<SEC-DOCUMENT>0000940394-19-000604.txt : 20190520
<SEC-HEADER>0000940394-19-000604.hdr.sgml : 20190520

<ACCEPTANCE-DATETIME>20190404161430

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000940394-19-000604

CONFORMED SUBMISSION TYPE:	N-2/A

PUBLIC DOCUMENT COUNT:		8

FILED AS OF DATE:		20190404

DATE AS OF CHANGE:		20190411


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Eaton Vance Enhanced Equity Income Fund II

		CENTRAL INDEX KEY:			0001308335

		IRS NUMBER:				000000000



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-229448

		FILM NUMBER:		19732428



	BUSINESS ADDRESS:	

		STREET 1:		TWO INTERNATIONAL PLACE

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02110

		BUSINESS PHONE:		617-482-8260



	MAIL ADDRESS:	

		STREET 1:		TWO INTERNATIONAL PLACE

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02110




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Eaton Vance Enhanced Equity Income Fund II

		CENTRAL INDEX KEY:			0001308335

		IRS NUMBER:				000000000



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-21670

		FILM NUMBER:		19732427



	BUSINESS ADDRESS:	

		STREET 1:		TWO INTERNATIONAL PLACE

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02110

		BUSINESS PHONE:		617-482-8260



	MAIL ADDRESS:	

		STREET 1:		TWO INTERNATIONAL PLACE

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02110



</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>eospea1final.htm
<DESCRIPTION>EATON VANCE ENHANCED EQUITY INCOME FUND II PRE-EFFECTIVE AMENDMENT NO. 1 DTD 4-4-19
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on April 4, 2019</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: right; text-indent: 0.5in">1933 Act File No.
333-229448</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1940 Act File No. 811-21670</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt NewsGoth Dm BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: Black 4.5pt double; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>WASHINGTON, D.C. 20549</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 17pt; font-size: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FORM N-2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REGISTRATION STATEMENT</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>UNDER</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE SECURITIES ACT of 1933</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>&uml;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PRE-EFFECTIVE AMENDMENT NO. 1</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>POST-EFFECTIVE AMENDMENT NO.</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>&uml;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>and/or</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REGISTRATION STATEMENT</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>UNDER</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE INVESTMENT COMPANY ACT OF 1940</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>o</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AMENDMENT NO. 4</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 17pt; font-size: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EATON VANCE ENHANCED EQUITY INCOME FUND II</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Exact Name of Registrant as Specified in Charter)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Two International Place, Boston, Massachusetts 02110</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Address of Principal Executive Offices)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(617) 482-8260</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Registrant&#8217;s Telephone Number)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Maureen A. Gemma</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Two International Place, Boston, Massachusetts 02110</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Name and Address of Agent for Service)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Approximate Date of Proposed Public Offering: As soon as practicable
after the effective date of this Registration Statement.</P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If any of the securities
being registered on this form are to be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act
of 1933, as amended, other than securities offered in connection with a dividend reinvestment plan, check the following box. </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">It is proposed that this filing will become effective (check appropriate
box):</P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 0 0 6pt"><FONT STYLE="font-family: Wingdings">x</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When
declared effective pursuant to Section 8(c)</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">CALCULATION OF REGISTRATION FEE UNDER THE
SECURITIES ACT OF 1933</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt NewsGoth Dm BT; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Title of Securities Being Registered</FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Amount Being Registered<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Proposed Maximum Offering Price Per Unit <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Proposed Maximum Aggregate Offering Price <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Amount of Registration Fees<SUP>(1)(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Common Shares $0.01 par value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">7,168,522 Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$16.70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$119,714,317.40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$14,509.38</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act
of 1933 based on the average of the high and low sales prices of the shares of beneficial interest on April 2, 2019 as reported
on the New York Stock Exchange.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD>A registration fee of $1.94 was previously paid in connection with the initial filing on January 31, 2019.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">__________________________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Registrant hereby amends this Registration Statement on such
date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically
states this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933,
as amended or until the Registration Statement shall become effective on such dates as the Commission, acting pursuant to said
Section 8(a), may determine.</P>
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    <TD STYLE="width: 34%; padding-top: 6pt; padding-bottom: 6pt; font: 10pt NewsGoth Lt BT; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PRELIMINARY PROSPECTUS</FONT></TD>
    <TD STYLE="width: 33%; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font: 10pt NewsGoth Lt BT; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SUBJECT TO COMPLETION</FONT></TD>
    <TD STYLE="width: 33%; padding-top: 6pt; padding-bottom: 6pt; text-align: right; font: 10pt NewsGoth Lt BT; color: red"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">April 4, 2019 </FONT> </TD></TR>
</TABLE>
<P STYLE="color: red; font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The information in this prospectus is not complete
and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission
is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any jurisdiction where the offer or sale would be prohibited<FONT STYLE="color: windowtext">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(EATON VANCE LOGO)</P>

<P STYLE="font: 14pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> <B>Up to 7,168,522 Shares</B> </P>

<P STYLE="font: 14pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Eaton Vance Enhanced Equity Income Fund
II</B></P>

<P STYLE="font: 14pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 9pt/105% Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify">Important Note.&nbsp; Beginning
on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&#8217;s
annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports.
Instead, the reports will be made available on the Fund&#8217;s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php),
and you will be notified by mail each time a report is posted and provided with a website address to access the report.</P>

<P STYLE="font: 9pt/105% Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify">If you already elected to receive
shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares
at the Fund&#8217;s transfer agent, American Stock Transfer &amp; Trust Company, LLC (&#8220;AST&#8221;), you may elect to receive
shareholder reports and other communications from the Fund electronically by contacting AST.&nbsp; If you own your shares through
a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.</P>

<P STYLE="font: 9pt/105% Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify">You may elect to receive all
future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue
receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary,
you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue
to receive paper copies of your shareholder reports.&nbsp; Your election to receive reports in paper will apply to all funds held
with AST or to all funds held through your financial intermediary, as applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Investment Objectives and Policies.</B> Eaton Vance Enhanced
Equity Income Fund II (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company, which commenced operations
on January 31, 2005. The Fund&#8217;s primary investment objective is to provide current income, with a secondary objective of
capital appreciation. The Fund pursues its investment objectives by investing primarily in a portfolio of mid- and large-capitalization
common stocks. Under normal market conditions, the Fund seeks to generate current earnings from option premiums by selling covered
call options on a substantial portion of its portfolio securities, although on up to 5% of the Fund&#8217;s net assets, the Fund
may sell the stock underlying a call option prior to purchasing back the call option. Such sales shall occur no more than three
days before the option buy back. There can be no assurance that the Fund will achieve its investment objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>Investment Adviser.</B> The Fund&#8217;s investment adviser
is Eaton Vance Management (&#8220;Eaton Vance&#8221; or the &#8220;Adviser&#8221;). As of January 31, 2019, Eaton Vance and its
affiliates managed approximately $444.7 billion of fund and separate account assets on behalf of clients, including approximately
$117.0 billion in equity assets. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>The Offering.</B> The Fund may offer, from time to time, in
one or more offerings (each, an &#8220;Offering&#8221;), the Fund&#8217;s common shares of beneficial interest, $0.01 par value
(&#8220;Common Shares&#8221;). Common Shares may be offered at prices and on terms to be set forth in one or more supplements to
this Prospectus (each, a &#8220;Prospectus Supplement&#8221;). You should read this Prospectus and the applicable Prospectus Supplement
carefully before you invest in Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated
from time to time by us, or to or through underwriters or dealers. The Prospectus Supplement relating to the Offering identifies
any agents, underwriters or dealers involved in the offer or sale of Common Shares, and will set forth any applicable offering
price, sales load, fee, commission or discount arrangement between the Fund and its agents or underwriters, or among its underwriters,
or the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any sale. The Fund may
not sell any Common Shares through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the method
and terms of the particular Offering of the Common Shares. <I>(continued on inside cover page)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>The Common Shares have traded both at a premium and a discount
to net asset value (&#8220;NAV&#8221;).</B> The Fund cannot predict whether Common Shares will trade in the future at a premium
or discount to NAV. The provisions of the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) generally require
that the public offering price of common shares (less any underwriting commissions and discounts) must equal or exceed the NAV
per share of a company&#8217;s common stock (calculated within 48 hours of pricing). The Fund&#8217;s issuance of Common Shares
may have an adverse effect on prices in the secondary market for the Fund&#8217;s Common Shares by increasing the number of Common
Shares available, which may put downward pressure on the market price for the Fund&#8217;s Common Shares. Shares of common stock
of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#8217; risk of loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Investing in shares involves certain risks. See &#8220;Investment
Objectives, Policies and Risks&#8221; beginning at page 19.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Neither the Securities and Exchange Commission (&#8220;SEC&#8221;)
nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">(continued from previous page)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt"> <B>Portfolio contents.</B> Under normal market conditions,
the Fund invests at least 80% of its total assets in common stocks. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the purposes of the 80%
test, total assets is defined as net assets plus any borrowings for investment purposes. </FONT>Normally, the Fund invests primarily
in common stocks of mid- and large-capitalization issuers. The Fund generally invests in common stocks on which exchange traded
call options are currently available. The Fund invests primarily in common stocks of U.S. issuers, although the Fund may invest
up to 25% of its total assets in securities of foreign issuers. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund pursues its primary
investment objective principally by employing an options strategy of writing (selling) covered call options on a substantial portion
of its portfolio, although on up to 5% of the Fund&#8217;s net assets, the Fund may sell the stock underlying a call option prior
to purchasing back the call option. Such sales shall occur no more than three days before the option buy back.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The extent of option writing activity depends upon market conditions
and the Adviser&#8217;s ongoing assessment of the attractiveness of writing call options on the Fund&#8217;s stock holdings. Writing
call options involves a tradeoff between the option premiums received and reduced participation in potential future stock price
appreciation. Depending on the Adviser&#8217;s evaluation, the Fund may write call options on varying percentages of the Fund&#8217;s
common stock holdings. The Fund seeks to generate current earnings from option writing premiums and, to a lesser extent, from dividends
on stocks held. The Fund&#8217;s call option-writing program seeks to achieve a high level of net option premiums, while maintaining
the potential for capital appreciation in each stock on which options are written up to a defined target price for that stock determined
by the Adviser.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Fund may in certain circumstances purchase put options
on the Standard &amp; Poor&#8217;s 500 Composite Stock Price Index (&#8220;S&amp;P 500&#8221;) and other broad-based securities
indices deemed suitable for this purpose, and/or on individual stocks held in its portfolio or use other derivative instruments
in order to help protect against a decline in the value of its portfolio securities. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During unusual market conditions, the Fund may invest up to 100%
of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objectives, principal strategies
and other policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>Exchange listing.</B> As of April 2, 2019, the Fund had
47,790,151 Common Shares outstanding. The Fund&#8217;s Common Shares are traded on the New York Stock Exchange (&#8220;NYSE&#8221;)
under the symbol &#8220;EOS.&#8221; As of April 2, 2019, the last reported sales price of a Common Share of the Fund on the NYSE
was $16.70 Common Shares offered and sold pursuant to this Registration Statement will also be listed on the NYSE and trade under
this symbol. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s net asset value and distribution rate will vary
and may be affected by numerous factors, including changes in stock prices, option premiums, market interest rates, dividend rates
and other factors. An investment in the Fund may not be appropriate for all investors. There is no assurance that the Fund will
achieve its investment objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> This Prospectus, together with any applicable Prospectus Supplement,
sets forth concisely information you should know before investing in the shares of the Fund. Please read and retain this Prospectus
for future reference. A Statement of Additional Information dated [_____], 2019, has been filed with the SEC and can be obtained
without charge by calling 1-800-262-1122 or by writing to the Fund. A table of contents to the Statement of Additional Information
is located at page 41 of this Prospectus. This Prospectus incorporates by reference the entire Statement of Additional Information.
The Statement of Additional Information is available along with other Fund-related materials on the EDGAR database on the SEC&#8217;s
internet site (http://www.sec.gov); or by electronic mail at publicinfo@sec.gov. The Fund&#8217;s principal address is Two International
Place, Boston, MA 02110, and its telephone number is 1-800-262-1122. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s shares do not represent a deposit or obligation
of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the
Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">You should rely only on the information contained or incorporated
by reference in this Prospectus. The Fund has not authorized anyone to provide you with different information. The Fund is not
making an offer of these securities in any state where the offer is not permitted. You should not assume that the information contained
in this Prospectus is accurate as of any date other than the date on the front of this Prospectus.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Table of Contents</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt NewsGoth Lt BT; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prospectus Summary &#9;</FONT></TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Summary of Fund Expenses &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial Highlights and Investment Performance &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Fund &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Use of Proceeds &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Objectives, Policies and Risks &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Management of the Fund &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Plan of Distribution &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Distributions &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Federal Income Tax Matters &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend Reinvestment Plan &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">36</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Description of Capital Structure &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">36</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Custodian and Transfer Agent &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Legal Opinions &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Reports to Shareholders &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Independent Registered Public Accounting Firm &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additional Information &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Table of Contents for the Statement of Additional Information &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">41</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Fund&#8217;s Privacy Policy &#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">42</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Prospectus, any accompanying Prospectus Supplement and the
Statement of Additional Information contain &#8220;forward-looking statements.&#8221; Forward-looking statements can be identified
by the words &#8220;may,&#8221; &#8220;will,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221;
&#8220;plan,&#8221; &#8220;anticipate,&#8221; and similar terms and the negative of such terms. Such forward-looking statements
may be contained in this Prospectus as well as in any accompanying Prospectus Supplement. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking
statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities
we hold, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings with
the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements.
Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and
are subject to inherent risks and uncertainties, such as those disclosed in the &#8220;Investment objectives, policies and risks&#8221;
section of this Prospectus. All forward-looking statements contained or incorporated by reference in this Prospectus or any accompanying
Prospectus Supplement are made as of the date of this Prospectus or the accompanying Prospectus Supplement, as the case may be.
Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update
any forward-looking statement. The forward-looking statements contained in this Prospectus, any accompanying prospectus supplement
and the statement of additional information are excluded from the safe harbor protection provided by section 27A of the Securities
Act of 1933, as amended (the &#8220;1933 Act&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Currently known risk factors that could cause actual results
to differ materially from our expectations include, but are not limited to, the factors described in the &#8220;Investment objectives,
policies and risks&#8221; section of this Prospectus. We urge you to review carefully that section for a more detailed discussion
of the risks of an investment in our securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: center">Prospectus dated [_______], 2019</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Prospectus Summary</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>The following summary is qualified in its entirety by reference
to the more detailed information included elsewhere in this Prospectus, in any related Prospectus Supplement, and in the Statement
of Additional Information.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>THE FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance Enhanced Equity Income Fund II (the &#8220;Fund&#8221;)
is a diversified, closed-end management investment company, which commenced operations January 31, 2005. The Fund&#8217;s primary
investment objective is to provide current income, with a secondary objective of capital appreciation. Investments are based on
Eaton Vance Management&#8217;s (&#8216;&#8216;Eaton Vance&#8217;&#8217; or the &#8216;&#8216;Adviser&#8217;&#8217;) internal research
and ongoing company analysis, which is generally not available to individual investors. An investment in the Fund may not be appropriate
for all investors. There is no assurance that the Fund will achieve its investment objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>THE OFFERING</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Fund may offer, from time to time, in one or more offerings
(each, an &#8220;Offering&#8221;), up to 7,168,522 of the Fund&#8217;s common shares of beneficial interest, $0.01 par value (&#8220;Common
Shares&#8221;), on terms to be determined at the time of the Offering. The Common Shares may be offered at prices and on terms
to be set forth in one or more Prospectus Supplements. You should read this Prospectus and the applicable Prospectus Supplement
carefully before you invest in Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated
from time to time by the Fund, or to or through underwriters or dealers. The Prospectus Supplement relating to the Offering will
identify any agents, underwriters or dealers involved in the offer or sale of Common Shares, and will set forth any applicable
offering price, sales load, fee, commission or discount arrangement between the Fund and its agents or underwriters, or among its
underwriters, or the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any sale.
See &#8220;Plan of Distribution.&#8221; The Fund may not sell any of Common Shares through agents, underwriters or dealers without
delivery of a Prospectus Supplement describing the method and terms of the particular Offering of Common Shares. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>INVESTMENT OBJECTIVES, POLICIES AND RISKS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund&#8217;s primary investment objective is to provide current
income, with a secondary objective of capital appreciation. The Fund pursues its investment objectives by investing primarily in
a portfolio of mid- and large-capitalization common stocks. Under normal market conditions, the Fund seeks to generate current
earnings from option premiums by selling covered call options on a substantial portion of its portfolio securities, although on
up to 5% of the Fund&#8217;s net assets, the Fund may sell the stock underlying a call option prior to purchasing back the call
option. Such sales shall occur no more than three days before the option buy back. There can be no assurance that the Fund will
achieve its investment objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Under normal market conditions, the Fund invests at least
80% of its total assets in common stocks. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the purposes of the 80% test, total assets is defined
as net assets plus any borrowings for investment purposes. </FONT>Normally, the Fund invests primarily in common stocks of mid-
and large-capitalization issuers. The Fund generally invests in common stocks on which exchange traded call options are currently
available. The Fund invests primarily in common stocks of U.S. issuers, although the Fund may invest up to 25% of its total assets
in securities of foreign issuers, including American Depositary Receipts (&#8216;&#8216;ADRs&#8217;&#8217;), Global Depositary
Receipts (&#8216;&#8216;GDRs&#8217;&#8217;) and European Depositary Receipts (&#8216;&#8216;EDRs&#8217;&#8217;). </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Eaton Vance generally considers mid-capitalization companies
to be those companies having market capitalizations within the range of capitalizations for the S&amp;P MidCap 400 Index. As of
March 29, 2019, the median market capitalization of companies in the S&amp;P MidCap 400 Index was approximately $4.1 billion. Eaton
Vance generally considers large-capitalization companies to be those companies having market capitalizations equal to or greater
than the median market capitalization of the companies included in the S&amp;P 500. As of March 29, 2019, the median market
capitalization of companies in the S&amp;P 500 was approximately $21.5 billion. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Under normal market conditions, the Fund pursues its primary
investment objective principally by employing an options strategy of writing (selling) covered call options on a substantial portion
of its portfolio securities, although on up to 5% of the Fund&#8217;s net assets, the Fund may sell the stock underlying a call
option prior to purchasing back the call option. Such sales shall occur no more than three days before the option buy back. The
extent of option writing activity will depend upon market conditions and the Adviser&#8217;s ongoing assessment of the attractiveness
of writing call options on the Fund&#8217;s stock holdings. Writing call options involves a tradeoff between the option premiums
received and reduced participation in potential future stock price appreciation. Depending on the Adviser&#8217;s evaluation, the
Fund may write call options on varying percentages of the Fund&#8217;s common stock holdings. The Fund seeks to generate current
earnings from option writing premiums and, to a lesser extent, from dividends on stocks held. The Fund may in certain circumstances
purchase put options on the S&amp;P 500 and other broad-based securities indices deemed suitable for this purpose, and/or on individual
stocks held in its portfolio or use other derivative instruments in order to help protect against a decline in the value of its
portfolio securities.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund&#8217;s investments are normally invested across a broad
range of industries and market sectors. The Fund may not invest 25% or more of its total assets in the securities of issuers in
any single industry or group of industries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During unusual market conditions, the Fund may invest up to 100%
of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objectives, principal strategies
and other policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>INVESTMENT SELECTION STRATEGIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">A team of Eaton Vance investment professionals with extensive
experience in equity research and management is responsible for the overall management of the Fund&#8217;s investments. The Fund&#8217;s
investments are actively managed, and securities and other investments may be bought or sold on a daily basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Adviser believes that a strategy combining active equity
portfolio management with a systematic program of call option writing can provide potentially attractive long-term returns. The
Adviser further believes that a strategy of owning common stocks in conjunction with writing call options on a substantial portion
of the stocks held should generally provide returns that are superior to simply owning the same stocks under three different stock
market scenarios: (1) down-trending equity markets; (2) flat market conditions; and (3) moderately rising equity markets. In the
Adviser&#8217;s opinion, only in more strongly rising equity markets would the stock-plus-calls strategy generally be expected
to underperform the stocks held. For these purposes, the Adviser considers more strongly rising equity market conditions to exist
whenever the current annual rate of return for U.S. stocks materially exceeds the long-term historical average of stock market
returns. The Adviser considers moderately rising equity market conditions to exist whenever current annual returns on U.S. common
stocks are positive, but not materially higher than the long-term historical average of stock market returns.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment decisions for the Fund will be made primarily on the
basis of fundamental research. The portfolio managers utilize information provided by, and the expertise of, the Adviser&#8217;s
research staff in making investment decisions. In selecting investments for the Fund, the Adviser considers a variety of issuer
characteristics such as sustainable competitive advantage, predictable and dependable cash flows, high quality management teams
and solid balance sheets. Many of these considerations are subjective. In addition to its careful research based analysis in selecting
investments for the Fund, the Adviser also places a strong emphasis on the ongoing evaluation of portfolio holdings and the appropriate
time and circumstances to sell or reduce a holding. In this regard, the <FONT STYLE="font-size: 9pt">Adviser</FONT> may sell a
stock when it believes it is fully valued, the fundamentals of a company deteriorate, a stock&#8217;s price falls below its acquisition
cost, management fails to execute its strategy or to pursue other more attractive investment opportunities, among other reasons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund writes primarily exchange-listed call options on individual
stocks held in the Fund&#8217;s portfolio, primarily with shorter maturities (typically one to three months until expiration) and
primarily at exercise prices approximately equal to or above the current stock price when written. When an option-writing program
is established for a particular stock, options will typically be written on a portion of the total stock position, which may allow
for upside potential. If the stock price increases, the Fund normally looks to buy back the call options written and to sell new
call options at higher exercise prices (up to the target price determined by the Adviser) as a risk management tool. If the stock
price declines, the Fund normally seeks to buy back the call options written or let the calls expire worthless at expiration. The
Fund may also write call options with different characteristics and managed differently than described in this paragraph.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In addition to the strategy of selling covered call options,
the Fund may invest up to 20% of its total assets in other derivative instruments acquired for hedging, risk management and investment
purposes (to gain exposure to securities, securities markets, markets indices and/or currencies consistent with its investment
objectives and policies), provided that no more than 10% of the Fund&#8217;s total assets may be invested in such derivative instruments
acquired for non-hedging purposes. Among other derivative strategies, the Fund may purchase put options on the S&amp;P 500 and
other broad-based securities indices deemed suitable for this purpose, and/or on individual stocks held in its portfolio or use
other derivative instruments in order to help protect against a decline in the value of its portfolio securities. Derivative instruments
may be used by the Fund to enhance returns or as a substitute for the purchase or sale of securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The foregoing policies relating to investment in common stocks
and options writing are the Fund&#8217;s primary investment policies. In addition to its primary investment policies, the Fund
may invest to a limited extent in other types of securities and engage in certain other investment practices. See &#8220;Additional
Investment Practices.&#8221; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>LISTING </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As of April 2, 2019, the Fund had 47,790,151 Common Shares
outstanding. The Fund&#8217;s Common Shares are traded on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;EOS.&#8221;
As of April 2, 2019, the last reported sales price of a Common Share of the Fund on the NYSE was $16.70 Common Shares offered and
sold pursuant to this Registration Statement will also be listed on the NYSE and trade under this symbol. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>INVESTMENT ADVISER AND ADMINISTRATOR </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Eaton Vance, a wholly-owned subsidiary of Eaton Vance Corp.,
is the Fund&#8217;s investment adviser and administrator. As of January 31, 2019, Eaton Vance and its affiliates managed approximately
$444.7 billion of fund and separate account assets on behalf of clients, including approximately $117.0 billion in equity assets.
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may sell the Common Shares being offered under this
Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount
arrangement between the Fund and its agents or underwriters, or among its underwriters, or the basis upon which such amount may
be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may distribute Common Shares from time to time in one
or more transactions at: (i) a fixed price or prices that may be changed; (ii) market prices prevailing at the time of sale; (iii)
prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price
per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund from time to time may offer its Common Shares through
or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may directly solicit offers to purchase Common Shares,
or the Fund may designate agents to solicit such offers. The Fund will, in a Prospectus Supplement relating to such Offering, name
any agent that could be viewed as an underwriter under the 1933 Act, and describe any commissions the Fund must pay to such agent(s).
Any such agent will be acting on a reasonable best efforts basis for the period of its appointment or, if indicated in the applicable
Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and underwriters may be customers
of, engage in transactions with, or perform services for the Fund in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If any underwriters or agents are used in the sale of Common
Shares in respect of which this Prospectus is delivered, the Fund will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Fund will set forth in the Prospectus Supplement relating to such Offering their
names and the terms of the Fund&#8217;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a dealer is utilized in the sale of Common Shares in respect
of which this Prospectus is delivered, the Fund will sell such Common Shares to the dealer, as principal. The dealer may then resell
such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may engage in at-the-market offerings to or through
a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the 1933
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Agents, underwriters and dealers may be entitled under agreements
which they may enter into with the Fund to indemnification by the Fund against certain civil liabilities, including liabilities
under the 1933 Act, and may be customers of, engage in transactions with or perform services for the Fund in the ordinary course
of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to facilitate the Offering of Common Shares, any underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares the
prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the Offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the
price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such
other Common Shares in the open market. Finally, in any Offering of Common Shares through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing Common Shares in the Offering
if the syndicate repurchases previously distributed Common Shares in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of Common Shares above independent
market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any
time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may enter into derivative transactions with third parties,
or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable
Prospectus Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares covered by this
Prospectus and the applicable Prospectus Supplement or other offering materials, including in short sale transactions. If so,
the third parties may use Common Shares pledged by the Fund or borrowed from the Fund or others to settle those sales or to close
out any related open borrowings of securities, and may use Common Shares received from the Fund in settlement of those derivatives
to close out any related open borrowings of securities. The third parties in such sale transactions will be underwriters and,
if not identified in this Prospectus, will be identified in the applicable Prospectus Supplement or other offering materials (or
a post-effective amendment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum amount of compensation to be received by any member
of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any security
being sold with respect to each particular Offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any underwriter, agent or dealer utilized in the initial Offering
of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>DISTRIBUTIONS </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Pursuant to an exemptive order issued by the Securities and Exchange
Commission (&#8220;Order&#8221;), the Fund is authorized to distribute long-term capital gains to shareholders more frequently
than once per year. Pursuant to the Order, the Fund&#8217;s Board of Trustees approved a Managed Distribution Plan (&#8220;MDP&#8221;)
pursuant to which the Fund makes monthly cash distributions to Common Shareholders, stated in terms of a fixed amount per common
share. Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of these distributions
or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund&#8217;s Board of Trustees and the
Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no
reasonably foreseeable circumstances that might cause the termination of the MDP. The Fund may distribute more than its net investment
income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution
does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221;
In addition, a return of capital is treated as a non-dividend distribution for tax purposes, is not subject to current tax and
reduces a shareholder&#8217;s tax cost basis in fund shares. With each distribution, the Fund will issue a notice to shareholders
and a press release containing information about the amount and sources of the distribution and other related information. The
amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax
purposes. The amounts and sources of the Fund&#8217;s distributions for tax purposes will be reported to shareholders on Form 1099-DIV
for each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to its MDP, the Fund makes monthly distributions to Common
Shareholders sourced from the Fund&#8217;s cash available for distribution. &#8220;Cash available for distribution&#8221; consists
of the Fund&#8217;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. The Fund&#8217;s distribution rate may
be adjusted from time-to-time. The Board may modify this distribution policy at any time without obtaining the approval of Common
Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders may elect to automatically reinvest some
or all of their distributions in additional Common Shares under the Fund&#8217;s dividend reinvestment plan. See &#8220;Distributions&#8221;
and &#8220;Dividend Reinvestment Plan.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>DIVIDEND REINVESTMENT PLAN </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has established a dividend reinvestment plan (the &#8220;Plan&#8221;).
Under the Plan, a Common Shareholder may elect to have all dividend and capital gain distributions automatically reinvested in
additional Common Shares either purchased in the open market or newly issued by the Fund if the Common Shares are trading at or
above their net asset value. Common Shareholders may elect to participate in the Plan by completing the dividend reinvestment plan
application form. Common Shareholders who do not elect to participate in the Plan will receive all distributions in cash paid by
check mailed directly to them by American Stock Transfer &amp; Trust Company, LLC, as dividend paying agent. Common Shareholders
who intend to hold their Common Shares through a broker or nominee should contact such broker or nominee to determine whether or
how they may participate in the Plan. See &#8220;Dividend Reinvestment Plan.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>CLOSED-END STRUCTURE </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Closed-end funds differ from open-end management investment
companies (commonly referred to as mutual funds) in that closed-end funds generally list their shares for trading on a securities
exchange and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities that are
redeemable at net asset value at the option of the shareholder and typically engage in a continuous offering of their shares.
Mutual funds are subject to continuous asset in-flows and out-flows that can complicate portfolio management, whereas closed-end
funds generally can stay more fully invested in securities consistent with the closed-end fund&#8217;s investment objective(s)
and policies. In addition, in comparison to open-end funds, closed-end funds have greater flexibility in the employment of financial
leverage and in the ability to make certain types of investments, including investments in illiquid securities. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">However, common shares of closed-end funds frequently trade at
a discount from their net asset value. Since inception, the market price of the Common Shares has fluctuated and at times traded
below the Fund&#8217;s NAV, and at times has traded above NAV. In recognition of this possibility that the Common Shares might
trade at a discount to net asset value and that any such discount may not be in the interest of Common Shareholders, the Fund&#8217;s
Board, in consultation with Eaton Vance, from time to time may review possible actions to reduce any such discount. The Board might
consider open market repurchases or tender offers for Common Shares at net asset value. There can be no assurance that the Board
will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading at
a price equal to or close to net asset value per Common Share. The Board might also consider the conversion of the Fund to an open-end
investment company. The Board believes, however, that the closed-end structure is desirable, given the Fund&#8217;s investment
objectives and policies. Investors should assume, therefore, that it is highly unlikely that the Board would vote to convert the
Fund to an open-end investment company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>SPECIAL RISK CONSIDERATIONS </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may receive little or no return on your investment or you may lose
part or all of your investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Discount From or Premium to NAV.</B> The Offering will be
conducted only when Common Shares of the Fund are trading at a price equal to or above the Fund&#8217;s NAV per Common Share plus
the per Common Share amount of commissions. As with any security, the market value of the Common Shares may increase or decrease
from the amount initially paid for the Common Shares. The Fund&#8217;s Common Shares have traded both at a premium and at a discount
relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is
a risk separate and distinct from the risk that the Fund&#8217;s NAV may decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Secondary Market for the Common Shares.</B> The issuance of
Common Shares through the Offering may have an adverse effect on the secondary market for the Common Shares. The increase in the
amount of the Fund&#8217;s outstanding Common Shares resulting from the Offering may put downward pressure on the market price
for the Common Shares of the Fund. Common Shares will not be issued pursuant to the Offering at any time when Common Shares are
trading at a price lower than a price equal to the Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund also issues Common Shares of the Fund through its dividend
reinvestment plan. See &#8220;Dividend Reinvestment Plan.&#8221; Common Shares may be issued under the plan at a discount to the
market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Common Shares are trading at a premium, the Fund may
also issue Common Shares of the Fund that are sold through transactions effected on the NYSE. The increase in the amount of the
Fund&#8217;s outstanding Common Shares resulting from that offering may also put downward pressure on the market price for the
Common Shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The voting power of current shareholders will be diluted to the
extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient shares
to maintain their percentage interest. In addition, if the Adviser is unable to invest the proceeds of such offering as intended,
the Fund&#8217;s per share distribution may decrease (or may consist of return of capital) and the Fund may not participate in
market advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Investment and Market Risk.</B> An investment in Common Shares
is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in Common Shares
represents an indirect investment in the securities owned by the Fund, which are generally traded on a securities exchange or in
the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly
and unpredictably. In addition, by writing (selling) call options on the equity securities held in the Fund&#8217;s portfolio,
the capital appreciation potential of such securities will be limited to the difference between the exercise price of the call
options written and the purchase price of the equity security underlying such options. The Common Shares at any point in time may
be worth less than the original investment, even after taking into account any reinvestment of distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Market Risk.</B> The value of investments held by the Fund
may increase or decrease in response to economic, political and financial events (whether real, expected or perceived) in the
U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other
investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction
to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic
growth, such as decreases or increases in short-term interest rates, could cause high volatility in markets. No active trading
market may exist for certain investments, which may impair the ability of the Fund to sell or to realize the current valuation
of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience periods of relatively
high volatility in an environment where U.S. treasury yields are rising.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Issuer Risk.</B> The value of securities held by the Fund
may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and
reduced demand for the issuer&#8217;s goods and services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Equity Risk.</B> At least 80% of the Fund&#8217;s total assets
will be invested in common stocks and therefore a principal risk of investing in the Fund is equity risk. Equity risk is the risk
that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in
which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies
whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities
over the long term, common stocks also have experienced significantly more volatility in returns. An adverse event, such as an
unfavorable earnings report, may depress the value of equity securities of an issuer held by the Fund; the price of common stock
of an issuer may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress
the price of most or all of the common stocks and other equity securities held by the Fund. In addition, common stock of an issuer
in the Fund&#8217;s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other
reasons, the issuer of the security experiences a decline in its financial condition. Common equity securities in which the Fund
will invest are structurally subordinated to preferred stocks, bonds and other debt instruments in a company&#8217;s capital structure,
in terms of priority to corporate income, and therefore will be subject to greater dividend risk than preferred stocks or debt
instruments of such issuers. Finally, common stock prices may be sensitive to rising interest rates, as the costs of capital rise
and borrowing costs increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Risks Associated with Options on Securities.</B> There are
numerous risks associated with transactions in options on securities. A decision as to whether, when and how to use options involves
the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market
behavior or unexpected events. As the writer of a call option, the Fund forgoes, during the option&#8217;s life, the opportunity
to profit from increases in the market value of the security covering the call option above the sum of the option premium received
and the exercise price of the call, but has retained the risk of loss, minus the option premium received, should the price of the
underlying security decline. The writer of an option has no control over when during the exercise period of the option it may be
required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot
effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security
at the exercise price. Thus, the use of options may require the Fund to sell portfolio securities at inopportune times or for prices
other than current market values, will limit the amount of appreciation the Fund can realize on an investment, or may cause the
Fund to hold a security that it might otherwise sell.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The value of options may also be adversely affected if the market
for such options becomes less liquid or smaller. There can be no assurance that a liquid market will exist when the Fund seeks
to close out an option position either, in the case of a call option written, by buying the option, or, in the case of a purchased
put option, by selling the option. Reasons for the absence of a liquid secondary market on an exchange include the following: (i)
there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions
or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular
classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the
facilities of an exchange or the Options Clearing Corporation (the &#8216;&#8216;OCC&#8217;&#8217;) may not at all times be adequate
to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled to
discontinue the trading of options (or a particular class or series of options) at some future date. If trading were discontinued,
the secondary market on that exchange (or in that class or series of options) would cease to exist. However, outstanding options
on that exchange that had been issued by the OCC as a result of trades on that exchange would continue to be exercisable in accordance
with their terms. The Fund&#8217;s ability to terminate over-the-counter options will be more limited than with exchange-traded
options and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations. If
the Fund were unable to close out a call option that it had written on a security, it would not be able to sell the underlying
security unless the option expired without exercise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The hours of trading for options may not conform to the hours
during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying
securities, significant price and rate movements can take place in the underlying markets that would not be reflected concurrently
in the options markets. Call options are marked to market daily and their value will be affected by changes in the value of and
dividend rates of the underlying common stocks, changes in interest rates, changes in the actual or perceived volatility of the
stock market and the underlying common stocks and the remaining time to the options&#8217; expiration. Additionally, the exercise
price of an option may be adjusted downward before the option&#8217;s expiration as a result of the occurrence of certain corporate
events affecting the underlying equity security, such as extraordinary dividends, stock splits, merger or other extraordinary distributions
or events. A reduction in the exercise price of an option would reduce the Fund&#8217;s capital appreciation potential on the underlying
security.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The number of call options the Fund can write is limited by the
number of shares of common stock the Fund holds, and further limited by the fact that listed call options on individual common
stocks generally trade in units representing 100 shares of the underlying stock. Furthermore, the Fund&#8217;s options transactions
will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such
options are traded. These limitations govern the maximum number of options in each class which may be written or purchased by a
single investor or group of investors acting in concert, regardless of whether the options are written or purchased on the same
or different exchanges, boards of trade or other trading facilities or are held or written in one or more accounts or through one
or more brokers. Thus, the number of options which the Fund may write or purchase may be affected by options written or purchased
by other investment advisory clients of the Adviser. An exchange, board of trade or other trading facility may order the liquidation
of positions found to be in excess of these limits, and may impose certain other sanctions. The Fund will not write &#8216;&#8216;naked&#8217;&#8217;
or uncovered call options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">If the Fund purchases put options for hedging or risk management
purposes, the Fund will be subject to the following additional risks. A put option acquired by the Fund and not sold prior to expiration
will expire worthless if the price of the stock or index at expiration exceeds the exercise price of the option, thereby causing
the Fund to lose its entire investment in the option. If restrictions on exercise were imposed, the Fund might be unable to exercise
an option it had purchased. If the Fund were unable to close out an option that it had purchased, it would have to exercise the
option in order to realize any profit or the option may expire worthless. Stock market indices on which the Fund may purchase options
positions likely will not mirror the Fund&#8217;s actual portfolio holdings. The effectiveness of index put options as hedges against
declines in the Fund&#8217;s stock portfolio will be limited to the extent that the performance of the underlying index does not
correlate with that of the Fund&#8217;s holdings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Risks of Investing in Mid-Cap Companies.</B> The Fund may
invest substantially in companies whose market capitalization is considered middle sized or &#8216;&#8216;mid-cap.&#8217;&#8217;
Mid-cap companies often are newer or less established companies than larger companies. Investments in mid-cap companies carry additional
risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution
channels or financial resources; and the management of such companies may be dependent upon one or a few key people. The market
movements of equity securities of mid-cap companies may be more abrupt or erratic than the market movements of equity securities
of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through
extended periods when they did not perform as well as larger companies. In addition, equity securities of mid-cap companies generally
are less liquid than those of larger companies. This means that the Fund could have greater difficulty selling such securities
at the time and price that the Fund would like.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt"><B>Risks of Growth Stock Investing.</B> The Fund invests
substantially in stocks with &#8216;&#8216;growth&#8217;&#8217; characteristics. Growth stocks can react differently to issuer,
political, market, and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more
expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive
to changes in their earnings and more volatile than other types of stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <B>Foreign Investment Risk.</B> The Fund may have substantial
exposure to foreign securities. The value of foreign securities is affected by changes in currency rates, foreign tax laws (including
withholding tax), government policies (in this country or abroad), relations between nations and trading, settlement, custodial
and other operational risks. In addition, the costs of investing abroad are generally higher than in the United States, and foreign
securities markets may be less liquid, more volatile and less subject to governmental supervision than markets in the United States.
Foreign investments also could be affected by other factors not present in the United States, including expropriation, armed conflict,
confiscatory taxation, lack of uniform accounting and auditing standards, less publicly available financial and other information
and potential difficulties in enforcing contractual obligations. As an alternative to holding foreign-traded securities, the Fund
may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter market
(including depositary receipts, which evidence ownership in underlying foreign securities). Since the Fund may invest in securities
denominated or quoted in currencies other than the U.S. dollar, the Fund will be affected by changes in foreign currency exchange
rates (and exchange control regulations) which affect the value of investments in the Fund and the accrued income and appreciation
or depreciation of the investments in U.S. dollars. Changes in foreign currency exchange rates relative to the U.S. dollar will
affect the U.S. dollar value of the Fund&#8217;s assets denominated in that currency and the Fund&#8217;s return on such assets
as well as any temporary uninvested reserves in bank deposits in foreign currencies. In addition, the Fund will incur costs in
connection with conversions between various currencies. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Because foreign companies are not subject to uniform accounting,
auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies, there
may be less publicly available information about a foreign company than about a domestic company. Volume and liquidity in most
foreign debt markets are less than in the United States and securities of some foreign companies are less liquid and more volatile
than securities of comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges,
broker-dealers and listed companies than in the United States. Mail service between the United States and foreign countries may
be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions
for, or loss of certificates of, portfolio securities. Payment for securities before delivery may be</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">required. In addition, with respect to certain foreign countries,
there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments,
which could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from
the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency
and balance of payments position. Foreign securities markets, while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries)
may be less liquid and more volatile than securities of comparable U.S. companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Interest Rate Risk.</B> The level of premiums from call options
writing and the amounts available for distribution from the Fund&#8217;s options activity may decrease in declining interest rate
environments. Any preferred stocks paying fixed dividend rates in which the Fund invests, will likely change in value as market
interest rates change. When interest rates rise, the market value of such securities generally will fall. To the extent that the
Fund invests in preferred stocks, the net asset value and price of the Common Shares may decline if market interest rates rise.
Interest rates are currently low relative to historic levels. During periods of declining interest rates, an issuer of preferred
stock may exercise its option to redeem securities prior to maturity, forcing the Fund to reinvest in lower yielding securities.
This is known as call risk. During periods of rising interest rates, the average life of certain types of securities may be extended
because of slower than expected payments. This may lock in a below market yield, increase the security&#8217;s duration, and reduce
the value of the security. This is known as extension risk. The value of the Fund&#8217;s common stock investments may also be
influenced by changes in interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Sector Risk.</B> The Fund may invest a significant portion
of its assets in securities of issuers in any single industry or sector of the economy (a broad based economic segment that may
include many distinct industries) if companies in that industry or sector meet the Fund&#8217;s investment criteria. If the Fund
is focused in an industry or sector, it may present more risks than if it were broadly diversified over numerous industries or
sectors of the economy. This may make the Fund more susceptible to adverse economic, political, or regulatory occurrences affecting
these sectors. As the percentage of the Fund&#8217;s assets invested in a particular sector increases, so does the potential for
fluctuation in the net asset value of Common Shares. The Fund may not invest 25% or more of its total assets in the securities
of issuers in any single industry or group of industries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Derivatives Risk.</B> In addition to writing call options,
the risks of which are described above, the Fund may invest up to 20% of its total assets in other derivative investments acquired
for hedging, risk management and investment purposes. Derivative transactions including options on securities and securities indices
and other transactions in which the Fund may engage (such as futures contracts and options thereon, swaps and short sales) may
subject the Fund to increased risk of principal loss due to unexpected movements in stock prices, changes in stock volatility levels
and interest rates, and imperfect correlations between the Fund&#8217;s securities holdings and indices upon which derivative transactions
are based. The Fund also will be subject to credit risk with respect to the counterparties to any over-the-counter derivatives
contracts purchased by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative
contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative
contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery
in such circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Liquidity Risk.</B> The Fund may invest up to 15% of its total
assets in securities for which there is no readily available trading market or which are otherwise illiquid. The Fund may not be
able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they
were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing
transactions if necessary to raise cash to meet its obligations. In addition, the limited liquidity could affect the market price
of the investments, thereby adversely affecting the Fund&#8217;s net asset value and ability to make dividend distributions. Limited
liquidity can also affect the market price of securities, thereby adversely affecting the Fund&#8217;s net asset value and ability
to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary
market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially
below traditional measures of intrinsic value. During such periods, some securities could be sold only at arbitrary prices and
with substantial losses. Periods of such market dislocation may occur again at any time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Inflation Risk.</B> In&#64258;ation risk is the risk that
the purchasing power of assets or income from investment will be worth less in the future as inflation decreases the value of money.
As inflation increases, the real value of the Common Shares and distributions thereon can decline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Market Discount Risk.</B> The shares of closed-end management
investment companies often trade at a discount from their net asset value, and the Fund&#8217;s Common Shares may likewise trade
at a discount from net asset value. The trading price of the Fund&#8217;s Common Shares may be less than the public offering price.
The returns earned by Common Shareholders who purchased their Common Shares in this offering and sell their Common Shares below
net asset value will be reduced.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Financial Leverage Risk.</B> Although the Fund has no current
intention to do so, the Fund is authorized to utilize leverage through the issuance of preferred shares and/or borrowings, including
the issuance of debt securities. In the event that the Fund determines in the future to utilize investment leverage, there can
be no assurance that such a leveraging strategy will be successful during any period in which it is employed. Leverage creates
risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common
Shares and the risk that fluctuations in distribution rates on any preferred shares or fluctuations in borrowing costs may affect
the return to Common Shareholders. To the extent the income derived from securities purchased with proceeds received from leverage
exceeds the cost of leverage, the Fund&#8217;s distributions will be greater than if leverage had not been used. Conversely, if
the income from the securities purchased with such proceeds is not sufficient to cover the cost of leverage, the amount available
for distribution to Common Shareholders will be less than if leverage had not been used. In the latter case, Eaton Vance, in its
best judgment, may nevertheless determine to maintain the Fund&#8217;s leveraged position if it deems such action to be appropriate.
The costs of an offering of preferred shares and/or a borrowing program would be borne by Common Shareholders and consequently
would result in a reduction of the net asset value of Common Shares. In addition, the fee paid to Eaton Vance will be calculated
on the basis of the Fund&#8217;s average daily gross assets, including proceeds from the issuance of preferred shares and/or borrowings,
so the fees will be higher when leverage is utilized. In this regard, holders of preferred shares do not bear the investment advisory
fee. Rather, Common Shareholders bear the portion of the investment advisory fee attributable to the assets purchased with the
proceeds of the preferred shares offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Management Risk.</B> The Fund is subject to management risk
because it is an actively managed portfolio. Eaton Vance and the individual portfolio managers will apply investment techniques
and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired
results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>Cybersecurity Risk.</B> With the increased use of technologies
by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security
and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include,
but are not limited to, gaining unauthorized access to digital systems (e.g., through &#8220;hacking&#8221; or malicious software
coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption.
Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service
attacks on websites (i.e., efforts to make network services unavailable to intended users). Cybersecurity failures or breaches
by the Fund&#8217;s investment adviser or administrator and other service providers (including, but not limited to, the custodian
or transfer agent), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact
business operations potentially resulting in financial losses, interference with the Fund&#8217;s ability to calculate its net
asset value, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy
and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance
costs. While various Fund service providers have established business continuity plans and risk management systems intended to
identify and mitigate cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain
risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service
providers to the Fund and issuers in which the Fund invests. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Market Disruption.</B> Instability in the Middle East, the
wars in Afghanistan, Iraq and Libya, geopolitical tensions elsewhere and terrorist attacks in the U.S. and around the world have
resulted in market volatility and may have long-term effects on the U.S. and worldwide financial markets and may cause further
economic uncertainties in the U.S. and worldwide. The Fund cannot predict the effects of significant future events on the global
economy and securities markets. A disruption of the financial markets could impact interest rates, auctions, secondary trading,
ratings, credit risk, inflation and other factors relating to the Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Anti-Takeover Provisions.</B> The Fund&#8217;s Agreement and
Declaration of Trust includes provisions that could have the effect of limiting the ability of other persons or entities to acquire
control of the Fund or to change the composition of its Board. See &#8220;Description of Capital Structure &#8211; Anti-Takeover
Provisions in the Declaration of Trust.&#8221;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Summary of Fund Expenses</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The purpose of the table below is to help you understand
all fees and expenses that you, as a holder of Common Shares (&#8220;Common Shareholder&#8221;), would bear directly or indirectly.
The table shows Fund expenses as a percentage of net assets attributable to Common Shares<SUP>(1)</SUP> for the year ended December
31, 2018.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt NewsGoth Lt BT; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Common Shareholder transaction expenses</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Sales load paid by you (as a percentage of offering price)</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Offering expenses (as a percentage of offering price)</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">None<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Dividend reinvestment plan fees</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$5.00<SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt">&nbsp;</TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Annual expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Percentage of net assets</FONT><BR>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">attributable to Common Shares<SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Investment advisory fee</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.00%<SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Other expenses</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>0.10%</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Total annual Fund operating expenses</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.10%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#8194;</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>If Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD>The Adviser will pay the expenses of the Offering (other than the applicable commissions); therefore, Offering expenses are
not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review
and filing with the SEC of the Fund&#8217;s registration statement (including this Prospectus and the Statement of Additional Information),
the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing
or other distribution of the Prospectus, Statement of Additional Information and/or marketing materials, associated filing fees,
NYSE listing fees, and legal and auditing fees associated with the Offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(3)</SUP></TD><TD>You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your Common Shares
held in a dividend reinvestment account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(4)</SUP></TD><TD><FONT STYLE="vertical-align: baseline">Stated as a percentage of average net assets attributable to Common Shares for the year
ended December 31, 2018.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(5)</SUP></TD><TD><FONT STYLE="vertical-align: baseline">The advisory fee paid by the Fund to the Adviser is based on the average daily gross
assets of the Fund, including all assets attributable to any form of investment leverage that the Fund may utilize. Accordingly,
if the Fund were to utilize investment leverage in the future, the advisory fee will increase as a percentage of net assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in; text-indent: -0.25in"><FONT STYLE="vertical-align: baseline">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>EXAMPLE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following Example illustrates the expenses that Common
Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses of 1.10% of net assets attributable
to Common Shares in years 1 through 10; (ii) a 5% annual return; and (iii) all distributions are reinvested at NAV:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt NewsGoth Lt BT; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1 Year</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3 Years</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5 Years</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10 Years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$11</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$35</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$61</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$134</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt">The above table and example and the assumption in the example
of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual
return is not a prediction of, and does not represent, the projected or actual performance of the Fund&#8217;s Common Shares. For
more complete descriptions of certain of the Fund&#8217;s costs and expenses, see &#8220;Management of the Fund.&#8221; In addition,
while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Fund&#8217;s dividend reinvestment
plan may receive Common Shares purchased or issued at a price or value different from NAV. See &#8220;Distributions&#8221; and
&#8220;Dividend Reinvestment Plan.&#8221; The example does not include sales load or estimated offering costs, which would cause
the expenses shown in the example to increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>The example should not be considered a representation of past
or future expenses, and the Fund&#8217;s actual expenses may be greater or less than those shown. Moreover, the Fund&#8217;s actual
rate of return may be greater or less than the hypothetical 5% return shown in the example.</B></P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated [____], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Financial Highlights and Investment Performance</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>FINANCIAL HIGHLIGHTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> This table details the financial performance of the Common
Shares, including total return information showing how much an investment in the Fund has increased or decreased each period. This
information has been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm. The report of Deloitte
&amp; Touche LLP and the Fund&#8217;s financial statements are incorporated herein by reference and included in the Fund&#8217;s
annual report, which is available upon request. </P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 6pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt NewsGoth XCn BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Year Ended December 31,</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 45%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>2018</B></FONT> </TD>
    <TD STYLE="vertical-align: middle; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: middle; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: middle; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: middle; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Net asset value &#8211; Beginning of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;15.770</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;13.660</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;14.410</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;14.540</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;14.170</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: NewsGoth Lt BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Income (Loss) From Operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Net investment income (loss)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.027)</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.023)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.025</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.129</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.024</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Net realized and unrealized gain</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;0.127</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;3.183</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;0.275</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;0.791</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;1.396</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Total income from operations</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.100</FONT> </TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;3.160</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.300</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.920</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;1.420</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: NewsGoth Lt BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Less Distributions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">From net investment income</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-indent: 0.9pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.054)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.128)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.205)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">From net realized gain</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(1.050)</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt 3pt 28.25pt; text-indent: -28.25pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(0.423)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(0.126)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(0.551)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(0.845)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Tax return of capital</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#8212;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(0.627)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(0.870)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-indent: 0.9pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(0.371)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-indent: 0.9pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;&#8212;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Total distributions </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(1.050)</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(1.050)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(1.050)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(1.050)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(1.050)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Anti-dilutive effect of share repurchase program<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Net asset value &#8211; End of year </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;14.820</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;15.770</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;13.660</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;14.410</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;14.540</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Market value &#8211; End of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;14.670</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;15.220</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;12.800</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;13.640</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;13.830</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Total Investment Return on Net Asset Value<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;0.21%</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;24.04%<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;2.72%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;6.87%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;10.98%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Total Investment Return on Market Value<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;2.78%</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;27.76%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;1.68%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;6.43%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;15.07%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: NewsGoth Lt BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Ratios/Supplemental Data</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Net assets, end of year (000&#8217;s omitted)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;707,577</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;751,565</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;651,080</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;686,627</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;693,110</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Ratios (as a percentage of average daily net assets):</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Expenses<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.10%</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.10%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.11%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.10%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.11%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Net investment income (loss)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(0.17)%</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(0.15)%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.18%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.88%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.17%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Portfolio Turnover</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; text-indent: -1.2pt; line-height: 10pt; vertical-align: middle"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">44%</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; text-indent: -1.2pt; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">48%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">58%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">52%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">77%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 13.5pt 0 0; text-align: right; text-indent: -13.5pt"><FONT STYLE="vertical-align: baseline">(See
footnotes on next page.)</FONT></P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated [____], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Financial Highlights (continued)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt NewsGoth XCn BT; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Year Ended December 31,</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 45%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 11%; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: middle; width: 11%; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: middle; width: 11%; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>2011</B></FONT></TD>
    <TD STYLE="vertical-align: middle; width: 11%; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>2010</B></FONT></TD>
    <TD STYLE="vertical-align: middle; width: 11%; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>2009</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Net asset value &#8211; Beginning of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;11.950</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;11.750</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;12.830</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;13.040</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;12.080</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: NewsGoth Lt BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Income (Loss) From Operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Net investment income<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.053</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.045</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.031</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.067</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.083</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Net realized and unrealized gain (loss)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;3.211</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;1.195</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(0.005)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;1.135</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;2.605</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Total income from operations</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;3.264</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;1.240</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.026</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;1.202</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;2.688</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: NewsGoth Lt BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Less Distributions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">From net investment income</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.126)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.117)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.031)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.066)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.082)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">From net realized gain </FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(0.924)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Tax return of capital</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;&#8212;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(0.942)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(1.075)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(1.346)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(1.646)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Total distributions </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(1.050)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(1.059)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(1.106)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(1.412)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;(1.728)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Anti-dilutive effect of share repurchase program<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;0.006</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 10.9pt 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 11.35pt 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;&#8212;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Net asset value &#8211; End of year </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;14.170</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;11.950</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;11.750</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;12.830</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;13.040</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Market value &#8211; End of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;12.990</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;10.440</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;10.210</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;12.210</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;14.320</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Total Investment Return on Net Asset Value<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;29.60%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;12.13%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;1.06%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;10.19%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;25.19%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Total Investment Return on Market Value<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;35.99%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;12.74%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(7.73)%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;(4.51)%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&#9;55.65%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: NewsGoth Lt BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Ratios/Supplemental Data</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Net assets, end of year (000&#8217;s omitted)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;675,297</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;572,036</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;569,627</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;622,073</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$&#9;628,195</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Ratios (as a percentage of average daily net assets):</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Expenses<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.13%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.12%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.14%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.13%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.15%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Net investment income</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.41%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.37%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.25%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.53%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.69%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Portfolio Turnover</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">121%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">45%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">67%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">49%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">61%</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>Computed using average shares outstanding.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD>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&#8217;s dividend reinvestment
plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(3)</SUP></TD><TD>Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits,
which were earned on cash deposit balances, were discontinued by the custodian.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(4)</SUP></TD><TD>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%.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated [____], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in; text-indent: -0.25in"><B>TRADING AND NAV INFORMATION
</B></P>

