance Municipal Income 2028 Term Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)
January 31
Date of Fiscal Year End
October 31, 2015
Date of Reporting Period
Item 1. Schedule of Investments
Eaton Vance
Municipal Income 2028 Term Trust
October 31, 2015
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Municipal Securities — 156.2%
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Bond Bank — 1.5% |
||||||||
| Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 |
$ | 3,020 | $ | 3,206,545 | ||||
|
|
|
|||||||
| $ | 3,206,545 | |||||||
|
|
|
|||||||
| Education — 9.0% |
||||||||
| Portland Community College District, OR, 3.25%, 6/15/32(1)(2) |
$ | 10,250 | $ | 10,287,087 | ||||
| Rutgers State University, NJ, 4.00%, 5/1/30(1) |
8,425 | 9,004,808 | ||||||
|
|
|
|||||||
| $ | 19,291,895 | |||||||
|
|
|
|||||||
| Electric Utilities — 6.2% |
||||||||
| Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30 |
$ | 1,480 | $ | 1,578,553 | ||||
| Salt River Agricultural Improvement and Power District, AZ, 5.00%, 12/1/30(1) |
10,000 | 11,759,700 | ||||||
|
|
|
|||||||
| $ | 13,338,253 | |||||||
|
|
|
|||||||
| General Obligations — 38.3% |
||||||||
| Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/29 |
$ | 975 | $ | 631,722 | ||||
| Clackamas Community College District, OR, 0.00%, 6/15/28 |
1,830 | 1,169,699 | ||||||
| Clackamas Community College District, OR, 0.00%, 6/15/29 |
1,000 | 599,970 | ||||||
| Clovis Unified School District, CA, (Election of 2012), 0.00%, 8/1/28 |
1,000 | 633,860 | ||||||
| Clovis Unified School District, CA, (Election of 2012), 0.00%, 8/1/29 |
2,395 | 1,429,576 | ||||||
| Clovis Unified School District, CA, (Election of 2012), 0.00%, 8/1/30 |
2,575 | 1,453,613 | ||||||
| Fresno Unified School District, CA, (Election of 2010), 0.00%, 8/1/30 |
800 | 426,176 | ||||||
| Fresno Unified School District, CA, (Election of 2010), 0.00%, 8/1/31 |
955 | 483,488 | ||||||
| Hawaii, 5.00%, 11/1/28(1)(2) |
8,000 | 9,361,440 | ||||||
| Illinois, 5.00%, 5/1/33 |
3,200 | 3,330,368 | ||||||
| Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31 |
5,000 | 2,745,750 | ||||||
| Pennsylvania, 4.00%, 4/1/29(1)(2) |
10,000 | 10,646,900 | ||||||
| Riverside County Community College District, CA, (Election of 2004), 0.00%, 8/1/29 |
1,500 | 869,355 | ||||||
| Riverside County Community College District, CA, (Election of 2004), 0.00%, 8/1/30 |
1,250 | 681,663 | ||||||
| San Bernardino Community College District, CA, 4.00%, 8/1/30(1)(2) |
10,000 | 10,636,900 | ||||||
| Springfield School District No. 19, Lane County, OR, 0.00%, 6/15/32 |
4,395 | 2,363,543 | ||||||
| Tempe Union High School District No. 213, AZ, 4.00%, 7/1/29(1)(2) |
4,200 | 4,467,918 | ||||||
| Tempe Union High School District No. 213, AZ, 4.00%, 7/1/30(1)(2) |
4,350 | 4,593,948 | ||||||
| Texas, (Texas Transportation Commission), 4.00%, 10/1/31(1)(2) |
10,000 | 10,777,600 | ||||||
| University City School District, MO, 0.00%, 2/15/32 |
1,500 | 868,155 | ||||||
| University City School District, MO, 0.00%, 2/15/33 |
3,000 | 1,660,800 | ||||||
| Washington, 4.00%, 7/1/29(1) |
10,000 | 10,801,200 | ||||||
| Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/32 |
2,500 | 1,375,300 | ||||||
|
|
|
|||||||
| $ | 82,008,944 | |||||||
|
|
|
|||||||
| Hospital — 13.3% |
||||||||
| California Health Facilities Financing Authority, (Providence Health & Services), |
$ | 10,000 | $ | 10,728,700 | ||||
