EV Municipal Income 2028 Term Trust Stock Price, News & Analysis

Eaton Vance Municipal Income 2028 Term Trust (ETX) is a closed-end management investment company in the finance and insurance sector, classified under investment banking and securities dealing. According to its stated investment objective, the Fund seeks to provide current income that is exempt from regular federal income tax. To pursue this objective, it invests in municipal securities across a range of sectors, including a bond bank, education, housing, electric utilities, transportation and other areas.

The Fund is organized as a Massachusetts business trust and has common shares of beneficial interest with a par value of $0.01 per share. Its common shares are registered under Section 12(b) of the Securities Exchange Act of 1934 and trade on the New York Stock Exchange under the ticker symbol ETX. As disclosed in its proxy materials, millions of common shares are outstanding, and ownership information for significant shareholders is reported through Schedules 13D and 13G filed under the Exchange Act.

Governance and structure

Eaton Vance Municipal Income 2028 Term Trust is overseen by a Board of Trustees. The Board has fixed the number of Trustees at nine, and the Board is divided into three classes, with each class serving a term of three years that expires at the third Annual Meeting of Shareholders following its election. Trustees are elected by shareholders of the Fund’s common shares, and the election of Trustees is non-cumulative. Shareholders do not have appraisal rights in connection with the election of Trustees as described in the Fund’s proxy statement.

The Fund holds an Annual Meeting of Shareholders, where shareholders are asked to consider matters such as the election of Trustees and any other business that may properly come before the meeting. Shareholders of record as of a specified record date are entitled to notice of and to vote at the Annual Meeting and any adjournments or postponements. Proxies are solicited by the Board of Trustees, and properly executed proxies are voted in accordance with shareholder instructions, or, if no instruction is given, in favor of the Trustee nominees identified in the proxy materials.

Shareholder rights and proxy process

Shareholders may vote by completing, signing and returning proxy cards. An executed proxy is revocable by the shareholder prior to its exercise, including by submitting a later-dated proxy or by attending the Annual Meeting and voting shares at the meeting. Shareholders who hold their shares through intermediaries such as brokers, banks, advisers or custodians may need to obtain a legal proxy from the intermediary to vote directly at the meeting.

The Fund’s proxy statement explains the procedures for proxy solicitation, tabulation and voting requirements. It also notes that, to the knowledge of the Fund and based on regulatory ownership reports, one or more shareholders may own 5% or more of the Fund’s outstanding common shares, while the Trustees and executive officers of the Fund, individually and as a group, beneficially own less than 1% of the outstanding common shares.

Board developments and leadership

In its current reports on Form 8-K, the Fund has disclosed certain Board-related events. One report notes that the Board reduced its size from ten to nine members, effective as of a specified date, following the unexpected passing of the then-Chairperson of the Board. Another Form 8-K reports that, effective on a later date, the Board appointed a new Chairperson of the Board for a four-year term, replacing the acting Chairperson who had served in that role after the prior Chairperson’s passing.

These filings illustrate how the Fund uses Form 8-K to report material events related to its governance, including changes in Board leadership and Board size. They also confirm that the Fund continues to be registered with the SEC and that its common shares trade on the NYSE under the ETX symbol.

Investment focus and municipal sectors

According to the Fund’s description, Eaton Vance Municipal Income 2028 Term Trust invests in municipal securities in multiple sectors. These sectors include a bond bank, education, housing, electric utilities and transportation, along with other municipal areas. The focus on income exempt from regular federal income tax indicates that the Fund’s portfolio is oriented toward municipal obligations that qualify for such tax treatment under applicable federal tax law.

The Fund’s structure as a closed-end management investment company means that its shares are listed and traded on an exchange rather than being continuously offered and redeemed at net asset value. Instead, investors buy and sell ETX common shares on the NYSE at market prices determined by supply and demand, with the Fund’s portfolio and governance framework disclosed through SEC filings such as proxy statements, annual and semi-annual reports, and current reports.

Shareholder meetings and access

The Fund’s proxy materials explain that shareholders of record on the designated record date are entitled to attend and vote at the Annual Meeting. Record holders who plan to attend the meeting must present valid photo identification to gain admission. Shareholders who hold shares through intermediaries and wish to attend and vote at the meeting are required to present both valid photo identification and a legal proxy evidencing their authority to vote the shares.

Through these governance and disclosure practices, Eaton Vance Municipal Income 2028 Term Trust provides shareholders with information about its investment objective, municipal sector focus, Board composition, and the procedures for exercising voting rights at shareholder meetings.