<P STYLE="font: 10pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-indent: 0in">The Fund&#8217;s common shares have
traded both at a premium and a discount to NAV. The Fund cannot predict whether its shares will trade in the future at a premium
or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares (less any
underwriting commissions and discounts) must equal or exceed the NAV per share of a company&#8217;s common stock (calculated within
48 hours of pricing). The issuance of common shares may have an adverse effect on prices in the secondary market for the Fund&#8217;s
common shares by increasing the number of common shares available, which may put downward pressure on the market price for the
Fund&#8217;s common shares. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV.
See &#8220;Risk Considerations &#8211; Discount from or Premium to NAV&#8221;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Fund&#8217;s Board of Trustees has authorized
the Fund to repurchase up to 10% of its outstanding common shares (as of the date of such authorization) in open-market transactions
at a discount to NAV. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The results of
the repurchase program are disclosed in the Fund&#8217;s annual and semi-annual reports to shareholders. See &#8220;Description
of Capital Structure &#8211; Repurchase of Common Shares and Other Discount Measures.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following table sets forth for each of the periods indicated
the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or discount
to NAV per share at which the Fund&#8217;s Common Shares were trading as of such date.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt NewsGoth XCn BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Market Price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>NAV per Share on Date of</B></FONT> <BR>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>Market Price</B></FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-family: NewsGoth BdXCn BT"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>NAV Premium/(Discount)</B></FONT> <BR>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>on Date of Market Price</B></FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; width: 22%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B><U>Fiscal Quarter Ended</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding: 3pt 5.4pt; font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B><U>High </U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B><U>Low</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B><U>High </U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B><U>Low</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B><U>High </U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B><U>Low</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">3/31/2019</FONT> </TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">17.08</FONT> </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">14.72</FONT> </TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">16.50</FONT> </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">14.81</FONT> </TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">3.52%</FONT> </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(0.61)%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">12/31/2018</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">17.74</FONT> </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">13.03</FONT> </TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">17.61</FONT> </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">13.77</FONT> </TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.74%</FONT> </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(5.37)%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">9/30/2018</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">17.94</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">16.90</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">17.63</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">16.76</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.76%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.84%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">6/30/2018</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">17.72</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.41</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">16.66</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.51</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">6.36%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(0.64)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">3/31/2018</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">16.76</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.00</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">16.96</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.85</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(1.18)%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(5.36)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">12/31/2017</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.38</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">14.71</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.42</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.36</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(0.26)%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(4.23)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">9/30/2017</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.21</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">14.49</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.20</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">14.88</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.07%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(2.62)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">6/30/2017</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">14.95</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">13.53</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.09</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">14.52</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(0.93)%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(6.82)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">3/31/2017</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">13.70</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">12.88</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">14.69</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">13.82</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(6.74)%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">(6.80)%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt"> The last reported sale price, NAV per share and percentage
premium/(discount) to NAV per share of the Common Shares as of April 2, 2019 were $16.70, $16.76 and (0.36)%, respectively. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt"> As of April 2, 2019, the Fund had net assets of $801,180,225.
The following table provides information about our outstanding Common Shares as of April 2, 2019: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt NewsGoth XCn BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Title of Class</FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Amount Authorized</FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Amount Held by the Fund for its Account</FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Amount Outstanding</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Common Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Unlimited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt; text-align: center"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt; text-align: center"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">47,790,151</FONT> </TD></TR>
</TABLE>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>The Fund </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is a diversified, closed-end management investment company
registered under the 1940 Act. The Fund was organized as a Massachusetts business trust on November 8, 2004 pursuant to an Agreement
and Declaration of Trust, as amended August 11, 2008, governed by the laws of The Commonwealth of Massachusetts. The Fund&#8217;s
principal office is located at Two International Place, Boston, Massachusetts 02110, and its telephone number is 1-800-262-1122.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Use of Proceeds</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to the remainder of this section, and unless otherwise
specified in a Prospectus Supplement, the Fund currently intends to invest substantially all of the net proceeds of any sales of
Common Shares pursuant to this Prospectus in accordance with the Fund&#8217;s investment objectives and policies. The Fund anticipates
that it will be possible to invest the proceeds of the Offering consistent with the Fund&#8217;s investment objective and policies
as soon as practicable, but in no event, assuming normal market conditions, later than three months after the receipt thereof.
Pending such investment, the proceeds may be invested in short-term money market instruments, securities with remaining maturities
of less than one year, cash and/or cash equivalents. A delay in the anticipated use of proceeds could lower returns and reduce
the Fund&#8217;s distribution to Common Shareholders or result in a distribution consisting principally of a return of capital.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Investment Objectives, Policies and Risks</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>INVESTMENT OBJECTIVES </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The Fund&#8217;s primary investment objective is to provide
current income, with a secondary objective of capital appreciation. The Fund pursues its investment objectives by investing primarily
in a portfolio of mid- and large-capitalization common stocks,. Under normal market conditions, the Fund seeks to generate current
earnings from option premiums by selling covered call options on a substantial portion of its portfolio securities, although on
up to 5% of the Fund&#8217;s net assets, the Fund may sell the stock underlying a call option prior to purchasing back the call
option. Such sales shall occur no more than three days before the option buy back. There can be no assurance that the Fund will
achieve its investment objectives. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>PRIMARY INVESTMENT POLICIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <B>General Composition of the Fund.</B> Under normal market
conditions, the Fund invests at least 80% of its total assets in common stocks. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the purposes
of the 80% test, total assets is defined as net assets plus any borrowings for investment purposes. </FONT> Normally, the Fund
invests primarily in common stocks of mid- and large-capitalization issuers. The Fund generally invests in common stocks on which
exchange traded call options are currently available. The Fund invests primarily in common stocks of U.S. issuers, although the
Fund may invest up to 25% of its total assets in securities of foreign issuers, including American Depositary Receipts (&#8216;&#8216;ADRs&#8217;&#8217;),
Global Depositary Receipts (&#8216;&#8216;GDRs&#8217;&#8217;) and European Depositary Receipts (&#8216;&#8216;EDRs&#8217;&#8217;). </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Eaton Vance generally considers mid-capitalization companies
to be those companies having market capitalizations within the range of capitalizations for the S&amp;P MidCap 400 Index. As of
March 29, 2019, the median market capitalization of companies in the S&amp;P MidCap 400 Index was approximately $4.1 billion. Eaton
Vance generally considers large-capitalization companies to be those companies having market capitalizations equal to or greater
than the median capitalization of the companies included in the S&amp;P 500. As of March 29, 2019, the median market capitalization
of companies in the S&amp;P 500 was approximately $21.5 billion. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund&#8217;s policy of investing, under normal market circumstances,
at least 80% of its total assets in common stocks is not considered to be fundamental by the Fund and can be changed without a
vote of the Fund&#8217;s shareholders. However, this policy may only be changed by the Fund&#8217;s Board of Trustees (the &#8216;&#8216;Board&#8217;&#8217;)
following the provision of 60 days prior written notice to the Fund&#8217;s shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Under normal market conditions, the Fund pursues its primary
investment objective principally by employing an options strategy of writing (selling) covered call options on a substantial portion
of its portfolio securities, although on up to 5% of the Fund&#8217;s net assets, the Fund may sell the stock underlying a call
option prior to purchasing back the call option. Such sales shall occur no more than three days before the option buy back. The
extent of option writing activity will depend upon market conditions and the Adviser&#8217;s ongoing assessment of the attractiveness
of writing call options on the Fund&#8217;s stock holdings. Writing call options involves a tradeoff between the option premiums
received and reduced participation in potential future stock price appreciation. Depending on the Adviser&#8217;s evaluation, the
Fund may write call options on varying percentages of the Fund&#8217;s common stock holdings. The Fund seeks to generate current
earnings from option writing premiums and, to a lesser extent, from dividends on stocks held.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund may in certain circumstances purchase put options on
the S&amp;P 500 and other broad-based securities indices deemed suitable for this purpose, and/or on individual stocks held in
its portfolio or use other derivative instruments in order to help protect against a decline in the value of its portfolio securities.
The premiums paid to acquire any such put options will reduce the amounts available for distribution to Common Shareholders from
options activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund&#8217;s investments are normally invested across a broad
range of industries and market sectors. The Fund may, however, invest up to any amount less than 25% of its total assets in the
securities of issuers in any single industry or group of industries. See &#8216;&#8216;Risk Considerations &#8211; Sector Risk.&#8217;&#8217;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During unusual market conditions, the Fund may invest up to 100%
of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objectives, principal strategies
and other policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Investment Strategy.</B> A team of Eaton Vance investment
professionals with extensive experience in equity research and management is responsible for the overall management of the Fund&#8217;s
investments. The Fund&#8217;s investments are actively managed, and securities and other investments may be bought or sold on a
daily basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Adviser believes that a strategy combining active equity
portfolio management with a systematic program of call option writing can provide potentially attractive long-term returns. The
Adviser further believes that a strategy of owning common stocks in conjunction with writing call options on a substantial portion
of the stocks held should generally provide returns that are superior to simply owning the same stocks under three different stock
market scenarios: (1) Down-trending equity markets; (2) flat market conditions; and (3) moderately rising equity markets. In the
Adviser&#8217;s opinion, only in more strongly rising equity markets would the stock-plus-calls strategy generally be expected
to underperform the stocks held. For these purposes, the Adviser considers more strongly rising equity market conditions to exist
whenever the current annual rate of return for U.S. stocks materially exceeds the long-term historical average of stock market
returns. The Adviser considers moderately rising equity market conditions to exist whenever current annual returns on U.S. common
stocks are positive, but not materially higher than the long-term historical average of stock market returns.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment decisions for the Fund will be made primarily on the
basis of fundamental research. The portfolio managers utilize information provided by, and the expertise of, the Adviser&#8217;s
research staff in making investment decisions. In selecting investments for the Fund, the Adviser considers a variety of issuer
characteristics such as sustainable competitive advantage, predictable and dependable cash flows, high quality management teams
and solid balance sheets. Many of these considerations are subjective. In addition to its careful research based analysis in selecting
investments for the Fund, the Adviser also places a strong emphasis on the ongoing evaluation of portfolio holdings and the appropriate
time and circumstances to sell or reduce a holding. In this regard, the Adviser may sell a stock when it believes it is fully valued,
the fundamentals of a company deteriorate, a stock&#8217;s price falls below its acquisition cost, management fails to execute
its strategy or to pursue other more attractive investment opportunities, among other reasons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund writes primarily exchange-listed call options on individual
stocks held in the Fund&#8217;s portfolio primarily with shorter maturities (typically one to three months until expiration) and
primarily at exercise prices approximately equal to or above the current stock price when written. When an option-writing program
is established for a particular stock, options will typically be written on a portion of the total stock position, which may allow
for upside potential. If the stock price increases, the Fund will normally look to buy back the call options written and to sell
new call options at higher exercise prices (up to the target price determined by the Adviser) as a risk management tool. If the
stock price declines, the Fund normally seeks to buy back the call options written or let the calls expire worthless at expiration.
The Fund may also write call options with different characteristics and managed differently than described in this paragraph.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In addition to the strategy of selling call options, the Fund
may invest up to 20% of its total assets in other derivative instruments acquired for hedging, risk management and investment purposes
(to gain exposure to securities, securities markets, markets indices and/or currencies consistent with its investment objectives
and policies), provided that no more than 10% of the Fund&#8217;s total assets may be invested in such derivative instruments acquired
for non-hedging purposes. Among other derivative strategies, the Fund may purchase put options on the S&amp;P 500 and other broad-based
securities indices deemed suitable for this purpose, and/or on individual stocks held in its portfolio in order to help protect
against a decline in the value of its portfolio securities. Derivative instruments may be used by the Fund to enhance returns or
as a substitute for the purchase or sale of securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Common Stocks.</B> Under normal market conditions, the Fund
will invest at least 80% of its total assets in common stocks. Common stock represents an equity ownership interest in the issuing
corporation. Holders of common stock generally have voting rights in the issuer and are entitled to receive common stock dividends
when, as and if declared by the corporation&#8217;s board of directors. Common stock normally occupies the most subordinated position
in an issuer&#8217;s capital structure. Returns on common stock investments consist of any dividends received plus the amount of
appreciation or depreciation in the value of the stock. The Fund will have substantial exposure to common stocks.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Although common stocks have historically generated higher average
returns than fixed-income securities over the long term and particularly during periods of high or rising concerns about inflation,
common stocks also have experienced significantly more volatility in returns and may not maintain their real value during inflationary
periods. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the
Fund. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may
depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for many reasons, including changes
in investors&#8217; perceptions of the financial condition of an issuer or the general condition of the relevant stock market,
or when political or economic events affecting the issuers occur. In addition, common stock prices may be sensitive to rising interest
rates, as the costs of capital rise and borrowing costs increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Options&#8212;Generally</B>. The Fund&#8217;s principal options
activity will consist of writing (selling) covered call options on common stocks held, although on up to 5% of the Fund&#8217;s
net assets, the Fund may sell the stock underlying a call option prior to purchasing back the call option. Such sales shall occur
no more than three days before the option buy back. Among other potential options strategies, the Fund may purchase put options
on the S&amp;P 500 and other broad-based securities indices deemed suitable for this purpose, and/or on individual stocks held
in its portfolio to help protect against a decline in the value of its portfolio securities. An option on a security is a contract
that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the
case of a put) the writer of the option the security underlying the option at a specified exercise or &#8216;&#8216;strike&#8217;&#8217;
price. The writer of an option on a security has the obligation upon exercise of the option to deliver the underlying security
upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security. Certain options, known
as &#8216;&#8216;American style&#8217;&#8217; options may be exercised at any time during the term of the option. Other options,
known as &#8216;&#8216;European style&#8217;&#8217; options, may be exercised only on the expiration date of the option. Since
listed options on individual stocks in the United States are generally American style options, the Adviser believes that substantially
all of the single-stock options written or acquired by the Fund will be American style options. Exchange-traded options on stock
indices are generally European style options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">A call option on a common stock or other security is covered
if the Fund owns the security underlying the call or has an absolute and immediate right to acquire that security without additional
cash consideration (or, if additional cash consideration is required, cash or other assets determined to be liquid by the Adviser
(in accordance with procedures established by the Board) in such amount are segregated by the Fund&#8217;s custodian) upon conversion
or exchange of other securities held by the Fund. A call option is also covered if the Fund holds a call on the same security as
the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written,
or (ii) greater than the exercise price of the call written, provided the difference is maintained by the Fund in segregated assets
determined to be liquid by the Adviser as described above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund may write call options on securities that it owns (so-called
covered calls) and also may temporarily hold uncovered call options. With respect to written calls, the Fund may sell the underlying
security prior to entering into a closing purchase transaction on up to 5% of its net assets within three days of such transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">If an option written by the Fund expires unexercised, the Fund
realizes on the expiration date a capital gain equal to the premium received by the Fund at the time the option was written. If
an option purchased by the Fund expires unexercised, the Fund realizes a capital loss equal to the premium paid. Prior to the earlier
of exercise or expiration, an exchange-traded option may be closed out by an offsetting purchase or sale of an option of the same
series (type, underlying security, exercise price, and expiration). There can be no assurance, however, that a closing purchase
or sale transaction can be effected when the Fund desires. The Fund may sell put or call options it has previously purchased, which
could result in a net gain or loss depending on whether the amount realized on the sale is more or less than the premium and other
transaction costs paid on the put or call option when purchased. The Fund will realize a capital gain from a closing purchase transaction
if the cost of the closing option is less than the premium received from writing the option, or, if it is more, the Fund will realize
a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the
Fund will realize a capital gain or, if it is less, the Fund will realize a capital loss. In most cases, net gains from the Fund&#8217;s
option strategy will be short-term capital gains which, for federal income tax purposes, will constitute net investment company
taxable income. See &#8216;&#8216;Distributions &#8211; Federal Income Tax Matters.&#8217;&#8217;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The principal factors affecting the market value of an option
include supply and demand, interest rates, the current market price of the underlying security in relation to the exercise price
of the option, the actual or perceived volatility of the underlying security, and the time remaining until the expiration date.
The premium paid for an option purchased by the Fund is an asset of the Fund. The premium received for an option written by the
Fund is recorded as an asset and equivalent liability. The Fund then adjusts over time the liability to the market value of the
option. The value of an option purchased or written is marked to market daily and is valued at the closing price on the exchange
on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between the last bid and asked
prices or otherwise at fair value as determined by the Board of the Fund.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The transaction costs of buying and selling options consist primarily
of commissions (which are imposed in opening, closing, exercise and assignment transactions), but may also include margin and interest
costs in particular transactions. The impact of transaction costs on the profitability of a transaction may often be greater for
options transactions than for transactions in the underlying securities because these costs are often greater in relation to options
premiums than in relation to the prices of underlying securities. Transaction costs may be especially significant in option strategies
calling for multiple purchases and sales of options, such as spreads or straddles. Transaction costs may be different for transactions
effected in foreign markets than for transactions effected in U.S. markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <B>Call Options and Covered Call Writing.</B> The Fund follows
a principal options strategy known as &#8216;&#8216;covered call option writing,&#8217;&#8217; which is a strategy designed to
generate earnings and offset a portion of a market decline in the underlying common stock. The Fund will only write (sell) options
on common stocks held in the Fund&#8217;s portfolio. It may not sell &#8216;&#8216;naked&#8217;&#8217; call options, i.e., options
representing more shares of the stock than are held in the portfolio. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The standard contract size for an exchange-listed single-stock
option is 100 shares of the common stock. There are four items needed to identify a particular option contract: (1) the underlying
security, (2) the expiration month, (3) the exercise (or strike) price and (4) the type (call or put). For example, 20 ABC Corp.
January 40 call options provide the right to purchase 2,000 shares of ABC Corp. common stock on or before January 17, 2020 at $40
per share. A call option whose strike price is above the current price of the underlying stock is called &#8216;&#8216;out-of-the-money,&#8217;&#8217;
a call option whose strike price is equal to the current price of the underlying stock is called &#8216;&#8216;at-the-money&#8217;&#8217;
and a call option whose strike price is below the current price of the underlying stock is called &#8216;&#8216;in-the-money.&#8217;&#8217;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The following is a conceptual example of the returns that may
be achieved from a stock-plus-call position, making the following assumptions: ABC common stock trades at $36.36 per share and
ABC January 40 call options (10% out-of-the-money) trade at $1.82 per underlying share (5% option premium). This example is not
meant to represent the performance of any actual common stock, option contract or the Fund itself.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The return over the period until option expiration earned by
a holder of ABC stock who writes ABC January 40 call options and maintains the position until expiration will be as follows: (1)
if the stock price declines 5%, the option will expire worthless and the holder will have a net return of zero (option premium
offsets loss in stock); (2) if the stock price is flat, the option will again expire worthless and the holder will have a net return
of 5% (option premium plus no gain or loss on stock); (3) if the stock price rises 10% (to the $40 strike price), the option will
again expire with no value and the holder will have a net return of 15% (option premium plus 10% stock return); and (4) if the
stock rises 20%, the exercise of the option would limit stock gain to 10% and total net return to 15%. If the stock price at exercise
exceeds the strike price, returns from the position are capped at 15%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">As demonstrated in the example, writing covered call options
on common stocks lowers the variability of potential returns and can enhance returns in three of four stock price performance scenarios
(down, flat or moderately up). Only when the stock price at expiration exceeds the sum of the premium received and the option exercise
price would the stock-plus-call strategy be expected to provide lower returns than the underlying stock. The amount of downside
protection afforded by the strategy in declining stock scenarios is limited, however, to the amount of option premium received.
If the stock price declines in an amount greater than the option premium, the Fund will incur a net loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">For conventional listed call options, the option&#8217;s expiration
date can be up to nine months from the date the call options are first listed for trading. Longer-term call options can have expiration
dates up to three years from the date of listing. It is anticipated that many options that are written by the Fund against its
stock holdings will be repurchased prior to the option&#8217;s expiration date, generating a gain or loss in the options. Options
that are not repurchased prior to expiration are subject to exercise by the option holder if the stock price at expiration is above
the strike price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Exchange listed options contracts are originated and standardized
by an independent entity called the Options Clearing Corporation (the &#8216;&#8216;OCC&#8217;&#8217;). Currently, listed options
are available on over 2,300 stocks with new listings added periodically. The Fund will write (sell) call options that are generally
issued, guaranteed and cleared by the OCC. Listed call options are traded on the American Stock Exchange, Chicago Board Options
Exchange International Securities Exchange, New York Stock Exchange, Pacific Stock Exchange and Philadelphia Stock Exchange. With
multiple exercise prices and expiration dates for options on different stocks, the Adviser believes that there exists sufficient
opportunities in the options market to meet the needs of the Fund&#8217;s investment program.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Put Options.</B> <FONT STYLE="letter-spacing: -0.1pt">Put
options are contracts that give the holder of the option, in return for a premium, the right to sell to the writer of the option
the security/index underlying the option at a specified exercise price at any time during the term of the option. As discussed
above, the Fund may in certain circumstances purchase put options on the S&amp;P 500 and other broad-based securities indices deemed
suitable for this purpose, and/or on individual stocks held in the portfolio to help protect against a decline in the value of
the Fund&#8217;s portfolio securities. The premiums paid to acquire put options will reduce amounts available for distribution
from the Fund&#8217;s options activity.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Foreign Securities.</B> The Fund may invest up to 25% of its
total assets in securities of issuers located in countries other than the United States. The value of foreign securities is affected
by changes in currency rates, foreign tax laws (including withholding tax), government policies (in this country or abroad), relations
between nations and trading, settlement, custodial and other operational risks. In addition, the costs of investing abroad are
generally higher than in the United States, and foreign securities markets may be less liquid, more volatile and less subject to
governmental supervision than markets in the United States. Foreign investments also could be affected by other factors not present
in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing standards,
less publicly available financial and other information and potential difficulties in enforcing contractual obligations. As an
alternative to holding foreign-traded securities, the Fund may invest in dollar-denominated securities of foreign companies that
trade on U.S. exchanges or in the U.S. over-the-counter market (including depositary receipts, which evidence ownership in underlying
foreign securities).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Because foreign companies are not subject to uniform accounting,
auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies, there
may be less publicly available information about a foreign company than about a domestic company. Volume and liquidity in most
foreign debt markets are less than in the United States and securities of some foreign companies are less liquid and more volatile
than securities of comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges,
broker-dealers and listed companies than in the United States. Mail service between the United States and foreign countries may
be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions
or loss of certificates for portfolio securities. Payment for securities before delivery may be required. In addition, with respect
to certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability,
or diplomatic developments, which could affect investments in those countries. Moreover, individual foreign economies may differ
favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital
reinvestment, resource self-sufficiency and balance of payments position. Foreign securities markets, while growing in volume and
sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly
those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Since the Fund will invest in securities denominated or quoted
in currencies other than the U.S. dollar, the Fund will be affected by changes in foreign currency exchange rates (and exchange
control regulations) which affect the value of investments in the Fund and the accrued income and appreciation or depreciation
of the investments in U.S. dollars. Changes in foreign currency exchange rates relative to the U.S. dollar will affect the U.S.
dollar value of the Fund&#8217;s assets denominated in that currency and the Fund&#8217;s return on such assets as well as any
temporary uninvested reserves in bank deposits in foreign currencies. In addition, the Fund will incur costs in connection with
conversions between various currencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund may invest in ADRs, EDRs and GDRs. ADRs, EDRs and GDRs
are certificates evidencing ownership of shares of foreign issuers and are alternatives to purchasing directly the underlying foreign
securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with
investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks
of the underlying issuer&#8217;s country. ADRs, EDRs and GDRs may be sponsored or unsponsored. Unsponsored receipts are established
without the participation of the issuer. Unsponsored receipts may involve higher expenses, they may not pass-through voting or
other shareholder rights, and they may be less liquid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The Fund may invest up to 5% of its total assets in securities
of issuers located in emerging markets. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund may write covered call options on common stocks of foreign
issuers subject to the same guidelines described herein with respect to its covered call options writing program generally.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>ADDITIONAL INVESTMENT PRACTICES </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In addition to its primary investment policies, the Fund may
engage in the following investment practices to a limited extent. Under normal market conditions, the Fund will invest at least
80% of its total assets in common stocks, including stocks of foreign issuers. The Fund may invest in the aggregate up to 20% of
its total assets in all investments described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Preferred Stocks.</B> Preferred stock, like common stock,
represents an equity ownership in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend payments
and upon liquidation of the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in
some instances is convertible into common stock. Although they are equity securities, preferred stocks have certain characteristics
of both debt and common stock. They are debt-like in that their promised income is contractually fixed. They are common stock-like
in that they do not have rights to precipitate bankruptcy proceedings or collection activities in the event of missed payments.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt"> Furthermore, they have many of the key characteristics
of equity due to their subordinated position in an issuer&#8217;s capital structure and because their quality and value are heavily
dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows. The Fund will only
invest in preferred stocks that are rated investment grade at the time of investment or, if unrated, determined by the Adviser
to be of comparable quality. Standard &amp; Poor&#8217;s Ratings Group and Fitch Ratings consider securities rated BBB- and above
to be investment grade and Moody&#8217;s Investors Service, Inc. considers securities rated Baa3 and above to be investment grade. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt"><B>Warrants.</B> The Fund may invest in equity and index
warrants of domestic and international issuers. Equity warrants are securities that give the holder the right, but not the obligation,
to subscribe for equity issues of the issuing company or a related company at a fixed price either on a certain date or during
a set period. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security.
The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential
for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to
the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if
it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.
The sale of a warrant results in a long- or short-term capital gain or loss depending on the period for which a warrant is held.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt"><B>Convertible Securities and Bonds with Warrants Attached.</B>
The Fund may invest in preferred stocks and fixed-income obligations that are convertible into common stocks of domestic and foreign
issuers, and bonds issued as a unit with warrants. Convertible securities in which the Fund may invest, comprised of both convertible
debt and convertible preferred stock, may be converted at either a stated price or at a stated rate into underlying shares of common
stock. Because of this feature, convertible securities generally enable an investor to benefit from increases in the market price
of the underlying common stock. Convertible securities often provide higher yields than the underlying equity securities, but generally
offer lower yields than non-convertible securities of similar quality. The value of convertible securities fluctuates in relation
to changes in interest rates like bonds, and, in addition, fluctuates in relation to the underlying common stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Short Sales.</B> The Fund may sell a security short if it
owns at least an equal amount of the security sold short or another security convertible or exchangeable for an equal amount of
the security sold short without payment of further compensation (a short sale against-the-box). In a short sale against-the-box,
the short seller is exposed to the risk of being forced to deliver stock that it holds to close the position if the borrowed stock
is called in by the lender, which would cause gain or loss to be recognized on the delivered stock. The Fund expects normally to
close its short sales against-the-box by delivering newly acquired stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The ability to use short sales against-the-box, certain equity
swaps and certain equity collar strategies as a tax-efficient management technique with respect to holdings of appreciated securities
is limited to circumstances in which the hedging transaction is closed out not later than thirty days after the end of the Fund&#8217;s
taxable year in which the transaction was initiated, and the underlying appreciated securities position is held unhedged for at
least the next sixty days after the hedging transaction is closed. Not meeting these requirements would trigger the recognition
of gain on the underlying appreciated securities position under the federal tax laws applicable to constructive sales.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Temporary Investments.</B> Cash equivalents are highly liquid,
short-term securities such as commercial paper, time deposits, certificates of deposit, short-term notes and short-term U.S. government
obligations. During unusual market circumstances, the Fund may temporarily invest a substantial portion of its assets in cash or
cash equivalents, which may be inconsistent with the Fund&#8217;s investment objectives. In moving to a substantial temporary investments
position and in transitioning from such a position back into full conformity with the Fund&#8217;s normal investment objectives
and policies, the Fund may incur transaction costs that would not be incurred if the Fund had remained fully invested in accordance
with such normal policies. The transition to and back from a substantial temporary investments position may also result in the
Fund having to sell common stocks and/or close out options positions and then later purchase common stocks and open new options
positions in circumstances that might not otherwise be optimal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>When-Issued Securities and Forward Commitments.</B> Securities
may be purchased on a &#8216;&#8216;forward commitment&#8217;&#8217; or &#8216;&#8216;when-issued&#8217;&#8217; basis (meaning
securities are purchased or sold with payment and delivery taking place in the future) in order to secure what is considered to
be an advantageous price and yield at the time of entering into the transaction. However, the return on a comparable security when
the transaction is consummated may vary from the return on the security at the time that the forward commitment or when-issued
transaction was made. From the time of entering into the transaction until delivery and payment is made at a later date, the securities
that are the subject of the transaction are subject to market fluctuations. In forward commitment or when-issued transactions,
if the seller or buyer, as the case may be, fails to consummate the transaction, the counterparty may miss the opportunity of obtaining
a price or yield considered to be advantageous. Forward commitment or when-issued transactions may occur a month or more before
delivery is due. However, no payment or delivery is made until payment is received or delivery is made from the other party to
the transaction. Forward commitment or when-issued transactions will not be entered into for the purpose of investment leverage.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Illiquid Securities.</B> The Fund may invest up to 15% of
its total assets in securities for which there is no readily available trading market or are otherwise illiquid. Illiquid securities
include securities legally restricted as to resale, such as commercial paper issued pursuant to Section 4(2) of the Securities
Act of 1933, as amended, and securities eligible for resale pursuant to Rule 144A thereunder. Section 4(2) and Rule 144A securities
may, however, be treated as liquid by the Adviser pursuant to procedures adopted by the Board, which require consideration of factors
such as trading activity, availability of market quotations and number of dealers willing to purchase the security. If the Fund
invests in Rule 144A securities, the level of portfolio illiquidity may be increased to the extent that eligible buyers become
uninterested in purchasing such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">It may be difficult to sell illiquid securities at a price representing
their fair value until such time as such securities may be sold publicly. Where registration is required, a considerable period
may elapse between a decision to sell the securities and the time when it would be permitted to sell. Thus, the Fund may not be
able to obtain as favorable a price as that prevailing at the time of the decision to sell. The Fund may also acquire securities
through private placements under which it may agree to contractual restrictions on the resale of such securities. Such restrictions
might prevent their sale at a time when such sale would otherwise be desirable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Other Derivative Instruments.</B> In addition to the strategy
of selling call options, the Fund may invest up to 20% of its total assets in derivative instruments (which are instruments that
derive their value from another instrument, security or index) acquired for hedging, risk management and investment purposes (to
gain exposure to securities, securities markets, markets indices and/or currencies consistent with its investment objectives and
policies), provided that no more than 10% of the Fund&#8217;s total assets may be invested in such derivative instruments acquired
for non-hedging purposes. These strategies may be executed through the use of derivative contracts in the United States or abroad.
In the course of pursuing these investment strategies, the Fund may purchase and sell equity and fixed-income indices and other
instruments, purchase and sell futures contracts and options thereon, and enter into various transactions such as swaps, caps,
floors or collars. In addition, derivatives may also include new techniques, instruments or strategies that are permitted as regulatory
changes occur. Derivative instruments may be used by the Fund to enhance returns or as a substitute for the purchase or sale of
securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Swaps.</B> Swap contracts may be purchased or sold to hedge
against fluctuations in securities prices, interest rates or market conditions, to mitigate non-payment or default risk, or to
gain exposure to particular securities, baskets of securities, indices or currencies. In a standard &#8216;&#8216;swap&#8217;&#8217;
transaction, two parties agree to exchange the returns (or differentials in rates of return) to be exchanged or &#8216;&#8216;swapped&#8217;&#8217;
between the parties, which returns are calculated with respect to a &#8216;&#8216;notional amount,&#8217;&#8217; i.e., the return
on or increase in value of a particular dollar amount invested at a particular interest rate, or in a particular security, &#8216;&#8216;basket&#8217;&#8217;
of securities or index. The Fund will enter into swaps only on a net basis, i.e., the two payment streams are netted out, with
the Fund receiving or paying, as the case may be, only the net amount of the two payments. If the other party to a swap defaults,
the Fund&#8217;s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive. The net
amount of the excess, if any, of the Fund&#8217;s obligations over its entitlements will be maintained in a segregated account
by the Fund&#8217;s custodian. The Fund will not enter into any swap unless the claims-paying ability of the other party thereto
is considered to be investment grade by the Adviser. If there is a default by the other party to such a transaction, the Fund will
have contractual remedies pursuant to the agreements related to the transaction. Swaps are traded in the over-the-counter market.
The use of swaps is a highly specialized activity, which involves investment techniques and risks different from those associated
with ordinary portfolio securities transactions. If the Adviser is incorrect in its forecasts of market values, interest rates
and other applicable factors, the investment performance of the Fund would be unfavorably affected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><I>Total Return Swaps.</I> Total return swaps are contracts in
which one party agrees to make payments of the total return from the underlying asset(s), which may include securities, baskets
of securities, or securities indices during the specified period, in return for payments equal to a fixed or floating rate of interest
or the total return from other underlying asset(s).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><I>Interest Rate Swaps.</I> Interest rate swaps involve the exchange
by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of fixed rate payments
for floating rate payments).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Futures and Options on Futures.</B> The Fund may purchase
and sell various kinds of financial futures contracts and options thereon to seek to hedge against changes in stock prices or interest
rates, for other risk management purposes or to gain exposure to certain securities, indices and currencies. Futures contracts
may be based on various securities indices and securities. Such transactions involve a risk of loss or depreciation due to adverse
changes in securities prices, which may exceed the Fund&#8217;s initial investment in these contracts. The Fund will only purchase
or sell futures contracts or related options in compliance with the rules of the Commodity Futures Trading Commission. These transactions
involve transaction costs. Sales of futures contracts and related options generally result in realization of short-term or long-term
capital gain depending on the period for which the investment is held. To the extent that any futures contract or options on futures
contract held by the Fund is a &#8216;&#8216;Section 1256 contract&#8217;&#8217; under the Internal Revenue Code of 1986, as amended
(the &#8216;&#8216;Code&#8217;&#8217;), the contract will be marked-to-market annually and any gain or loss will be treated as
60% long-term and 40% short-term, regardless of the holding period for such contract.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Securities Lending.</B> The Fund may seek to earn income by
lending portfolio securities to broker-dealers or other institutional borrowers. As with other extensions of credit, there are
risks of delay in recovery or even loss of rights in the securities loaned if the borrower of the securities fails financially.
Loans will be made only to organizations whose credit quality or claims paying ability is considered by the Adviser to be at least
investment grade and when the expected returns, net of administrative expenses and any finders&#8217; fees, justifies the attendant
risk. Securities loans currently are required to be secured continuously by collateral in cash, cash equivalents (such as money
market instruments) or other liquid securities held by the custodian and maintained in an amount at least equal to the market value
of the securities loaned. The financial condition of the borrower will be monitored by the Adviser on an ongoing basis. The Fund
will not lend portfolio securities subject to a written covered call contract.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Borrowings.</B> The Fund may borrow money to the extent permitted
under the 1940 Act as interpreted, modified or otherwise permitted by the regulatory authority having jurisdiction. Although there
is no current intention to do so, the Fund may in the future from time to time borrow money to add leverage to the portfolio. The
Fund may also borrow money for temporary administrative purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Reverse Repurchase Agreements.</B> The Fund may enter into
reverse repurchase agreements. Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio instrument
to another party, such as a bank or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument
at an agreed upon time (normally within seven days) and price, which reflects an interest payment. The Fund may enter into such
agreements when it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned
income. Income realized on reverse repurchase agreements will be taxable as ordinary income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">When the Fund enters into a reverse repurchase agreement, any
fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds
may be invested would affect the market value of the Fund&#8217;s assets. As a result, such transactions may increase fluctuations
in the market value of the Fund&#8217;s assets. While there is a risk that large fluctuations in the market value of the Fund&#8217;s
assets could affect net asset value, this risk is not significantly increased by entering into reverse repurchase agreements, in
the opinion of the Adviser. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing
funds, they constitute a form of leverage and may be subject to leverage risks. Such agreements will be treated as subject to investment
restrictions regarding &#8216;&#8216;borrowings.&#8217;&#8217; If the Fund reinvests the proceeds of a reverse repurchase agreement
at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund&#8217;s yield.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>Portfolio Turnover.</B> The Fund cannot accurately predict
its portfolio turnover rate, but the annual turnover rate may exceed 100% (excluding turnover of securities having a maturity of
one year or less). A high turnover rate (100% or more) necessarily involves greater expenses to the Fund. The portfolio turnover
rate(s) for the Fund for the fiscal years ended December 31, 2018, 2017 and 2016 were 44%, 48% and 58%, respectively. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>ADDITIONAL RISK CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may receive little or no return on your investment or even that you
may lose part or all of your investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Discount From or Premium to NAV.</B> The Offering will be
conducted only when Common Shares of the Fund are trading at a price equal to or above the Fund&#8217;s NAV per Common Share plus
the per Common Share amount of commissions. As with any security, the market value of the Common Shares may increase or decrease
from the amount initially paid for the Common Shares. The Fund&#8217;s Common Shares have traded both at a premium and at a discount
relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is
a risk separate and distinct from the risk that the Fund&#8217;s NAV may decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Secondary Market for the Common Shares.</B> The issuance of
Common Shares through the Offering may have an adverse effect on the secondary market for the Common Shares. The increase in the
amount of the Fund&#8217;s outstanding Common Shares resulting from the Offering may put downward pressure on the market price
for the Common Shares of the Fund. Common Shares will not be issued pursuant to the Offering at any time when Common Shares are
trading at a price lower than a price equal to the Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund also issues Common Shares of the Fund through its dividend
reinvestment plan. See &#8220;Dividend Reinvestment Plan.&#8221; Common Shares may be issued under the plan at a discount to the
market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Common Shares are trading at a premium, the Fund may
also issue Common Shares of the Fund that are sold through transactions effected on the NYSE. The increase in the amount of the
Fund&#8217;s outstanding Common Shares resulting from that offering may also put downward pressure on the market price for the
Common Shares of the Fund.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The voting power of current shareholders will be diluted to the
extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient shares
to maintain their percentage interest. In addition, if the Adviser is unable to invest the proceeds of such offering as intended,
the Fund&#8217;s per share distribution may decrease (or may consist of return of capital) and the Fund may not participate in
market advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Investment and Market Risk.</B> An investment in Common Shares
is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in Common Shares
represents an indirect investment in the securities owned by the Fund, which are generally traded on a securities exchange or in
the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly
and unpredictably. In addition, by writing (selling) call options on the equity securities held in the Fund&#8217;s portfolio,
the capital appreciation potential of such securities will be limited to the difference between the exercise price of the call
options written and the purchase price of the equity security underlying such options. The Common Shares at any point in time may
be worth less than the original investment, even after taking into account any reinvestment of distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Market Risk.</B> The value of investments held by the Fund
may increase or decrease in response to economic, political and financial events (whether real, expected or perceived) in the U.S.
and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments
held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing
market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth,
such as decreases or increases in short-term interest rates, could cause high volatility in markets. No active trading market may
exist for certain investments, which may impair the ability of the Fund to sell or to realize the current valuation of such investments
in the event of the need to liquidate such assets. Fixed-income markets may experience periods of relatively high volatility in
an environment where U.S. treasury yields are rising.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Issuer Risk.</B> The value of securities held by the Fund
may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and
reduced demand for the issuer&#8217;s goods and services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Equity Risk.</B> At least 80% of the Fund&#8217;s total assets
will be invested in common stocks and therefore a principal risk of investing in the Fund is equity risk. Equity risk is the risk
that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in
which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies
whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities
over the long term, common stocks also have experienced significantly more volatility in returns. An adverse event, such as an
unfavorable earnings report, may depress the value of equity securities of an issuer held by the Fund; the price of common stock
of an issuer may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress
the price of most or all of the common stocks and other equity securities held by the Fund. In addition, common stock of an issuer
in the Fund&#8217;s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other
reasons, the issuer of the security experiences a decline in its financial condition. Common equity securities in which the Fund
will invest are structurally subordinated to preferred stocks, bonds and other debt instruments in a company&#8217;s capital structure,
in terms of priority to corporate income, and therefore will be subject to greater dividend risk than preferred stocks or debt
instruments of such issuers. Finally, common stock prices may be sensitive to rising interest rates, as the costs of capital rise
and borrowing costs increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Risks Associated with Options on Securities.</B> There are
numerous risks associated with transactions in options on securities. A decision as to whether, when and how to use options involves
the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market
behavior or unexpected events. As the writer of a call option, the Fund forgoes, during the option&#8217;s life, the opportunity
to profit from increases in the market value of the security covering the call option above the sum of the option premium received
and the exercise price of the call, but has retained the risk of loss, minus the option premium received, should the price of the
underlying security decline. The writer of an option has no control over when during the exercise period of the option it may be
required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot
effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security
at the exercise price. Thus, the use of options may require the Fund to sell portfolio securities at inopportune times or for prices
other than current market values, will limit the amount of appreciation the Fund can realize on an investment, or may cause the
Fund to hold a security that it might otherwise sell.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The value of options may also be adversely affected if the market
for such options becomes less liquid or smaller. There can be no assurance that a liquid market will exist when the Fund seeks
to close out an option position either, in the case of a call option written, by buying the option, or, in the case of a purchased
put option, by selling the option. Reasons for the absence of a liquid secondary market on an exchange include the following: (i)
there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions
or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular
classes or series of</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">options; (iv) unusual or unforeseen circumstances may interrupt
normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation (the &#8216;&#8216;OCC&#8217;&#8217;)
may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons,
decide or be compelled to discontinue the trading of options (or a particular class or series of options) at some future date.
If trading were discontinued, the secondary market on that exchange (or in that class or series of options) would cease to exist.
However, outstanding options on that exchange that had been issued by the OCC as a result of trades on that exchange would continue
to be exercisable in accordance with their terms. The Fund&#8217;s ability to terminate over-the-counter options will be more limited
than with exchange-traded options and may involve the risk that broker-dealers participating in such transactions will not fulfill
their obligations. If the Fund were unable to close out a covered call option that it had written on a security, it would not be
able to sell the underlying security unless the option expired without exercise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The hours of trading for options may not conform to the hours
during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying
securities, significant price and rate movements can take place in the underlying markets that would not be reflected concurrently
in the options markets. Call options are marked to market daily and their value will be affected by changes in the value of and
dividend rates of the underlying common stocks, changes in interest rates, changes in the actual or perceived volatility of the
stock market and the underlying common stocks and the remaining time to the options&#8217; expiration. Additionally, the exercise
price of an option may be adjusted downward before the option&#8217;s expiration as a result of the occurrence of certain corporate
events affecting the underlying equity security, such as extraordinary dividends, stock splits, merger or other extraordinary distributions
or events. A reduction in the exercise price of an option would reduce the Fund&#8217;s capital appreciation potential on the underlying
security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The number of call options the Fund can write is limited by the
number of shares of common stock the Fund holds, and further limited by the fact that listed call options on individual common
stocks generally trade in units representing 100 shares of the underlying stock. Furthermore, the Fund&#8217;s options transactions
will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such
options are traded. These limitations govern the maximum number of options in each class which may be written or purchased by a
single investor or group of investors acting in concert, regardless of whether the options are written or purchased on the same
or different exchanges, boards of trade or other trading facilities or are held or written in one or more accounts or through one
or more brokers. Thus, the number of options which the Fund may write or purchase may be affected by options written or purchased
by other investment advisory clients of the Adviser. An exchange, board of trade or other trading facility may order the liquidation
of positions found to be in excess of these limits, and may impose certain other sanctions. The Fund will not write &#8216;&#8216;naked&#8217;&#8217;
or uncovered call options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">If the Fund purchases put options for hedging or risk management
purposes, the Fund will be subject to the following additional risks. A put option acquired by the Fund and not sold prior to expiration
will expire worthless if the price of the stock or index at expiration exceeds the exercise price of the option, thereby causing
the Fund to lose its entire investment in the option. If restrictions on exercise were imposed, the Fund might be unable to exercise
an option it had purchased. If the Fund were unable to close out an option that it had purchased, it would have to exercise the
option in order to realize any profit or the option may expire worthless. Stock market indices on which the Fund may purchase options
positions likely will not mirror the Fund&#8217;s actual portfolio holdings. The effectiveness of index put options as hedges against
declines in the Fund&#8217;s stock portfolio will be limited to the extent that the performance of the underlying index does not
correlate with that of the Fund&#8217;s holdings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt"><B>Risks of Investing in Mid-Cap Companies.</B> The Fund
may invest substantially in companies whose market capitalization is considered middle sized or &#8216;&#8216;mid-cap.&#8217;&#8217;
Mid-cap companies often are newer or less established companies than larger companies. Investments in mid-cap companies carry additional
risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution
channels or financial resources; and the management of such companies may be dependent upon one or a few key people. The market
movements of equity securities of mid-cap companies may be more abrupt or erratic than the market movements of equity securities
of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through
extended periods when they did not perform as well as larger companies. In addition, equity securities of mid-cap companies generally
are less liquid than those of larger companies. This means that the Fund could have greater difficulty selling such securities
at the time and price that the Fund would like.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt"><B>Risks of Growth Stock Investing.</B> The Fund invests
substantially in stocks with &#8216;&#8216;growth&#8217;&#8217; characteristics. Growth stocks can react differently to issuer,
political, market, and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more
expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive
to changes in their earnings and more volatile than other types of stocks.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <B>Foreign Investment Risk.</B> The Fund may have substantial
exposure to foreign securities. The value of foreign securities is affected by changes in currency rates, foreign tax laws (including
withholding tax), government policies (in this country or abroad), relations between nations and trading, settlement, custodial
and other operational risks. In addition, the costs of investing abroad are generally higher than in the United States, and foreign
securities markets may be less liquid, more volatile and less subject to governmental supervision than markets in the United States.
Foreign investments also could be affected by other factors not present in the United States, including expropriation, armed conflict,
confiscatory taxation, lack of uniform accounting and auditing standards, less publicly available financial and other information
and potential difficulties in enforcing contractual obligations. As an alternative to holding foreign-traded securities, the Fund
may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter market
(including depositary receipts, which evidence ownership in underlying foreign securities). Since the Fund may invest in securities
denominated or quoted in currencies other than the U.S. dollar, the Fund will be affected by changes in foreign currency exchange
rates (and exchange control regulations) which affect the value of investments in the Fund and the accrued income and appreciation
or depreciation of the investments in U.S. dollars. Changes in foreign currency exchange rates relative to the U.S. dollar will
affect the U.S. dollar value of the Fund&#8217;s assets denominated in that currency and the Fund&#8217;s return on such assets
as well as any temporary uninvested reserves in bank deposits in foreign currencies. In addition, the Fund will incur costs in
connection with conversions between various currencies. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Because foreign companies are not subject to uniform accounting,
auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies, there
may be less publicly available information about a foreign company than about a domestic company. Volume and liquidity in most
foreign debt markets are less than in the United States and securities of some foreign companies are less liquid and more volatile
than securities of comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges,
broker-dealers and listed companies than in the United States. Mail service between the United States and foreign countries may
be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions
for, or loss of certificates of, portfolio securities. Payment for securities before delivery may be required. In addition, with
respect to certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability,
or diplomatic developments, which could affect investments in those countries. Moreover, individual foreign economies may differ
favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital
reinvestment, resource self-sufficiency and balance of payments position. Foreign securities markets, while growing in volume and
sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly
those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Interest Rate Risk.</B> The level of premiums from call options
writing and the amounts available for distribution from the Fund&#8217;s options activity may decrease in declining interest rate
environments. Any preferred stocks paying fixed dividend rates in which the Fund invests, will likely change in value as market
interest rates change. When interest rates rise, the market value of such securities generally will fall. To the extent that the
Fund invests in preferred stocks, the net asset value and price of the Common Shares may decline if market interest rates rise.
