Overview

Distribution Rates1

as of Nov 25, 2014
Distribution Rate at NAV 5.51%
Taxable-Equivalent Distribution Rate at NAV 9.73%
Distribution Rate at Market Price 6.01%
Taxable-Equivalent Distribution Rate at Market Price 10.62%

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
10/31/2014
Fund at NAV 1.22 4.54 23.23 22.37 11.89 10.45 5.81
Market Price 3.00 3.79 23.31 24.74 5.99 7.49 5.21
09/30/2014
Fund at NAV 0.80 5.06 21.74 22.61 11.02 8.30 5.85
Market Price 1.47 -0.47 19.71 19.62 4.63 5.79 5.15
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

Fund Facts as of Oct 31, 2014

Performance Inception 11/29/2002
Investment Objective Current income
CUSIP 27827K109


Portfolio Management

Cynthia J. Clemson Managed Fund since 2014

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Performance

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
10/31/2014
Fund at NAV 1.22 4.54 23.23 22.37 11.89 10.45 5.81
Market Price 3.00 3.79 23.31 24.74 5.99 7.49 5.21
09/30/2014
Fund at NAV 0.80 5.06 21.74 22.61 11.02 8.30 5.85
Market Price 1.47 -0.47 19.71 19.62 4.63 5.79 5.15
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 9.11 7.61 11.23 -2.53 -35.84 45.83 -2.70 21.78 16.58 -6.27
Market Price 5.68 21.90 -4.84 -4.93 -30.13 55.94 0.15 25.01 2.06 -11.90

Fund Facts

Performance Inception 11/29/2002


Distribution Rates1

as of Nov 25, 2014
Distribution Rate at NAV 5.51%
Taxable-Equivalent Distribution Rate at NAV 9.73%
Distribution Rate at Market Price 6.01%
Taxable-Equivalent Distribution Rate at Market Price 10.62%

Distribution History2

Ex-Date Distribution Reinvest Price
Oct 22, 2014 $0.06312 $12.94
Sep 19, 2014 $0.06312 $12.64
Aug 20, 2014 $0.06312 $12.61
Jul 22, 2014 $0.06312 $12.61
Jun 19, 2014 $0.06312 $12.59
May 21, 2014 $0.06312 $12.38
Apr 21, 2014 $0.06312 $12.24
Mar 20, 2014 $0.06312 $11.66
Feb 19, 2014 $0.06312 $11.64
Jan 22, 2014 $0.06312 $11.47
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Tax Character of Distributions

Exempt-Interest Dividends    
Non-AMT AMT Total Non-Qualified Ordinary Dividends Capital Gain Distributions Nondividend Distributions Total Distributions
Distributions ($)
2013 $0.76 $0.00 $0.76 $0.00 $0.00 $0.00 $0.76
2012 $0.82 $0.00 $0.82 $0.00 $0.00 $0.00 $0.82
2011 $0.96 $0.00 $0.96 $0.00 $0.00 $0.00 $0.96
2010 $0.95 $0.00 $0.95 $0.00 $0.00 $0.00 $0.95
2009 $0.88 $0.00 $0.88 $0.00 $0.00 $0.00 $0.88
2008 $0.76 $0.00 $0.76 $0.00 $0.00 $0.00 $0.76
2007 $0.75 $0.00 $0.75 $0.00 $0.28 $0.00 $1.03
2006 $0.79 $0.00 $0.79 $0.00 $0.00 $0.00 $0.79
2005 $1.00 $0.00 $1.00 $0.00 $0.00 $0.00 $1.00
Distributions (%)
2013 99.87% 0.00% 99.87% 0.13% 0.00% 0.00% 100.00%
2012 99.89% 0.00% 99.89% 0.11% 0.00% 0.00% 100.00%
2011 99.99% 0.00% 99.99% 0.01% 0.00% 0.00% 100.00%
2010 99.99% 0.00% 99.99% 0.01% 0.00% 0.00% 100.00%
2009 99.96% 0.00% 99.96% 0.04% 0.00% 0.00% 100.00%
2008 99.98% 0.00% 99.98% 0.02% 0.00% 0.00% 100.00%
2007 72.28% 0.00% 72.28% 0.00% 27.72% 0.00% 100.00%
2006 99.95% 0.00% 99.95% 0.05% 0.00% 0.00% 100.00%
2005 99.71% 0.00% 99.71% 0.29% 0.00% 0.00% 100.00%
This data reflects distributions paid on Fund shares held for the full calendar year and is not predictive of the tax character of current or future distributions. Fund shareholders should refer to the individual IRS Form 1099-DIVs provided to them shortly after each year-end to determine the appropriate federal income tax treatment of the distributions they receive. Eaton Vance is not responsible for any errors in tax reporting that may result from using the above data. Exempt-interest dividends are not subject to regular federal income tax. Exempt-interest dividends derived from specified private activity bonds are subject to the alternative minimum tax (AMT). Non-qualified ordinary dividends are subject to federal income tax at ordinary rates. Capital gains distributions are taxable at long-term capital gain rates. Nondividend distributions, also known as return of capital distributions, are not subject to current federal income tax. Instead, the tax cost basis of each shareholder receiving a return of capital distribution is reduced by the amount of the distribution.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Portfolio

