Semiannual Report June 30, 2022
Eaton Vance
Enhanced Equity Income Fund II
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Performance
Portfolio Manager(s) Lewis R.
Piantedosi and Douglas R. Rogers, CFA, CMT
%
Average Annual Total Returns1 |
Inception
Date |
Six
Months |
One
Year |
Five
Years |
Ten
Years |
Fund
at NAV |
01/31/2005
|
(27.18)%
|
(23.18)%
|
9.19%
|
11.15%
|
Fund
at Market Price |
—
|
(31.28)
|
(24.95)
|
9.36
|
12.40
|
|
Russell
1000® Growth Index |
—
|
(28.07)%
|
(18.77)%
|
14.28%
|
14.79%
|
Cboe
S&P 500 BuyWrite IndexSM |
—
|
(10.19)
|
(2.62)
|
4.09
|
5.89
|
Cboe
NASDAQ-100 BuyWrite IndexSM |
—
|
(15.41)
|
(10.89)
|
4.93
|
6.32
|
%
Premium/Discount to NAV2 |
|
|
(2.18)%
|
Distributions
3 |
|
Total
Distributions per share for the period |
$0.824
|
Distribution
Rate at NAV |
9.96%
|
Distribution
Rate at Market Price |
10.18
|
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are
historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend
Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations
in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates,
and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal
to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to
eatonvance.com.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Sector
Allocation (% of total investments)* |
*
|
Depictions
do not reflect the Fund’s option positions. Excludes cash and cash equivalents. |
Top
10 Holdings (% of total investments)* |
Microsoft
Corp. |
8.4%
|
Alphabet,
Inc., Class C |
8.2
|
Amazon.com,
Inc. |
7.4
|
Apple,
Inc. |
6.4
|
Visa,
Inc., Class A |
5.5
|
Adobe,
Inc. |
3.4
|
QUALCOMM,
Inc. |
2.8
|
AbbVie,
Inc. |
2.8
|
Intuit,
Inc. |
2.6
|
Coca-Cola
Co. (The) |
2.3
|
Total
|
49.8%
|
*
|
Depictions
do not reflect the Fund’s option positions. Excludes cash and cash equivalents. |
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Endnotes and
Additional Disclosures
1 |
Russell 1000® Growth
Index is an unmanaged index of U.S. large-cap growth stocks. Cboe S&P 500 BuyWrite IndexSM measures the performance of a hypothetical buy-write strategy on the S&P
500® Index. Cboe NASDAQ–100 BuyWrite IndexSM measures the performance of a theoretical portfolio that owns stocks included in the NASDAQ–100® Index and
writes (sells) NASDAQ–100® Index covered call options. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to
invest directly in an index. |
2 |
The shares
of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to
https://funds.eatonvance.com/closed-end-fund-prices.php. |
3 |
The
Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts
characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer
to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on
the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s
webpage available at eatonvance.com. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital. The Fund’s distributions are determined by the investment adviser based on its current
assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and
other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
|
Fund profile subject to
change due to active management. |
|
Important Notice to
Shareholders |
|
Effective
July 1, 2022, the Fund is managed by Douglas R. Rogers, CFA, CMT. |
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Portfolio of
Investments (Unaudited)
Security
|
Shares
|
Value
|
Aerospace
& Defense — 1.7% |
Hexcel
Corp. |
|
147,137
|
$
7,696,736 |
Raytheon
Technologies Corp. |
|
71,527
|
6,874,460
|
|
|
|
$ 14,571,196
|
Auto
Components — 1.0% |
Aptiv
PLC(2) |
|
93,535
|
$
8,331,162 |
|
|
|
$ 8,331,162
|
Beverages
— 2.4% |
Coca-Cola
Co. (The) |
|
318,591
|
$
20,042,560 |
|
|
|
$ 20,042,560
|
Biotechnology
— 3.8% |
AbbVie,
Inc. |
|
153,874
|
$
23,567,342 |
argenx
SE ADR(2) |
|
23,328
|
8,838,512
|
|
|
|
$ 32,405,854
|
Building
Products — 0.7% |
Trane
Technologies PLC |
|
42,541
|
$
5,524,800 |
|
|
|
$ 5,524,800
|
Capital
Markets — 3.8% |
Charles
Schwab Corp. (The) |
|
169,117
|
$
10,684,812 |
Goldman
Sachs Group, Inc. (The) |
|
52,988
|
15,738,496
|
Intercontinental