Interest rates are currently low relative to historic levels. During periods of declining interest rates, an issuer of preferred
stock may exercise its option to redeem securities prior to maturity, forcing the Fund to reinvest in lower yielding securities.
This is known as call risk. During periods of rising interest rates, the average life of certain types of securities may be extended
because of slower than expected payments. This may lock in a below market yield, increase the security&#8217;s duration, and reduce
the value of the security. This is known as extension risk. The value of the Fund&#8217;s common stock investments may also be
influenced by changes in interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Sector Risk.</B> The Fund may invest a significant portion
of its assets in securities of issuers in any single industry or sector of the economy (a broad based economic segment that may
include many distinct industries) if companies in that industry or sector meet the Fund&#8217;s investment criteria. If the Fund
is focused in an industry or sector, it may present more risks than if it were broadly diversified over numerous industries or
sectors of the economy. This may make the Fund more susceptible to adverse economic, political, or regulatory occurrences affecting
these sectors. As the percentage of the Fund&#8217;s assets invested in a particular sector increases, so does the potential for
fluctuation in the net asset value of Common Shares. The Fund may not invest 25% or more of its total assets in the securities
of issuers in any single industry or group of industries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Derivatives Risk.</B> In addition to writing call options,
the risks of which are described above, the Fund may invest up to 20% of its total assets in other derivative investments acquired
for hedging, risk management and investment purposes. Derivative transactions including options on securities and securities indices
and other transactions in which the Fund may engage (such as futures contracts and options thereon, swaps and short sales) may
subject the Fund to increased risk of principal loss due to unexpected movements in stock prices, changes in stock volatility
levels and interest rates, and imperfect correlations between the Fund&#8217;s securities holdings and indices upon which derivative
transactions are based. The Fund also will be subject to credit risk with respect to the counterparties to any over-the-counter
derivatives contracts purchased by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations
under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery
under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery
or may obtain no recovery in such circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Liquidity Risk.</B> The Fund may invest up to 15% of its total
assets in securities for which there is no readily available trading market or which are otherwise illiquid. The Fund may not be
able to dispose readily of such investments at prices that approximate those at which the Fund could sell such investments if they
were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing
transactions if necessary to raise cash to meet its obligations. In addition, the limited liquidity could affect the market price
of the investments, thereby adversely affecting the Fund&#8217;s net asset value and ability to make dividend distributions. Limited
liquidity can also affect the market price of securities, thereby adversely affecting the Fund&#8217;s net asset value and ability
to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary
market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially
below traditional measures of intrinsic value. During such periods, some securities could be sold only at arbitrary prices and
with substantial losses. Periods of such market dislocation may occur again at any time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Inflation Risk.</B> In&#64258;ation risk is the risk that
the purchasing power of assets or income from investment will be worth less in the future as inflation decreases the value of money.
As inflation increases, the real value of the Common Shares and distributions thereon can decline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Market Discount Risk.</B> The shares of closed-end management
investment companies often trade at a discount from their net asset value, and the Fund&#8217;s Common Shares may likewise trade
at a discount from net asset value. The trading price of the Fund&#8217;s Common Shares may be less than the public offering price.
The returns earned by Common Shareholders who purchased their Common Shares in this offering and sell their Common Shares below
net asset value will be reduced.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Financial Leverage Risk.</B> Although the Fund has no current
intention to do so, the Fund is authorized to utilize leverage through the issuance of preferred shares and/or borrowings, including
the issuance of debt securities. In the event that the Fund determines in the future to utilize investment leverage, there can
be no assurance that such a leveraging strategy will be successful during any period in which it is employed. Leverage creates
risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common
Shares and the risk that fluctuations in distribution rates on any preferred shares or fluctuations in borrowing costs may affect
the return to Common Shareholders. To the extent the income derived from securities purchased with proceeds received from leverage
exceeds the cost of leverage, the Fund&#8217;s distributions will be greater than if leverage had not been used. Conversely, if
the income from the securities purchased with such proceeds is not sufficient to cover the cost of leverage, the amount available
for distribution to Common Shareholders will be less than if leverage had not been used. In the latter case, Eaton Vance, in its
best judgment, may nevertheless determine to maintain the Fund&#8217;s leveraged position if it deems such action to be appropriate.
The costs of an offering of preferred shares and/or a borrowing program would be borne by Common Shareholders and consequently
would result in a reduction of the net asset value of Common Shares. In addition, the fee paid to Eaton Vance will be calculated
on the basis of the Fund&#8217;s average daily gross assets, including proceeds from the issuance of preferred shares and/or borrowings,
so the fees will be higher when leverage is utilized. In this regard, holders of preferred shares do not bear the investment advisory
fee. Rather, Common Shareholders bear the portion of the investment advisory fee attributable to the assets purchased with the
proceeds of the preferred shares offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Management Risk.</B> The Fund is subject to management risk
because it is an actively managed portfolio. Eaton Vance and the individual portfolio managers will apply investment techniques
and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired
results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>Cybersecurity Risk.</B> With the increased use of technologies
by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security
and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include,
but are not limited to, gaining unauthorized access to digital systems (e.g., through &#8220;hacking&#8221; or malicious software
coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption.
Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service
attacks on websites (i.e., efforts to make network services unavailable to intended users). Cybersecurity failures or breaches
by the Fund&#8217;s investment adviser or administrator and other service providers (including, but not limited to, the custodian
or transfer agent), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact
business operations potentially resulting in financial losses, interference with the Fund&#8217;s ability to calculate its net
asset value, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy
and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance
costs. While various Fund service providers have established business continuity plans and risk management systems intended to
identify and mitigate cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain
risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service
providers to the Fund and issuers in which the Fund invests. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Market Disruption.</B> Instability in the Middle East, the
wars in Afghanistan, Iraq and Libya, geopolitical tensions elsewhere and terrorist attacks in the U.S. and around the world have
resulted in market volatility and may have long-term effects on the U.S. and worldwide financial markets and may cause further
economic uncertainties in the U.S. and worldwide. The Fund cannot predict the effects of significant future events on the global
economy and securities markets. A disruption of the financial markets could impact interest rates, auctions, secondary trading,
ratings, credit risk, inflation and other factors relating to the Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Anti-Takeover Provisions.</B> The Fund&#8217;s Agreement and
Declaration of Trust includes provisions that could have the effect of limiting the ability of other persons or entities to acquire
control of the Fund or to change the composition of its Board. See &#8220;Description of Capital Structure &#8211; Anti-Takeover
Provisions in the Declaration of Trust.&#8221;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Management of the Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>BOARD OF TRUSTEES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The management of the Fund, including general supervision of
the duties performed by the Adviser under the Advisory Agreement (as defined below), is the responsibility of the Fund&#8217;s
Board under the laws of The Commonwealth of Massachusetts and the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>THE ADVISER</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Eaton Vance acts as the Fund&#8217;s investment adviser under
an Investment Advisory Agreement (the &#8220;Advisory Agreement&#8221;). The Adviser&#8217;s principal office is located at Two
International Place, Boston, MA 02110. Eaton Vance, its affiliates and predecessor companies have been managing assets of individuals
and institutions since 1924 and of investment funds since 1931. As of January 31, 2019, Eaton Vance and its affiliates managed
approximately $444.7 billion of fund and separate account assets on behalf of clients, including approximately $117.0 billion in
equity assets. Eaton Vance is a wholly-owned subsidiary of Eaton Vance Corp., a publicly-held holding company, which through its
subsidiaries and affiliates engages primarily in investment management, administration and marketing activities. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the general supervision of the Fund&#8217;s Board, the
Adviser will carry out the investment and reinvestment of the assets of the Fund, will furnish continuously an investment program
with respect to the Fund, will determine which securities should be purchased, sold or exchanged, and will implement such determinations.
The Adviser will furnish to the Fund investment advice and office facilities, equipment and personnel for servicing the investments
of the Fund. The Adviser will compensate all Trustees and officers of the Fund who are members of the Adviser&#8217;s organization
and who render investment services to the Fund, and will also compensate all other Adviser personnel who provide research and investment
services to the Fund. In return for these services, facilities and payments, the Fund has agreed to pay the Adviser as compensation
under the Advisory Agreement an annual fee in the amount of 1.00% of the average daily gross assets of the Fund. Gross assets of
the Fund means total assets of the Fund, including any form of investment leverage that the Fund may in the future determine to
utilize, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations
attributable to any future investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing
through a credit facility/commercial paper program or the issuance of debt securities), (ii) the issuance of preferred shares or
other similar preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the
Fund&#8217;s investment objectives and policies, and/or (iv) any other means. During any future periods in which the Fund is using
leverage, the fees paid to Eaton Vance for investment advisory services will be higher than if the Fund did not use leverage because
the fees paid will be calculated on the basis of the Fund&#8217;s gross assets, including proceeds from any borrowings and from
the issuance of preferred shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund&#8217;s semi-annual shareholder report contains information
regarding the basis for the Trustees&#8217; approval of the Fund&#8217;s Advisory Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Michael A. Allison, Yana Barton and Lew Piantedosi are responsible
for the overall and day-to-day management of the Fund&#8217;s investments. Mr. Allison is a Vice President of EVM, is a member
of EVM&#8217;s Equity Strategy Committee and has been a portfolio manager of the Fund since July 2008. Ms. Barton and Mr. Piantedosi
are Vice Presidents of EVM and have been portfolio managers of the Fund since September 2014. Messrs. Allison and Piantedosi and
Ms. Barton have managed other Eaton Vance portfolios for over five years.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Additional Information Regarding Portfolio Managers </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Statement of Additional Information provides additional information
about the portfolio managers&#8217; compensation, other accounts managed by the portfolio managers, and the portfolio managers&#8217;
ownership of securities in the Fund. The Statement of Additional Information is available free of charge by calling 1-800-262-1122
or by visiting the Fund&#8217;s website at http://www.eatonvance.com. The information contained in, or that can be accessed through,
the Fund&#8217;s website is not part of this prospectus or the Statement of Additional Information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt">The Fund and the Adviser have adopted codes of ethics relating
to personal securities transactions (the &#8216;&#8216;Codes of Ethics&#8217;&#8217;). The Codes of Ethics permits Adviser personnel
to invest in securities (including securities that may be purchased or held by the Fund) for their own accounts, subject to certain
pre-clearance, reporting and other restrictions and procedures contained in such Codes of Ethics.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>THE ADMINISTRATOR </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance serves as administrator of the Fund. Under an Amended
and Restated Administrative Services Agreement with the Fund (the &#8220;Administration Agreement&#8221;), Eaton Vance is responsible
for managing the business affairs of the Fund, subject to the supervision of the Fund&#8217;s Board. Eaton Vance furnishes to the
Fund all office facilities, equipment and personnel for administering the affairs of the Fund. Eaton Vance&#8217;s administrative
services include recordkeeping, preparation and filing of documents required to comply with federal and state securities laws,
supervising the activities of the Fund&#8217;s custodian and transfer agent, providing assistance in connection with the Board
and shareholders&#8217; meetings, providing service in connection with any repurchase offers and other administrative services
necessary to conduct the Fund&#8217;s business. Eaton Vance currently receives no compensation for providing administrative services
to the Fund.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Plan of Distribution </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may sell the Common Shares being offered under this
Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount
arrangement between the Fund and its agents or underwriters, or among its underwriters, or the basis upon which such amount may
be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may distribute Common Shares from time to time in one
or more transactions at: (i) a fixed price or prices that may be changed; (ii) market prices prevailing at the time of sale; (iii)
prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price
per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund from time to time may offer its Common Shares through
or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may directly solicit offers to purchase Common Shares,
or the Fund may designate agents to solicit such offers. The Fund will, in a Prospectus Supplement relating to such Offering, name
any agent that could be viewed as an underwriter under the 1933 Act, and describe any commissions the Fund must pay to such agent(s).
Any such agent will be acting on a reasonable best efforts basis for the period of its appointment or, if indicated in the applicable
Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and underwriters may be customers
of, engage in transactions with, or perform services for the Fund in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If any underwriters or agents are used in the sale of Common
Shares in respect of which this Prospectus is delivered, the Fund will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Fund will set forth in the Prospectus Supplement relating to such Offering their
names and the terms of the Fund&#8217;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a dealer is utilized in the sale of Common Shares in respect
of which this Prospectus is delivered, the Fund will sell such Common Shares to the dealer, as principal. The dealer may then resell
such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may engage in at-the-market offerings to or through
a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the 1933
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Agents, underwriters and dealers may be entitled under agreements
which they may enter into with the Fund to indemnification by the Fund against certain civil liabilities, including liabilities
under the 1933 Act, and may be customers of, engage in transactions with or perform services for the Fund in the ordinary course
of business.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to facilitate the Offering of Common Shares, any underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares the
prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the Offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the
price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such
other Common Shares in the open market. Finally, in any Offering of Common Shares through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing Common Shares in the Offering
if the syndicate repurchases previously distributed Common Shares in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of Common Shares above independent
market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any
time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may enter into derivative transactions with third parties,
or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable Prospectus
Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares covered by this Prospectus
and the applicable Prospectus Supplement or other offering materials, including in short sale transactions. If so, the third parties
may use Common Shares pledged by the Fund or borrowed from the Fund or others to settle those sales or to close out any related
open borrowings of securities, and may use Common Shares received from the Fund in settlement of those derivatives to close out
any related open borrowings of securities. The third parties in such sale transactions will be underwriters and, if not identified
in this Prospectus, will be identified in the applicable Prospectus Supplement or other offering materials (or a post-effective
amendment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund or one of the Fund&#8217;s affiliates may loan or pledge
Common Shares to a financial institution or other third party that in turn may sell Common Shares using this Prospectus. Such financial
institution or third party may transfer its short position to investors in Common Shares or in connection with a simultaneous Offering
of other Common Shares offered by this Prospectus or otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum amount of compensation to be received by any member
of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any security
being sold with respect to each particular Offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any underwriter, agent or dealer utilized in the initial Offering
of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Distributions </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Pursuant to an exemptive order issued by the Securities and Exchange
Commission (&#8220;Order&#8221;), the Fund is authorized to distribute long-term capital gains to shareholders more frequently
than once per year. Pursuant to the Order, the Fund&#8217;s Board of Trustees approved a Managed Distribution Plan (&#8220;MDP&#8221;)
pursuant to which the Fund makes monthly cash distributions to Common Shareholders, stated in terms of a fixed amount per common
share. Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of these distributions
or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund&#8217;s Board of Trustees and the
Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no
reasonably foreseeable circumstances that might cause the termination of the MDP. The Fund may distribute more than its net investment
income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution
does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221;
In addition, a return of capital is treated as a non-dividend distribution for tax purposes, is not subject to current tax and
reduces a shareholder&#8217;s tax cost basis in fund shares. With each distribution, the Fund will issue a notice to shareholders
and a press release containing information about the amount and sources of the distribution and other related information. The
amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax
purposes. The amounts and sources of the Fund&#8217;s distributions for tax purposes will be reported to shareholders on Form 1099-DIV
for each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to its MDP, the Fund makes monthly distributions to
Common Shareholders sourced from the Fund&#8217;s cash available for distribution. &#8220;Cash available for distribution&#8221;
consists of the Fund&#8217;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. The Fund&#8217;s
distribution rate may be adjusted from time-to-time. The Board may modify this distribution policy at any time without obtaining
the approval of Common Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund distinguishes between distributions on a tax basis and
a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions
in excess of tax basis earnings and profits be 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders may elect to automatically reinvest some
or all of their distributions in additional Common Shares under the Fund&#8217;s dividend reinvestment plan. See &#8220;Dividend
Reinvestment Plan.&#8221;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Federal Income Tax Matters </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund intends to elect to be treated and to qualify each year
as a regulated investment company under the Code. Accordingly, the Fund intends to satisfy certain requirements relating to sources
of its income and diversification of its assets and to distribute substantially all of its net income and net short-term and long-term
capital gains (after reduction by any available capital loss carryforwards) in accordance with the timing requirements imposed
by the Code, so as to maintain its regulated investment company status and to avoid paying any federal income or excise tax. To
the extent it qualifies for treatment as a regulated investment company and satisfies the above-mentioned distribution requirements,
the Fund will not be subject to federal income tax on income paid to its shareholders in the form of dividends or capital gains
distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund intends to make regular monthly distributions to Common
Shareholders based upon its projected annual cash available from option premiums and dividends. The Fund expects that over time
it will distribute all of its investment company taxable income. The Fund intends to distribute annually any net capital gain (which
is the excess of net long-term capital gain over net short-term capital loss). Distributions of the Fund&#8217;s net capital gain
(&#8216;&#8216;capital gain distributions&#8217;&#8217;), if any, are taxable to Common Shareholders as long-term capital gain,
regardless of the length of time Common Shares have been held by Common Shareholders. All other distributions paid by the Fund
(including dividends from short-term capital gains) from its current or accumulated earnings and profits are generally subject
to tax as ordinary income. If, for any taxable year, the total distributions exceed the Fund&#8217;s current and accumulated earnings
and profits, the excess will be treated as a tax-free return of capital to each Common Shareholder (up to the amount of the Common
Shareholder&#8217;s basis in his or her Common Shares) and thereafter as gain from the sale of Shares (assuming the Common Shares
are held as a capital asset). The amount treated as a tax-free return of capital will reduce the Common Shareholder&#8217;s adjusted
basis in his or her Shares, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent
sale or other disposition of his or her Common Shares. See below for a summary of the maximum tax rates applicable to capital gain
(including capital gain distributions). A corporation that owns Fund shares generally will not be entitled to the dividends received
deduction with respect to all (or any prescribed percentage) of the distributions it receives from the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund&#8217;s transactions in options are subject to special
and complex federal income tax provisions that may, among other things, (i) convert dividends that would otherwise constitute qualified
dividend income into higher taxed short-term capital gain or ordinary income, (ii) treat dividends that would otherwise be eligible
for the corporate dividends received deduction as ineligible for such treatment, (iii) disallow, suspend or otherwise limit the
allowance of certain losses or deductions, (iv) convert long-term capital gain into short-term capital gain or ordinary income,
(v) convert an ordinary loss or deduction into a capital loss (the deductibility of which is more limited) and (vi) cause the Fund
to recognize income or gain without a corresponding receipt of cash.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The taxation of equity options such as the Fund writes and purchases
is governed by Code Section 1234. Pursuant to Code Section 1234, the premium received by the Fund for selling a call option is
not included in income at the time of receipt. If the option expires, the premium is short-term capital gain to the Fund. If the
Fund enters into a closing transaction, the difference between the amount paid to close out its position and the premium received
for writing the option is short-term capital gain or loss. If a call option written by the Fund is exercised, thereby requiring
the Fund to sell the underlying security, the premium will increase the amount realized upon the sale of the security and any resulting
gain or loss will be long-term or short-term, depending upon the Fund&#8217;s holding period of the security. With respect to a
put on a stock that is purchased by the Fund, if the option is sold, any resulting gain or loss will be a capital gain or loss,
and will be short-term or long-term, depending upon the Fund&#8217;s holding period for the option. If the option expires, the
resulting loss is a capital loss and is short-term or long-term, depending upon the Fund&#8217;s holding period for the option.
If the option is exercised, the amount paid to acquire the put option reduces the amount realized on the underlying security in
determining gain or loss. Because the Fund does not have control over the exercise of the call options it writes, such exercise
or other required sales of the underlying securities may cause the Fund to realize capital gains or losses at inopportune times.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In the case of Fund transactions involving &#8216;&#8216;Section
1256 Contracts,&#8217;&#8217; such as many listed index options and any listed non-equity options, Code Section 1256 generally
will require any gain or loss arising from the lapse, closing out or exercise of such positions to be treated as 60% long-term
and 40% short-term capital gain or loss, although foreign currency gains or losses arising from certain of these positions may
be treated as ordinary income or loss. In addition, the Fund generally will be required to &#8216;&#8216;mark to market&#8217;&#8217;
(i.e., treat as sold for fair market value) each such position which it holds at the close of each taxable year. If a Section 1256
Contract held by the Fund at the end of a taxable year is sold in the following year, the amount of any gain or loss realized on
such sale will be adjusted to reflect the gain or loss previously taken into account under the &#8216;&#8216;mark to market&#8217;&#8217;
rules. Section 1256 Contracts include certain options contracts, certain regulated futures contracts, and certain other financial
contracts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Notwithstanding any of the foregoing, the Fund may recognize
gain (but not loss) from a constructive sale of certain &#8216;&#8216;appreciated financial positions&#8217;&#8217; if the Fund
enters into a short sale, offsetting notional principal contract, or forward contract transaction with respect to the appreciated
position or substantially identical property. Appreciated financial positions subject to this constructive sale treatment are interests
(including options and forward contracts and short sales) in stock and certain other instruments. Constructive sale treatment does
not apply to certain transactions closed before the end of the 30th day after the close of the taxable year, if certain conditions
are met.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Code contains special rules that apply to &#8216;&#8216;straddles,&#8217;&#8217;
defined generally as the holding of &#8216;&#8216;offsetting positions with respect to personal property.&#8217;&#8217; For example,
the straddle rules normally apply when a taxpayer holds stock and an offsetting option with respect to such stock or substantially
identical stock or securities. In general, investment positions will be offsetting if there is a substantial diminution in the
risk of loss from holding one position by reason of holding one or more other positions. The Fund expects that the call options
it writes on portfolio securities will generally be &#8216;&#8216;qualified covered calls&#8217;&#8217; that are exempt from the
straddle rules. To meet the qualified covered call option exemption, a stock-plus-call position cannot be part of a larger straddle
and must meet a number of other conditions, including that the option is written more than 30 days prior to expiration and is not
&#8216;&#8216;deep-in-the-money&#8217;&#8217; as defined in the Code. The Fund may enter into certain investments that may constitute
positions in a straddle. If two or more positions constitute a straddle, recognition of a realized loss from one position must
be deferred to the extent of unrecognized gain in an offsetting position. In addition, long-term capital gain may be recharacterized
as short-term capital gain, or short-term capital loss as long-term capital loss. Interest and other carrying charges allocable
to personal property that is part of a straddle are not currently deductible but must instead be capitalized. Similarly, &#8216;&#8216;wash
sale&#8217;&#8217; rules apply to prevent the recognition of loss by the Fund from the disposition of stock or securities at a
loss in a case in which identical or substantially identical stock or securities (or an option to acquire such property) is or
has been acquired within a prescribed period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Code allows a taxpayer to elect to offset gains and losses
from positions that are part of a &#8216;&#8216;mixed straddle.&#8217;&#8217; A &#8216;&#8216;mixed straddle&#8217;&#8217; is any
straddle in which one or more but not all positions are Section 1256 Contracts. The Fund may be eligible to elect to establish
one or more mixed straddle accounts for certain of its mixed straddle trading positions. The mixed straddle account rules require
a daily &#8216;&#8216;marking to market&#8217;&#8217; of all open positions in the account and a daily netting of gains and losses
from positions in the account. At the end of a taxable year, the annual net gains or losses from the mixed straddle account are
recognized for tax purposes. The application of the mixed straddle account rules is not entirely clear. Therefore, there is no
assurance that a mixed straddle account election by the Fund will be accepted by the Internal Revenue Service (the &#8216;&#8216;IRS&#8217;&#8217;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Gain or loss from a short sale of property is generally considered
as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund&#8217;s
hands. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on
the date the short sale is entered into, gains on short sales generally are short-term capital gains. A loss on a short sale will
be treated as a long-term capital loss if, on the date of the short sale, &#8216;&#8216;substantially identical property&#8217;&#8217;
has been held by the Fund for more than one year. In addition, these rules may also terminate the running of the holding period
of &#8216;&#8216;substantially identical property&#8217;&#8217; held by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Gain or loss on a short sale will generally not be realized until
such time as the short sale is closed. However, as described above in the discussion of constructive sales, if the Fund holds a
short sale position that would result in gain if it were closed, and it then acquires property that is the same as or substantially
identical to the property sold short, the Fund generally will recognize gain on the date it acquires such property as if the short
sale were closed on such date with such property. Similarly, if the Fund holds an appreciated financial position with respect to
securities and then enters into a short sale with respect to the same or substantially identical property, the Fund generally will
recognize gain as if the appreciated financial position were sold at its fair market value on the date it enters into the short
sale. The subsequent holding period for any appreciated financial position that is subject to these constructive sale rules will
be determined as if such position were acquired on the date of the constructive sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Certain dividend distributions paid by the Fund (whether paid
in cash or reinvested in additional Fund shares) to individual taxpayers are taxed at rates applicable to net long-term capital
gains (20%, 15% or 0% for individuals at certain income levels). This tax treatment applies only if certain holding period and
other requirements are satisfied by the Common Shareholder with respect to his or her Common Shares and the dividends are attributable
to qualified dividend income received by the Fund itself. For this purpose, &#8216;&#8216;qualified dividend income&#8217;&#8217;
means dividends received by the Fund from </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> U.S. corporations and &#8216;&#8216;qualified foreign corporations,&#8217;&#8217;
provided that the Fund satisfies certain holding period and other requirements in respect of the stock of such corporations. Dividends
received on shares of stock that are subject to a covered call option that is not a qualified covered call option, will not constitute
qualified dividend income. Gains on option positions and other short-term gains, interest income and non-qualified dividends are
not eligible for the lower tax rate. There can be no assurance as to what portion of the Fund&#8217;s dividend distributions will
qualify for favorable treatment. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Common Shareholders receiving dividends or distributions in the
form of additional Common Shares pursuant to the Plan will be treated for U.S. federal income tax purposes as receiving a distribution
in an amount equal to the amount of money that the shareholders receiving cash dividends or distributions will receive, and will
have a cost basis in the Common Shares received equal to such amount. The Fund will inform Common Shareholders of the source and
tax status of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Selling Common Shareholders will generally recognize gain or
loss in an amount equal to the difference between the Common Shareholder&#8217;s adjusted tax basis in the Common Shares sold and
the amount received. If the Common Shares are held as a capital asset, the gain or loss will be a capital gain or loss. The maximum
tax rate applicable to net capital gains recognized by individuals and other non-corporate taxpayers is (i) the same as the maximum
ordinary income tax rate for gains recognized on the sale of capital assets held for one year or less, or (ii) 20% for gains recognized
on the sale of capital assets held for more than one year (as well as certain capital gain distributions) (15% or 0% for individuals
at certain income levels). Any loss on a disposition of Common Shares held for six months or less will be treated as a long-term
capital loss to the extent of any capital gain distributions received with respect to those Common Shares. For purposes of determining
whether Common Shares have been held for six months or less, the holding period is suspended for any periods during which the Common
Shareholder&#8217;s risk of loss is diminished as a result of holding one or more other positions in substantially similar or related
property, or through certain options or short sales. Any loss realized on a sale or exchange of Common Shares will be disallowed
to the extent those Common Shares are replaced by other Common Shares within a period of 61 days beginning 30 days before and ending
30 days after the date of disposition of the Common Shares (whether through the reinvestment of distributions, which could occur,
for example, if the Common Shareholder is a participant in the Plan (as defined below) or otherwise). In that event, the basis
of the replacement Common Shares will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">An investor should be aware that, if Common Shares are purchased
shortly before the record date for any taxable distribution (including a capital gain distribution), the purchase price likely
will reflect the value of the distribution and the investor then would receive a taxable distribution likely to reduce the trading
value of such Common Shares, in effect resulting in a taxable return of some of the purchase price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund may be required to withhold, for U.S. federal backup
withholding tax purposes, a portion of the dividends, distributions and redemption proceeds payable to Common Shareholders who
fail to provide the Fund (or its agent) with their correct taxpayer identification number or to make required certifications, or
who have been notified by the IRS that they are subject to backup withholding. Certain Common Shareholders are exempt from backup
withholding. Backup withholding is not an additional tax and any amount withheld may be credited against a Common Shareholder&#8217;s
U.S. federal income tax liability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">An investor should also be aware that the benefits of the reduced
tax rate applicable to long-term capital gains and qualified dividend income may be impacted by the application of the alternative
minimum tax to individual shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The foregoing briefly summarizes some of the important federal
income tax consequences to Common Shareholders of investing in Common Shares, reflects the federal tax law as of the date of this
Prospectus, and does not address special tax rules applicable to certain types of investors, such as corporate and foreign investors.
Unless otherwise noted, this discussion assumes that an investor is a U.S. person and holds Common Shares as a capital asset. This
discussion is based upon current provisions of the Code, the regulations promulgated thereunder, and judicial and administrative
ruling authorities, all of which are subject to change or differing interpretations by the courts or the IRS retroactively or prospectively.
Investors should consult their tax advisors regarding other federal, state or local tax considerations that may be applicable in
their particular circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Dividend Reinvestment Plan </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund offers a dividend reinvestment plan (the &#8220;Plan&#8221;),
pursuant to which a Common Shareholder may elect to have distributions automatically reinvested in Common Shares of the Fund. You
may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate,
you will receive all Fund distributions in cash paid by check mailed directly to you by American Stock Transfer &amp; Trust Company,
LLC (&#8220;AST&#8221; or &#8220;Plan Agent&#8221;), as dividend paying agent. On the distribution payment date, if the net asset
value per Common Share is equal to or less than the market price per Common Share plus estimated brokerage commissions, then new
Common Shares will be issued. The number of Common Shares shall be determined by the greater of the net asset value per Common
Share or 95% of the market price. Otherwise, Common Shares generally will be purchased on the open market by the Plan Agent. Distributions
subject to income tax (if any) are taxable whether or not shares are reinvested.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If your shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan,
you will need to request that your shares be re-registered in your name with the Fund&#8217;s transfer agent, AST, or you will
not be able to participate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Plan Agent&#8217;s service fee for handling distributions
will be paid by the Fund. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Plan participants may withdraw from the Plan at any time by
writing to the Plan Agent at the address noted on page 40. If you withdraw, you will receive shares in your name for all Common
Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent
sell part or all of his or her Common Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage
commissions from the proceeds. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Any inquiries regarding the Plan can be directed to the Plan
Agent, AST, at 1-866-439-6787.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Description of Capital Structure </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is an unincorporated business trust established under
the laws of The Commonwealth of Massachusetts by an Agreement and Declaration of Trust (the &#8220;Declaration of Trust&#8221;).
The Declaration of Trust provides that the Board may authorize separate classes of shares of beneficial interest. The Board has
authorized an unlimited number of Common Shares. The Fund holds annual meetings of Common Shareholders in compliance with the requirements
of the NYSE.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>COMMON SHARES </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust permits the Fund to issue an unlimited
number of full and fractional Common Shares. Each Common Share represents an equal proportionate interest in the assets of the
Fund with each other Common Share in the Fund. Common Shareholders will be entitled to the payment of distributions when, as and
if declared by the Board. The 1940 Act or the terms of any future borrowings or issuance of preferred shares may limit the payment
of distributions to the Common Shareholders. Each whole Common Share shall be entitled to one vote as to matters on which it is
entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying
or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding
preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection,
the Board may distribute the remaining assets of the Fund among the Common Shareholders. The Declaration of Trust provides that
Common Shareholders are not liable for any liabilities of the Fund and permits inclusion of a clause to that effect in every agreement
entered into by the Fund and, in coordination with the Fund&#8217;s By-laws, indemnifies shareholders against any such liability.
Although shareholders of an unincorporated business trust established under Massachusetts law may, in certain limited circumstances,
be held personally liable for the obligations of the business trust as though they were general partners, the provisions of the
Fund&#8217;s Declaration of Trust and By-laws described in the foregoing sentence make the likelihood of such personal liability
remote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no current intention to issue preferred shares or
to borrow money. However, if at some future time there are any borrowings or preferred shares outstanding, the Fund may not be
permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i) all accrued distributions
on preferred shares or accrued interest on borrowings have been paid and (ii) the value of the Fund&#8217;s total assets (determined
after deducting the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior securities,
is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount
of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares. In addition to
the requirements of the 1940 Act, the Fund may be required to comply with other asset coverage requirements as a condition of the
Fund obtaining a rating of preferred shares from a nationally recognized statistical rating agency (a &#8220;Rating Agency&#8221;).
These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#8217;s
ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its
qualification for taxation as a regulated investment company for federal income tax purposes. If the Fund were in the future to
issue preferred shares or borrow money, it would intend, however, to the extent possible to purchase or redeem preferred shares
or reduce borrowings from time to time to maintain compliance with such asset coverage requirements and may pay special distributions
to the holders of the preferred shares in certain circumstances in connection with any potential impairment of the Fund&#8217;s
status as a regulated investment company. See &#8220;Federal Income Tax Matters.&#8221; Depending on the timing of any such redemption
or repayment, the Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the
holders thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no present intention of offering additional Common
Shares, except as described herein. Other offerings of its Common Shares, if made, will require approval of the Board. Any additional
offering will not be sold at a price per Common Share below the then current net asset value (exclusive of underwriting discounts
and commissions) except in connection with an offering to existing Common Shareholders or with the consent of a majority of the
outstanding Common Shares. The Common Shares have no preemptive rights.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund generally will not issue Common Share certificates.
However, upon written request to the Fund&#8217;s transfer agent, a share certificate will be issued for any or all of the full
Common Shares credited to an investor&#8217;s account. Common Share certificates that have been issued to an investor may be returned
at any time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>CREDIT FACILITY/COMMERCIAL PAPER PROGRAM </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no current intention to borrow money for the purpose
of obtaining investment leverage. If, in the future, the Fund determines to engage in investment leverage using borrowings, the
Fund may enter into definitive agreements with respect to a credit facility/commercial paper program or other borrowing program,
pursuant to which the Fund would expect to be entitled to borrow up to a specified amount. Any such borrowings would constitute
financial leverage. Borrowings under such a facility/ commercial paper program would not be expected to be convertible into any
other securities of the Fund. Outstanding amounts would be expected to be prepayable by the Fund prior to final maturity without
significant penalty, and no sinking fund or mandatory retirement provisions would be expected to apply. Outstanding amounts would
be payable at maturity or such earlier times as required by the agreement. The Fund may be required to prepay outstanding amounts
under the facility/program or incur a penalty rate of interest in the event of the occurrence of certain events of default. The
Fund would be expected to indemnify the lenders under the facility/program against liabilities they may incur in connection with
the facility/program.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Fund expects that any such credit facility/program
would contain covenants that, among other things, likely would limit the Fund&#8217;s ability to pay distributions in certain circumstances,
incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations,
and may require asset coverage ratios in addition to those required by the 1940 Act. The Fund may be required to pledge its assets
and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or principal payments and
expenses. The Fund expects that any credit facility/program would have customary covenant, negative covenant and default provisions.
There can be no assurance that the Fund will enter into an agreement for a credit facility/program on terms and conditions representative
of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such credit facility/program
may in the future be replaced or refinanced by one or more credit facilities having substantially different terms or by the issuance
of preferred shares or debt securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>REPURCHASE OF COMMON SHARES AND OTHER DISCOUNT METHODS </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Because shares of closed-end management investment companies
frequently trade at a discount to their net asset values, the Board has determined that from time-to-time it may be in the interest
of Common Shareholders for the Fund to take corrective actions to reduce trading discounts in the Common Shares. The Board, in
consultation with Eaton Vance, will review at least annually the possibility of open market repurchases and/or tender offers for
the Common Shares and will consider such factors as the market price of the Common Shares, the net asset value of the Common Shares,
the liquidity of the assets of the Fund, the effect on the Fund&#8217;s expenses, whether such transactions would impair the Fund&#8217;s
status as a regulated investment company or result in a failure to comply with applicable asset coverage requirements, general
economic conditions and such other events or conditions that may have a material effect on the Fund&#8217;s ability to consummate
such transactions. There are no assurances that the Board will, in fact, decide to undertake either of these actions or, if undertaken,
that such actions will result in the Common Shares trading at a price equal to or approximating their net asset value. In recognition
of the possibility that the Common Shares might trade at a discount to net asset value and that any such discount may not be in
the interest of shareholders, the Board, in consultation with Eaton Vance, from time to time may review possible actions to reduce
any such discount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">On September 30, 2013, the Board of Trustees of the Fund authorized
the continuation of repurchase by the Fund of up to 10% of its then-currently outstanding Common Shares in open-market transactions
at a discount to net asset value. The repurchase program has been in effect since August 6, 2012 and does not obligate the Fund
to purchase a specific amount of shares. Results of the repurchase program are disclosed in the Fund&#8217;s annual and semi-annual
reports to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>PREFERRED SHARES </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no current intention of issuing any shares other
than the Common Shares. However, the Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial
interest with preference rights (the &#8220;preferred shares&#8221;) in one or more series, with rights as determined by the Board,
by action of the Board without the approval of the Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the requirements of the 1940 Act, the Fund must, immediately
after the issuance of any preferred shares, have an &#8220;asset coverage&#8221; of at least 200%. Asset coverage means the ratio
which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities (as
defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus
the aggregate liquidation preference of the preferred shares. If the Fund seeks a rating for preferred shares, asset coverage requirements
in addition to those set forth in the 1940 Act may be imposed. The liquidation value of any preferred shares would be expected
to equal their</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">aggregate original purchase price plus redemption premium, if
any, together with any accrued and unpaid distributions thereon (on a cumulative basis), whether or not earned or declared. The
terms of any preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions,
will be determined by the Board (subject to applicable law and the Fund&#8217;s Declaration of Trust) if and when it authorizes
preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at
relatively short intervals through an auction or remarketing procedure, although the terms of such preferred shares may also enable
the Fund to lengthen such intervals. At times, the distribution rate on any preferred shares may exceed the Fund&#8217;s return
after expenses on the investment of proceeds from the preferred shares and the Fund&#8217;s leverage structure, resulting in a
lower rate of return to Common Shareholders than if the Fund were not so structured.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential
liquidating distribution (expected to equal the original purchase price per share plus redemption premium, if any, together with
accrued and unpaid dividends, whether or not earned or declared and on a cumulative basis) before any distribution of assets is
made to Common Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred
shareholders would not be entitled to any further participation in any distribution of assets by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Holders of preferred shares, voting as a class, would be entitled
to elect two of the Fund&#8217;s Trustees if any preferred shares are issued. The holders of both the Common Shares and the preferred
shares (voting together as a single class with each share entitling its holder to one vote) shall be entitled to elect the remaining
Trustees of the Fund. Under the 1940 Act, if at any time dividends on the preferred shares are unpaid in an amount equal to two
full years&#8217; dividends thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect
a majority of the Board until all distributions in arrears have been paid or declared and set apart for payment. In addition, if
required by a Rating Agency rating the preferred shares or if the Board determines it to be in the best interests of the Common
Shareholders, issuance of the preferred shares may result in more restrictive provisions than required under the 1940 Act. In this
regard, holders of preferred shares may be entitled to elect a majority of the Board in other circumstances, for example, if one
payment on the preferred shares is in arrears. The differing rights of the holders of preferred and Common Shares with respect
to the election of Trustees do not affect the obligation of all Trustees to take actions they believe to be consistent with the
best interests of the Fund. All such actions must be consistent with (i) the obligations of the Fund with respect to the holders
of preferred shares (which obligations arise primarily from the contractual terms of the preferred shares, as specified in the
Declaration of Trust and By-laws of the Fund) and (ii) the fiduciary duties owed to the Fund, which include the duties of loyalty
and care.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event of any future issuance of preferred shares, the
Fund likely would seek a credit rating for such preferred shares from a Rating Agency. In such event, as long as preferred shares
are outstanding, the composition of its portfolio will reflect guidelines established by such Rating Agency. Based on previous
guidelines established by Rating Agencies for the securities of other issuers, the Fund anticipates that the guidelines with respect
to any preferred shares would establish a set of tests for portfolio composition and asset coverage that supplement (and in some
cases are more restrictive than) the applicable requirements under the 1940 Act. Although no assurance can be given as to the nature
or extent of the guidelines that may be imposed in connection with obtaining a rating of any preferred shares, the Fund anticipates
that such guidelines would include asset coverage requirements that are more restrictive than those under the 1940 Act, restrictions
on certain portfolio investments and investment practices and certain mandatory redemption requirements relating to any preferred
shares. No assurance can be given that the guidelines actually imposed with respect to any preferred shares by a Rating Agency
would be more or less restrictive than those described in this Prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>EFFECTS OF POSSIBLE FUTURE LEVERAGE </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As discussed above, the Fund has no current intention to issue
preferred shares or to borrow money for the purpose of obtaining investment leverage. In the event that the Fund determines in
the future to utilize investment leverage, there can be no assurance that such a leveraging strategy would be successful during
any period in which it is employed. Leverage creates risks for Common Shareholders, including the likelihood of greater volatility
of net asset value and market price of the Common Shares and the risk that fluctuations in distribution rates on any preferred
shares or fluctuations in borrowing costs may affect the return to Common Shareholders. To the extent that amounts available for
distribution derived from securities purchased with the proceeds of leverage exceed the cost of such leverage, the Fund&#8217;s
distributions would be greater than if leverage had not been used. Conversely, if the amounts available for distribution derived
from securities purchased with leverage proceeds are not sufficient to cover the cost of leverage, distributions to Common Shareholders
would be less than if leverage had not been used. In the latter case, Eaton Vance, in its best judgment, may nevertheless determine
to maintain the Fund&#8217;s leveraged position if it deems such action to be appropriate. The costs of an offering of preferred
shares and/or a borrowing program would be borne by Common Shareholders and consequently would result in a reduction of the net
asset value of Common Shares. See &#8220;Risk Considerations &#8211; Financial Leverage Risk.&#8221;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the fee paid to Eaton Vance will be calculated on
the basis of the Fund&#8217;s average daily gross assets, including proceeds from the issuance of preferred shares and/or borrowings,
so the fees would be higher if leverage is utilized. In this regard, holders of preferred shares would not bear the investment
advisory fee. Rather, Common Shareholders would bear the portion of the investment advisory fee attributable to the assets purchased
with the proceeds of the preferred shares offering. See &#8220;Risk Considerations &#8211; Financial Leverage Risk.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>CERTAIN PROVISIONS OF THE DECLARATION OF TRUST </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Anti-Takeover Provisions in the Declaration of Trust</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust includes provisions that could have
the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of
its Board and could have the effect of depriving Common Shareholders of an opportunity to sell their Common Shares at a premium
over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions may have
the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses
of the Fund and interfering with the normal operation of the Fund. The Board is divided into three classes, with the term of one
class expiring at each annual meeting of shareholders. At each annual meeting, one class of Trustees is elected to a three-year
term. This provision could delay for up to two years the replacement of a majority of the Board. A Trustee may be removed from
office only for cause by a written instrument signed by the remaining Trustees or by a vote of the holders of at least two-thirds
of the class of shares of the Fund that elected such Trustee and are entitled to vote on the matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Declaration of Trust requires the favorable
vote of the holders of at least 75% of the outstanding shares of each class of the Fund, voting as a class, then entitled to vote
to approve, adopt or authorize certain transactions with 5%-or-greater holders of a class of shares and their associates, unless
the Board shall by resolution have approved a memorandum of understanding with such holders, in which case normal voting requirements
would be in effect. For purposes of these provisions, a 5%-or-greater holder of a class of shares (a &#8220;Principal Shareholder&#8221;)
refers to any person who, whether directly or indirectly and whether alone or together with its affiliates and associates, beneficially
owns 5% or more of the outstanding shares of any class of beneficial interest of the Fund. The transactions subject to these special
approval requirements are: (i) the merger or consolidation of the Fund or any subsidiary of the Fund with or into any Principal
Shareholder; (ii) the issuance of any securities of the Fund to any Principal Shareholder for cash; (iii) the sale, lease or exchange
of all or any substantial part of the assets of the Fund to any Principal Shareholder (except assets having an aggregate fair market
value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series
of similar transactions within a twelve-month period); or (iv) the sale, lease or exchange to the Fund or any subsidiary thereof,
in exchange for securities of the Fund, of any assets of any Principal Shareholder (except assets having an aggregate fair market
value of less than $1,000,000, aggregating for the purposes of such computation all assets sold, leased or exchanged in any series
of similar transactions within a twelve-month period).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has determined that provisions with respect to the
Board and the 75% voting requirements described above, which voting requirements are greater than the minimum requirements under
Massachusetts law or the 1940 Act, are in the best interest of Common Shareholders generally. Reference should be made to the Declaration
of Trust on file with the SEC for the full text of these provisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Conversion to Open-End Fund </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may be converted to an open-end management investment
company at any time if approved by the lesser of (i) two-thirds or more of the Fund&#8217;s then outstanding Common Shares and
preferred shares (if any), each voting separately as a class, or (ii) more than 50% of the then outstanding Common Shares and
preferred shares (if any), voting separately as a class if such conversion is recommended by at least 75% of the Trustees then
in office. If approved in the foregoing manner, conversion of the Fund could not occur until 90 days after the shareholders&#8217;
meeting at which such conversion was approved and would also require at least 30 days&#8217; prior notice to all shareholders.
Conversion of the Fund to an open-end management investment company also would require the redemption of any outstanding preferred
shares and could require the repayment of borrowings, which would eliminate any future leveraged capital structure of the Fund
with respect to the Common Shares. In the event of conversion, the Common Shares would cease to be listed on the NYSE or other
national securities exchange or market system. The Board believes that the closed-end structure is desirable, given the Fund&#8217;s
investment objectives and policies. Investors should assume, therefore, that it is unlikely that the Board would vote to convert
the Fund to an open-end management investment company. Shareholders of an open-end management investment company may require the
company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net
asset value, less such redemption charge, if any, as might be in effect at the time of a redemption. If the Fund were to convert
to an open-end investment company, the Fund expects it would pay all such redemption requests in cash, but would likely reserve
the right to pay redemption requests in a combination of cash or securities. If such partial payment in securities were made,
investors may incur brokerage costs in converting such securities to cash. If the Fund were converted to an open-end fund, it
is likely that new Common Shares would be sold at net asset value plus a sales load.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B></B></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Custodian and Transfer Agent</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">State Street Bank and Trust Company (&#8220;State Street&#8221;),
State Street Financial Center, One Lincoln Street, Boston, MA 02111, is the custodian of the Fund and will maintain custody of
the securities and cash of the Fund. State Street maintains the Fund&#8217;s general ledger and computes net asset value per share
at least weekly. State Street also attends to details in connection with the sale, exchange, substitution, transfer and other dealings
with the Fund&#8217;s investments, and receives and disburses all funds. State Street also assists in preparation of shareholder
reports and the electronic filing of such reports with the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">American Stock Transfer &amp; Trust Company, LLC, 6201 15<SUP>th</SUP>
Avenue, Brooklyn, NY 11219 is the transfer agent and dividend disbursing agent of the Fund.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Legal Opinions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain legal matters in connection with the Common Shares will
be passed upon for the Fund by internal counsel for Eaton Vance.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Reports to Shareholders</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will send to Common Shareholders unaudited semi-annual
and audited annual reports, including a list of investments held.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Deloitte &amp; Touche LLP, 200 Berkeley Street, Boston, MA
02116, independent registered public accounting firm, audits the Fund&#8217;s financial statements and provides other audit, tax
and related services. </P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Additional Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Prospectus and the Statement of Additional Information
do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC. The complete
Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations. The Statement
of Additional Information can be obtained without charge by calling 1-800-262-1122.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Statements contained in this Prospectus as to the contents
of any contract or other documents referred to are not necessarily complete, and, in each instance, reference is made to the copy
of such contract or other document filed as an exhibit to the Registration Statement of which this Prospectus forms a part, each
such statement being qualified in all respects by such reference.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Table of Contents for the Statement of Additional Information</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt NewsGoth XCn BT; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%; padding: 3pt 5.5pt; font: 10pt NewsGoth Lt BT">&nbsp;</TD>
    <TD STYLE="width: 6%; padding: 6pt 5.5pt; text-align: right; font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additional Investment Information and Restrictions&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustees and Officers&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Advisory and Other Services&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Determination of Net Asset Value&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Trading&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Taxes&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other Information&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Custodian&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Independent Registered Public Accounting Firm&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial Statements&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">APPENDIX A: Eaton Vance Funds Proxy Voting Policy and Procedures&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">28</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">APPENDIX B: Adviser Proxy Voting Policies and Procedures&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">37</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>The Fund&#8217;s Privacy Policy</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Eaton Vance organization is committed to ensuring your financial
privacy. Each of the financial institutions identified below has in effect the following policy (&#8220;Privacy Policy&#8221;)
with respect to nonpublic personal information about its customers:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Only such information received from you, through application
forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such
as name, address, social security number, tax status, account balances and transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">None of such information about you (or former customers) will
be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account).
In the normal course of servicing a customer&#8217;s account, Eaton Vance may share information with unaffiliated third parties
that perform various required services such as transfer agents, custodians and broker/dealers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Policies and procedures (including physical, electronic and procedural
safeguards) are in place that are designed to protect the confidentiality of such information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link
on our homepage: <FONT STYLE="color: black">www.eatonvance.com.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Our pledge of privacy applies to the following entities within
the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance
Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International
Ltd., Eaton Vance Management&#8217;s Real Estate Investment Group and Boston Management and Research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, our Privacy Policy applies only to those Eaton Vance
customers who are individuals and who have a direct relationship with us. If a customer&#8217;s account (i.e., fund shares) is
held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser&#8217;s privacy policies
apply to the customer. This notice supersedes all previously issued privacy disclosures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For more information about Eaton Vance&#8217;s Privacy Policy,
please call 1-800-262-1122.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"> <B>Up to 7,168,522 Shares</B> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>Eaton Vance Enhanced Equity Income Fund
II</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>Prospectus [_______], 2019</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><I>Printed on recycled paper.</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><I></I></P>

