ETX Eaton Vance Municipal Income 2028 Term Trust

The Eaton Vance municipal closed-end funds (each, a “Fund,” and collectively, the “Funds”) listed below announce increases to their monthly distribution rates. The Fund’s increased distribution rates will be effective beginning with the January 2024 distribution. These distribution rate increases range between approximately 22% and 41% relative to each Fund’s current distribution rates and are intended to help support secondary market trading of Fund shares and improve each Fund’s discount to net asset value. To maintain the new monthly distribution rates outlined below, each Fund may distribute more than its net investment income and net realized capital gains and, therefore, distributions may include a return of capital.

Monthly Distribution Per Share

Fund Name

Ticker

Current

Amount

New

Amount

Percentage

Change

Eaton Vance New York Municipal Bond Fund

ENX

$0.0297

$0.0394

32.7%

Eaton Vance California Municipal Bond Fund

EVM

$0.0292

$0.0383

31.2%

Eaton Vance California Municipal Income Trust

CEV

$0.0342

$0.0434

26.9%

Eaton Vance Municipal Bond Fund

EIM

$0.0333

$0.0468

40.5%

Eaton Vance Municipal Income Trust

EVN

$0.0375

$0.0461

22.9%

Eaton Vance Municipal Income 2028 Term Trust

ETX

$0.0583

$0.0782

34.1%

Each Fund intends to make regular monthly cash distributions to its common shareholders (stated in terms of a fixed amount per common share dividend distribution rate). Each Fund’s ability to maintain its declared distribution amount will depend on a number of factors, including: the amount and stability of investment income earned by the Fund; the performance of the Fund’s investments; the Fund’s expenses, including the cost of financing for Funds that employ leverage; underlying market conditions; realized and projected returns; and other factors. There can be no assurance that an unanticipated change in market conditions or other factors will not result in a change in a Fund’s distributions at a future time.

Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of any monthly distribution. Each Fund’s distributions may be comprised of amounts characterized for U.S. federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and non-dividend distributions, also known as return of capital. A Fund may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. With each distribution, a Fund will issue a notice to its common shareholders containing information about the amount and sources of the distribution and other related information. Further information regarding Fund distributions will also be available prior to any applicable payment date at funds.eatonvance.com. The final determination of tax characteristics of each Fund’s distributions will occur after the end of the year, at which time it will be reported to the shareholders. Shareholders should not assume that the source of any distribution from a Fund is net income or profit, and the Fund’s distributions should not be used as a measure of performance or confused with “yield” or “income.”

Eaton Vance applies in-depth fundamental analysis to the active management of equity, income, alternative and multi-asset strategies. Eaton Vance’s investment teams follow time-tested principles of investing that emphasize ongoing risk management, tax management (where applicable) and the pursuit of consistent long-term returns. The firm’s investment capabilities encompass the global capital markets. Eaton Vance is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors’ expectations for future distribution changes, the clarity of a Fund’s investment strategy and future return expectations, and investors’ confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully a Fund’s investment objective, risks, charges and expenses.

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