Exchange, Inc. |
|
58,768
|
5,526,543
|
|
|
|
$ 31,949,851
|
Chemicals
— 0.2% |
Ecolab,
Inc. |
|
13,701
|
$
2,106,666 |
|
|
|
$ 2,106,666
|
Commercial
Services & Supplies — 1.5% |
Copart,
Inc.(2) |
|
41,586
|
$
4,518,735 |
Waste
Connections, Inc. |
|
64,696
|
8,019,716
|
|
|
|
$ 12,538,451
|
Electrical
Equipment — 1.3% |
AMETEK,
Inc. |
|
100,757
|
$
11,072,187 |
|
|
|
$ 11,072,187
|
Security
|
Shares
|
Value
|
Electronic
Equipment, Instruments & Components — 0.9% |
Zebra
Technologies Corp., Class A(2) |
|
25,406
|
$
7,468,094 |
|
|
|
$ 7,468,094
|
Entertainment
— 1.3% |
Netflix,
Inc.(2) |
|
30,833
|
$
5,391,767 |
Walt
Disney Co. (The)(2) |
|
63,847
|
6,027,157
|
|
|
|
$ 11,418,924
|
Food
& Staples Retailing — 1.5% |
Sysco
Corp. |
|
150,615
|
$
12,758,597 |
|
|
|
$ 12,758,597
|
Food
Products — 1.1% |
Mondelez
International, Inc., Class A |
|
153,625
|
$
9,538,576 |
|
|
|
$ 9,538,576
|
Health
Care Equipment & Supplies — 3.0% |
Abbott
Laboratories |
|
102,141
|
$
11,097,620 |
Intuitive
Surgical, Inc.(2) |
|
58,020
|
11,645,194
|
Tandem
Diabetes Care, Inc.(2) |
|
53,892
|
3,189,867
|
|
|
|
$ 25,932,681
|
Health
Care Providers & Services — 2.2% |
UnitedHealth
Group, Inc. |
|
35,746
|
$
18,360,218 |
|
|
|
$ 18,360,218
|
Health
Care Technology — 0.5% |
Veeva
Systems, Inc., Class A(2) |
|
22,801
|
$
4,515,510 |
|
|
|
$ 4,515,510
|
Hotels,
Restaurants & Leisure — 1.2% |
Starbucks
Corp. |
|
132,809
|
$
10,145,280 |
|
|
|
$ 10,145,280
|
Interactive
Media & Services — 10.3% |
Alphabet,
Inc., Class C(2) |
|
32,153
|
$
70,333,080 |
Meta
Platforms, Inc., Class A(2) |
|
90,827
|
14,645,854
|
Twitter,
Inc.(2) |
|
75,248
|
2,813,522
|
|
|
|
$ 87,792,456
|
Internet
& Direct Marketing Retail — 7.4% |
Amazon.com,
Inc.(2) |
|
594,080
|
$
63,097,237 |
|
|
|
$ 63,097,237
|
5
See Notes to Financial Statements.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Portfolio of
Investments (Unaudited) — continued
Security
|
Shares
|
Value
|
IT
Services — 7.4% |
Accenture
PLC, Class A |
|
33,417
|
$
9,278,230 |
PayPal
Holdings, Inc.(2) |
|
92,112
|
6,433,102
|
Visa,
Inc., Class A |
|
238,921
|
47,041,156
|
|
|
|
$ 62,752,488
|
Life
Sciences Tools & Services — 1.7% |
10X
Genomics, Inc., Class A(2) |
|
60,825
|
$
2,752,331 |
Illumina,
Inc.(2) |
|
16,561
|
3,053,186
|
Thermo
Fisher Scientific, Inc. |
|
15,588
|
8,468,649
|
|
|
|
$ 14,274,166
|
Machinery
— 0.6% |
Westinghouse
Air Brake Technologies Corp. |
|
61,911
|
$
5,081,655 |
|
|
|
$ 5,081,655
|
Oil,
Gas & Consumable Fuels — 0.9% |
EOG
Resources, Inc. |
|
71,787
|
$
7,928,156 |
|
|
|
$ 7,928,156
|
Pharmaceuticals
— 1.6% |
Eli
Lilly & Co. |
|
43,106
|
$
13,976,258 |
|
|
|
$ 13,976,258
|
Road
& Rail — 1.6% |
CSX
Corp. |
|
313,764
|
$
9,117,982 |
Uber
Technologies, Inc.(2) |
|
208,580
|
4,267,547
|
|
|
|
$ 13,385,529
|
Semiconductors
& Semiconductor Equipment — 8.9% |
Ambarella,
Inc.(2) |
|
40,965
|
$
2,681,569 |
Intel
Corp. |
|
247,469
|
9,257,815
|
Micron
Technology, Inc. |
|
293,859
|
16,244,526
|
NVIDIA
Corp. |
|
37,338
|
5,660,067
|
QUALCOMM,
Inc. |
|
188,600
|
24,091,764
|
Texas
Instruments, Inc. |
|
115,404
|
17,731,825
|
|
|
|
$ 75,667,566
|
Software
— 18.8% |
Adobe,
Inc.(2) |
|
80,327
|
$
29,404,502 |
Altair
Engineering, Inc., Class A(2) |
|
80,916
|
4,248,090
|
Intuit,
Inc. |
|
56,776
|
21,883,741
|
Microsoft
Corp. |
|
280,404
|
72,016,159
|
Palantir
Technologies, Inc., Class A(2) |
|
619,954
|
5,622,983
|
Paycom
Software, Inc.(2) |
|
31,455
|
8,811,175 |
Security
|
Shares
|
Value
|
Software
(continued) |
Salesforce,
Inc.(2) |
|
70,758
|
$
11,677,900 |
Zscaler,
Inc.(2) |
|
43,331
|
6,478,418
|
|
|
|
$160,142,968
|
Specialty
Retail — 3.3% |
Home
Depot, Inc. (The) |
|
32,213
|
$
8,835,059 |
TJX
Cos., Inc. (The) |
|
343,289
|
19,172,691
|
|
|
|
$ 28,007,750
|
Technology
Hardware, Storage & Peripherals — 7.2% |
Apple,
Inc. |
|
398,426
|
$
54,472,802 |
Logitech
International S.A. |
|
137,579
|
7,162,363
|
|
|
|
$ 61,635,165
|
Textiles,
Apparel & Luxury Goods — 1.4% |
NIKE,
Inc., Class B |
|
114,972
|
$
11,750,138 |
|
|
|
$ 11,750,138
|
Total