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    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><I>&nbsp;</I></P>
<!-- Field: /Include-Text -->

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<!-- Field: Include-Text; File: T:\Filings with the SEC\N%2D2A\Enhanced Equity Income Fund II N%2D2A dtd 4%2D4%2D19\edgar\eossai.htm; Date: 2019%2D04%2D04T10:55:56; Size: 374991 -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-top: 3pt; padding-bottom: 3pt; font: 10pt/normal Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: NewsGoth BT, Sans-Serif; color: red">SUBJECT TO COMPLETION</FONT></TD>
    <TD STYLE="width: 16%; padding-top: 3pt; padding-bottom: 3pt; font: 10pt/normal Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-top: 3pt; padding-bottom: 3pt; text-align: right; font: 10pt/normal Arial, Helvetica, Sans-Serif"> <FONT STYLE="font-family: NewsGoth BT, Sans-Serif; color: red">April 4, 2019 </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Courier New, Courier, Monospace; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 4.5in">STATEMENT OF ADDITIONAL<BR>
INFORMATION<BR>
[_________], 2019</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE ENHANCED EQUITY INCOME
FUND II</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Two International Place</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02110</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">1-800-262-1122</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; padding-top: 6pt; padding-bottom: 6pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: normal; vertical-align: middle">Page</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">Additional Investment Information and Restrictions&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">Trustees and Officers&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle">5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">Investment Advisory and Other Services&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle">14</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">Determination of Net Asset Value&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle">17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">Portfolio Trading&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle">18</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">Taxes&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle">20</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">Other Information&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle">26</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">Custodian&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle">26</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">Independent Registered Public Accounting Firm&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle"> 27 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">Financial Statements&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle"> 27 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">APPENDIX A: Ratings&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle"> 28 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">APPENDIX B: Proxy Voting Policy and Procedures&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right; vertical-align: middle"> 37 </TD></TR>
</TABLE>
<P STYLE="color: red; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">THE INFORMATION IN THIS STATEMENT OF ADDITIONAL
INFORMATION (&#8220;SAI&#8221;) IS NOT COMPLETE AND MAY BE CHANGED. THESE SECURITIES MAY NOT BE SOLD UNTIL THE REGISTRATION STATEMENT
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS SAI, WHICH IS NOT A PROSPECTUS, IS NOT AN OFFER TO SELL THESE
SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"> THIS STATEMENT OF ADDITIONAL INFORMATION (&#8220;SAI&#8221;)
IS NOT A PROSPECTUS AND IS AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS ONLY IF PRECEDED OR ACCOMPANIED BY THE PROSPECTUS
OF EATON VANCE ENHANCED EQUITY INCOME FUND II (THE &#8220;FUND&#8221;) DATED [_______], 2019 (THE &#8220;PROSPECTUS&#8221;), AS
SUPPLEMENTED FROM TIME TO TIME, WHICH IS INCORPORATED HEREIN BY REFERENCE. THIS SAI SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS,
A COPY OF WHICH MAY BE OBTAINED WITHOUT CHARGE BY CONTACTING YOUR FINANCIAL INTERMEDIARY OR CALLING THE FUND AT 1-800-262-1122. </P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Capitalized terms used in this SAI and not otherwise defined
have the meanings given them in the Fund&#8217;s Prospectus and any related Prospectus Supplements.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">ADDITIONAL INVESTMENT INFORMATION
AND RESTRICTIONS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Primary investment strategies are described in the Prospectus.
The following is a description of the various investment policies that may be engaged in, whether as a primary or secondary strategy,
and a summary of certain attendant risks. Eaton Vance may not buy any of the following instruments or use any of the following
techniques unless it believes that doing so will help to achieve the Fund&#8217;s investment objectives.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Equity
Investments. </B></FONT>As described in the Prospectus, the Fund invests primarily in common stocks.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Emerging
Markets.</B></FONT> The Fund may invest up to 5% of its total assets in securities of issuers located in emerging markets. The
risks of foreign investments described above apply to an even greater extent to investments in emerging markets. The securities
markets of emerging countries are generally smaller, less developed, less liquid, and more volatile than the securities markets
of the U.S. and developed foreign markets. Disclosure and regulatory standards in many respects are less stringent than in the
U.S. and developed foreign markets. There also may be a lower level of monitoring and regulation of securities markets in emerging
market countries and the activities of investors in such markets and enforcement of existing regulations has been extremely limited.
Many emerging countries have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation
and rapid fluctuations in inflation rates have had and may continue to have very negative effects on the economies and securities
markets of certain emerging countries. Economies in emerging markets generally are heavily dependent upon international trade
and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments
in relative currency values, and other protectionist measures imposed or negotiated by the countries with which they trade. The
economies of these countries also have been and may continue to be adversely affected by economic conditions in the countries
in which they trade. The economies of countries with emerging markets may also be predominantly based on only a few industries
or dependent on revenues from particular commodities. In addition, custodial services and other costs relating to investment in
foreign markets may be more expensive in emerging markets than in many developed foreign markets, which could reduce the Fund&#8217;s
income from such securities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">In many cases, governments of emerging countries continue
to exercise significant control over their economies, and government actions relative to the economy, as well as economic developments
generally, may affect the Fund&#8217;s investments in those countries. In addition, there is a heightened possibility of expropriation
or confiscatory taxation, imposition of withholding taxes on interest payments, or other similar developments that could affect
investments in those countries. There can be no assurance that adverse political changes will not cause the Fund to suffer a loss
of any or all of its investments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Preferred
Stocks. </B></FONT>The <FONT STYLE="color: #231F20">Fund may invest in preferred stocks of both domestic and foreign issuers. Under
normal market conditions, the Fund expects, with respect to that portion of its total assets invested in preferred stocks, to invest
only in preferred stocks of investment grade quality as determined by S&amp;P, Fitch or Moody&#8217;s or, if unrated, determined
to be of comparable quality by Eaton <FONT STYLE="letter-spacing: -0.15pt">Vance. </FONT>The foregoing credit quality policies
apply only at the time a security is purchased, and the Fund is not required to dispose of a security in the event of a downgrade
of an assessment of credit quality or the withdrawal of a rating. Preferred stocks involve credit risk, which is the risk that
a preferred stock will decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its
financial status. In addition to credit risk, investment in preferred stocks involves certain other risks as more fully described
in the Prospectus.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 8.8pt 6pt 0"><FONT STYLE="color: black"><B>Derivative Instruments</B><FONT STYLE="font-weight: normal">.</FONT></FONT>
<FONT STYLE="color: #231F20">Derivative instruments (which are instruments that derive their value from another instrument, security
or index) may be purchased or sold to enhance return (which may be considered speculative), to hedge against fluctuations in securities
prices or market conditions, or as a substitute for the purchase or sale of securities or currencies. These strategies may be executed
through the use of derivative contracts in the United States. or abroad. In the course of pursuing these investment strategies,
the Fund may purchase and sell exchange-listed and over-the-counter put and call options on securities, equity and fixed-income
indices and other instruments, purchase and sell futures contracts and options thereon, and enter into various transactions such
as swaps, caps, floors or collars. In addition, derivatives may also include new techniques, instruments or strategies that are
permitted as regulatory changes occur. Transactions in derivative instruments involve a risk of loss or depreciation due to: unanticipated
adverse changes in securities prices, interest rates, indices, or the other financial instruments&#8217; prices; the inability
to close out a position; default by the counterparty; imperfect correlation between a position and the desired hedge; tax constraints
on closing out positions; and portfolio management constraints on securities subject to such transactions. The loss on derivative
instruments (other than purchased options) may substantially exceed an investment in these instruments. In addition, the entire
premium paid for purchased options may be lost before they can be profitably exercised. Transaction costs are incurred in opening
and closing positions. Derivative instruments may sometimes increase or leverage exposure to a particular market risk, thereby
increasing price volatility. Over-the-counter (&#8216;&#8216;OTC&#8217;&#8217;) derivative instruments, equity swaps and forward
sales of stocks involve an enhanced risk that the issuer or</FONT></P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 8.8pt 6pt 0"><FONT STYLE="color: #231F20">counterparty will
fail to perform its contractual obligations. Some derivative instruments are not readily marketable or may become illiquid under
adverse market conditions. In addition, during periods of market volatility, a commodity exchange may suspend or </FONT><FONT STYLE="color: black">limit</FONT>
<FONT STYLE="color: #231F20">trading in an exchange-traded derivative instrument, which may make the contract temporarily illiquid
and difficult to price. Commodity exchanges may also establish daily limits on the amount that the price of a futures contract
or futures option can vary from the previous day&#8217;s settlement price. Once the daily limit is reached, no trades may be made
that day at a price beyond the limit. This may prevent the closing out of positions to limit losses. The staff of the SEC takes
the position that certain purchased OTC options, and assets used as cover for written OTC options, are illiquid. The ability to
terminate OTC derivative instruments may depend on the cooperation of the counterparties to such contracts. For thinly traded derivative
instruments, the only source of price quotations may be the selling dealer or counterparty. In addition, certain provisions of
the Internal Revenue Code of 1986, as amended (the &#8216;&#8216;Code&#8217;&#8217;) limit the use of derivative instruments. The
Fund has claimed an exclusion from the definition of a Commodity Pool Operator (&#8216;&#8216;CPO&#8217;&#8217;) under the Commodity
Exchange Act and therefor is not subject to registration or regulation as a CPO. There can be no assurance that the use of derivative
instruments will be advantageous.</FONT></P>

