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
(formerly, Eaton Vance Municipal Income 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
April 30, 2015
Date of Reporting Period
Item 1. Schedule of Investments
Eaton Vance
Municipal Income 2028 Term Trust
April 30, 2015
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Municipal Securities — 160.7%
| 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 |
$ | 3,110 | $ | 3,200,097 | ||||
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|
|
|||||||
| $ | 3,200,097 | |||||||
|
|
|
|||||||
| Education — 10.3% |
||||||||
| Central Washington University, 3.25%, 5/1/29 |
$ | 2,910 | $ | 2,837,570 | ||||
| Portland Community College District, OR, 3.25%, 6/15/32(1)(2) |
10,250 | 10,175,451 | ||||||
| Rutgers State University, NJ, 4.00%, 5/1/30(1) |
8,425 | 8,971,024 | ||||||
|
|
|
|||||||
| $ | 21,984,045 | |||||||
|
|
|
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| Electric Utilities — 7.4% |
||||||||
| Apache County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 4.50%, 3/1/30 |
$ | 1,480 | $ | 1,595,351 | ||||
| Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), |
2,500 | 2,552,300 | ||||||
| Salt River Agricultural Improvement and Power District, AZ, 5.00%, 12/1/30(1) |
10,000 | 11,467,200 | ||||||
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|
|
|||||||
| $ | 15,614,851 | |||||||
|
|
|
|||||||
| General Obligations — 38.5% |
||||||||
| Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/29 |
$ | 2,400 | $ | 1,509,432 | ||||
| Clovis Unified School District, CA, (Election of 2012), 0.00%, 8/1/28 |
1,000 | 621,590 | ||||||
| Clovis Unified School District, CA, (Election of 2012), 0.00%, 8/1/29 |
2,395 | 1,408,835 | ||||||
| Clovis Unified School District, CA, (Election of 2012), 0.00%, 8/1/30 |
2,575 | 1,411,023 | ||||||
| Fresno Unified School District, CA, (Election of 2010), 0.00%, 8/1/30 |
800 | 414,632 | ||||||
| Fresno Unified School District, CA, (Election of 2010), 0.00%, 8/1/31 |
955 | 468,236 | ||||||
| Hawaii, 5.00%, 11/1/28(1)(2) |
8,000 | 9,265,600 | ||||||
| Illinois, 5.00%, 5/1/33 |
3,200 | 3,360,864 | ||||||
| Kane, Cook and DuPage Counties, IL, School District No. 46, 5.00%, 1/1/28 |
1,000 | 1,145,890 | ||||||
| Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31 |
5,000 | 2,696,000 | ||||||
| New York, NY, 5.00%, 3/1/30 |
1,000 | 1,154,190 | ||||||
| Pennsylvania, 4.00%, 4/1/29(1)(2) |
10,000 | 10,627,500 | ||||||
| San Bernardino Community College District, CA, 4.00%, 8/1/30(1)(2) |
10,000 | 10,479,600 | ||||||
| Springfield School District No. 19, Lane County, OR, 0.00%, 6/15/32 |
4,395 | 2,230,594 | ||||||
| Tempe Union High School District No. 213, AZ, 4.00%, 7/1/29(1)(2) |
4,200 | 4,449,018 | ||||||
| Tempe Union High School District No. 213, AZ, 4.00%, 7/1/30(1)(2) |
4,350 | 4,556,799 | ||||||
| Texas, (Texas Transportation Commission), 4.00%, 10/1/31(1)(2) |
10,000 | 10,720,600 | ||||||
| University City, MO, School District, 0.00%, 2/15/32 |
3,000 | 1,657,410 | ||||||
| University City, MO, School District, 0.00%, 2/15/33 |
3,000 | 1,585,410 | ||||||
| Washington, 4.00%, 7/1/29(1) |
10,000 | 10,726,900 | ||||||
| Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/32 |
2,500 | 1,319,375 | ||||||
|
|
|
|||||||
| $ | 81,809,498 | |||||||
|
|
|
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| Hospital — 14.1% |
||||||||
| California Health Facilities Financing Authority, (Providence Health & Services), |
$ | 10,000 | $ | 10,637,600 | ||||
| Delaware Health Facilities Authority, (Nanticoke Memorial Hospital), 5.00%, 7/1/28 |
2,500 | 2,667,250 | ||||||
| Grand Traverse County, MI, Hospital Finance Authority, (Munson Healthcare), |
200 | 204,934 | ||||||
1
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Grand Traverse County, MI, Hospital Finance Authority, (Munson Healthcare), |
$ | 265 | $ | 271,021 | ||||
| Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), |
1,000 | 1,001,240 | ||||||
| New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/29(3) |
450 | 482,013 | ||||||
| New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/30(3) |
1,000 | 1,065,190 | ||||||
| Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), |
715 | 719,319 | ||||||
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), |
985 | 1,065,750 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Health Care System), 4.00%, 11/15/32(1) |