Common Stocks (identified cost $480,037,345) |
|
|
$844,172,139
|
Short-Term
Investments — 1.4% |
Security
|
Shares
|
Value
|
Morgan
Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.38%(3) |
|
11,566,000
|
$
11,566,000 |
Total
Short-Term Investments (identified cost $11,566,000) |
|
|
$ 11,566,000
|
Total
Investments — 100.6% (identified cost $491,603,345) |
|
|
$855,738,139
|
Total
Written Covered Call Options — (0.5)% (premiums received $7,721,890) |
|
|
$
(4,603,608) |
Other
Assets, Less Liabilities — (0.0)%(4) |
|
|
$
(402,353) |
Net
Assets — 100.0% |
|
|
$850,732,178
|
The
percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
(1) |
All or
a portion of each applicable common stock for which a written call option is outstanding at June 30, 2022 has been pledged as collateral for such written option. |
(2) |
Non-income
producing security. |
(3) |
May be
deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2022. |
(4) |
Amount
is less than (0.05)%. |
6
See Notes to Financial Statements.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Portfolio of
Investments (Unaudited) — continued
Written
Covered Call Options (Exchange-Traded) — (0.5)% |
|
|
|
|
|
|
|
Description
|
Number
of Contracts |
Notional
Amount |
Exercise
Price |
Expiration
Date |
Value
|
10X
Genomics, Inc., Class A |
300
|
$
|
1,357,500
|
$
|
50
|
7/15/22
|
$ (58,500)
|
Abbott
Laboratories |
510
|
|
5,541,150
|
|
114
|
7/29/22
|
(71,145)
|
AbbVie,
Inc. |
765
|
|
11,716,740
|
|
155
|
7/8/22
|
(120,105)
|
Accenture
PLC, Class A |
165
|
|
4,581,225
|
|
300
|
7/29/22
|
(35,887)
|
Adobe,
Inc. |
400
|
|
14,642,400
|
|
405
|
7/29/22
|
(172,000)
|
Alphabet,
Inc., Class C |
160
|
|
34,999,200
|
|
2,500
|
7/29/22
|
(300,800)
|
Amazon.com,
Inc. |
2,970
|
|
31,544,370
|
|
119
|
7/22/22
|
(274,725)
|
Ambarella,
Inc. |
200
|
|
1,309,200
|
|
80
|
7/29/22
|
(19,000)
|
AMETEK,
Inc. |
500
|
|
5,494,500
|
|
120
|
7/15/22
|
(12,500)
|
Apple,
Inc. |
1,990
|
|
27,207,280
|
|
145
|
7/15/22
|
(194,025)
|
Aptiv
PLC |
465
|
|
4,141,755
|
|
115
|
7/15/22
|
(8,138)
|
Charles
Schwab Corp. (The) |
845
|
|
5,338,710
|
|
67
|
7/15/22
|
(46,052)
|
Coca-Cola
Co. (The) |
1,590
|
|
10,002,690
|
|
65
|
7/29/22
|
(131,175)
|
Copart,
Inc. |
205
|
|
2,227,530
|
|
125
|
7/15/22
|
(10,250)
|
CSX
Corp. |
1,565
|
|
4,547,890
|
|
33
|
7/15/22
|
(3,913)
|
Ecolab,
Inc. |
65
|
|
999,440
|
|
170
|
7/15/22
|
(6,825)
|
EOG
Resources, Inc. |
355
|
|
3,920,620
|
|
143
|
7/1/22
|
(888)
|
Goldman
Sachs Group, Inc. (The) |
260
|
|
7,722,520
|
|
300
|
7/22/22
|
(250,250)
|
Hexcel
Corp. |
735
|
|
3,844,785
|
|
60
|
7/15/22
|
(18,375)
|
Home
Depot, Inc. (The) |
160
|
|
4,388,320
|
|
290
|
7/29/22
|
(62,800)
|
Illumina,
Inc. |
80
|
|
1,474,880
|
|
255
|
7/8/22
|
(17,200)
|
Intel
Corp. |
1,235
|
|
4,620,135
|
|
41
|
7/29/22
|
(61,750)
|
Intercontinental
Exchange, Inc. |
290
|
|
2,727,160
|
|
100
|
7/15/22
|
(11,600)
|
Intuit,
Inc. |
280
|
|
10,792,320
|
|
410
|
7/15/22
|
(126,000)
|
Intuitive
Surgical, Inc. |
290
|
|
5,820,590
|
|
240
|
7/8/22
|
(4,350)
|
Logitech
International S.A. |
685
|
|
3,566,110
|
|
60
|
7/15/22
|
(8,563)
|
Meta
Platforms, Inc., Class A |
450
|
|
7,256,250
|
|
180
|
7/15/22
|
(56,700)
|
Micron
Technology, Inc. |
1,465
|
|
8,098,520
|
|
62
|
7/22/22
|
(145,767)
|
Microsoft
Corp. |
1,400
|
|
35,956,200
|
|
260
|
7/15/22
|
(787,500)
|
Mondelez
International, Inc., Class A |
765
|
|
4,749,885
|
|
64
|
7/8/22
|
(9,563)
|
Netflix,
Inc. |
150
|
|
2,623,050
|
|
225
|
7/15/22
|
(3,750)
|
NIKE,
Inc., Class B |
570
|
|
5,825,400
|
|
113
|
7/29/22
|
(61,845)
|
NVIDIA
Corp. |
185
|
|
2,804,415
|
|
175
|
7/22/22
|
(31,912)
|
Palantir
Technologies, Inc., Class A |
3,095
|
|
2,807,165
|
|
11
|
7/29/22
|
(47,972)
|
Paycom
Software, Inc. |
155
|
|
4,341,860
|
|
300
|
7/15/22
|
(58,512)
|
PayPal
Holdings, Inc. |
460
|
|
3,212,640
|
|
82
|
7/22/22
|
(32,200)
|
QUALCOMM,
Inc. |
940
|
|
12,007,560
|
|
140
|
7/15/22
|
(81,310)
|
Raytheon
Technologies Corp. |
355
|
|
3,411,905
|
|
105
|
7/15/22
|
(2,308)
|
salesforce.com,
Inc. |
350
|
|
5,776,400
|
|
200
|
7/15/22
|
(4,550)
|