<P STYLE="color: #231F20; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 8.9pt 6pt 0">Foreign exchange traded futures
contracts and options thereon may be used only if the Adviser determines that trading on such foreign exchange does not entail
risks, including credit and liquidity risks, that are materially greater than the risks associated with trading on CFTC-regulated
exchanges.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <B>Investments in ETFs.</B> The Fund can invest in
shares of exchange-traded funds (&#8220;ETFs&#8221;). ETFs are pooled investment vehicles that are designed to provide investment
results corresponding to an index. These indexes may be either broad-based, sector or international. ETFs usually are units of
beneficial interest in an investment trust or represent undivided ownership interests in a portfolio of securities (or commodities),
in each case with respect to a portfolio of all or substantially all of the component securities of, and in substantially the same
weighting as, the relevant benchmark index. ETFs are designed to provide investment results that generally correspond to the price
and yield performance of the component securities (or commodities) of the benchmark index. ETFs are listed on an exchange and trade
in the secondary market on a per-share basis. Investments in ETFs are generally subject to limits in the 1940 Act on investments
in other investment companies. The values of ETFs are subject to change as the values of their respective component securities
(or commodities) fluctuate according to market volatility. Investments in ETFs may not exactly match the performance of a direct
investment in the respective indices to which they are intended to correspond due to the temporary unavailability of certain index
securities in the secondary market or other extraordinary circumstances, such as discrepancies with respect to the weighting of
securities. Typically, the ETF bears its own operational expenses, which are deducted from its assets. To the extent that the Fund
invests in ETFs, the Fund must bear these expenses in addition to the expenses of its own operation. </P>

<P STYLE="color: #231F20; font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Short Sales. <FONT STYLE="font-weight: normal">The
Fund may sell a security short if it owns at least an equal amount of the security sold short or another security convertible or
exchangeable for an equal amount of the security sold short without payment of further compensation (a short sale against-the-box).</FONT></P>

<P STYLE="color: #231F20; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-weight: normal">Purchasing
securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the
loss. Short-selling exposes the Fund to unlimited risk with respect to that security due to the lack of an upper limit on the price
to which an instrument can rise. Although the Fund reserves the right to utilize short sales, the Adviser is under no obligation
to utilize short sales at all.</FONT></P>

