Eaton Vance Municipal Income 2028 Term Trust is a closed‑end municipal bond fund focused on delivering current income that is exempt from regular federal income tax. The trust invests primarily in U.S. municipal obligations, combining investment‑grade issues with selectively chosen below‑investment‑grade bonds to balance income potential and credit diversification. Structured as a term trust, it is scheduled to cease investment operations around June 30, 2028 and liquidate, distributing net asset value to shareholders, which distinguishes it from perpetual municipal closed‑end funds and introduces a defined time horizon for capital return. The portfolio is actively managed by Eaton Vance’s municipal team, which employs research‑driven security selection and relative‑value trading to seek to enhance income and total return, while managing interest‑rate and credit risks inherent in the muni market. The trust pays stable monthly distributions, portions of which may include tax‑exempt income, taxable income, capital gains, or return of capital, as determined by the adviser and reported for tax purposes annually.