Starbucks
Corp. |
660
|
|
5,041,740
|
|
85
|
7/15/22
|
(8,580)
|
Sysco
Corp. |
750
|
|
6,353,250
|
|
88
|
7/29/22
|
(116,250)
|
Tandem
Diabetes Care, Inc. |
265
|
|
1,568,535
|
|
70
|
7/29/22
|
(54,325)
|
Texas
Instruments, Inc. |
575
|
|
8,834,875
|
|
165
|
7/29/22
|
(103,212)
|
Thermo
Fisher Scientific, Inc. |
75
|
|
4,074,600
|
|
550
|
7/15/22
|
(83,625)
|
TJX
Cos., Inc. (The) |
1,715
|
|
9,578,275
|
|
62
|
7/29/22
|
(51,450)
|
7
See Notes to Financial Statements.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Portfolio of
Investments (Unaudited) — continued
Written
Covered Call Options (Exchange-Traded) (continued) |
|
|
|
|
|
|
|
Description
|
Number
of Contracts |
Notional
Amount |
Exercise
Price |
Expiration
Date |
Value
|
Trane
Technologies PLC |
210
|
$
|
2,727,270
|
$
|
135
|
7/15/22
|
$ (34,650)
|
Uber
Technologies, Inc. |
1,040
|
|
2,127,840
|
|
25
|
7/29/22
|
(27,560)
|
UnitedHealth
Group, Inc. |
175
|
|
8,988,525
|
|
505
|
7/8/22
|
(256,375)
|
Veeva
Systems, Inc., Class A |
110
|
|
2,178,440
|
|
210
|
7/15/22
|
(26,125)
|
Visa,
Inc., Class A |
1,190
|
|
23,429,910
|
|
205
|
7/22/22
|
(377,230)
|
Walt
Disney Co. (The) |
315
|
|
2,973,600
|
|
100
|
7/15/22
|
(28,193)
|
Waste
Connections, Inc. |
320
|
|
3,966,720
|
|
125
|
7/15/22
|
(52,800)
|
Westinghouse
Air Brake Technologies Corp. |
305
|
|
2,503,440
|
|
100
|
7/15/22
|
(5,338)
|
Zebra
Technologies Corp., Class A |
125
|
|
3,674,375
|
|
320
|
7/15/22
|
(23,750)
|
Zscaler,
Inc. |
215
|
|
3,214,465
|
|
180
|
7/8/22
|
(3,440)
|
Total
|
|
|
|
|
|
|
$(4,603,608)
|
Abbreviations:
|
ADR
|
– American
Depositary Receipt |
8
See Notes to Financial Statements.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Statement of Assets
and Liabilities (Unaudited)
|
June
30, 2022 |
Assets
|
|
Unaffiliated
investments, at value (identified cost $480,037,345) |
$
844,172,139 |
Affiliated
investment, at value (identified cost $11,566,000) |
11,566,000
|
Dividends
receivable |
315,974
|
Dividends
receivable from affiliated investment |
13,273
|
Receivable
for premiums on written options |
880,628
|
Receivable
from the transfer agent |
135,263
|
Tax
reclaims receivable |
57,263
|
Total
assets |
$857,140,540
|
Liabilities
|
|
Written
options outstanding, at value (premiums received $7,721,890) |
$
4,603,608 |
Due
to custodian |
852,126
|
Payable
to affiliate: |
|
Investment
adviser fee |
719,632
|
Trustees'
fees |
14,695
|
Accrued
expenses |
218,301
|
Total
liabilities |
$
6,408,362 |
Net
Assets |
$850,732,178
|
Sources
of Net Assets |
|
Common
shares, $0.01 par value, unlimited number of shares authorized |
$
514,130 |
Additional
paid-in capital |
488,942,389
|
Distributable
earnings |
361,275,659
|
Net
Assets |
$850,732,178
|
Common
Shares Issued and Outstanding |
51,412,994
|
Net
Asset Value Per Common Share |
|
Net
assets ÷ common shares issued and outstanding |
$
16.55 |
9
See Notes to Financial Statements.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Statement of
Operations (Unaudited)
|
Six
Months Ended |
|
June
30, 2022 |
Investment
Income |
|
Dividend
income (net of foreign taxes withheld of $4,086) |
$
4,575,810 |
Dividend
income from affiliated investments |
22,011
|
Total
investment income |
$
4,597,821 |
Expenses
|
|
Investment
adviser fee |
$
5,004,847 |
Trustees’
fees and expenses |
30,141
|
Custodian
fee |
153,322
|
Transfer
and dividend disbursing agent fees |
8,944
|
Legal
and accounting services |
34,999
|
Printing
and postage |
182,667
|
Miscellaneous
|
33,764
|
Total
expenses |
$
5,448,684 |
Deduct:
|
|
Waiver
and/or reimbursement of expenses by affiliate |
$
2,708 |
Total
expense reductions |
$
2,708 |
Net
expenses |
$
5,445,976 |
Net
investment loss |
$
(848,155) |
Realized
and Unrealized Gain (Loss) |
|
Net
realized gain (loss): |
|
Investment
transactions |
$
14,107,473 |
Investment
transactions - affiliated investment |
(406)
|
Written
options |
23,552,679
|
Foreign
currency transactions |
48
|
Net
realized gain |
$
37,659,794 |
Change
in unrealized appreciation (depreciation): |
|
Investments
|
$