<P STYLE="color: #231F20; font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Securities Lending. <FONT STYLE="font-weight: normal">As
described in the Prospectus, the Fund may lend a portion of its portfolio securities to broker-dealers or other institutional borrowers.
Loans will be made only to organizations whose credit quality or claims paying ability is considered by the Adviser to be at least
investment grade. All securities loans will be collateralized on a continuous basis by cash or U.S. government securities having
a value, marked to market daily, of at least 100% of the market value of the loaned securities. The Fund may receive loan fees
in connection with loans that are collateralized by securities or on loans of securities for which there is special demand. The
Fund may also seek to earn income on securities loans by reinvesting cash collateral in securities consistent with its investment
objectives and policies, seeking to invest at rates that are higher than the &#8216;&#8216;rebate&#8217;&#8217; rate that it normally
will pay to the borrower with respect to such cash collateral. Any such reinvestment will be subject to the investment policies,
restrictions and risk considerations described in the Prospectus and in this SAI.</FONT></P>

<P STYLE="color: #231F20; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Securities loans may result in delays
in recovering, or a failure of the borrower to return, the loaned securities. The defaulting borrower ordinarily would be liable
to the Fund for any losses resulting from such delays or failures, and the collateral provided in connection with the loan normally
would also be available for that purpose. Securities loans normally may be terminated by either the Fund or the borrower at any
time. Upon termination and the return of the loaned securities, the Fund would be required to return the related cash or securities
collateral to the borrower and it may be required to liquidate longer term portfolio securities in order to do so. To the extent
that such securities have decreased in value, this may result in the Fund realizing a loss at a time when it would not otherwise
do so. The Fund also may incur losses if it is unable to reinvest cash collateral at rates higher than applicable rebate rates
paid to borrowers and related administrative costs. These risks are substantially the same as those incurred through investment
leverage, and will be subject to the investment policies, restrictions and risk considerations described in the Prospectus and
in this SAI.</P>