| Delaware Health Facilities Authority, (Nanticoke Memorial Hospital), 5.00%, 7/1/28 |
2,500 | 2,660,175 | ||||||
| New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/29(3) |
450 | 482,557 | ||||||
| New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/30(3) |
1,000 | 1,064,190 | ||||||
1
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), |
$ | 715 | $ | 723,180 | ||||
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), |
985 | 1,063,091 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Health Care System), 4.00%, 11/15/32(1) |
10,000 | 10,208,900 | ||||||
| Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.00%, 8/1/28 |
1,500 | 1,651,455 | ||||||
|
|
|
|||||||
| $ | 28,582,248 | |||||||
|
|
|
|||||||
| Housing — 8.1% |
||||||||
| Pennsylvania Housing Finance Agency, SFMR, (AMT), 3.90%, 10/1/28(1) |
$ | 5,500 | $ | 5,663,900 | ||||
| Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.20%, 10/1/33(1) |
1,500 | 1,574,535 | ||||||
| Virginia Housing Development Authority, 3.625%, 1/1/31(1)(2) |
10,000 | 10,076,000 | ||||||
|
|
|
|||||||
| $ | 17,314,435 | |||||||
|
|
|
|||||||
| Industrial Development Revenue — 7.3% |
||||||||
| Illinois Finance Authority, (Peoples Gas Light and Coke Co.), 4.00%, 2/1/33 |
$ | 1,500 | $ | 1,522,110 | ||||
| Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38 |
4,500 | 4,604,850 | ||||||
| Massachusetts Development Finance Agency, (Covanta Energy), (AMT), |
2,500 | 2,518,475 | ||||||
| Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30 |
955 | 975,055 | ||||||
| Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-2, 4.00%, 6/1/30 |
4,410 | 4,502,610 | ||||||
| New Jersey Economic Development Authority, (Continental Airlines), Series 2000A, (AMT), 5.625%, 11/15/30 |
500 | 556,975 | ||||||
| New Jersey Economic Development Authority, (Continental Airlines), Series 2000B, (AMT), 5.625%, 11/15/30 |
855 | 952,427 | ||||||
|
|
|
|||||||
| $ | 15,632,502 | |||||||
|
|
|
|||||||
| Insured-Electric Utilities — 3.1% |
||||||||
| Puerto Rico Electric Power Authority, (AGM), 0.738%, 7/1/29(4) |
$ | 2,000 | $ | 1,459,200 | ||||
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 |
500 | 479,020 | ||||||
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/30 |
5,000 | 4,756,450 | ||||||
|
|
|
|||||||
| $ | 6,694,670 | |||||||
|
|
|
|||||||
| Insured-General Obligations — 2.9% |
||||||||
| Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/29 |
$ | 4,000 | $ | 2,303,640 | ||||
| Luzerne County, PA, (AGM), 5.00%, 11/15/29 |
2,000 | 2,234,180 | ||||||
| McHenry County Community Unit School District No. 12, IL, (AGM), 4.25%, 1/1/29 |
1,230 | 1,252,460 | ||||||
| Puerto Rico Public Buildings Authority, (NPFG), 6.00%, 7/1/28 |
500 | 503,030 | ||||||
|
|
|
|||||||
| $ | 6,293,310 | |||||||
|
|
|
|||||||
| Insured-Industrial Development Revenue — 2.0% |
||||||||
| Massachusetts Port Authority, (Delta Airlines, Inc.), (AMBAC), (AMT), 5.00%, 1/1/27 |
$ | 4,200 | $ | 4,208,526 | ||||
|
|
|
|||||||
| $ | 4,208,526 | |||||||
|
|
|
|||||||
| Insured-Special Tax Revenue — 1.3% |
||||||||
| Puerto Rico Convention Center District Authority, (AMBAC), 5.00%, 7/1/31 |
$ | 1,475 | $ | 1,249,753 | ||||
| Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/35 |
1,115 | 230,805 | ||||||
| Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/28 |
1,480 | 1,362,399 | ||||||
|
|
|
|||||||
| $ | 2,842,957 | |||||||
|
|
|
|||||||
| Insured-Transportation — 5.5% |
||||||||
| Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/31 |
$ | 5,805 | $ | 2,222,096 | ||||
| Foothill/Eastern Transportation Corridor Agency, CA, (AGM), |
795 | 638,202 | ||||||
2
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31 |
$ | 1,340 | $ | 1,480,687 | ||||
| New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28 |
9,800 | 5,123,244 | ||||||
| Puerto Rico Highway and Transportation Authority, (AGM), 5.50%, 7/1/31 |
1,000 | 1,011,990 | ||||||
| Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/20 |
1,625 | 1,207,261 | ||||||
|
|
|
|||||||
| $ | 11,683,480 | |||||||
|
|
|
|||||||
| Insured-Water and Sewer — 2.3% |
||||||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/27 |
$ | 875 | $ | 515,602 | ||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/29 |
1,225 | 624,297 | ||||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/30 |
1,045 | 494,254 | ||||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/33 |
5,870 | 2,238,994 | ||||||
| Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28 |
1,000 | 983,810 | ||||||
|
|
|
|||||||
| $ | 4,856,957 | |||||||
|
|
|
|||||||
| Lease Revenue/Certificates of Participation — 0.5% |
||||||||
| Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/31 |
$ | 1,000 | $ | 1,035,110 | ||||
|
|
|
|||||||
| $ | 1,035,110 | |||||||
|
|
|
|||||||
| Other Revenue — 6.3% |
||||||||
| Oregon Department of Administrative Services, Lottery Revenue, 4.00%, 4/1/29(1) |
$ | 10,000 | $ | 10,777,900 | ||||
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/32 |
2,460 | 2,801,743 | ||||||
|
|
|
|||||||
| $ | 13,579,643 | |||||||
|
|
|
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| Senior Living/Life Care — 6.9% |
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| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28 |
$ | 1,360 | $ | 1,488,765 | ||||
| Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28 |
140 | 157,732 | ||||||
| Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/30 |
2,000 | 2,044,120 | ||||||
| Lancaster Industrial Development Authority, PA, (Garden Spot Village), 5.375%, 5/1/28 |
600 | 653,496 | ||||||
| Lorain County Port Authority, OH, (Kendal at Oberlin), 5.00%, 11/15/30 |
1,250 | 1,359,850 | ||||||
| Massachusetts Development Finance Agency, (North Hill Communities), 4.50%, 11/15/18(3) |
325 | 325,266 | ||||||
| Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.125%, 10/1/34 |
1,500 | 1,624,920 | ||||||
| New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.00%, 7/1/27 |
765 | 773,293 | ||||||
| New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.00%, 7/1/28 |
910 | 912,348 | ||||||
| Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/34 |
1,060 | 1,262,439 | ||||||
| Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/25(3) |
1,200 | 1,278,624 | ||||||
| Savannah Economic Development Authority, GA, (Marshes of Skidaway Island), |
500 | 557,635 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), |
1,000 | 1,090,430 | ||||||
| Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/28 |
1,200 | 1,337,184 | ||||||
|
|
|
|||||||
| $ | 14,866,102 | |||||||
|
|
|
|||||||
| Special Tax Revenue — 16.9% |
||||||||
| Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, |
$ | 895 | $ | 926,907 | ||||
| New York Dormitory Authority, Sales Tax Revenue, 4.00%, 3/15/30(1) |
10,000 | 10,860,300 | ||||||
| New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/30(1) |
12,000 | 13,982,760 | ||||||