(362,668,804) |
Written
options |
411,726
|
Net
change in unrealized appreciation (depreciation) |
$(362,257,078)
|
Net
realized and unrealized loss |
$(324,597,284)
|
Net
decrease in net assets from operations |
$(325,445,439)
|
10
See Notes to Financial Statements.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Statements of Changes
in Net Assets
|
Six
Months Ended June 30, 2022 (Unaudited) |
Year
Ended December 31, 2021 |
Increase
(Decrease) in Net Assets |
|
|
From
operations: |
|
|
Net
investment loss |
$
(848,155) |
$
(4,119,172) |
Net
realized gain |
37,659,794
|
69,823,378
|
Net
change in unrealized appreciation (depreciation) |
(362,257,078)
|
128,728,638
|
Net
increase (decrease) in net assets from operations |
$
(325,445,439) |
$
194,432,844 |
Distributions
to shareholders |
$
(42,268,199)* |
$
(64,519,572) |
Tax
return of capital to shareholders |
$
— |
$
(4,726,785) |
Capital
share transactions: |
|
|
Proceeds
from shelf offering, net of offering costs (see Note 5) |
$
4,587,998 |
$
28,448,067 |
Reinvestment
of distributions |
1,833,458
|
2,823,214
|
Net
increase in net assets from capital share transactions |
$
6,421,456 |
$
31,271,281 |
Net
increase (decrease) in net assets |
$
(361,292,182) |
$
156,457,768 |
Net
Assets |
|
|
At
beginning of period |
$1,212,024,360
|
$
1,055,566,592 |
At
end of period |
$
850,732,178 |
$1,212,024,360
|
*
|
A
portion of the distributions may be deemed a tax return of capital at year-end. See Note 2. |
11
See Notes to Financial Statements.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
|
Six
Months Ended June 30, 2022 (Unaudited) |
Year
Ended December 31, |
|
|
2021
|
2020
|
2019
|
2018
|
2017
|
Net
asset value — Beginning of period |
$
23.720 |
$
21.200 |
$
17.530 |
$
14.820 |
$
15.770 |
$
13.660 |
Income
(Loss) From Operations |
|
|
|
|
|
|
Net
investment income(1) |
$
(0.017) |
$
(0.082) |
$
(0.063) |
$
(0.026) |
$
(0.027) |
$
(0.023) |
Net
realized and unrealized gain (loss) |
(6.329)
|
3.971
|
4.819
|
4.015
|
0.127
|
3.183
|
Total
income (loss) from operations |
$
(6.346) |
$
3.889 |
$
4.756 |
$
3.989 |
$
0.100 |
$
3.160 |
Less
Distributions |
|
|
|
|
|
|
From
net investment income |
$
(0.824)* |
$
— |
$
— |
$
— |
$
— |
$
— |
From
net realized gain |
—
|
(1.284)
|
(0.037)
|
(1.284)
(2) |
(1.050)
|
(0.423)
|
Tax
return of capital |
—
|
(0.094)
|
(1.050)
|
—
|
—
|
(0.627)
|
Total
distributions |
$
(0.824) |
$
(1.378) |
$
(1.087) |
$
(1.284) |
$
(1.050) |
$
(1.050) |
Premium
from common shares sold through shelf offering (see Note 5)(1) |
$
0.000(3) |
$
0.009 |
$
0.001 |
$
0.005 |
$
— |
$
— |
Net
asset value — End of period |
$
16.550 |
$
23.720 |
$
21.200 |
$
17.530 |
$
14.820 |
$
15.770 |
Market
value — End of period |
$
16.190 |
$
24.590 |
$
21.690 |
$
17.830 |
$
14.670 |
$
15.220 |
Total
Investment Return on Net Asset Value(4) |
(27.18)%
(5) |
18.82%
|
28.55%
|
27.71%
|
0.21%
|
24.04%
(6) |
Total
Investment Return on Market Value(4) |
(31.28)%
(5) |
20.40%
|
29.31%
|
31.22%
|
2.78%
|
27.76%
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
$850,732
|
$1,212,024
|
$1,055,567
|
$859,315
|
$707,577
|
$751,565
|
Ratios
(as a percentage of average daily net assets): |
|
|
|
|
|
|
Expenses
|
1.09%
(7)(8) |
1.08%
|
1.09%
|
1.09%
|
1.10%
|
1.10%
|
Net
investment loss |
(0.17)%
(7) |
(0.36)%
|
(0.35)%
|
(0.16)%
|
(0.17)%
|
(0.15)%
|
Portfolio
Turnover |
5%
(5) |
18%
|
38%
|
40%
|
44%
|
48%
|
(1) |
Computed
using average shares outstanding. |
(2) |
The tax
character of a portion of the distribution ($0.069 per share) was based on management’s estimate and was subsequently determined to be $0.063 per share of tax return of capital and $0.006 per share from net realized gain. |
(3) |
Amount
is less than $0.0005. |
(4) |
Returns
are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
|
(5) |
Not
annualized. |
(6) |
During
the year ended December 31, 2017, the Fund received a payment from an affiliate as reimbursement for certain losses. Excluding this payment, total return at net asset value would have been 23.72%. |
(7) |
Annualized.