<P STYLE="color: #231F20; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="color: #231F20; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will receive amounts equivalent
to any interest or other distributions paid on securities while they are on loan, and the Fund will not be entitled to exercise
voting or other beneficial rights on loaned securities. The Fund will exercise its right to terminate loans and thereby regain
these rights whenever the Adviser considers it to be in the Fund&#8217;s interest to do so, taking into account the related loss
of reinvestment income and other factors.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity
Risk.</B> </FONT>With the increased use of technologies by Fund service providers, such as the Internet to conduct business, the
Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate
attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems
(e.g., through &#8220;hacking&#8221; or malicious software coding) for purposes of misappropriating assets or sensitive information,
corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining
unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable
to intended users). Cyber security failures or breaches by the Fund&#8217;s investment adviser or administrator and other service
providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests,
have the ability to cause disruptions and impact business operations potentially resulting in financial losses, interference with
the Fund&#8217;s ability to calculate its NAV, impediments to trading, violations of applicable privacy and other laws, regulatory
fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,
substantial costs may be incurred in order to prevent any cyber incidents in the future. While various Fund service providers
have established business continuity plans and risk management systems intended to identify and mitigate cyber attacks, there
are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore,
the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which
the Fund invests. The Fund and its shareholders could be negatively impacted as a result.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Operational Risk</B>. The Fund&#8217;s service providers,
including the investment adviser, may experience disruptions or operating errors that could negatively impact the Fund. While service
providers are expected to have appropriate operational risk management policies and procedures, their methods of operational risk
management may differ from the Fund&#8217;s in the setting of priorities, the personnel and resources available or the effectiveness
of relevant controls. It also is not possible for Trust service providers to identify all of the operational risks that may affect
the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Temporary Investments. <FONT STYLE="font-weight: normal">The
Fund may invest in cash equivalents to invest daily cash balances or for temporary defensive purposes. Cash equivalents are highly
liquid, short-term securities such as commercial paper, time deposits, certificates of deposit, short-term notes and short-term
U.S. Government obligations.</FONT></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment Restrictions. <FONT STYLE="font-weight: normal">The
following investment restrictions of the Fund are designated as fundamental policies and as such cannot be changed without the
approval of the holders of a majority of the Fund&#8217;s outstanding voting securities, which as used in this SAI means the lesser
of (a) 67% of the shares of the Fund present or represented by proxy at a meeting if the holders of more than 50% of the outstanding
shares are present or represented at the meeting or (b) more than 50% of outstanding shares of the Fund. As a matter of fundamental
policy the Fund may not:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Borrow <FONT STYLE="color: #231F20">money, except as permitted by the Investment Company Act of 1940, as amended (the &#8216;&#8216;1940
Act&#8217;&#8217;). The 1940 Act currently requires that any indebtedness incurred by a closed-end investment company have an asset
coverage of at least 300%;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Issue senior securities, as defined in the 1940 Act, other than (a) preferred shares which immediately after issuance will
have asset coverage of at least 200%, (b) indebtedness which immediately after issuance will have asset coverage of at least 300%,
or (c) the borrowings permitted by investment restriction (1) above. The 1940 Act currently defines &#8216;&#8216;senior security&#8217;&#8217;
as any bond, debenture, note or similar obligation or instrument constituting a security and evidencing indebtedness and any stock
of a class having priority over any other class as to distribution of assets or payment of dividends. Debt and equity securities
issued by a closed-end investment company meeting the foregoing asset coverage provisions are excluded from the general 1940 Act
prohibition on the issuance of senior securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Purchase securities on margin (but the Fund may obtain such short-term credits as may be necessary for the clearance of purchases
and sales of securities). The purchase of investment assets with the proceeds of a permitted borrowing or securities offering will
not be deemed to be the purchase of securities on margin;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Underwrite securities issued by other persons, except insofar as it may technically be deemed to be an underwriter under the
Securities Act of 1933, as amended, in selling or disposing of a portfolio investment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Make <FONT STYLE="color: #231F20">loans to other persons, except by (a) the acquisition of loan interests, debt securities
and other obligations in which the Fund is authorized to invest in accordance with its investment objectives and policies, (b)
entering into repurchase agreements, and (c) lending its portfolio securities;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Purchase or sell real estate, although it may purchase and sell securities which are secured by interests in real estate and
securities of issuers which invest or deal in real estate. The Fund reserves the freedom of action to hold and to sell real estate
acquired as a result of the ownership of securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Purchase <FONT STYLE="color: #231F20">or sell physical commodities or contracts for the purchase or sale of physical commodities.
Physical commodities do not include futures contracts with respect to securities, securities indices, currencies, interest or other
financial instruments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>With <FONT STYLE="color: #231F20">respect to 75% of its total assets, invest more than 5% of its total assets in the securities
of a single issuer or purchase more than 10% of the outstanding voting securities of a single issuer, except obligations issued
or guaranteed by the U.S. government, its agencies or instrumentalities and except securities of other investment companies; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>Invest 25% or more of its total assets in any single industry or group of industries (other than securities issued or guaranteed
by the U.S. government or its agencies or instrumentalities).</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may borrow money as a temporary measure for extraordinary
or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require
untimely dispositions of Fund securities. The 1940 Act currently requires that the Fund have 300% asset coverage with respect to
all borrowings other than temporary borrowings.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">For <FONT STYLE="color: #231F20">purposes of construing
restriction (9), a large economic or market sector shall not be construed as a group of industries.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The <FONT STYLE="color: #231F20">Fund has adopted the
following nonfundamental investment policy which may be changed by the Board without approval of the Fund&#8217;s shareholders.
As a matter of nonfundamental policy, the Fund may not make short sales of securities or maintain a short position, unless at all
times when a short position is open it either owns an equal amount of such securities or owns securities convertible into or exchangeable,
without payment of any further consideration, for securities of the same issue as, and equal in amount to, the securities sold
short.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Upon the Board&#8217;s approval, the Fund may invest more
than 10% of its total assets in one or more other management investment companies (or may invest in affiliated investment companies)
to the extent permitted by the 1940 Act and rules thereunder.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Whenever an investment policy or investment restriction
set forth in the Prospectus or this SAI states a maximum percentage of assets that may be invested in any security or other assets
or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after
and as a result of the Fund&#8217;s acquisition of such security or asset. Accordingly, any later increase or decrease resulting
from a change in values, assets or other circumstances or any subsequent rating change made by a rating service (or as determined
by the Adviser if the security is not rated by a rating agency) will not compel the Fund to dispose of such security or other asset.
Notwithstanding the foregoing, the Fund must always be in compliance with the borrowing policies set forth above.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: center"><B>TRUSTEES AND OFFICERS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board of Trustees of the Fund (the &#8220;Board&#8221;)
is responsible for the overall management and supervision of the Fund&#8217;s affairs. The Board members and officers of the Fund
are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last
five years. The &#8220;noninterested Trustees&#8221; consist of those Trustees who are not &#8220;interested persons&#8221; of
the Fund, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International
Place, Boston, Massachusetts 02110. As used in this SAI, &#8220;EVC&#8221; refers to Eaton Vance Corp., &#8220;EV&#8221; refers
to Eaton Vance, Inc., &#8220;BMR&#8221; refers to Boston Management and Research and &#8220;EVD&#8221; refers to Eaton Vance Distributors
Inc. EVC and EV are the corporate parent and trustee, respectively, of Eaton Vance and BMR. EVD is a wholly-owned subsidiary of
EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or
her position with Eaton Vance listed below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Name and Year of Birth</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Fund Position(s)<SUP>(1)</SUP></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Term of Office and<BR>
Length of Service</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 12pt 2.9pt">Interested Trustee</TD>
    <TD STYLE="vertical-align: top; padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding: 6pt 5.5pt 6pt 2.9pt; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif">THOMAS E. FAUST JR.<BR>
1958</TD>
    <TD STYLE="width: 15%; padding: 6pt 0.1in 6pt 2.9pt; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif">Class I Trustee</TD>
    <TD STYLE="width: 12%; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif">Until 2020. 3 years. Since 2007.</TD>
    <TD STYLE="width: 30%; padding: 6pt 5.5pt 6pt 2.9pt; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif"> Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of Eaton Vance and BMR, and Director of EVD.&nbsp;&nbsp;Trustee and/or officer of 172 registered investment companies. Mr. Faust is an interested person because of his positions with BMR, Eaton Vance, EVC, EVD and EV, which are affiliates of the Fund. </TD>
    <TD STYLE="width: 13%; padding: 6pt 5.5pt; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; text-align: center"> 172 </TD>
    <TD STYLE="width: 15%; padding: 6pt 5.5pt 6pt 2.9pt; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif">Director of EVC and Hexavest Inc. (investment management firm).</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Fund Position(s)<SUP>(1)</SUP></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Term of Office and<BR>
Length of Service</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding: 6pt 5.5pt; line-height: 10pt; text-align: center">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt"><B>Noninterested Trustees</B></TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">MARK R. FETTING<BR>
1954</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Class III Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2019. 3 years. Since 2016.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Private investor.&nbsp;&nbsp;Formerly, held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004).&nbsp;&nbsp;Formerly, President of Legg Mason family of funds (2001-2008).&nbsp;&nbsp;Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center"> 172 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">CYNTHIA E. FROST<BR>
1961</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Class I Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2020. 3 years. Since 2014.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Private investor.&nbsp;&nbsp;Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center"> 172 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">GEORGE J. GORMAN<BR>
1952</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Class II Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2021. 3 years. Since 2014.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst &amp; Young LLP (a registered public accounting firm) (1974-2009).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center"> 172 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">VALERIE A. MOSLEY<BR>
1960</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class III Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2019. 3 years. Since 2014.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm).&nbsp;&nbsp;Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012).&nbsp;&nbsp;Former Chief Investment Officer, PG Corbin Asset Management (1990-1992).&nbsp;&nbsp;Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center"> 172 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt"> Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013). </TD></TR>
</TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Fund Position(s)<SUP>(1)</SUP></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Term of Office and<BR>
Length of Service</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding: 6pt 5.5pt; line-height: 10pt; text-align: center">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">WILLIAM H. PARK<BR>
1947</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Chairperson of the Board<BR>
and Class II Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2021. 3 years. Chairperson of the Board since 2016 and Trustee since 2003.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Private investor. Formerly, Consultant (management and transactional) (2012-2014).&nbsp;&nbsp;Formerly, Chief Financial Officer, Aveon Group, L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center"> 172 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">HELEN FRAME PETERS<BR>
1948</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class II Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2021. 3 years. Since 2008.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999).&nbsp;&nbsp;Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center"> 172 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">KEITH QUINTON<SUP>(3)</SUP><BR>
1958</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class I Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2020. 2 years. Since 2018.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Independent Investment Committee Member at New Hampshire Retirement System (since 2017).&nbsp;&nbsp;Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center"> 172 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Director of New Hampshire Municipal Bond Bank (since 2016).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">MARCUS L. SMITH<SUP>(3)</SUP><BR>
1966</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class III Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2019. 1 year. Since 2018.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center"> 172 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt"> Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). </TD></TR>
</TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Fund Position(s)<SUP>(1)</SUP></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Term of Office and<BR>
Length of Service</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 5.5pt; line-height: 10pt; text-align: center">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">SUSAN J. SUTHERLAND<BR>
1957</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class II Trustee</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2021. 3 years. Since 2015.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher &amp; Flom LLP (law firm) (1982-2013).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center"> 172 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">SCOTT E. WENNERHOLM<BR>
1959</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class I Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2020. 3 years. Since 2016.</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011).&nbsp;&nbsp;Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004).&nbsp;&nbsp;Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 5.5pt; line-height: 10pt; text-align: center"> 172 </TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>&#8194;</SUP></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>The Board of Trustees is divided into three classes, each class having a term of three years to expire on the date of the third
annual meeting following its election.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>Includes both master and feeder funds in a master-feeder structure.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD><TD>During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton,
Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM
2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM
2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However,
Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside
(launched in 2012 and terminated in 2014).</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 6pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Principal Officers who are not Trustees</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Fund Position(s)</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Term&nbsp;of Office and<BR>
Length of Service</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five&nbsp;Years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Edward J. Perkin<BR>
1972</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">President</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Since 2017</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Chief Equity Investment Officer and Vice President of Eaton Vance and BMR since 2014.&nbsp;&nbsp;Formerly, Chief Investment Officer, International and Emerging Markets Equity, and Managing Director, Portfolio Manager, Europe, EAFE and Global at Goldman Sachs Asset Management (2002-2014). Officer of 28 registered investment companies managed by Eaton Vance or BMR. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Maureen A. Gemma<BR>
1960</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President, Secretary <BR>
and Chief Legal Officer</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Vice President of Eaton Vance and BMR. Officer of 172 registered investment companies managed by Eaton Vance or BMR. Also Vice President of Calvert Research and Management (&#8220;CRM&#8221;) and officer of 39 registered investment companies advised or administered by CRM since 2016. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">James F. Kirchner<BR>
1967</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Treasurer</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Since 2013</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Vice President of Eaton Vance and BMR.&nbsp;&nbsp;Officer of 172 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2016. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Richard F. Froio<BR>
1968</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Chief Compliance Officer</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Since 2017</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Vice President of Eaton Vance and BMR since 2017.&nbsp;&nbsp;Officer of 172 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Board has general oversight responsibility with
respect to the business and affairs of the Fund. The Board has engaged an investment adviser and (if applicable) a sub-adviser(s)
(collectively the &#8220;adviser&#8221;) to manage the&nbsp;Fund and an administrator to administer the&nbsp;Fund and is responsible
for overseeing such adviser and administrator and other service providers to the Fund. The Board is currently composed of eleven
Trustees, including ten Trustees who are not &#8220;interested persons&#8221; of the&nbsp;Fund, as that term is defined in the
1940 Act (each a &#8220;noninterested Trustee&#8221;). In addition to six regularly scheduled meetings per year, the Board holds
special meetings or informal conference calls to discuss specific matters that may require action prior to the next regular meeting.
As discussed below, the Board has established six committees to assist the Board in performing its oversight responsibilities. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has appointed a noninterested Trustee to serve
in the role of Chairperson. The Chairperson&#8217;s primary role is to participate in the preparation of the agenda for meetings
of the Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the
Board. The Chairperson also presides at all meetings of the Board and acts as a liaison with service providers, officers, attorneys,
and other Board members generally between meetings. The Chairperson may perform such other functions as may be requested by the
Board from time to time. In addition, the Board may appoint a noninterested Trustee to serve in the role of Vice-Chairperson. The
Vice-Chairperson has the power and authority to perform any or all of the duties and responsibilities of the Chairperson in the
absence of the Chairperson and/or as requested by the Chairperson. Except for any duties specified herein or pursuant to the Fund&#8217;s
Declaration of Trust or By-laws, the designation of Chairperson or Vice-Chairperson does not impose on such noninterested Trustee
any duties, obligations or liability that is greater than the duties, obligations or liability imposed on such person as a member
of the Board, generally.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is subject to a number of risks, including, among
others, investment, compliance, operational, and valuation risks. Risk oversight is part of the Board&#8217;s general oversight
of the Fund and is addressed as part of various activities of the Board and its Committees. As part of its oversight of the Fund,
the Board directly, or through a Committee, relies on and reviews reports from, among others, Fund management, the adviser, the
administrator, the principal underwriter, the Chief Compliance Officer (the &#8220;CCO&#8221;), and other Fund service providers
responsible for day-to-day oversight of Fund investments, operations and compliance to assist the Board in identifying and understanding
the nature and extent of risks and determining whether, and to what extent, such risks can or should be mitigated. The Board also
interacts with the CCO and with senior personnel of the adviser, administrator, principal underwriter and other Fund service providers
and</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">provides input on risk management issues during meetings
of the Board and its Committees. Each of the adviser, administrator, principal underwriter and the other Fund service providers
has its own, independent interest and responsibilities in risk management, and its policies and methods for carrying out risk management
functions will depend, in part, on its individual priorities, resources and controls. It is not possible to identify all of the
risks that may affect the&nbsp;Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects.
Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the Fund&#8217;s goals.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board, with the assistance of management and with
input from the Board's various committees, reviews investment policies and risks in connection with its review of Fund performance.
The Board has appointed a Fund CCO who oversees the implementation and testing of the Fund compliance program and reports to the
Board regarding compliance matters for the Fund and its principal service providers. In addition, as part of the Board&#8217;s
periodic review of the advisory, subadvisory (if applicable), distribution and other service provider agreements, the Board may
consider risk management aspects of their operations and the functions for which they are responsible. With respect to valuation,
the Board approves and periodically reviews valuation policies and procedures applicable to valuing the&nbsp;Fund&#8217;s shares.
The administrator, the investment adviser and the sub-adviser (if applicable) are responsible for the implementation and day-to-day
administration of these valuation policies and procedures and provides reports to the Audit Committee of the Board and the Board
regarding these and related matters. In addition, the Audit Committee of the Board or the Board receives reports periodically from
the independent public accounting firm for the Fund regarding tests performed by such firm on the valuation of all securities,
as well as with respect to other risks associated with mutual funds. Reports received from service providers, legal counsel and
the independent public accounting firm assist the Board in performing its oversight function.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s Declaration of Trust&nbsp;does not set
forth any specific qualifications to serve as a Trustee. The Charter of the Governance Committee also does not set forth any specific
qualifications, but does set forth certain factors that the Committee may take into account in considering noninterested Trustee
candidates. In general, no one factor is decisive in the selection of an individual to join the Board. Among the factors the Board
considers when concluding that an individual should serve on the Board are the following: (i) knowledge in matters relating to
the mutual fund industry; (ii) experience as a director or senior officer of public companies; (iii) educational background; (iv)
reputation for high ethical standards and professional integrity; (v) specific financial, technical or other expertise, and the
extent to which such expertise would complement the Board members&#8217; existing mix of skills, core competencies and qualifications;
(vi) perceived ability to contribute to the ongoing functions of the Board, including the ability and commitment to attend meetings
regularly and work collaboratively with other members of the Board; (vii) the ability to qualify as a noninterested Trustee for
purposes of the 1940 Act and any other actual or potential conflicts of interest involving the individual and the Fund; and (viii)
such other factors as the Board determines to be relevant in light of the existing composition of the Board.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Among the attributes or skills common to all Board members
are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with
the other members of the Board, management, sub-advisers, other service providers, counsel and independent registered public accounting
firms, and to exercise effective and independent business judgment in the performance of their duties as members of the Board.
Each Board member&#8217;s ability to perform his or her duties effectively has been attained through the Board member&#8217;s business,
consulting, public service and/or academic positions and through experience from service as a member of the Boards of the Eaton
Vance family of funds (&#8220;Eaton Vance Fund Boards&#8221;) (and/or in other capacities, including for any predecessor funds),
public companies, or non-profit entities or other organizations as set forth below. Each Board member&#8217;s ability to perform
his or her duties effectively also has been enhanced by his or her educational background, professional training, and/or other
life experiences.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">In respect of each current member of the Board, the individual&#8217;s
substantial professional accomplishments and experience, including in fields related to the operations of registered investment
companies, were a significant factor in the determination that the individual should serve as a member of the Board. The following
is a summary of each Board member&#8217;s particular professional experience and additional considerations that contributed to
the Board&#8217;s conclusion that he or she should serve as a member of the Board:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Thomas
E. Faust Jr</I>.</FONT> Mr. Faust has served as a member of the Eaton Vance Fund Boards since 2007. He is currently Chairman,
Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of Eaton Vance
and BMR, and Director of EVD. Mr. Faust has served as a Director of Hexavest Inc. since 2012 and of SigFig Wealth Management LLC
since 2016. Mr. Faust previously served as an equity analyst, portfolio manager, Director of Equity Research and Management and
Chief Investment Officer of Eaton Vance from 1985-2007. He holds B.S. degrees in Mechanical Engineering and Economics from the
Massachusetts Institute of Technology and an MBA from Harvard Business School. Mr. Faust has been a Chartered Financial Analyst
since 1988. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Mark
R. Fetting.</I></FONT> Mr. Fetting has served as a member of the Eaton Vance Fund Boards since 2016. He has over 30 years of experience
in the investment management industry as an executive and in various leadership roles. From 2000 through 2012, Mr. Fetting served
in several capacities at Legg Mason, Inc., including most recently serving as President, Chief Executive Officer, Director and
Chairman from 2008 to his retirement in 2012. He also served as a Director/Trustee and Chairman of the Legg Mason family of funds
from 2008-2012 and Director/Trustee of the Royce family of funds from 2001-2012. From 2001 through 2008, Mr. Fetting also served
as President of the Legg Mason family of funds. From 1991 through 2000, Mr. Fetting served as Division President and Senior Officer
of Prudential Financial Group, Inc. and related companies. Early in his professional career, Mr. Fetting was a Vice President
at T. Rowe Price and served in leadership roles within the firm&#8217;s mutual fund division from 1981-1987. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Cynthia
E. Frost</I></FONT>. Ms. Frost has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the
Portfolio Management Committee. From 2000 through 2012, Ms. Frost was the Chief Investment Officer of Brown University, where
she oversaw the evaluation, selection and monitoring of the third party investment managers who managed the
university&#8217;s endowment. From 1995 through 2000, Ms. Frost was a Portfolio Strategist for Duke Management Company, which
oversaw Duke University&#8217;s endowment. Ms. Frost also served in various investment and consulting roles at Cambridge
Associates from 1989-1995, Bain and Company from 1987-1989 and BA Investment Management Company from 1983-1985. She serves
as a member of the investment committee of The MCNC Endowment. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>George
J. Gorman</I></FONT>. Mr. Gorman has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the
Audit Committee. From 1974 through 2009, Mr. Gorman served in various capacities at Ernst &amp; Young LLP, including as a Senior
Partner in the Asset Management Group (from 1988) specializing in managing engagement teams responsible for auditing mutual funds
registered with the SEC, hedge funds and private equity funds. Mr. Gorman also has experience serving as an independent trustee
of other mutual fund complexes, including the Bank of America Money Market Funds Series Trust from 2011-2014 and the Ashmore Funds
from 2010-2014. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Valerie
A. Mosley</I>.</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ms. Mosley has served as a member of the Eaton Vance Fund Boards since 2014&nbsp;and
is the Chairperson of the Governance Committee and of the Ad Hoc Committee for Closed-End Fund Matters. She currently owns and
manages a consulting and investment firm, Valmo Ventures and is a Director of Progress Investment Management Company, a manager
of emerging managers. From 1992 through 2012, Ms. Mosley served in several capacities at Wellington Management Company, LLP, an
investment management firm, including as a Partner, Senior Vice President, Portfolio Manager and Investment Strategist. Ms. Mosley
also served as Chief Investment Officer at PG Corbin Asset Management from 1990-1992 and worked in institutional corporate bond
sales at Kidder Peabody from 1986-1990. Ms. Mosley is a Director of Dynex Capital, Inc., a mortgage REIT, where she serves on
the board&#8217;s audit and investment committees, and a Director of Envestnet, Inc., a provider of intelligent systems for wealth
management and financial wellness. She also serves as a trustee or board member of several major non-profit organizations and
endowments, including New Profit, a non-profit venture philanthropy fund. She is a member of the Risk Audit Committee of the United
Auto Workers Retiree Medical Benefits Trust and a member of the Investment Advisory Committee of New York State Common Retirement
Fund. She is also an advisor to New Technology Ventures, a venture capital firm.</FONT> </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>William
H. Park</I>.</FONT> Mr. Park has served as a member of the Eaton Vance Fund Boards since 2003 and is the Independent Chairperson
of the Board. Mr. Park was formerly a consultant from 2012-2014 and formerly the Chief Financial Officer of Aveon Group, L.P. from
2010-2011. Mr. Park also served as Vice Chairman of Commercial Industrial Finance Corp. from 2006-2010, as President and Chief
Executive Officer of Prizm Capital Management, LLC from 2002-2005, as Executive Vice President and Chief Financial Officer of United
Asset Management Corporation from 1982-2001 and as Senior Manager of Price Waterhouse (now PricewaterhouseCoopers) from 1972-1981.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Helen
Frame Peters</I>.</FONT> Dr. Peters has served as a member of the Eaton Vance Fund Boards since 2008. Dr. Peters is currently a
Professor of Finance at Carroll School of Management, Boston College and was formerly Dean of Carroll School of Management from
2000-2002. Dr. Peters was previously a Director of BJ&#8217;s Wholesale Club, Inc. from 2004-2011. In addition, Dr. Peters was
the Chief Investment Officer, Fixed Income at Scudder Kemper Investments from 1998-1999 and Chief Investment Officer, Equity and
Fixed Income at Colonial Management Associates from 1991-1998. Dr. Peters also served as a Trustee of SPDR Index Shares Funds and
SPDR Series Trust from 2000-2009 and as a Director of the Federal Home Loan Bank of Boston from 2007-2009.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt"> <I>Keith Quinton.</I> Mr. Quinton has served as
a member of the Eaton Vance Fund Boards since October 1, 2018. He had over thirty years of experience in the investment industry
before retiring from Fidelity Investments in 2014.&nbsp; Prior to joining Fidelity, Mr. Quinton was a vice president and quantitative
analyst at MFS Investment Management from 2000-2001. From 1997 through 2000, he was a senior quantitative analyst at Santander
Global Advisors and, from 1995 through 1997, Mr. Quinton was senior vice president in the quantitative equity research department
at Putnam Investments. Prior to joining Putnam Investments, Mr. Quinton served in various investment roles at Eberstadt Fleming,
Falconwood Securities Corporation and Drexel Burnham Lambert, where he began his career in the investment industry as a senior
quantitative analyst in 1983. Mr. Quinton currently serves as an Independent Investment Committee Member of the New Hampshire Retirement
System, a five member committee that manages investments based on the investment policy and asset allocation approved by the board
of trustees, and as a Director of the New Hampshire Municipal Bond Bank. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt"> <I>Marcus L. Smith.</I> Mr. Smith has served as
a member of the Eaton Vance Fund Boards since October 1, 2018. Since 2017, Mr. Smith has been a Director of MSCI Inc., a leading
provider of investment decision support tools worldwide, where he serves on the Audit Committee. From 2017 through 2018, he served
as a Director of DCT Industrial Trust Inc., a leading logistics real estate company, where he served as a member of the Nominating
and Corporate Governance and Audit Committees.&nbsp; From 1994 through 2017, Mr. Smith served in several capacities at MFS Investment
Management, an investment management firm, where he managed the MFS Institutional International Fund for 17 years and the MFS Concentrated
International Fund for 10 years.&nbsp; In addition to his portfolio management duties, Mr. Smith served as Director of Equity,
Canada from 2012-2017, Director of Equity, Asia from 2010-2012, and Director of Asian Equity Research from 2005-2010.&nbsp; Prior
to joining MFS, Mr. Smith was a senior consultant at Andersen Consulting (now known as Accenture) from 1988-1992. Mr. Smith served
as a United States Army Reserve Officer from 1987-1992.&nbsp; He has also been a trustee of the University of Mount Union since
2008 and has served as the chairman of the finance committee since 2015.&nbsp; Mr. Smith currently sits on the Boston advisory
board of the Posse Foundation and the Harvard Medical School Advisory Council on Education. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Susan
J. Sutherland</I>. </FONT>Ms. Sutherland has served as a member of the Eaton Vance Fund Boards since 2015 and is
the Chairperson of the Compliance Reports and Regulatory Matters Committee. She is also a Director of Ascot Group Limited
and certain of its subsidiaries. Ascot Group Limited, through its related businesses including Syndicate 1414 at
Lloyd&#8217;s of London, is a leading global underwriter of specialty property and casualty insurance and reinsurance. Ms.
Sutherland was a Director of Montpelier Re Holdings Ltd., a global provider of customized reinsurance and insurance products,
from 2013 until its sale in 2015 and of Hagerty Holding Corp., a leading provider of specialized automobile and marine
insurance from 2015-2018. From 1982 through 2013, Ms. Sutherland was an associate, counsel and then a partner in the
Financial Institutions Group of Skadden, Arps, Slate, Meagher &amp; Flom LLP, where she primarily represented U.S. and
international insurance and reinsurance companies, investment banks and private equity firms in insurance-related corporate
transactions. In addition, Ms. Sutherland is qualified as a Governance Fellow of the National Association of Corporate
Directors and has also served as a board member of prominent non-profit organizations. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Scott
E. Wennerholm</I>.</FONT> Mr. Wennerholm has served as a member of the Eaton Vance Fund Boards since 2016 and is
the Chairperson of the Contract Review Committee. He has over 30 years of experience in the financial services industry
in various leadership and executive roles. Mr. Wennerholm served as Chief Operating Officer and Executive Vice President at
BNY Mellon Asset Management from 2005-2011. He also served as Chief Operating Officer and Chief Financial Officer at
Natixis Global Asset Management from 1997-2004 and was a Vice President at Fidelity Investments Institutional Services
from 1994-1997. In addition, Mr. Wennerholm served as a Trustee at Wheelock College, a postsecondary
institution from 2012-2018. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board(s) of the Fund&nbsp;has several standing Committees,
including the Governance Committee, the Audit Committee, the Portfolio Management Committee, the Compliance Reports and Regulatory
Matters Committee, the Contract Review Committee and the Ad Hoc Committee for Closed-End Fund Matters. Each of the Committees are
comprised of only noninterested Trustees.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Mmes. Mosley (Chairperson), Frost, Peters and Sutherland,
and Messrs. Fetting, Gorman, Park, Quinton, Smith and Wennerholm are members of the Governance Committee. The purpose of the Governance
Committee is to consider, evaluate and make recommendations to the Board with respect to the structure, membership and operation
of the Board and the Committees thereof, including the nomination and selection of noninterested Trustees and a Chairperson of
the Board and the compensation of such persons. During the fiscal year ended December 31, 2018, the Governance Committee convened
seven times. </P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Governance Committee will, when a vacancy exists,
consider a nominee for Trustee recommended by a shareholder, provided that such recommendation is submitted in writing to the Fund&#8217;s
Secretary at the principal executive office of the Fund. Such recommendations must be accompanied by biographical and occupational
data on the candidate (including whether the candidate would be an &#8220;interested person&#8221; of the Fund), a written consent
by the candidate to be named as a nominee and to serve as Trustee if elected, record and ownership information for the recommending
shareholder with respect to the Fund, and a description of any arrangements or understandings regarding recommendation of the candidate
for consideration.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Messrs. Gorman (Chairperson), Park and Wennerholm and
Ms. Mosley are members of the Audit Committee. The Board has designated Messrs. Gorman and Park, each a noninterested Trustee,
as audit committee financial experts. The Audit Committee&#8217;s purposes are to (i) oversee the&nbsp;Fund's accounting and financial
reporting processes, its internal control over financial reporting, and, as appropriate, the internal control over financial reporting
of certain service providers; (ii) oversee or, as appropriate, assist Board oversight of the quality and integrity of the&nbsp;Fund's
financial statements and the independent audit thereof; (iii) oversee, or, as appropriate, assist Board oversight of, the&nbsp;Fund's
compliance with legal and regulatory requirements that relate to the&nbsp;Fund's accounting and financial reporting, internal control
over financial reporting and independent audits; (iv) approve prior to appointment the engagement and, when appropriate, replacement
of the independent registered public accounting firm, and, if applicable, nominate the independent registered public accounting
firm to be proposed for shareholder ratification in any proxy statement of the&nbsp;Fund; (v) evaluate the qualifications, independence
and performance of the independent registered public accounting firm and the audit partner in charge of leading the audit; and
(vi) prepare, as necessary, audit committee reports consistent with the requirements of applicable SEC and stock exchange rules
for inclusion in the proxy statement of the&nbsp;Fund. During the fiscal year ended December 31, 2018, the Audit Committee convened
fourteen times.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Messrs. Wennerholm (Chairperson), Fetting, Gorman,
Park, Quinton and Smith and Mmes. Frost, Mosley, Peters and Sutherland are members of the Contract Review Committee. The purposes
of the Contract Review Committee are to consider, evaluate and make recommendations to the Board concerning the following matters:
(i) contractual arrangements with each service provider to the Fund, including advisory, sub-advisory, transfer agency, custodial
and fund accounting, distribution services and administrative services; (ii) any and all other matters in which any service provider
(including Eaton Vance or any affiliated entity thereof) has an actual or potential conflict of interest with the interests of
the Fund; and (iii) any other matter appropriate for review by the noninterested Trustees, unless the matter is within the responsibilities
of the other Committees of the Board. During the fiscal year ended December 31, 2018, the Contract Review Committee convened seven
times. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Mmes. Frost (Chairperson), Mosley and Peters and Messrs.
Fetting and Smith are members of the Portfolio Management Committee. The purposes of the Portfolio Management Committee are to:
(i) assist the Board in its oversight of the portfolio management process employed by the Fund and its investment adviser and
sub-adviser(s), if applicable, relative to the Fund's stated objective(s), strategies and restrictions; (ii) assist the Board
in its oversight of the trading policies and procedures and risk management techniques applicable to the Fund; and (iii) assist
the Board in its monitoring of the performance results of all funds and portfolios, giving special attention to the performance
of certain funds and portfolios that it or the Board identifies from time to time. During the fiscal year ended December 31, 2018,
the Portfolio Management Committee convened seven times. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Ms. Sutherland (Chairperson) and Messrs. Gorman, Quinton
and Wennerholm, are members of the Compliance Reports and Regulatory Matters Committee. The purposes of the Compliance Reports
and Regulatory Matters Committee are to: (i) assist the Board in its oversight role with respect to compliance issues and certain
other regulatory matters affecting the Fund; (ii) serve as a liaison between the Board and the Fund's CCO; and (iii) serve as
a &#8220;qualified legal compliance committee&#8221; within the rules promulgated by the SEC. During the fiscal year ended December
31, 2018, the Compliance Reports and Regulatory Matters Committee convened nine times. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Ms. Mosley (Chairperson) and Messrs. Gorman and Park are
members of the Ad Hoc Committee for Closed-End Fund Matters. The purpose of the Ad Hoc Committee for Closed-End Fund Matters is
to consider, evaluate and make recommendations to the Board with respect to issues specifically related to Eaton Vance Closed-End
Funds. During the fiscal year ended December 31, 2018, the Ad Hoc Committee for Closed-End Fund Matters convened one time.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Share
Ownership.</B></FONT> The following table shows the dollar range of equity securities beneficially owned by each Trustee in the
Fund and in the Eaton Vance family of funds overseen by the Trustee as of December 31, 2018.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><U>Name of Trustee</U></TD>
    <TD STYLE="width: 32%; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Dollar Range of Equity Securities<BR>
<U>Beneficially Owned in the Fund</U></TD>
    <TD STYLE="width: 41%; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Aggregate Dollar Range of Equity<BR>
Securities Beneficially Owned in Funds<BR>
Overseen by Trustee in the<BR>
<U>Eaton Vance Family of Funds</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Interested Trustee</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Thomas E. Faust Jr.</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Noninterested Trustees</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Mark R. Fetting</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Cynthia E. Frost</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">George J. Gorman</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Valerie A. Mosley</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">William H. Park</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Helen Frame Peters</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Keith Quinton<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Marcus L. Smith<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Susan J. Sutherland</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000<SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Scott E. Wennerholm</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000<SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-left: 0.05in; line-height: 10pt"><SUP>&#8194;</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0 0.05in; text-indent: -4.5pt"><SUP>(1) </SUP><FONT STYLE="color: windowtext">Messrs.
        Quinton and Smith began serving as Trustees effective October 1, 2018.</FONT></P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0 0.05in; text-indent: -4.5pt"><SUP>(2)</SUP> Includes
        shares which may be deemed to be beneficially owned through the Trustee Deferred Compensation Plan.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">As of December 31, 2018, no noninterested Trustee
or any of their immediate family members owned beneficially or of record any class of securities of EVC, EVD, any sub-adviser,
if applicable, or any person controlling, controlled by or under common control with EVC or EVD or any sub-adviser, if applicable,
collectively (&#8220;Affiliated Entity&#8221;).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">During the calendar years ended December 31, 2017 and
December 31, 2018, no noninterested Trustee (or their immediate family members) had:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Any direct or indirect interest in any Affiliated Entity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Any direct or indirect material interest in any transaction or series of similar transactions with (i) the Fund; (ii) another
fund managed or distributed by any Affiliated Entity; (iii) any Affiliated Entity; or (iv) an officer of any of the above; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Any direct or indirect relationship with (i) the Fund; (ii) another fund managed or distributed by any Affiliated Entity; (iii)
any Affiliated Entity; or (iv) an officer of any of the above.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">During the calendar years ended December 31, 2017 and
December 31, 2018, no officer of any Affiliated Entity served on the board of directors of a company where a noninterested Trustee
of the Fund or any of their immediate family members served as an officer.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Noninterested Trustees may elect to defer receipt of all
or a percentage of their annual fees in accordance with the terms of a Trustees Deferred Compensation Plan (the &#8220;Deferred
Compensation Plan&#8221;). Under the Deferred Compensation Plan, an eligible Board member may elect to have his or her deferred
fees invested in the shares of one or more funds in the Eaton Vance family of funds, and the amount paid to the Board members under
the Deferred Compensation Plan will be determined based upon the performance of such investments. Deferral of Board member&#8217;s
fees in accordance with the Deferred Compensation Plan will have a negligible effect on the assets, liabilities, and net income
of a participating fund or portfolio, and do not require that a participating Board member be retained. There is no retirement
plan for Board members.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The fees and expenses of the Board members of the
Fund are paid by the Fund. (A Board member of the Fund who is a member of the Eaton Vance organization receives no compensation
from the Fund.) During the fiscal year ended December 31, 2018, the Board members of the Fund earned the following compensation
in their capacities as Board members from the Fund. For the year ended December 31, 2018, the Board members earned the following
compensation in their capacities as Board members of the funds in the Eaton Vance fund complex<SUP>(1)</SUP>:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Source of Compensation</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Mark R.</FONT><BR>
<FONT STYLE="font-size: 8pt">Fetting</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Cynthia E.</FONT><BR>
<FONT STYLE="font-size: 8pt">Frost</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">George J.</FONT><BR>
<FONT STYLE="font-size: 8pt">Gorman</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Valerie A.</FONT><BR>
<FONT STYLE="font-size: 8pt">Mosley</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">William H.</FONT><BR>
<FONT STYLE="font-size: 8pt">Park</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Helen Frame</FONT><BR>
<FONT STYLE="font-size: 8pt">Peters</FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Keith</FONT><BR>
<FONT STYLE="font-size: 8pt">Quinton</FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Marcus L.</FONT><BR>
<FONT STYLE="font-size: 8pt">Smith</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Susan J.</FONT><BR>
<FONT STYLE="font-size: 8pt">Sutherland</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Scott E.</FONT><BR>
<FONT STYLE="font-size: 8pt">Wennerholm</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;3,396</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;3,632</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;3,707</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;3,604<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>2)</SUP></FONT></FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;4,692</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;3,471</FONT> </TD>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;3,396</FONT> </TD>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;3,396</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;3,707<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;3,707<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Fund and Fund Complex<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;327,500</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;350,000</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;357,500</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;346,875<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;452,500</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;335,000</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;327,500</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;327,500</FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$&#9;357,500<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> <FONT STYLE="font-size: 8pt">$357,500<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT></FONT> </TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: yellow"><SUP>&#8194;</SUP></FONT></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT> </TD><TD> As of April 2, 2019, the Eaton Vance fund complex consists of 172 registered investment companies or series thereof. Messrs.
Quinton and Smith began serving as Trustees effective October 1, 2018, and thus the compensation figures listed for the Fund and
the Fund and Fund Complex are estimated based on amounts each would have received if they had been Trustees for the full fiscal
year ended December 31, 2018 and for the full calendar year ended December 31, 2018. Harriett Tee Taggart retired as a Trustee
effective December 31, 2018. For the fiscal year ended December 31, 2018, Ms. Taggart received Trustee fees of $3,499 from the
Fund. For the calendar year ended December 31, 2018, she received $338,125 from the Fund and Fund Complex. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT> </TD><TD> Includes $244 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT> </TD><TD> Includes $3,707 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT> </TD><TD> Includes $1,053 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT> </TD><TD> Includes $24,000 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT> </TD><TD STYLE="padding-right: 9pt"> Includes $352,119 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT> </TD><TD STYLE="padding-right: 9pt"> Includes $100,000 of deferred compensation. </TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Proxy Voting Policy. <FONT STYLE="font-weight: normal">The
Board adopted a proxy voting policy and procedures (the &#8220;Fund Policy&#8221;), pursuant to which the Board has delegated proxy
voting responsibility to the Adviser and adopted the Adviser&#8217;s proxy voting policies and procedures (the &#8220;Adviser Policies&#8221;).
An independent proxy voting service has been retained to assist in the voting of Fund proxies through the provision of vote analysis,
implementation and recordkeeping and disclosure services. The members of the Board will review the Fund&#8217;s proxy voting records
from time to time and will annually consider approving the Adviser Policies for the upcoming year. For a copy of the Fund Policy
and the Adviser Policies, see Appendix B. Pursuant to certain provisions of the 1940 Act and certain exemptive orders relating
to funds investing in other funds, a Fund may be required or may elect to vote its interest in another fund in the same proportion
as the holders of all other shares of that fund. Information on how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2)
on the SEC&#8217;s website at http://www.sec.gov.</FONT></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">INVESTMENT ADVISORY AND OTHER
SERVICES</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Adviser. </B></FONT>Eaton Vance, its affiliates and its predecessor companies have been managing assets of individuals and institutions
since 1924 and of investment companies since 1931. They maintain a large staff of experienced fixed-income, senior loan and equity
investment professionals to service the needs of their clients. The equity group covers stocks ranging from blue chip to emerging
growth companies. Eaton Vance and its affiliates act as adviser to a family of mutual funds, and individual and various institutional
accounts. The fixed-income group focuses on all kinds of taxable investment-grade and high-yield securities, tax-exempt investment-grade
and high-yield securities, and U.S. government securities. The senior loan group focuses on senior floating rate loans, unsecured
loans and other floating rate debt securities such as notes, bonds and asset backed securities, including corporations, hospitals,
retirement plans, universities, foundations and trusts.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will be responsible for all of its costs and
expenses not expressly stated to be payable by Eaton Vance under the Investment Advisory Agreement (the &#8220;Advisory Agreement&#8221;)
or the Amended and Restated Administrative Services Agreement (the &#8220;Administration Agreement&#8221;). Such costs and expenses
to be borne by the Fund include, without limitation: custody and transfer agency fees and expenses, including those incurred for
determining net asset value and keeping accounting books and records; expenses of pricing and valuation services; the cost of share
certificates; membership dues in investment company organizations; expenses of acquiring, holding and disposing of securities and
other investments; fees and expenses of registering under the securities laws, stock exchange listing fees and governmental fees;
rating agency fees and preferred share remarketing expenses; expenses of reports to shareholders, proxy statements and other expenses
of shareholders&#8217; meetings; insurance premiums; printing and mailing expenses; interest, taxes and corporate fees; legal and
accounting expenses; compensation and expenses of Trustees not affiliated</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">with Eaton Vance; expenses of conducting repurchase offers
for the purpose of repurchasing Fund shares; and investment advisory and administration fees. The Fund will also bear expenses
incurred in connection with any litigation in which the Fund is a party and any legal obligation to indemnify its officers and
Trustees with respect thereto, to the extent not covered by insurance.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisory Agreement with the Adviser continues in effect
from year to year so long as such continuance is approved at least annually (i) by the vote of a majority of the noninterested
Trustees of the Fund or of the Adviser cast in person at a meeting specifically called for the purpose of voting on such approval
and (ii) by the Board of Trustees of the Fund or by vote of a majority of the outstanding Shares of the Fund. The Fund&#8217;s
Administration Agreement continues in effect from year to year so long as such continuance is approved at least annually by the
vote of a majority of the Fund&#8217;s Trustees. Each agreement may be terminated at any time without penalty on sixty (60) days&#8217;
written notice by the Trustees of the Fund or Eaton Vance, as applicable, or by vote of the majority of the outstanding shares
of the Fund. Each agreement will terminate automatically in the event of its assignment. Each agreement provides that, in the absence
of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations or duties to the Fund under such agreements
on the part of Eaton Vance, Eaton Vance shall not be liable to the Fund for any loss incurred, to the extent not covered by insurance.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisory Agreement provides that Eaton Vance may engage
one or more investment sub-advisers to assist with some or all aspects of the management of the Fund&#8217;s investments subject
to such approvals as are required under the 1940 Act. The Advisory Agreement provides that Eaton Vance may terminate any sub-advisory
agreement entered into and directly assume any functions performed by the sub-adviser, upon approval of the Board of Trustees,
without the need for approval of the shareholders of the Fund.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As of December 31, 2018, the Fund had net assets of $707,576,872.
For the fiscal years ended December 2018, 2017, and 2016, the Fund incurred $7,878,699, $7,135,570 and $6,545,446, respectively,
in advisory fees. </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the Administration Agreement, based on the
current level of compensation payable to Eaton Vance by the Fund under the Advisory Agreement, Eaton Vance receives no compensation
from the Fund in respect of the services rendered and the facilities provided as administrator under the Administration Agreement.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Information
About Eaton Vance.</B></FONT>&#8194;Eaton Vance&nbsp;is a business trust organized under the laws of The Commonwealth of Massachusetts.
EV serves as trustee of Eaton Vance. EV and Eaton Vance are wholly-owned subsidiaries of EVC, a Maryland corporation and publicly-held
holding company. BMR is an indirect subsidiary of EVC. EVC through its subsidiaries and affiliates engages primarily in investment
management, administration and marketing activities. The Directors of EVC are Thomas E. Faust Jr., Ann E. Berman, Leo I. Higdon,
Jr., Paula A. Johnson, Brian D. Langstraat, Dorothy E. Puhy, Winthrop H. Smith, Jr. and Richard A. Spillane, Jr. All shares of
the outstanding Voting Common Stock of EVC are deposited in a Voting Trust, the Voting Trustees of which are Mr. Faust, Craig R.
Brandon, Daniel C. Cataldo, Michael A. Cirami, Cynthia J. Clemson, James H. Evans, Maureen A. Gemma, Laurie G. Hylton, Mr. Langstraat,
Frederick S. Marius, David C. McCabe, Scott H. Page, Edward J. Perkin, Lewis R. Piantedosi, Charles B. Reed, Craig P. Russ, John
L. Shea, Eric A. Stein, Payson F. Swaffield, Michael W. Weilheimer, R. Kelly Williams and Matthew J. Witkos (all of whom are officers
of Eaton Vance or its affiliates). The Voting Trustees have unrestricted voting rights for the election of Directors of EVC. All
of the outstanding voting trust receipts issued under said Voting Trust are owned by certain of the officers of Eaton Vance who
may also be officers, or officers and Directors of EVC and EV. As indicated under &#8220;Management and Organization,&#8221; all
of the officers of the Fund&nbsp; (as well as Mr. Faust who is also a Trustee) hold positions in the Eaton Vance organization.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Code
of Ethics.</B></FONT> The Adviser and the Fund have adopted Codes of Ethics (the &#8220;Codes&#8221;) governing personal securities
transactions pursuant to Rule 17j-1 under the 1940 Act. Under the Codes, employees of the Adviser may purchase and sell securities
(including securities held or eligible for purchase by the Fund) subject to the provisions of the Codes and certain employees are
also subject to pre-clearance, reporting requirements and/or other procedures.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Codes can be reviewed and copied at the Securities
and Exchange Commission&#8217;s public reference room in Washington, DC (call 1-202-551-8090 for information on the operation of
the public reference room); on the EDGAR Database on the SEC&#8217;s Internet site (http://www.sec.gov); or, upon payment of copying
fees, by writing the SEC&#8217;s public reference section, Washington, DC 20549-1520, or by electronic mail at publicinfo@sec.gov.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Portfolio Managers. <FONT STYLE="font-weight: normal">The
portfolio managers of the Fund are listed below. The following table shows, as of the Fund&#8217;s most recent fiscal year end,
the number of accounts the portfolio managers managed in each of the listed categories and the total assets (in millions of dollars)
in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee
is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Number of<BR>
All Accounts</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Total Assets of<BR>
All Accounts</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Number of Accounts<BR>
Paying a Performance Fee</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Total Assets of Accounts<BR>
Paying a Performance Fee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Michael A. Allison</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">16</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$29,333.2</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Pooled Investment Vehicles</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">14</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$19,890.7<SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Accounts</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">10</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$13.6</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Yana S. Barton<SUP>(1)</SUP></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">5</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt 3pt 12.65pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$17,403.9</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Pooled Investment Vehicles</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">15</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt 3pt 12.65pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$19,907.2<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Accounts</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">7</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt 3pt 12.65pt; text-align: center"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$184.8</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Lewis R. Piantedosi<SUP>(1)(2)</SUP></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">6</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$17,849.7</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Pooled Investment Vehicles</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">12</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$14,055.9<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Accounts</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">7</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$184.8</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>&#8194;</SUP></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT> </TD><TD> <FONT STYLE="font-size: 8pt">This portfolio manager provides advisory services for certain of the &#8220;Other Accounts&#8221;
on a nondiscretionary or model basis. For &#8220;Other Accounts&#8221; that are part of a wrap account program, the number of accounts
is the number of sponsors for which the portfolio manager provides advisory services rather than the number of individual customer
accounts within each wrap account program. The assets managed may include assets advised on a nondiscretionary or model basis.</FONT> </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <SUP>(2)</SUP> </TD><TD> This portfolio manager serves as portfolio manager of one or more registered investment companies that invests or may invest
in one or more underlying registered investment companies in the Eaton Vance family of funds or other pooled investment vehicles
sponsored by Eaton Vance. The underlying investment companies may be managed by this portfolio manager or another portfolio manager. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT> </TD><TD> <FONT STYLE="font-size: 8pt">Certain of these &#8220;Other Pooled Investment Vehicles&#8221; invest a substantial portion
of their assets either in a registered investment company in the Eaton Vance family of funds and/or in a separate pooled investment