10,000 | 10,144,300 | ||||||
| Yavapai County, AZ, Industrial Development Authority, (Yavapai Regional Medical Center), 5.00%, 8/1/28 |
1,500 | 1,650,855 | ||||||
|
|
|
|||||||
| $ | 29,909,472 | |||||||
|
|
|
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| Housing — 8.1% |
||||||||
| Pennsylvania Housing Finance Agency, SFMR, (AMT), 3.90%, 10/1/28(1) |
$ | 5,500 | $ | 5,623,585 | ||||
| Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.20%, 10/1/33(1) |
1,500 | 1,565,355 | ||||||
| Virginia Housing Development Authority, 3.625%, 1/1/31(1)(2) |
10,000 | 10,041,800 | ||||||
|
|
|
|||||||
| $ | 17,230,740 | |||||||
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|
|
|||||||
| Industrial Development Revenue — 7.1% |
||||||||
| Illinois Finance Authority, (Peoples Gas Light and Coke Co.), 4.00%, 2/1/33 |
$ | 1,500 | $ | 1,525,455 | ||||
| Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38 |
5,000 | 5,122,750 | ||||||
| Massachusetts Development Finance Agency, (Covanta Energy), (AMT), |
2,500 | 2,571,100 | ||||||
| Matagorda County, TX, Navigation District No. 1, (AEP Texas Central Co.), |
1,155 | 1,180,629 | ||||||
| Matagorda County, TX, Navigation District No. 1, (AEP Texas Central Co.), |
3,000 | 3,066,570 | ||||||
| New Jersey Economic Development Authority, (Continental Airlines), |
500 | 572,995 | ||||||
| New Jersey Economic Development Authority, (Continental Airlines), |
855 | 963,987 | ||||||
|
|
|
|||||||
| $ | 15,003,486 | |||||||
|
|
|
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| Insured-Electric Utilities — 3.3% |
||||||||
| Puerto Rico Electric Power Authority, (AGM), 0.704%, 7/1/29(5) |
$ | 2,000 | $ | 1,494,540 | ||||
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 |
500 | 506,710 | ||||||
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/30 |
5,000 | 5,049,200 | ||||||
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|
|
|||||||
| $ | 7,050,450 | |||||||
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|
|
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| Insured-General Obligations — 2.8% |
||||||||
| Detroit, MI, School District, (AGM), 5.25%, 5/1/27 |
$ | 1,650 | $ | 1,925,187 | ||||
| Irvington Township, NJ, (AGM), 5.00%, 7/15/30 |
1,875 | 2,150,306 | ||||||
| McHenry County, IL, Community Unit School District No. 12, (AGM), 4.25%, 1/1/29 |
1,230 | 1,251,808 | ||||||
| Puerto Rico Public Buildings Authority, (NPFG), 6.00%, 7/1/28 |
500 | 520,165 | ||||||
|
|
|
|||||||
| $ | 5,847,466 | |||||||
|
|
|
|||||||
| Insured-Industrial Development Revenue — 2.0% |
||||||||
| Massachusetts Port Authority, (Delta Airlines, Inc.), (AMBAC), (AMT), 5.00%, 1/1/27 |
$ | 4,200 | $ | 4,210,248 | ||||
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|
|
|||||||
| $ | 4,210,248 | |||||||
|
|
|
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| Insured-Special Tax Revenue — 1.5% |
||||||||
| Puerto Rico Convention Center District Authority, (AMBAC), 5.00%, 7/1/31 |
$ | 1,475 | $ | 1,382,901 | ||||
| Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/35 |
1,115 | 263,586 | ||||||
| Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/28 |
1,480 | 1,468,663 | ||||||
|
|
|
|||||||
| $ | 3,115,150 | |||||||
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|
|
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2
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Insured-Transportation — 3.9% |
||||||||
| Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/31(6) |
$ | 5,805 | $ | 2,200,501 | ||||
| Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32 |
795 | 586,026 | ||||||
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31 |
1,340 | 1,496,030 | ||||||
| Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/29 |
1,625 | 1,830,449 | ||||||
| Puerto Rico Highway and Transportation Authority, (AGM), 5.50%, 7/1/31 |
1,000 | 1,069,290 | ||||||
| Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/20 |
1,625 | 1,195,188 | ||||||
|
|
|
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| $ | 8,377,484 | |||||||
|
|
|
|||||||
| Insured-Water and Sewer — 2.2% |
||||||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/27 |
$ | 875 | $ | 495,355 | ||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/29 |
1,225 | 600,299 | ||||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/30 |
1,045 | 473,636 | ||||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/33 |
5,870 | 2,159,221 | ||||||
| Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28 |
1,000 | 1,010,870 | ||||||
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|
|
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| $ | 4,739,381 | |||||||
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|
|
|||||||
| Lease Revenue/Certificates of Participation — 0.5% |
||||||||
| Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/31 |
$ | 1,000 | $ | 1,032,300 | ||||
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|
|
|||||||
| $ | 1,032,300 | |||||||
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|
|
|||||||
| Other Revenue — 8.0% |
||||||||
| New York Liberty Development Corp., (3 World Trade Center), 5.15%, 11/15/34(4) |
$ | 3,250 | $ | 3,550,723 | ||||
| Oregon Department of Administrative Services, Lottery Revenue, 4.00%, 4/1/29(1) |
10,000 | 10,707,300 | ||||||
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/32 |
2,460 | 2,798,619 | ||||||
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|
|
|||||||
| $ | 17,056,642 | |||||||
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|
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| Senior Living/Life Care — 5.7% |
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| Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28 |
$ | 140 | $ | 158,206 | ||||
| Lancaster Industrial Development Authority, PA, (Garden Spot Village), 5.375%, 5/1/28 |
600 | 648,840 | ||||||
| Lorain County Port Authority, OH, (Kendal at Oberlin), 5.00%, 11/15/30 |
1,250 | 1,360,900 | ||||||
| Massachusetts Development Finance Agency, (North Hill Communities), 4.00%, 11/15/17(4) |
394 | 394,615 | ||||||
| Massachusetts Development Finance Agency, (North Hill Communities), 4.50%, 11/15/18(4) |
648 | 648,531 | ||||||
| Multnomah County, OR, Hospital Facilities Authority, (Mirabella at South Waterfront), 5.125%, 10/1/34 |
1,500 | 1,642,155 | ||||||
| New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.00%, 7/1/27 |
765 | 770,554 | ||||||
| New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.00%, 7/1/28 |
910 | 906,269 | ||||||
| Palm Beach County, FL, Health Facilities Authority, (Sinai Residences of Boca Raton), 7.25%, 6/1/34 |
1,060 | 1,208,336 | ||||||
| Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/25(4) |
1,200 | 1,280,796 | ||||||
| Savannah, GA, Economic Development Authority, (Marshes of Skidaway Island), |
500 | 560,170 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), |
1,000 | 1,088,870 | ||||||
| Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/28 |
1,200 | 1,337,712 | ||||||
|
|
|
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| $ | 12,005,954 | |||||||
|
|
|
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| Special Tax Revenue — 17.8% |
||||||||
| Metropolitan Transportation Authority, NY, Dedicated Tax Revenue, 0.00%, 11/15/30 |
$ | 4,250 | $ | 2,531,725 | ||||
| New York Dormitory Authority, Sales Tax Revenue, 4.00%, 3/15/30(1) |
10,000 | 10,846,200 | ||||||
| New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/30(1) |
12,000 | 13,903,080 | ||||||
| Scottsdale Municipal Property Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/30(1) |
2,000 | 2,154,100 | ||||||
| Scottsdale Municipal Property Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/31(1) |
5,680 | 6,071,579 | ||||||
3
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Scottsdale Municipal Property Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/32(1) |
$ | 2,120 | $ | 2,249,129 | ||||
|
|
|
|||||||
| $ | 37,755,813 | |||||||
|
|
|
|||||||
| Student Loan — 2.5% |
||||||||
| Massachusetts Educational Financing Authority, (AMT), 5.00%, 1/1/27 |
$ | 3,000 | $ | 3,327,330 | ||||
| New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/28 |
2,000 | 2,022,800 | ||||||
|
|
|
|||||||
| $ | 5,350,130 | |||||||
|
|
|
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| Transportation — 15.7% |
||||||||
| Foothill/Eastern Transportation Corridor Agency, CA, |
$ | 2,000 | $ | 1,482,860 | ||||
| Grand Parkway Transportation Corp., TX, 4.95%, (0.00% until 10/1/23), 10/1/29 |
800 | 622,768 | ||||||
| Grand Parkway Transportation Corp., TX, 5.05%, (0.00% until 10/1/23), 10/1/30 |
1,500 | 1,162,350 | ||||||
| Grand Parkway Transportation Corp., TX, 5.20%, (0.00% until 10/1/23), 10/1/31 |
2,000 | 1,544,000 | ||||||
| Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29 |
1,470 | 1,564,639 | ||||||
| Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/28 |
1,240 | 609,162 | ||||||
| New Jersey Transportation Trust Fund Authority, 0.00%, 12/15/29 |
10,000 | 5,022,200 | ||||||
| Port Authority of New York and New Jersey, (AMT), 4.00%, 7/15/36(1)(2) |
10,000 | 10,152,181 | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/29 |
2,880 | 1,500,451 | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/30 |
2,670 | 1,330,461 | ||||||
| Route 460 Funding Corp., VA, 0.00%, 7/1/31 |
3,000 | 1,421,040 | ||||||
| South Jersey Transportation Authority, NJ, 5.00%, 11/1/30 |
1,000 | 1,089,970 | ||||||
| Triborough Bridge and Tunnel Authority, NY, 0.00%, 11/15/29 |
3,665 | 2,247,598 | ||||||
| Triborough Bridge and Tunnel Authority, NY, 0.00%, 11/15/31 |
6,600 | 3,666,234 | ||||||
|
|
|
|||||||
| $ | 33,415,914 | |||||||
|
|
|
|||||||
| Water and Sewer — 7.8% |
||||||||
| Chicago, IL, Water Revenue, 5.00%, 11/1/29 |
$ | 2,000 | $ | 2,259,740 | ||||
| Detroit, MI, Water Supply System, 5.25%, 7/1/27 |
1,000 | 1,095,150 | ||||||
| Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/30 |
5,000 | 5,468,750 | ||||||
| Northeast Ohio Regional Sewer District, 4.00%, 11/15/33(1)(2) |
7,500 | 7,819,575 | ||||||
|
|
|
|||||||
| $ | 16,643,215 | |||||||
|
|
|
|||||||
| Total Tax-Exempt Municipal Securities — 160.7% |
$ | 341,352,336 | ||||||
|
|
|
|||||||
| Institutional MuniFund Term Preferred Shares — 0.9% |
||||||||
| Security | Shares |
Value | ||||||
| Nuveen Texas Quality Income Municipal Fund (AMT), 1.01%, 11/1/18(4)(7) |
400 | $ | 2,006,760 | |||||
|
|
|
|||||||
| Total Institutional MuniFund Term Preferred Shares — 0.9% |
$ | 2,006,760 | ||||||
|
|
|
|||||||
| Total Investments — 161.6% |
$ | 343,359,096 | ||||||
|
|
|
|||||||
| Other Assets, Less Liabilities — (61.6)% |
$ | (130,894,745 | ) | |||||
|
|
|
|||||||
| Net Assets — 100.0% |
$ | 212,464,351 | ||||||
|
|
|
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4
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 April 30, 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 |
14.6 | % | ||
| Texas |
11.6 | % | ||
| Arizona |
10.8 | % | ||
| Others, representing less than 10% individually |
63.0 | % |
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 April 30, 2015, 9.7% 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 $29,580,724. |
| (3) | When-issued security. |
| (4) | 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 April 30, 2015, the aggregate value of these securities is $10,452,525 or 4.9% of the Trust’s net assets. |
| (5) | Variable rate security. The stated interest rate represents the rate in effect at April 30, 2015. |
| (6) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
| (7) | Variable rate security. The stated dividend rate represents the rate in effect at April 30, 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 April 30, 2015.
The cost and unrealized appreciation (depreciation) of investments of the Trust at April 30, 2015, as determined on a federal income tax basis, were as follows:
| Aggregate cost |
$ | 200,894,096 | ||
|
|
|
|||
| Gross unrealized appreciation |
$ | 11,522,052 | ||
| Gross unrealized depreciation |
(992,052 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 10,530,000 | ||
|
|
|
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.) |
5
| • | 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 April 30, 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 |
$ | — | $ | 341,352,336 | $ | — | $ | 341,352,336 | ||||||||
| Institutional MuniFund Term Preferred Shares |
— | 2,006,760 | — | 2,006,760 | ||||||||||||
| Total Investments |
$ | — | $ | 343,359,096 | $ | — | $ | 343,359,096 | ||||||||
The Trust held no investments or other financial instruments as of January 31, 2015 whose fair value was determined using Level 3 inputs. At April 30, 2015, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.
Investments in Institutional MuniFund Term Preferred Shares are valued in the same manner as debt obligations. For additional 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.
Effective January 5, 2015, the name of Eaton Vance Municipal Income 2028 Term Trust was changed from Eaton Vance Municipal Income Term Trust.
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: | June 22, 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: | June 22, 2015 | |
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Treasurer | ||
| Date: | June 22, 2015 | |