| Scottsdale Municipal Property Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/30(1) |
2,000 | 2,173,720 | ||||||
| Scottsdale Municipal Property Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/31(1) |
5,680 | 6,113,952 | ||||||
| Scottsdale Municipal Property Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/32(1) |
2,120 | 2,265,474 | ||||||
|
|
|
|||||||
| $ | 36,323,113 | |||||||
|
|
|
|||||||
3
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Student Loan — 4.1% |
||||||||
| Massachusetts Educational Financing Authority, (AMT), 4.125%, 1/1/29 |
$ | 2,000 | $ | 2,023,060 | ||||
| Massachusetts Educational Financing Authority, (AMT), 5.00%, 1/1/27 |
3,000 | 3,340,260 | ||||||
| New Jersey Higher Education Student Assistance Authority, Series 2013-1A, (AMT), 4.00%, 12/1/28 |
2,000 | 2,036,980 | ||||||
| New Jersey Higher Education Student Assistance Authority, Series 2015-1A, (AMT), 4.00%, 12/1/28 |
1,310 | 1,322,118 | ||||||
|
|
|
|||||||
| $ | 8,722,418 | |||||||
|
|
|
|||||||
| Transportation — 14.0% |
||||||||
| Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/28 |
$ | 3,500 | $ | 3,914,435 | ||||
| Foothill/Eastern Transportation Corridor Agency, CA, |
2,000 | 1,532,660 | ||||||
| Grand Parkway Transportation Corp., TX, 4.95%, (0.00% until 10/1/23), 10/1/29 |
800 | 652,264 | ||||||
| Grand Parkway Transportation Corp., TX, 5.05%, (0.00% until 10/1/23), 10/1/30 |
1,500 | 1,214,820 | ||||||
| Grand Parkway Transportation Corp., TX, 5.20%, (0.00% until 10/1/23), 10/1/31 |
2,000 | 1,616,240 | ||||||
| Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29 |
1,470 | 1,573,385 | ||||||
| Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/28 |
1,240 | 626,262 | ||||||
| Mid-Bay Bridge Authority, FL, 5.00%, 10/1/29 |
2,725 | 3,060,148 | ||||||
| Port Authority of New York and New Jersey, (AMT), 4.00%, 7/15/36(1)(2) |
10,000 | 10,130,869 | ||||||
| South Jersey Transportation Authority, NJ, 5.00%, 11/1/30 |
1,000 | 1,075,760 | ||||||
| Triborough Bridge and Tunnel Authority, NY, 0.00%, 11/15/29 |
2,865 | 1,783,806 | ||||||
| Triborough Bridge and Tunnel Authority, NY, 0.00%, 11/15/31 |
5,000 | 2,849,450 | ||||||
|
|
|
|||||||
| $ | 30,030,099 | |||||||
|
|
|
|||||||
| Water and Sewer — 6.7% |
||||||||
| Detroit, MI, Water Supply System, 5.25%, 7/1/27 |
$ | 1,000 | $ | 1,093,010 | ||||
| Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/30 |
5,000 | 5,474,200 | ||||||
| Northeast Ohio Regional Sewer District, 4.00%, 11/15/33(1)(2) |
7,500 | 7,853,025 | ||||||
|
|
|
|||||||
| $ | 14,420,235 | |||||||
|
|
|
|||||||
| Total Tax-Exempt Municipal Securities — 156.2% |
$ | 334,931,442 | ||||||
|
|
|
|||||||
| Taxable Municipal Securities — 2.8% |
||||||||
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| General Obligations — 2.8% |
||||||||
| Atlantic City, NJ, 7.00%, 3/1/28 |
$ | 3,115 | $ | 3,177,362 | ||||
| Chicago, IL, 7.375%, 1/1/33 |
1,000 | 1,042,800 | ||||||
| Chicago, IL, 7.781%, 1/1/35 |
1,675 | 1,791,413 | ||||||
|
|
|
|||||||
| Total Taxable Municipal Securities — 2.8% |
$ | 6,011,575 | ||||||
|
|
|
|||||||
| Institutional MuniFund Term Preferred Shares — 0.9% |
||||||||
| Security | Shares | Value | ||||||
| Nuveen Texas Quality Income Municipal Fund, (AMT), 0.91%, 11/1/18(3)(5) |
400 | $ | 2,010,080 | |||||
|
|
|
|||||||
| Total Institutional MuniFund Term Preferred Shares — 0.9% |
$ | 2,010,080 | ||||||
|
|
|
|||||||
4
| Value | ||||||
| Total Investments — 159.9% |