Fund Holdings3,4 as of Sep 30, 2014

Holding Coupon Rate Maturity Date % of Net Assets
E-470 Public Highway Authority 0.00% 09/01/2022 4.62%
Las Vegas Monorail Co 0.00% 01/01/2020 4.45%
State of North Carolina 5.00% 05/01/2030 4.17%
Chelan County Public Utility District No 1 0.00% 06/01/2023 3.69%
New York City Water & Sewer System 5.00% 06/15/2036 3.36%
Coast Community College District 0.00% 08/01/2033 3.32%
University of South Alabama 5.00% 08/01/2038 3.17%
Austin Trust 18.27% 07/01/2041 2.67%
US DOLLARS 2.42%
President and Fellows of Harvard College 5.50% 11/15/2036 2.33%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Sep 30, 2014

After a positive first half of 2014, the municipal (muni) bond market continued to rise modestly during the third quarter of 2014. The Barclays Municipal Bond Index5 returned 1.49% during the three-month period and finished the quarter ahead of the broader U.S. bond market. Year-to-date, the Index has returned 7.58%, making munis one of the best-performing global fixed-income asset classes so far this year.

Munis posted gains in July (0.18%), August (1.21%) and September (0.10%). Throughout the quarter, munis continued to benefit from the same trends that helped them in the first half of 2014. With the notable exceptions of New Jersey and Puerto Rico, credit quality in the municipal bond market remained stable and defaults low. Munis were further bolstered by favorable technical market factors. During the quarter, new money supply of munis was muted, while refunding supply remained low. On the other side of the equation, higher taxes helped fuel strong demand for munis among individual investors.

For the quarter overall, yields on most bonds across the municipal bond yield curve fell, while yields on two-year muni securities rose. This resulted in a continued flattening of the yield curve and the outperformance of long-dated munis. On a total return basis, lower-quality, higher-yielding bonds outpaced their investment-grade counterparts, reflecting investors’ ongoing demand for yield.

Performance Summary 

Eaton Vance Municipal Bond Fund II (the Fund) (EIV) outperformed the Barclays Long (22+) Municipal Bond Index (the Index)6 at net asset value for the quarter. The Fund’s use of leverage employed through TOBs and auction preferred shares contributed to its outperformance of the Index. The Fund’s overweight to zeros also aided relative performance. The Fund’s performance was further bolstered by the improving performance of distressed holdings, which rallied, as investors sought out higher-yielding securities amid an improving fundamental backdrop. Detracting from performance was the Fund’s use of U.S. Treasury futures, which are not included in the Index. The Fund’s larger exposure to prerefunded bonds also worked against it, as these generally short-duration securities lagged the Index. Having less exposure than the Index to some of the highest-yielding bonds – including those A, BBB and with maturities of 30+ years hurt as well, as yield-hungry investors favored these categories.

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.80 5.06 21.74 22.61 11.02 8.30 5.85
Market Price 1.47 -0.47 19.71 19.62 4.63 5.79 5.15
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

Fund Facts as of Sep 30, 2014

Performance Inception 11/29/2002


Investment Outlook And Fund Positioning 

Looking forward, we think the biggest potential risk to the muni market is a significant increase in U.S. Treasury yields. In our view, it will be difficult for the Fed to raise rates given the current subpar nature of this economic recovery. Should economic data come in at a better-than-expected level, however, bond yields could rise (and prices fall).

We remain optimistic about the credit outlook for the vast majority of municipal issuers, given our belief that they will continue to enjoy better revenues as the economy heals. Additionally, we believe that technical factors in the muni market will remain strong. We believe munis could remain supported by modest supply and positive flows into muni mutual funds. That said, with 10-year AAA-rated munis yielding 87% of an equivalent Treasury, we believe munis ended the third quarter more fully priced relative to U.S. Treasurys. Richer valuations, in turn, could make munis more susceptible to a possible increase in U.S. Treasury yields.7

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Attribution

No attribution information is available.


Management

Biography
Cynthia J. Clemson

Cynthia J. Clemson

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1985

Cynthia Clemson is a vice president of Eaton Vance Management, co-director of municipal investments and portfolio manager on Eaton Vance’s municipal bond team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s municipal bond strategies. Cindy began her career in the investment management industry with Eaton Vance in 1985.

Cindy earned a B.A. from Mount Holyoke College and an MBA from Boston University. She is a member of the Boston Municipal Analysts Forum, the Boston Security Analysts Society, the Municipal Bond Buyer Conference and the National Federation of Municipal Analysts.

Education
  • B.A. Mount Holyoke College
  • M.B.A. Graduate School of Management, Boston University
Experience
  • Managed Fund since 2014

Fund Literature

Fund Literature

Annual Report

Commentary

Fact Sheet

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Information Concerning APS Auctions & Dividend Rates

Auction Preferred Shares Market Update

Morningstar EIV Fact Sheet

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Municipal Closed-End Funds Amend Investment Policy

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Eaton Vance Closed-End Municipal Bond Funds Fund Data Now Available

Eaton Vance Municipal Bond Fund II Report of Earnings

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Municipal Bond Funds

Eaton Vance Municipal Bond Fund II Report of Earnings

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Annual Meeting of Shareholders

Eaton Vance Municipal Bond Fund II Report of Earnings

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Municipal Bond Fund II Report of Earnings

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Section 16 Filings - www.sec.gov

Semi-Annual Report


 

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