|
(8) |
The
investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2022). |
*
|
A
portion of the distributions may be deemed from net realized gain or a tax return of capital at year-end. See Note 2. |
12
See Notes to Financial Statements.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Notes to Financial
Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Enhanced Equity Income Fund II (the Fund) is a
Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s primary investment objective is to provide current income, with
a secondary objective of capital appreciation.
The
following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting
and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment
Valuation—The following methodologies are used to determine the market value or fair value of
investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask
prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or
closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Derivatives. U.S.
exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options are valued by a third party pricing
service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine
the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such
securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock
Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable
foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in
management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. Investments for
which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the
security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors,
which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public
trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate
stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and
sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized
gains and losses on investments sold are determined on the basis of identified cost.
C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has
passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the
applicable countries’ tax rules and rates.
D Federal
Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable
to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax
is necessary.
As of June 30, 2022, the Fund had no
uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal
Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency
exchange rates in effect on the respective dates of such transactions. Recognized
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Notes to Financial
Statements (Unaudited) — continued
gains or losses on
investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results
from fluctuations in foreign currency exchange rates is not separately disclosed.
F Use of
Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those
estimates.
G Indemnifications—Under the Fund’s organizational documents, its officers and Trustees may be indemnified against
certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal
liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon request by the
shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or
expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as
this would involve future claims that may be made against the Fund that have not yet occurred.
H Written
Options—Upon the writing of a call or a put option, the premium received by the Fund is included in
the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations
discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the
transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put)
or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund.
The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or
other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
I Interim Financial Statements—The interim financial statements relating to June 30, 2022 and for the six months then ended have not been
audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Distributions to
Shareholders and Income Tax Information
Subject to its
Managed Distribution Plan, the Fund makes monthly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and
unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with
income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and
tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of
capital component. For the six months ended June 30, 2022, the amount of distributions estimated to be a tax return of capital was approximately $6,347,000. The final determination of tax characteristics of the Fund’s distributions will occur
at the end of the year, at which time it will be reported to the shareholders.
The cost and unrealized appreciation (depreciation) of
investments, including open derivative contracts, of the Fund at June 30, 2022, as determined on a federal income tax basis, were as follows:
Aggregate
cost |
$
484,402,312 |
Gross
unrealized appreciation |
$
416,696,806 |
Gross
unrealized depreciation |
(49,964,587)
|
Net
unrealized appreciation |
$
366,732,219 |
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Notes to Financial
Statements (Unaudited) — continued
3 Investment Adviser Fee and Other Transactions
with Affiliates
The investment adviser fee is earned by
Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Fund’s average daily gross
assets, as defined in the investment advisory agreement, and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. During the six months ended June 30, 2022, the Fund had no
obligations attributable to investment leverage. For the six months ended June 30, 2022, the investment adviser fee amounted to $5,004,847. Effective April 26, 2022, the Fund may invest in a money market fund, the Institutional Class of the Morgan
Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser
fee paid by the Fund is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended June 30, 2022, the investment adviser fee paid
was reduced by $2,708 relating to the Fund’s investment in the Liquidity Fund. Prior to April 26, 2022, the Fund may have invested its cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed
by EVM. EVM did not receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Fund, but receives no compensation.
Trustees and officers of the Fund who are members of
EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance
with the terms of the Trustees Deferred Compensation Plan. For the six months ended June 30, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.
4 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term
obligations, aggregated $47,020,512 and $69,138,203, respectively, for the six months ended June 30, 2022.
5 Common Shares of Beneficial Interest and Shelf
Offering
Common shares issued by the Fund pursuant to its
dividend reinvestment plan for the six months ended June 30, 2022 and the year ended December 31, 2021 were 93,809 and 122,942, respectively.
In August 2012, the Board of Trustees initially approved a
share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the
prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund
for the six months ended June 30, 2022 and the year ended December 31, 2021.
Pursuant to a registration statement filed with the SEC, the
Fund is authorized to issue up to an additional 3,584,261 common shares through an equity shelf offering program (the "shelf offering"). Under the shelf offering, the Fund, subject to market conditions, may raise additional capital from time to time
and in varying amounts and offering methods at a net price at or above the Fund’s net asset value per common share. During the six months ended June 30, 2022 and the year ended December 31, 2021, the Fund sold 216,270 and 1,194,582 common
shares, respectively, and received proceeds (net of offering costs) of $4,587,998 and $28,448,067, respectively, through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were $21,023 for the six months ended
June 30, 2022 and $472,542 for the year ended December 31, 2021. Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an
affiliate of EVM, is the distributor of the Fund's shares and is entitled to receive a sales commission from the Fund of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Fund was informed that the sales
commissions retained by EVD during the six months ended June 30, 2022 and the year ended December 31, 2021 were $9,269 and $57,471, respectively.