$ | 342,953,097 | ||||
|
|
|
|||||
| Other Assets, Less Liabilities — (59.9)% |
$ | (128,504,856 | ) | |||
|
|
|
|||||
| Net Assets — 100.0% |
$ | 214,448,241 | ||||
|
|
|
|||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
| AGC |
- | Assured Guaranty Corp. | ||
| AGM |
- | Assured Guaranty Municipal Corp. | ||
| AMBAC |
- | AMBAC Financial Group, Inc. | ||
| AMT |
- | Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. | ||
| NPFG |
- | National Public Finance Guaranty Corp. | ||
| PSF |
- | Permanent School Fund | ||
| SFMR |
- | Single Family Mortgage Revenue | ||
At October 31, 2015, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:
| New York |
12.7 | % | ||
| Texas |
11.3 | % | ||
| Arizona |
10.9 | % | ||
| Others, representing less than 10% individually |
65.1 | % |
The Trust invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at October 31, 2015, 10.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 4.5% of total investments.
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
| (2) | Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $30,215,387. |
| (3) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At October 31, 2015, the aggregate value of these securities is $7,679,192 or 3.6% of the Trust’s net assets. |
| (4) | Variable rate security. The stated interest rate represents the rate in effect at October 31, 2015. |
| (5) | Variable rate security. The stated dividend rate represents the rate in effect at October 31, 2015. Maturity date represents the mandatory redemption date. Each share represents $5,000 par value. |
The Trust did not have any open financial instruments at October 31, 2015.
The cost and unrealized appreciation (depreciation) of investments of the Trust at October 31, 2015, as determined on a federal income tax basis, were as follows:
| Aggregate cost |
$ | 198,719,237 | ||
|
|
|
|||
| Gross unrealized appreciation |
$ | 12,545,825 | ||
| Gross unrealized depreciation |
(246,965 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 12,298,860 | ||
|
|
|
5
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 — quoted prices in active markets for identical investments |
| • | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At October 31, 2015, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Tax-Exempt Municipal Securities |
$ | — | $ | 334,931,442 | $ | — | $ | 334,931,442 | ||||||||
| Taxable Municipal Securities |
— | 6,011,575 | — | 6,011,575 | ||||||||||||
| Institutional MuniFund Term Preferred Shares |
— | 2,010,080 | — | 2,010,080 | ||||||||||||
| Total Investments |
$ | — | $ | 342,953,097 | $ | — | $ | 342,953,097 | ||||||||
The Trust held no investments or other financial instruments as of January 31, 2015 whose fair value was determined using Level 3 inputs. At October 31, 2015, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.
For information on the Trust’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements included in its semiannual or annual report to shareholders.
6
Item 2. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Municipal Income 2028 Term Trust
| By: | /s/ Payson F. Swaffield | |
| Payson F. Swaffield | ||
| President | ||
| Date: | December 21, 2015 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Payson F. Swaffield | |
| Payson F. Swaffield | ||
| President | ||
| Date: | December 21, 2015 | |
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Treasurer | ||
| Date: | December 21, 2015 | |