Overview

Distribution Rates1

as of Apr 22, 2014
Distribution Rate at NAV 5.98%
Taxable-Equivalent Distribution Rate at NAV 10.57%
Distribution Rate at Market Price 6.31%
Taxable-Equivalent Distribution Rate at Market Price 11.15%

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.78 7.80 7.80 0.83 13.21 11.96 5.16
Market Price 1.06 7.46 7.46 -5.94 3.88 7.69 3.95
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 Mar 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 Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.78 7.80 7.80 0.83 13.21 11.96 5.16
Market Price 1.06 7.46 7.46 -5.94 3.88 7.69 3.95
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 Apr 22, 2014
Distribution Rate at NAV 5.98%
Taxable-Equivalent Distribution Rate at NAV 10.57%
Distribution Rate at Market Price 6.31%
Taxable-Equivalent Distribution Rate at Market Price 11.15%

Distribution History2

Ex-Date Distribution Reinvest Price
Apr 21, 2014 $0.06312 $11.93
Mar 20, 2014 $0.06312 $11.66
Feb 19, 2014 $0.06312 $11.64
Jan 22, 2014 $0.06312 $11.47
Dec 20, 2013 $0.06312 $11.07
Nov 20, 2013 $0.06312 $10.70
Oct 22, 2013 $0.06312 $11.02
Sep 19, 2013 $0.06312 $11.03
Aug 21, 2013 $0.06312 $10.45
Jul 22, 2013 $0.06312 $10.59
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 Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
E-470 Public Highway Authority 0.00% 09/01/2022 4.51%
State of North Carolina 5.00% 05/01/2030 4.48%
Chelan County Public Utility District No 1 0.00% 06/01/2023 3.78%
Coast Community College District 0.00% 08/01/2033 3.42%
University of South Alabama 5.00% 08/01/2038 3.29%
City of New York NY 5.00% 08/01/2031 3.08%
Austin Trust 18.27% 07/01/2041 2.60%
President and Fellows of Harvard College 5.50% 11/15/2036 2.47%
Palm Springs Unified School District 5.00% 08/01/2033 2.40%
Pennsylvania Turnpike Commission 5.25% 07/15/2030 2.34%
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 Mar 31, 2014

Following a challenging 2013, the municipal (muni) bond market (as measured by the Barclays Municipal Bond Index5) for the three-month period began the year strong, returning 3.32% for the first quarter of 2014.

Munis rallied in January, as Treasury yields fell due in part to weak U.S. economic data and a “flight-to-quality” trade triggered by a sell-off in emerging-market assets. In addition to the decline in rates, the muni market benefited from favorable technical factors, as demand turned positive and new issue supply remained low. The rebound in demand from weak levels in 2013 appeared to reflect the growing recognition among investors of improving muni credit fundamentals and the attractive yields that emerged due to last year’s market decline. In addition, the looming April 15 tax filing deadline also seemed to play a role, as investors focused their attention on the reality of the increase in the top federal tax bracket and the new health care surtax. Supply, meanwhile, remained low, as austere-minded issuers refrained from bringing new debt to the marketplace. Even with the decline in muni yields, refinancing activity, another source of supply, was tepid. Munis built on this momentum in February, as Treasury yields stabilized and supply-demand dynamics remained constructive for the market. Although interest-rate volatility increased in March, munis in general ended the month with a gain. During the final month of the quarter, late-winter strength periodically faded, as investors were surprised by higher interest-rate forecasts by Federal Reserve (Fed) officials for 2015.

For the quarter overall, longer-term bonds lagged shorter-maturity securities, as longer-term yields moved higher while short-term yields barely budged. The underperformance of longer-term securities resulted in a further steepening of the yield curve6 during the quarter. On a total return basis, higher-quality bonds outpaced lower-quality securities, reflecting investors’ cautionary approach to riskier munis.

Performance Summary 

Eaton Vance Municipal Bond Fund II (the Fund) (EIV) outperformed the Barclays Long (22+) Municipal Bond Index (the Index)7 at net asset value for the quarter. The Fund’s use of leverage employed through TOBs and auction preferred shares contributed to performance relative to the Index. Security selection in the education sector was another plus, as the Fund’s holdings in this group outpaced those in the Index. Detracting from performance was the Fund’s use of U.S. Treasury futures, which are not included in the Index. These derivatives contracts, used to hedge the Fund against rising interest rates, lagged as rates declined during the quarter and the value of such protection diminished. The Fund’s smaller exposure to Puerto Rico and California bonds hurt, as these securities were among the market’s biggest gainers. The Fund’s underweight exposure to longer-term bonds detracted from performance, as these bonds outpaced shorter- and intermediate-maturity securities, in which the Fund was overweight.

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.78 7.80 7.80 0.83 13.21 11.96 5.16
Market Price 1.06 7.46 7.46 -5.94 3.88 7.69 3.95
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 Mar 31, 2014

Performance Inception 11/29/2002


Investment Outlook And Fund Positioning 

The interest-rate backdrop may likely be uncertain in coming months, as investors assess the impact of the ongoing reduction of the Fed’s purchasing program with the timing of potential interest-rate hikes in the future. However, we remain optimistic about the credit outlook for the vast majority of municipal issuers. Improved economic conditions and recovering housing markets have boosted revenues at both the state and local level. Rising revenues, coupled with ongoing austerity measures, have allowed issuers to significantly improve their balance sheets. Technical factors may remain favorable as well. We believe flows into the muni market could rise after the April 15 tax filing deadline, as investors confront the “tax drag” of higher federal tax rates and a new 3.8% health care reform surtax on taxable bond investment income. Furthermore, we continue to believe munis are attractively valued, with yields in excess of comparative-duration Treasurys as of 3/31/2014.8

 

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

Cindy Clemson is a vice president of Eaton Vance Management,co-director of Municipal Investments and portfolio manager on Eaton Vance's municipal bond team.

Cindy has been in the investment management industry since 1985, when she joined Eaton Vance as a client service representative. She became a research assistant in the fixed-income department in 1987. In 1988, she became an investment analyst responsible for lower- and nonrated municipal issues and, in 1991, was named a portfolio manager.

Cindy earned a B.A. in 1985 from Mount Holyoke College and an M.B.A., cum laude, from Boston University in 1990. She is a member of the Boston Municipal Analysts Forum, the Boston Security Analysts Society, the Fixed Income Management 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

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

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

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

Eaton Vance Closed-End Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Municipal Bond Funds Annual Meeting of Shareholders

Eaton Vance Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Municipal Bond Fund II Report of Earnings

Eaton Vance Municipal Bond Funds Declare Monthly Distributions

Eaton Vance Municipal Bond Funds Declare Monthly Distributions

Semi-Annual Report


 

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