6 Financial Instruments
The Fund may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement
purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of
the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2022 is included in the Portfolio of Investments. At
June 30, 2022, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
The Fund is subject to equity price risk in the normal course
of pursuing its investment objectives. The Fund writes covered call options on individual stocks above the current value of the stock to generate premium income. In writing call options on individual stocks, the Fund in effect sells potential
appreciation in the value of the applicable stock above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying stock decline.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Notes to Financial
Statements (Unaudited) — continued
The
fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at June 30, 2022 was as follows:
|
Fair
Value |
Derivative
|
Asset
Derivative |
Liability
Derivative(1) |
Written
options |
$ —
|
$(4,603,608)
|
(1) |
Statement
of Assets and Liabilities location: Written options outstanding, at value. |
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended June 30, 2022 was as follows:
Derivative
|
Realized
Gain (Loss) on Derivatives Recognized in Income(1) |
Change
in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
Written
options |
$23,552,679
|
$411,726
|
(1) |
Statement
of Operations location: Net realized gain (loss): Written options. |
(2) |
Statement
of Operations location: Change in unrealized appreciation (depreciation): Written options. |
The average number of written options contracts outstanding
during the six months ended June 30, 2022, which is indicative of the volume of this derivative type, was 33,924 contracts.
7 Overdraft Advances
Pursuant to the custodian agreement, State Street Bank and
Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured
loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund's assets to the extent of any overdraft. At June 30, 2022, the Fund had a payment due to SSBT pursuant to the foregoing
arrangement of $852,126. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2022. If measured at fair value, overdraft advances would
have been considered as Level 2 in the fair value hierarchy (see Note 9) at June 30, 2022. The Fund’s average overdraft advances during the six months ended June 30, 2022 were not significant.
8 Investments in Affiliated Funds
At June 30, 2022, the value of the Fund's investment in
affiliated funds was $11,566,000, which represents 1.4% of the Fund's net assets. Transactions in affiliated funds by the Fund for the six months ended June 30, 2022 were as follows:
Name
|
Value,
beginning of period |
Purchases
|
Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Dividend
income |
Units/Shares,
end of period |
Short-Term
Investments |
Cash
Reserves Fund |
$3,050,823
|
$52,984,246
|
$(56,034,663)
|
$
(406) |
$
— |
$
— |
$
2,861 |
—
|
Liquidity
Fund |
—
|
53,199,883
|
(41,633,883)
|
—
|
—
|
11,566,000
|
19,150
|
11,566,000
|
Total
|
|
|
|
$(406)
|
$ —
|
$11,566,000
|
$22,011
|
|
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Notes to Financial
Statements (Unaudited) — continued
9 Fair Value Measurements
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 June 30, 2022, the hierarchy of inputs used in valuing the
Fund’s investments and open derivative instruments, which are carried at value, were as follows:
Asset
Description |
Level
1 |
Level
2 |
Level
3 |
Total
|
Common
Stocks |
$
844,172,139* |
$
— |
$
— |
$
844,172,139 |
Short-Term
Investments |
11,566,000
|
—
|
—
|
11,566,000
|
Total
Investments |
$
855,738,139 |
$ —
|
$ —
|
$
855,738,139 |
Liability
Description |
|
|
|
|
Written
Covered Call Options |
$
(4,603,608) |
$
— |
$
— |
$
(4,603,608) |
Total
|
$
(4,603,608) |
$ —
|
$ —
|
$
(4,603,608) |
*
|
The
level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
10 Risks and Uncertainties
Pandemic Risk
An outbreak of respiratory disease caused by a novel
coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines,
cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and
economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market
in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund
invests.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Annual Meeting of
Shareholders (Unaudited)
The
Fund held its Annual Meeting of Shareholders on April 14, 2022. The following action was taken by the shareholders:
Proposal 1(a): The
election of Mark R. Fetting, Valerie A. Mosley and Marcus L. Smith as Class III Trustees of the Fund for a three-year term expiring in 2025.
|
|
|
Number
of Shares |
Nominees
for Trustee |
|
|
For
|
Withheld
|
Mark
R. Fetting |
|
|
40,827,296
|
648,375
|
Valerie
A. Mosley |
|
|
40,793,735
|
681,936
|
Marcus
L. Smith |
|
|
40,828,047
|
647,624
|
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Board of
Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940
Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s
board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 8, 2022, the Boards of
Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a
majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory
agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review
Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds
(including information specifically requested by the Board) for a series of formal meetings held between April and June 2022. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its
committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory
agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information
applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying
portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level).
Information about Fees, Performance and Expenses
• A report from an independent
data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent
data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent
data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices,
over various time periods;
• In certain instances, data
regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent
Trustees);
• Comparative
information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment
strategies and techniques similar to those used in managing such fund(s), if any;
• Profitability analyses with
respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
• Descriptions of the investment
management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes
used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies
and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the
allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client
commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio
turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
• Reports detailing the
financial results and condition of the adviser and sub-adviser to each fund;
• Information regarding the
individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities
with respect to managing other mutual funds and investment accounts, as applicable;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly,
references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Following the “Overview” section,
further information regarding the Board’s evaluation of a fund’s contractual arrangements is included under the “Results of the Contract Review Process” section.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Board of
Trustees’ Contract Approval — continued
• Information regarding the
adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a particularly competitive marketplace for talent, as well as the ongoing unique
environment presented by hybrid, remote and other alternative work arrangements;
• The Code of Ethics of the
adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures
relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the
handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the
resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
• Information concerning the
business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;
• A description of Eaton Vance
Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
• Information regarding
ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan
Stanley’s acquisition of Eaton Vance on March 1, 2021;
• Information concerning the
nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
• Information concerning
oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts
to implement policies and procedures with respect to various new regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund
structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net
asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;
• The risks which the adviser
and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment
advisory agreement and sub-advisory agreement.
During the
various meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the
funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques
employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and
received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the
Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the
contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material
factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory
agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with
respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the
Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other
information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Enhanced Equity Income Fund II (the
“Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the
Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Board of
Trustees’ Contract Approval — continued
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory
agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management
capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and
similar services to the Fund, including recent changes to such personnel. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing special considerations relevant to investing in
particular markets and implementing the Fund’s options strategy. The Board considered that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The
Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified
research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities
and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates
may be subject in managing the Fund. The Board considered the deep experience of the Adviser and its affiliates with managing and operating funds organized as exchange-listed closed-end funds, such as the Fund. In this regard, the Board considered,
among other things, the Adviser’s and its affiliates’ experience monitoring and assessing trading price discounts and premiums and adhering to the requirements of securities exchanges.
The Board considered the compliance programs of the Adviser and
relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, portfolio valuation, business continuity and the
allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry
Regulatory Authority.
The Board considered other
administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund
complex offering exposure to a variety of asset classes and investment disciplines.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to
that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a customized peer group of similarly managed funds. The Board’s review included comparative performance data
with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer
group for the three-year period. The Board also noted that the performance of the Fund was higher than its secondary benchmark indexes and lower than its primary benchmark index for the three-year period. The Board concluded that the performance of
the Fund was satisfactory.
Management Fees and
Expenses
The Board considered contractual fee rates
payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period
ended December 31, 2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on the Fund’s
total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.
After considering the foregoing information, and in light of
the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the
Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other
payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Board of
Trustees’ Contract Approval — continued
The
Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser
as a result of securities transactions effected for the Fund and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also
considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in
accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all
Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon
the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also considered the fact that the Fund is not continuously offered in the same manner
as an open-end fund and that, notwithstanding that the Fund is authorized to issue additional common shares through a shelf offering, the Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board
did not find that the implementation of breakpoints in the advisory fee schedule is warranted at this time.
Eaton Vance
Enhanced Equity Income Fund II
June 30, 2022
Officers
|
Edward
J. Perkin President |
Jill R.
Damon Secretary |
Deidre
E. Walsh Vice President and Chief Legal Officer |
Richard F.
Froio Chief Compliance Officer |
James
F. Kirchner Treasurer |
|
George
J. Gorman Chairperson |
|
Thomas
E. Faust Jr.* |
|
Mark
R. Fetting |
|
Cynthia
E. Frost |
|
Valerie
A. Mosley |
|
Keith
Quinton |
|
Marcus
L. Smith |
|
Susan
J. Sutherland |
|
Scott
E. Wennerholm |
|
Nancy
A. Wiser** |
|
*
|
Interested
Trustee |
**
|
Ms.
Wiser began serving as a Trustee effective April 4, 2022. |
Privacy
Notice |
April 2021
|
FACTS
|
WHAT
DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why?
|
Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read
this notice carefully to understand what we do. |
|
|
What?
|
The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment
experience and risk tolerance ■ checking account number and wire transfer instructions |
|
|
How?
|
All
financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance
chooses to share; and whether you can limit this sharing. |
Reasons
we can share your personal information |
Does
Eaton Vance share? |
Can
you limit this sharing? |
For
our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes
|
No
|
For
our marketing purposes — to offer our products and services to you |
Yes
|
No
|
For
joint marketing with other financial companies |
No
|
We
don’t share |
For
our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness |
Yes
|
Yes
|
For
our affiliates’ everyday business purposes — information about your transactions and experiences |
Yes
|
No
|
For
our affiliates’ everyday business purposes — information about your creditworthiness |
No
|
We
don’t share |
For
our investment management affiliates to market to you |
Yes
|
Yes
|
For
our affiliates to market to you |
No
|
We
don’t share |
For
nonaffiliates to market to you |
No
|
We
don’t share |
To
limit our sharing |
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer,
we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact
us at any time to limit our sharing. |
Questions?
|
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy
Notice — continued |
April 2021
|
Who
we are |
Who
is providing this notice? |
Eaton
Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate
Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
|
What
we do |
How
does Eaton Vance protect my personal information? |
To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of
customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How
does Eaton Vance collect my personal information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer
■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why
can’t I limit all sharing? |
Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information
to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
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Definitions
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Investment
Management Affiliates |
Eaton
Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth
Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates
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Companies
related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial
companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates
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Companies
not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to
you. |
Joint
marketing |
A
formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market.
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Other
important information |
Vermont:
Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such
information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing
such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and
shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents
indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial
intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.
Portfolio
Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the
SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy
Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or
Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
Share Repurchase
Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares
outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity,
including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or
rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly
after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted
to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts.”
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Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Fund Offices
Two International Place
Boston, MA 02110