vehicle sponsored by Eaton Vance which may be managed by this portfolio manager or another portfolio manager.</FONT> </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"> &nbsp; </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The following table shows the dollar range of Fund
shares beneficially owned by each portfolio manager as of the Fund&#8217;s most recent fiscal year end and in the Eaton Vance family
of funds as of December 31, 2018.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Manager</TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Dollar Range of Equity Securities<BR>
Beneficially Owned in the Fund</TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; text-align: center; line-height: 10pt">Aggregate Dollar Range of Equity<BR>
Securities Beneficially Owned<BR>
in the Eaton Vance Family of Funds</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Michael A. Allison</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">$10,001 - $50,000</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">$500,001 - $1,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Yana S. Barton</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $1,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Lewis R. Piantedosi</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $1,000,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">It is possible that conflicts of interest may arise in
connection with a portfolio manager&#8217;s management of the Fund&#8217;s investments on the one hand and the investments of other
accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest
in allocating management time, resources and investment opportunities among the Fund and other accounts he advises. In addition,
due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager
may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another
account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by
that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager
in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio
manager will endeavor to exercise his discretion in a manner that he believes is equitable to all interested persons. The Adviser
has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies
that govern the investment adviser's trading practices, including among other things the aggregation and allocation of trades
among clients, brokerage allocations, cross trades and best execution.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Compensation
Structure for Eaton Vance. </I></FONT> Compensation of the Adviser's portfolio managers and other investment professionals has
the following primary components: (1) a base salary, (2) an annual cash bonus, (3) annual non-cash compensation consisting of options
to purchase shares of EVC nonvoting common stock and/or restricted shares of EVC nonvoting common stock that generally are subject
to a vesting schedule and (4) (for equity portfolio managers) a Deferred Alpha Incentive Plan, which pays a deferred cash award
tied to future excess returns in certain equity strategy portfolios. The Adviser&#8217;s investment professionals also receive
certain retirement, insurance and other benefits that are broadly available to the Adviser&#8217;s employees. Compensation of the
Adviser&#8217;s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards,
and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Method
to Determine Compensation.</I></FONT> The Adviser compensates its portfolio managers based primarily on the scale and complexity
of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated
in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds
on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance
measures include, but are not limited to, the Sharpe ratio (Sharpe ratio uses standard deviation and excess return to determine
reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund
performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When
a fund&#8217;s peer group as determined by Lipper or Morningstar is deemed by the Adviser&#8217;s management not to provide a fair
comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance
of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance
over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance
is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective
other than total return (such as current income), consideration will also be given to the fund&#8217;s success in achieving its
objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis,
based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory
fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. A portion of the compensation
payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts
managed by such manager to achieve a specified target average annual gross return over a three year period in excess of the account
benchmark. The cash award to be payable at the end of the three year term will be established at the inception of the term and
will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The compensation of portfolio managers with other job
responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration
of the scope of such responsibilities and the managers&#8217; performance in meeting them.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser seeks to compensate portfolio managers commensurate
with their responsibilities and performance, and competitive with other firms within the investment management industry. The Adviser
participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and
stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation
are also influenced by the operating performance of the Adviser and its parent company. The overall annual cash bonus pool is generally
based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of the Adviser&#8217;s portfolio
managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based
on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses
and stock-based compensation may represent a substantial portion of total compensation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Advisory Services.</B></FONT> Under the general supervision of the Fund&#8217;s Board, Eaton Vance will carry out the investment
and reinvestment of the assets of the Fund, will furnish continuously an investment program with respect to the Fund, will determine
which securities should be purchased, sold or exchanged, and will implement such determinations. Eaton Vance will furnish to the
Fund investment advice and provide related office facilities and personnel for servicing the investments of the Fund. Eaton Vance
will compensate all Trustees and officers of the Fund who are members of the Eaton Vance organization and who render investment
services to the Fund, and will also compensate all other Eaton Vance personnel who provide research and investment services to
the Fund.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Commodity
Futures Trading Commission Registration. </B></FONT>Effective December 31, 2012, the Commodity Futures Trading Commission (&#8220;CFTC&#8221;)
adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund
invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and
swaps agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from
the definition of the term &#8220;commodity pool operator&#8221; under the Commodity Exchange Act. Accordingly, neither the Fund
nor the Adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies,
Eaton Vance is registered with the CFTC as a commodity pool operator. Eaton Vance is also registered as a commodity trading advisor.
The CFTC has neither reviewed nor approved the Fund's investment strategies or this SAI.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Administrative
Services.</B></FONT> Under the Administration Agreement, Eaton Vance is responsible for managing the business affairs of the Fund,
subject to the supervision of the Fund&#8217;s Board. Eaton Vance will furnish to the Fund all office facilities, equipment and
personnel for administering the affairs of the Fund. Eaton Vance will compensate all Trustees and officers of the Fund who are
members of the Eaton Vance organization and who render executive and administrative services to the Fund, and will also compensate
all other Eaton Vance personnel who perform management and administrative services for the Fund. Eaton Vance&#8217;s administrative
services include recordkeeping, preparation and filing of documents required to comply with federal and state securities laws,
supervising the activities of the Fund&#8217;s custodian and transfer agent, providing assistance in connection with the Trustees
and shareholders&#8217; meetings, providing services in connection with repurchase offers, if any, and other administrative services
necessary to conduct the Fund&#8217;s business.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">DETERMINATION OF NET ASSET VALUE</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The net asset value of the Fund is determined by State
Street Bank and Trust Company (as agent and custodian) by subtracting the liabilities of the Fund from the value of its total assets.
&nbsp; The Fund is closed for business and will not issue a net asset value on the following business holidays and any other business
day that the New York Stock Exchange (the &#8220;Exchange&#8221;) is closed: New Year&#8217;s Day, Martin Luther King, Jr. Day,
Presidents&#8217; Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has approved procedures pursuant to which investments
are valued for purposes of determining the Fund&#8217;s net asset value. Listed below is a summary of the methods generally used
to value investments (some or all of which may be held by the Fund) under the procedures.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Equity securities (including common stock, exchange-traded funds, closed end funds, preferred equity securities, exchange-traded
notes and other instruments that trade on recognized stock exchanges) are valued at the last sale, official close or if there are
no reported sales at the mean between the bid and asked price on the primary exchange on which they are traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Most debt obligations are valued on the basis of market valuations furnished by a pricing service or at the mean of the bid
and asked prices provided by recognized broker/dealers of such securities. The pricing service may use a pricing matrix to determine
valuation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Short-term instruments with remaining maturities of less than 397 days are valued on the basis of market valuations furnished
by a pricing service or based on dealer quotations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange quotations supplied by a pricing
service.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Senior and Junior Loans are valued on the basis of prices furnished by a pricing service. The pricing service uses transactions
and market quotations from brokers in determining values.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Futures contracts are valued at the settlement or closing price on the primary exchange or board of trade on which they are
traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Exchange-traded options are valued at the mean of the bid and asked prices. Over-the-counter options are valued based on quotations
obtained from a pricing service or from a broker (typically the counterparty to the option).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Non-exchange traded derivatives (including swap agreements, forward contracts and equity participation notes) are generally
valued on the basis of valuations provided by a pricing service or using quotes provided by a broker/dealer (typically the counterparty).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Precious metals are valued at the New York Composite mean quotation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Liabilities with a payment or maturity date of 364 days or less are stated at their principal value and longer dated liabilities
generally will be carried at their fair value.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Valuations of foreign equity securities and total return swaps and exchange-traded futures contracts on non-North American
equity indices may be adjusted from prices in effect at the close of trading on foreign exchanges to more accurately reflect their
fair value as of the close of regular trading on the Exchange. Such fair valuations may be based on information provided by a pricing
service.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments which are unable to be valued in accordance
with the foregoing methodologies are valued at fair value using methods determined in good faith by or at the direction of the
members of the Board. Such methods may include consideration of relevant factors, including but not limited to (i) the type of
security, the existence of any contractual restrictions on the security&#8217;s disposition, (ii) the price and extent of public
trading in similar securities of the issuer or of comparable companies or entities, (iii) quotations or relevant information obtained
from broker-dealers or other market participants, (iv) information obtained from the issuer, analysts, and/or the appropriate stock
exchange (for exchange-traded securities), (v) an analysis of the company&#8217;s or entity&#8217;s financial condition, (vi) an
evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (vii) an analysis
of the terms of any transaction involving the issuer of such securities; and (viii) any other factors deemed relevant by the investment
adviser. The portfolio managers of one Eaton Vance fund that invests in Senior and Junior Loans may not possess the same information
about a Senior or Junior Loan as the portfolio managers of another Eaton Vance fund. As such, at times the fair value of a Loan
determined by certain Eaton Vance portfolio managers may vary from the fair value of the same Loan determined by other portfolio
managers.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest in Eaton Vance Cash Reserves Fund,
LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance. Cash Reserves Fund generally values its investment
securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves
initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount
or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities
in the same manner as debt obligations described above.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center">PORTFOLIO TRADING</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Decisions concerning the execution of portfolio security
transactions, including the selection of the market and the broker-dealer firm, are made by the investment adviser. The Fund is
responsible for the expenses associated with its portfolio transactions. The investment adviser is also responsible for the execution
of transactions for all other accounts managed by it. The investment adviser places the portfolio security transactions for execution
with one or more broker-dealer firms. The investment adviser uses its best efforts to obtain execution of portfolio security transactions
at prices which in the investment adviser&#8217;s judgment are advantageous to the client and at a reasonably competitive spread
or (when a disclosed commission is being charged) at reasonably competitive commission rates. In seeking such execution, the investment
adviser will use its best judgment in evaluating the terms of a transaction, and will give consideration to various relevant factors,
including without limitation the full range and quality of the broker-dealer firm&#8217;s services, responsiveness of the firm
to the investment adviser, the size and type of the transaction, the nature and character of the market for the security, the confidentiality,
speed and certainty of effective execution required for the transaction, the general execution and operational capabilities of
the broker-dealer firm, the reputation, reliability, experience and financial condition of the firm, the value and quality of the
services rendered by the firm in this and other transactions, and the amount of the spread or commission, if any. In addition,
the investment adviser may consider the receipt of Research Services (as defined below), provided it does not compromise the investment
adviser&#8217;s obligation to seek best overall execution for the&nbsp;Fund and is otherwise in compliance with applicable law.
The investment adviser may engage in portfolio brokerage transactions with a broker-dealer firm that sells shares of Eaton Vance
funds, provided such transactions are not directed to that firm as compensation for the promotion or sale of such shares.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Transactions on stock exchanges and other agency transactions
involve the payment of negotiated brokerage commissions. Such commissions vary among different broker-dealer firms, and a particular
broker-dealer may charge different commissions according to such factors as the difficulty and size of the transaction and the
volume of business done with such broker-dealer. Transactions in foreign securities often involve the payment of brokerage commissions,
which may be higher than those in the United States. There is generally no stated commission in the case of securities traded in
the over-the-counter markets including transactions in fixed-income securities which are generally purchased and sold on a net
basis (i.e., without commission) through broker-dealers and banks acting for their own account rather than as brokers. Such firms
attempt to profit from such transactions by buying at the bid price and selling at the higher asked price of the market for such
obligations, and the difference between the bid and asked price is customarily referred to as the spread. Fixed-income transactions
may also be transacted directly with the issuer of the obligations. In an underwritten offering the price paid often includes a
disclosed fixed commission or discount retained by the underwriter or dealer. Although spreads or commissions paid on portfolio
security transactions will, in the judgment of the investment adviser, be reasonable in relation to the value of the services provided,
commissions exceeding those which another firm might charge may be paid to broker-dealers who were selected to execute transactions
on behalf of the investment adviser&#8217;s clients in part for providing brokerage
and research services to the investment adviser as permitted by applicable law.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the safe harbor provided in Section 28(e)
of the Securities Exchange Act of 1934, as amended (&#8220;Section 28(e)&#8221;) and to the extent permitted by other applicable
law, a broker or dealer who executes a portfolio transaction on behalf of the investment adviser client may receive a commission
that is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the
investment adviser determines in good faith that such compensation was reasonable in relation to the value of the brokerage and
research services provided. This determination may be made on the basis of either that particular transaction or on the basis of
the overall responsibility which the investment adviser and its affiliates have for accounts over which they exercise investment
discretion. &#8220;Research Services&#8221; as used herein includes any and all brokerage and research services to the extent permitted
by Section 28(e) and other applicable law. Generally, Research Services may include, but are not limited to, such matters as research,
analytical and quotation services, data, information and other services products and materials which assist the investment adviser
in the performance of its investment responsibilities. More specifically, Research Services may include general economic, political,
business and market information, industry and company reviews, evaluations of securities and portfolio strategies and transactions,
technical analysis of various aspects of the securities markets, recommendations as to the purchase and sale of securities and
other portfolio transactions, certain financial, industry and trade publications, certain news and information services, and certain
research oriented computer software, data bases and services. Any particular Research Service obtained through a broker-dealer
may be used by the investment adviser in connection with client accounts other than those accounts which pay commissions to such
broker-dealer, to the extent permitted by applicable law. Any such Research Service may be broadly useful and of value to the investment
adviser in rendering investment advisory services to all or a significant portion of its clients, or may be relevant and useful
for the management of only one client&#8217;s account or of a few clients&#8217; accounts, or may be useful for the management
of merely a segment of certain clients&#8217; accounts, regardless of whether any such account or accounts paid commissions to
the broker-dealer through which such Research Service was obtained. The investment adviser evaluates the nature and quality of
the various Research Services obtained through broker-dealer firms and, to the extent permitted by applicable law, may attempt
to allocate sufficient portfolio security transactions to such firms to ensure the continued receipt of Research Services which
the investment adviser believes are useful or of value to it in rendering investment advisory services to its clients. The investment
adviser may also receive brokerage and Research Services from underwriters and dealers in fixed-price offerings, when permitted
under applicable law.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Research Services provided by (and produced by) broker-dealers
that execute portfolio transactions or from affiliates of executing broker-dealers are referred to as &#8220;Proprietary Research.&#8221;
Except for trades executed in jurisdictions where such consideration is not permissible, the investment adviser may and does consider
the receipt of Proprietary Research Services as a factor in selecting broker dealers to execute client portfolio transactions,
provided it does not compromise the investment adviser&#8217;s obligation to seek best overall execution. In jurisdictions where
permissible, the investment adviser also may consider the receipt of Research Services under so called &#8220;client commission
arrangements&#8221; or &#8220;commission sharing arrangements&#8221; (both referred to as &#8220;CCAs&#8221;) as a factor in selecting
broker dealers to execute transactions, provided it does not compromise the investment adviser&#8217;s obligation to seek best
overall execution. Under a CCA arrangement, the investment adviser may cause client accounts to effect transactions through a broker-dealer
and request that the broker-dealer allocate a portion of the commissions paid on those transactions to a pool of commission credits
that are paid to other firms that provide Research Services to the investment adviser. Under a CCA, the broker-dealer that provides
the Research Services need not execute the trade. Participating in CCAs may enable the investment adviser to consolidate payments
for research using accumulated client commission credits from transactions executed through a particular broker-dealer to periodically
pay for Research Services obtained from and provided by other firms, including other broker-dealers that supply Research Services.
The investment adviser believes that CCAs offer the potential to optimize the execution of trades and the acquisition of a variety
of high quality Research Services that the investment adviser might not be provided access to absent CCAs. The investment adviser
will only enter into and utilize CCAs to the extent permitted by Section 28(e) and other applicable law.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Fund trades executed by an affiliate of the investment
adviser licensed in the United Kingdom may implicate laws of the United Kingdom, including rules of the UK Financial Conduct Authority,
which govern client trading commissions and Research Services (&#8220;UK Law&#8221;). Broadly speaking, under UK Law the investment
adviser may not accept any good or service when executing an order unless that good or service either is directly related to the
execution of trades on behalf of its clients/customers or amounts to the provision of substantive research (as defined under UK
Law). These requirements may also apply with respect to orders in connection with which the investment adviser receives goods and
services under a CCA or other bundled brokerage arrangement. Fund trades may also implicate UK Law requiring the investment adviser
to direct any research portion of a brokerage commission to an account controlled by the investment adviser.</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The investment companies sponsored by the investment adviser
or its affiliates also may allocate brokerage commissions to acquire information relating to the performance, fees and expenses
of such companies and other investment companies, which information is used by the members of the Board of such companies to fulfill
their responsibility to oversee the quality of the services provided to various entities, including the investment adviser, to
such companies. Such companies may also pay cash for such information.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Securities considered as investments for the Fund may
also be appropriate for other investment accounts managed by the investment adviser or its affiliates. Whenever decisions are made
to buy or sell securities by the Fund and one or more of such other accounts simultaneously, the investment adviser will allocate
the security transactions (including &#8220;new&#8221; issues) in a manner which it believes to be equitable under the circumstances.
As a result of such allocations, there may be instances where the Fund will not participate in a transaction that is allocated
among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made on a pro rata basis.
An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to portfolio managers who have
been instrumental in developing or negotiating a particular investment; (ii) consideration is given to an account with specialized
investment policies that coincide with the particulars of a specific investment; (iii) pro rata allocation would result in odd-lot
or de minimis amounts being allocated to a portfolio or other client; or (iv) where the investment adviser reasonably determines
that departure from a pro rata allocation is advisable. While these aggregation and allocation policies could have a detrimental
effect on the price or amount of the securities available to the Fund from time to time, it is the opinion of the members of the
Board that the benefits from the investment adviser organization outweigh any disadvantage that may arise from exposure to simultaneous
transactions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The following table shows brokerage commissions paid
during the fiscal years ended December 31, 2018, 2017, and 2016, as well as the amount of portfolio security transactions for the
most recent fiscal year (if any) that were directed to firms that provided some Research Services to the investment adviser or
its affiliates (see above), and the commissions paid in connection therewith. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Fiscal Year End</U></FONT></TD>
    <TD STYLE="width: 21%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Brokerage Commission Paid</U></FONT></TD>
    <TD STYLE="width: 33%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt/normal Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Amount of Transactions Directed to Firms</FONT><BR>
<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Providing Research</U></FONT></TD>
    <TD STYLE="width: 26%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt/normal Arial, Helvetica, Sans-Serif; vertical-align: middle"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Commissions Paid on Transactions</FONT><BR>
<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Directed to Firms Providing Research</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">December 31, 2018</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$719,848</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$730,110,600</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$683,530</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">December 31, 2017</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$589,138</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$752,142,810</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$572,330</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">December 31, 2016</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$509,880</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$810,963,910</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$465,409</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0"> As of December 31, 2018, the Fund held securities
of its &#8220;regular brokers or dealers&#8221;, as that term is defined in Rule 10b-1 of the 1940 Act, and the value of such securities
as of the Fund&#8217;s fiscal year end was as follows: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding: 6pt 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Regular Broker or Dealer</U></FONT></TD>
    <TD STYLE="width: 24%; padding: 6pt 5.4pt; text-align: center; font: 10pt/normal Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 36%; padding: 6pt 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Aggregate Value</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">JP Morgan Chase &amp; Co.</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$12,529,625</FONT> </TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: center">TAXES</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 20.15pt 6pt 0">The Fund intends to elect to be treated and
to qualify each year as a regulated investment company (&#8220;RIC&#8221;) under the Internal Revenue Code of 1986, as amended
(the &#8220;Code&#8221;). Accordingly, the Fund intends to satisfy certain requirements relating to sources of its income and diversification
of its assets and to distribute substantially all of its net income and net short-term and long-term capital gains (after reduction
by any available capital loss carryforwards) in accordance with the timing requirements imposed by the Code, so as to maintain
its RIC status and to avoid paying any federal income or excise tax. To the extent it qualifies for treatment as a RIC and satisfies
the above-mentioned distribution requirements, the Fund will not be subject to federal income tax on income paid to its shareholders
in the form of dividends or capital gain distributions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 20.15pt 6pt 0">In order to qualify for the special tax treatment
accorded RICs and their shareholders, the Fund must, among other things:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;derive at
least 90% of its gross income from dividends, interest, payments with respect to certain securities loans, and gains from the sale
or other disposition of stock, securities, and foreign currencies, or other income (including but not limited to gains from options,
futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and
net income derived from interests in qualified publicly traded partnerships (as defined below);</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;distribute
with respect to each taxable year at least the sum of 90% of its investment company taxable income (as that term is defined in
the Code without regard to the deduction for dividends paid--generally, taxable ordinary income and the excess, if any, of net
short-term capital gains over net long-term capital losses) and 90% of its net tax-exempt interest income, for such year; and</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;diversify
its holdings so that, at the end of each quarter of the Fund&#8217;s taxable year: (i) at least 50% of the value of the Fund&#8217;s
total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities
limited in respect of any one issuer to a value not greater than 5% of the value of the Fund&#8217;s total assets and not more
than 10% of the outstanding voting securities of such issuer; and (ii) not more than 25% of the value of the Fund&#8217;s total
assets is invested (x) in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or
more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities
of one or more qualified publicly traded partnerships (as defined below).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">With respect to gains from the sale or other disposition
of foreign currencies, the Treasury Department can, by regulation, exclude from qualifying income foreign currency gains that are
not directly related to the Fund&#8217;s principal business of investing in stock (or options or futures with respect to stock
of securities), but no regulations have been proposed or adopted pursuant to this grant of regulatory authority.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">In general, for purposes of the 90% gross income requirement
described in paragraph (a) above, income derived from a partnership will be treated as qualifying income only to the extent such
income is attributable to items of income of the partnership which would be qualifying income if realized by the RIC. However,
100% of the net income derived from an interest in a &#8220;qualified publicly traded partnership&#8221; will be treated as qualifying
income. A &#8220;qualified publicly traded partnership&#8221; is a publicly traded partnership that satisfies certain requirements
with respect to the type of income it produces. In addition, although in general the passive loss rules of the Code do not apply
to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.
Finally, for purposes of paragraph (c) above, the term &#8220;outstanding voting securities of such issuer&#8221; will include
the equity securities of a qualified publicly traded partnership. If the Fund invests in publicly traded partnerships, it might
be required to recognize in its taxable year income in excess of its cash distributions from such publicly traded partnerships
during that year. Such income, even if not reported to the Fund by the publicly traded partnerships until after the end of that
year, would nevertheless be subject to the RIC income distribution requirements and would be taken into account for purposes of
the 4% excise tax described below.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 31.85pt 6pt 0">As a result of qualifying as a RIC, the Fund
will not be subject to U.S. federal income tax on its net investment income (i.e., its investment company taxable income, as that
term is defined in the Code, determined without regard to the deduction for dividends paid) and net capital gain (i.e., the excess
of its net realized long-term capital gain over its net realized short-term capital loss), if any, that it distributes to its shareholders
in each taxable year, provided that it distributes to its shareholders at least the sum of 90% of its net investment income and
90% of its net exempt interest income for such taxable year.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 31.85pt 6pt 0">In order to avoid incurring a nondeductible
4% federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December 31
of each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for such year, (ii) 98.2% of its capital
gain net income (which is the excess of its realized net long-term capital gain over its realized net short-term capital loss),
generally computed on the basis of the one-year period ending on October 31 of such year, after reduction by any available capital
loss carryforwards, and (iii) 100% of any ordinary income and capital gain net income from the prior year (as previously computed)
that were not paid out during such year and on which the Fund paid no federal income tax. Under current law, provided that the
Fund qualifies as a RIC for federal income tax purposes, the Fund should not be liable for any income, corporate excise or franchise
tax in The Commonwealth of Massachusetts.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 8.25pt 6pt 0">If the Fund fails to meet the annual gross
income test described above, the Fund will nevertheless be considered to have satisfied the test if: (i) (a) such failure is due
to reasonable cause and not due to willful neglect; and (b) the Fund reports the failure; and (ii) the Fund pays an excise tax
equal to the excess non-qualifying income. If the Fund fails to meet the asset diversification test described above with respect
to any quarter, the Fund will nevertheless be considered to have satisfied the requirements for such quarter if the Fund cures
such failure within 6 months and either: (i)&nbsp;such failure is de minimis; or (ii) (a) such failure is due to reasonable cause
and not due to willful neglect; and (b) the Fund reports the failure and pays an excise tax.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 8.25pt 6pt 0">If the Fund does not qualify as a RIC for any
taxable year, the Fund&#8217;s taxable income will be subject to corporate income taxes, and all distributions from earnings and
profits, including distributions of net capital gain (if any), will be taxable to the shareholder as ordinary income. Such distributions
generally would be eligible (i) to be treated as qualified dividend income in the case of individual and other noncorporate shareholders
and (ii) for the dividends received deduction (&#8220;DRD&#8221;) in the case of corporate shareholders. In addition, in order
to requalify for taxation as a RIC, the Fund may be required to recognize unrealized gains, pay substantial taxes and interest,
and make certain distributions.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">For United States federal income tax purposes, distributions
paid out of the Fund's current or accumulated earnings and profits will, except in the case of distributions of qualified dividend
income and capital gain dividends described below, be taxable as ordinary dividend income. Certain income distributions paid by
the Fund (whether paid in cash or reinvested in additional Fund shares) to individual taxpayers are taxed at rates applicable to
net long-term capital gains (20%, or 15% or 0% for individuals at certain income levels). This tax treatment applies only if certain
holding period requirements and other requirements are satisfied by the shareholder and the dividends are attributable to qualified
dividend income received by the Fund itself. For this purpose, &#8220;qualified dividend income&#8221; means dividends received
by the Fund from United States corporations and &#8220;qualified foreign corporations,&#8221; provided that the Fund satisfies
certain holding period and other requirements in respect of the stock of such corporations. There can be no assurance as to what
portion of the Fund's dividend distributions will qualify for favorable treatment.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">A dividend will not be treated as qualified dividend income
(at either the Fund or shareholder level): (1) if the dividend is received with respect to any share of stock held for fewer than
61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend
with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days
before such date); (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise)
to make related payments with respect to positions in substantially similar or related property; (3) if the recipient elects to
have the dividend income treated as investment income for purposes of being able to deduct investment interest; or (4) if the dividend
is received from a foreign corporation that is: (a) not eligible for the benefits of a comprehensive income tax treaty with the
United States (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities
market in the United States) or (b) treated as a passive foreign investment company.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">In general, distributions of investment income designated
by the Fund as derived from qualified dividend income will be treated as qualified dividend income by a shareholder taxed as an
individual provided the shareholder meets the holding period and other requirements described above with respect to the Fund&#8217;s
shares. In any event, if the qualified dividend income received by the Fund during any taxable year is 95% or more of its gross
income, then 100% of the Fund&#8217;s dividends (other than properly designated capital gain dividends) will be eligible to be
treated as qualified dividend income.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Dividends of investment company taxable income designated
by the Fund and received by corporate shareholders of the Fund will qualify for the DRD to the extent of the amount of qualifying
dividends received by the Fund from domestic corporations for the taxable year. A dividend received by the Fund will not be treated
as a qualifying dividend (i) to the extent the stock on which the dividend is paid is considered to be &#8220;debt-financed&#8221;
(generally, acquired with borrowed funds), (ii) if the Fund fails to meet certain holding period requirements for the stock on
which the dividend is paid or (iii) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise)
to make related payments with respect to positions in substantially similar or related property. Moreover, the DRD may be disallowed
or reduced if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or by
application of the Code.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">For federal income tax purposes, net capital losses incurred
by the Fund in a particular taxable year can be carried forward to offset net capital gains in any subsequent year until such loss
carryforwards have been fully used, and such capital losses carried forward will retain their character as either short-term or
long-term capital losses. To the extent subsequent net capital gains are offset by such losses, they would not result in federal
income tax liability to the Fund and would not be distributed as such to shareholders.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Distributions of net capital gain, if any, designated
as capital gains dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has
held Fund shares. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will be treated
by a shareholder as a return of capital which is applied against and reduces the shareholder's basis in his or her shares. To the
extent that the amount of any such distribution exceeds the shareholder's basis in his or her shares, the excess will be treated
by the shareholder as gain from a sale or exchange of the shares. Distributions of gains from the sale of investments that the
Fund owned for one year or less will be taxable as ordinary income.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may elect to retain its net capital gain or a
portion thereof for investment and be taxed at corporate rates on the amount retained In such case, it may designate the retained
amount as undistributed capital gains in a notice to its shareholders who will be treated as if each received a distribution of
his pro rata share of such gain, with the result that each shareholder will (i) be required to report his pro rata share of such
gain on his tax return as long-term capital gain, (ii) receive a refundable tax credit for his pro rata share of tax paid by the
Fund on the gain and (iii) increase the tax basis for his shares by an amount equal to the deemed distribution less the tax credit.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders receiving dividends or distributions
in the form of additional Common Shares pursuant to a dividend reinvestment plan will be treated for U.S. federal income tax purposes
as receiving a distribution in an amount equal to the amount of money that the shareholders receiving cash dividends or distributions
will receive, and will have a cost basis in the Common Shares received equal to such amount. The Fund will inform shareholders
of the source and tax status of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The benefits of the reduced tax rates applicable to long-term
capital gains and qualified dividend income may be impacted by the application of the alternative minimum tax to individual shareholders.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 8.45pt 6pt 0">Certain net investment income received by an
individual having adjusted gross income in excess of $200,000 (or $250,000 for married individuals filing jointly) will be subject
to a tax of 3.8%. Undistributed net investment income of trusts and estates in excess of a specified amount also will be subject
to this tax. Dividends and capital gains distributed by the Fund, and gain realized on redemption of Fund shares, will constitute
investment income of the type subject to this tax.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 8.45pt 6pt 0">The taxation of equity options that the Fund
expects to write is governed by Code Section 1234. Pursuant to Code Section 1234, the premium received by the Fund for selling
a call option is not included in income at the time of receipt. If the option expires, the premium is short-term capital gain to
the Fund. If the Fund enters into a closing transaction, the difference between the amount paid to close out its position and the
premium received is short-term capital gain or loss. If a call option written by the Fund is exercised, thereby requiring the Fund
to sell the underlying security, the premium will increase the amount realized upon the sale of the security and any resulting
gain or loss will be long-term or short-term, depending upon the holding period of the security. With respect to a put or call
option that is purchased by the Fund, if the option is sold, any resulting gain or loss will be a capital gain or loss, and will
be short-term or long-term, depending upon the holding period for the option. If the option expires, the resulting loss is a capital
loss and is short-term or long-term, depending upon the holding period for the option. If the option is exercised, the cost of
the option, in the case of a call option, is added to the basis of the purchased security and, in the case of a put option, reduces
the amount realized on the underlying security in determining gain or loss. Because the Fund does not have control over the exercise
of the call options it writes, such exercise or other required sales of the underlying securities may cause the Fund to realize
capital gains or losses at inopportune times.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6.65pt 7.05pt 0 0">The Fund&#8217;s investment in zero coupon,
payment in kind and certain other securities will cause it to realize income prior to the receipt of cash payments with respect
to these securities. Such income will be accrued daily by the Fund and, in order to avoid a tax payable by the Fund, the Fund may
be required to liquidate securities that it might otherwise have continued to hold in order to generate cash so that the Fund may
make required distributions to its shareholders.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6.65pt 7.05pt 0 0">Investments in lower rated or unrated securities
may present special tax issues for the Fund to the extent that the issuers of these securities default on their obligations pertaining
thereto. The Code is not entirely clear regarding the federal income tax consequences of the Fund&#8217;s taking certain positions
in connection with ownership of such distressed securities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6.65pt 7.05pt 0 0">Any recognized gain or income attributable to
market discount on long-term debt obligations (i.e., obligations with a term of more than one year except to the extent of a portion
of the discount attributable to original issue discount) purchased by the Fund is taxable as ordinary income. A long-term debt
obligation is generally treated as acquired at a market discount if purchased after its original issue at a price less than (i)
the stated principal amount payable at maturity, in the case of an obligation that does not have original issue discount or (ii)
in the case of an obligation that does have original issue discount, the sum of the issue price and any original issue discount
that accrued before the obligation was purchased, subject to a de minimis exclusion.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6.65pt 7.05pt 0 0">The Fund&#8217;s transactions in futures contracts
and options will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses
realized by the Fund (i.e., may affect whether gains or losses are ordinary or capital, or short-term or long-term), may accelerate
recognition of income to the Fund and may defer Fund losses. These rules could, therefore, affect the character, amount and timing
of distributions to shareholders. These provisions also (a) will require the Fund to mark-to-market certain types of the positions
in its portfolio (i.e., treat them as if they were closed out), and (b) may cause the Fund to recognize income without receiving
cash with which to make distributions in amounts necessary to satisfy the 90% distribution requirement for qualifying to be taxed
as a RIC and the 98% distribution requirement for avoiding excise taxes. The Fund will monitor its transactions, will make the
appropriate tax elections and will make the appropriate entries in its books and records when it acquires any futures contract,
option or hedged investment in order to mitigate the effect of these rules and prevent disqualification of the Fund from being
taxed as a RIC.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6.65pt 7.05pt 0 0">In particular, the Fund expects to write call
options with respect to certain securities held by the Fund. Depending on whether such options are exercised or lapse, or whether
the securities or options are sold, the existence of these options will affect the amount and timing of the recognition of income
and whether the income qualifies as long-term capital gain.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 19.15pt 6pt 0">Further, the Fund&#8217;s transactions in
options are subject to special and complex federal income tax provisions that may, among other things, (i) convert dividends that
would otherwise constitute qualified dividend income into short-term capital gain or ordinary income taxed at the higher rate applicable
to ordinary income, (ii) treat dividends that would otherwise be eligible for the corporate dividends received deduction as ineligible
for such treatment, (iii) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (iv) convert long-term
capital gain into short-term capital gain or ordinary income, (v) convert an ordinary loss or deduction into a capital loss (the
deductibility of which is more limited) and (vi) cause the Fund to recognize income or gain without a corresponding receipt of
cash.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 20.15pt 6pt 0">Any loss realized upon the sale or exchange
of Fund shares with a holding period of six months or less will be treated as a long-term capital loss to the extent of any capital
gain distributions received with respect to such shares. In addition, all or a portion of a loss realized on a sale or other disposition
of Fund shares may be disallowed under &#8220;wash sale&#8221; rules to the extent the shareholder acquires other shares of the
same Fund (whether through the reinvestment of distributions or otherwise) within a period of 61 days beginning 30 days before
and ending 30 days after the date of disposition of the Common Shares. Any disallowed loss will result in an adjustment to the
shareholder&#8217;s tax basis in some or all of the other shares acquired.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0.3in 6pt 0">Sales charges paid upon a purchase of shares
cannot be taken into account for purposes of determining gain or loss on a sale of the shares before the 91st day after their purchase
to the extent a sales charge is reduced or eliminated in a subsequent acquisition of shares of the Fund (or of another fund), during
the period beginning on the date of such sale and ending on January 31 of the calendar year following the calendar year in which
such sale was made, pursuant to the reinvestment or exchange privilege. Any disregarded amounts will result in an adjustment to
the shareholder&#8217;s tax basis in some or all of any other shares acquired.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 6.25pt 6pt 0">Dividends and distributions on the Fund&#8217;s
shares are generally subject to federal income tax as described herein to the extent they do not exceed the Fund&#8217;s realized
income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder&#8217;s
investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund&#8217;s net asset value
reflects gains that are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed
even when the Fund&#8217;s net asset value also reflects unrealized losses. Certain distributions declared in October, November
or December and paid in the following January will be taxed to shareholders as if received on December 31 of the year in which
they were declared. In addition, certain other distributions made after the close of a taxable year of the Fund may be &#8220;spilled
back&#8221; and treated as paid by the Fund (except for purposes of the non-deductible 4% federal excise tax) during such taxable
year. In such case, shareholders will be treated as having received such dividends in the taxable year in which the distributions
were actually made.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 9.95pt 6pt 0">Dividends and interest received, and gains
realized, by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and
U.S. possessions (collectively &#8220;foreign taxes&#8221;) that would reduce the return on its securities. Tax conventions between
certain countries and the United States, however, may reduce or eliminate foreign taxes, and many foreign countries do not impose
taxes on capital gains in respect of investments by foreign investors. If more than 50% of the value of the Fund&#8217;s total
assets at the close of its taxable year consists of securities of foreign issuers, the Fund will be eligible to, and may, file
an election with the Internal Revenue Service (the &#8220;Service&#8221;) that will enable its shareholders, in effect, to receive
the benefit of the foreign tax credit with respect to any foreign taxes paid by it. Pursuant to the election, the Fund would treat
those taxes as dividends paid to its shareholders and each shareholder (1) would be required to include in gross income, and treat
as paid by such shareholder, a proportionate share of those taxes, (2) would be required to treat such share of those taxes and
of any dividend paid by the Fund that represents income from foreign or U.S. possessions sources as such shareholder&#8217;s own
income from those sources, and (3) could either deduct the foreign taxes deemed paid in computing taxable income or, alternatively,
use the foregoing information in calculating the foreign tax credit against federal income tax. The Fund will report to its shareholders
shortly after each taxable year their respective shares of foreign taxes paid and the income from sources within, and taxes paid
to, foreign countries and U.S. possessions if it makes this election. An individual who has no more than $300 ($600 for married
persons filing jointly) of creditable foreign taxes included on Forms 1099 and all of whose foreign source income is &#8220;qualified
passive income&#8221; may elect each year to be exempt from the complicated foreign tax credit limitation, in which event such
individual would be able to claim a foreign tax credit without needing to file the detailed Form 1116 that otherwise is required.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 20.15pt 6pt 0">The Fund may invest in the stock of &#8220;passive
foreign investment companies&#8221; (&#8220;PFICs&#8221;). A PFIC is any foreign corporation (with certain exceptions) that, in
general, meets either of the following tests: (1) at least 75% of its gross income is passive or (2) an average of at least 50%
of its assets produce, or are held for the production of, passive income. Under certain circumstances, the Fund will be subject
to federal income tax on a portion of any &#8220;excess distribution&#8221; received on the stock of a PFIC or of any gain from
disposition of that stock (collectively &#8220;PFIC income&#8221;), plus interest thereon, even if the Fund distributes the PFIC
income as a taxable dividend to its shareholders. The balance of the PFIC income will be included in the Fund&#8217;s investment
company taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 6.55pt 6pt 0">If the Fund invests in a PFIC and elects to
treat the PFIC as a &#8220;qualified electing fund&#8221; (&#8220;QEF&#8221;), then in lieu of the foregoing tax and interest obligation,
the Fund will be required to include in income each year its pro rata share of the QEF&#8217;s annual ordinary earnings and net
capital gain -- which it may have to distribute to satisfy the distribution requirement and avoid imposition of the excise tax
-- even if the QEF does not distribute those earnings and gain to the Fund. In most instances it will be very difficult, if not
impossible, to make this election because of certain of its requirements.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 8.2pt 6pt 0">The Fund may elect to &#8220;mark to market&#8221;
its stock in any PFIC. &#8220;Marking-to-market,&#8221;&#8217; in this context, means including in ordinary income each taxable
year the excess, if any, of the fair market value of a PFIC&#8217;s stock over the Fund&#8217;s adjusted basis therein as of the
end of that year. Pursuant to the election, the Fund also would be allowed to deduct (as an ordinary, not capital, loss) the excess,
if any, of its adjusted basis in PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent
of any net mark-to-market gains (reduced by any prior deductions) with respect to that stock included by the Fund for prior taxable
years under the election. The Fund&#8217;s adjusted basis in each PFIC&#8217;s stock with respect to which it has made this election
will be adjusted to reflect the amounts of income included and deductions taken thereunder.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 8.2pt 6pt 0">Under Section 988 of the Code, gains or losses
attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities
denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are
generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts and the disposition
of debt securities denominated in a foreign currency, to the extent attributable to fluctuations in exchange rate between the acquisition
and disposition dates, are also treated as ordinary income or loss.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 25.7pt 6pt 0">Amounts paid by the Fund to individuals and
certain other shareholders who have not provided the Fund with their correct taxpayer identification number (&#8220;TIN&#8221;)
and certain certifications required by the Service as well as shareholders with respect to whom the Fund has received certain information
from the Service or a broker may be subject to &#8220;backup&#8221; withholding of federal income tax arising from the Fund&#8217;s
taxable dividends and other distributions as well as the gross proceeds of sales of shares, at a rate of 24%. An individual&#8217;s
TIN is generally his or her social security number. Backup withholding is not an additional tax. Any amounts withheld under the
backup withholding rules from payments made to a shareholder may be refunded or credited against such shareholder&#8217;s federal
income tax liability, if any, provided that the required information is furnished to the Service.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 25.7pt 6pt 0">Non-U.S. investors not engaged in a U.S. trade
or business with which their investment in the Fund is effectively connected will be subject to U.S. federal income tax treatment
that is different from that described above. Such non-U.S. investors may be subject to withholding tax at the rate of 30% (or a
lower rate under an applicable tax treaty) on amounts treated as ordinary dividends from the Fund. Capital gain distributions,
if any, are not subject to the 30% withholding tax. Exemptions from this withholding tax are also provided for dividends properly
designated as interest related dividends or as short-term capital gain dividends paid by the Fund with respect to its qualified
net interest income or qualified short-term gain. Unless an effective IRS Form W-8BEN or other authorized withholding certificate
is on file, backup withholding will apply to certain other payments from the Fund. Non-U.S. investors should consult their tax
advisors regarding such treatment and the application of foreign taxes to an investment in the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 25.7pt 6pt 0">Under recent legislation known as FATCA, beginning
in 2014, a 30% U.S. withholding tax may apply to any U.S.-source &#8220;withholdable payments&#8221; made to a non-U.S. entity
unless the non-U.S. entity enters into an agreement with either the Service or a governmental authority in its own country, as
applicable, to collect and provide substantial information regarding the entity&#8217;s owners, including &#8220;specified United
States persons&#8221; and &#8220;United States owned foreign entities,&#8221; or otherwise demonstrates compliance with or exemption
from FATCA. The term &#8220;withholdable payment&#8221; includes any payment of interest (even if the interest is otherwise exempt
from the withholding rules described above), dividends, and the gross proceeds of a disposition of stock (including a liquidating
distribution from a corporation) or debt instruments, in each case with respect to any U.S. investment. The withholding tax regime
went into effect on July 1, 2014 with respect to U.S.-source income, and it is scheduled to begin in 2019 with respect to U.S.-source
investment sale proceeds, however recently proposed regulations from the U.S. Treasury</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 25.7pt 6pt 0">Department indicate an intent to eliminate the
requirement under FATCA of withholding on gross proceeds and to defer withholding on certain other types of withholdable payments.
The U.S. Treasury Department has indicated that taxpayers may rely on these proposed regulations pending their finalization. A
specified United States person is essentially any U.S. person, other than publicly traded corporations, their affiliates, tax-exempt
organizations, governments, banks, real estate investment trusts, RICs, and common trust funds. A United States owned foreign entity
is a foreign entity with one or more &#8220;substantial United States owners,&#8221; generally defined as United States person
owning a greater than 10% interest. Non-U.S. investors should consult their own tax advisers regarding the impact of this recent
legislation on their investment in the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 25.7pt 6pt 0">If a shareholder realizes a loss on disposition
of the Fund&#8217;s shares in any single tax year of $2 million or more for an individual shareholder or $10 million or more for
a corporate shareholder or, in any combination of tax years, $4 million or more for an individual shareholder or $20 million or
more for a corporate shareholder, the shareholder must file with the Service a disclosure statement on Form 8886. Direct shareholders
of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of
a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most
or all RICs.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 20.15pt 6pt 0">The foregoing briefly summarizes some of the
important federal income tax consequences to Common Shareholders of investing in Common Shares, reflects the federal tax law as
of the date of this Statement of Additional Information, and does not address special tax rules applicable to certain types of
investors, such as corporate and foreign investors. Unless otherwise noted, this discussion assumes that an investor is a U.S.
shareholder and holds Common Shares as a capital asset. This discussion is based upon present provisions of the Code, the regulations
promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change or differing interpretations
by the courts or the Service retroactively or prospectively. Investors should consult their tax advisors regarding other federal,
state or local tax considerations that may be applicable to their particular circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">OTHER INFORMATION</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is an organization of the type commonly known
as a &#8220;Massachusetts business trust.&#8221; Under Massachusetts law, shareholders of such a trust may, in certain circumstances,
be held personally liable as partners for the obligations of the trust. The Declaration of Trust contains an express disclaimer
of shareholder liability in connection with Fund property or the acts, obligations or affairs of the Fund. The Declaration of Trust,
in coordination with the Fund&#8217;s By-laws, also provides for indemnification out of Fund property of any shareholder held personally
liable for the claims and liabilities to which a shareholder may become subject by reason of being or having been a shareholder.
Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which
the Fund itself is unable to meet its obligations. The Fund has been advised by its counsel that the risk of any shareholder incurring
any liability for the obligations of the Fund is remote.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust provides that the Trustees will
not be liable for errors of judgment or mistakes of fact or law; but nothing in the Declaration of Trust protects a Trustee against
any liability to the Fund or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad
faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. Voting rights are not
cumulative, which means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the
Trustees and, in such event, the holders of the remaining less than 50% of the shares voting on the matter will not be able to
elect any Trustees.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust provides that no person shall
serve as a Trustee if shareholders holding two-thirds of the outstanding shares have removed him from that office either by a written
declaration filed with the Fund&#8217;s custodian or by votes cast at a meeting called for that purpose. The Declaration of Trust
further provides that the Trustees of the Fund shall promptly call a meeting of the shareholders for the purpose of voting upon
a question of removal of any such Trustee or Trustees when requested in writing to do so by the record holders of not less than
10 per centum of the outstanding shares.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s Prospectus, any related Prospectus Supplement
and this SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC.
The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its Rules and Regulations.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Custodian</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">State Street Bank and Trust Company (&#8220;State Street&#8221;),
State Street Financial Center, One Lincoln Street, Boston, MA 02111, is the custodian of the Fund and will maintain custody of
the securities and cash of the Fund. State Street maintains the Fund&#8217;s general ledger and computes net asset value per share
at least weekly. State Street also attends to details in connection with the sale, exchange, substitution, transfer and other dealings
with the Fund&#8217;s investments, and receives and disburses all funds. State Street also assists in preparation of shareholder
reports and the electronic filing of such reports with the SEC.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Deloitte &amp; Touche LLP, 200 Berkeley Street, Boston,
MA 02116, independent registered public accounting firm, audits the Fund&#8217;s financial statements and provides other audit,
tax and related services. </P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">FINANCIAL STATEMENTS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The audited financial statements and the report of
the independent registered public accounting firm of the Fund, for the fiscal year ended December 31, 2018, are incorporated herein
by reference from the Fund&#8217;s most recent Annual Report to Common Shareholders filed with the SEC (Accession No. 0001193125-19-053799)
on Form N-CSR pursuant to Rule 30b2-1 under the 1940 Act. </P>


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<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0.25in 3pt 0; text-align: right">APPENDIX A</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">RATINGS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The ratings indicated herein are believed to be the most
recent ratings available at the date of this SAI for the securities listed. Ratings are generally given to securities at the time
of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the
ratings indicated do not necessarily represent ratings which would be given to these securities on a particular date.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">MOODY&#8217;S INVESTORS SERVICE, INC. (&#8220;Moody&#8217;s&#8221;)</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Ratings assigned on Moody&#8217;s global long-term and
short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial
corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term
ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both the likelihood of
a default on contractually promised payments and the expected financial loss suffered in the event of default. Short-term ratings
are assigned to obligations with an original maturity of thirteen months or less and reflect the likelihood of a default on contractually
promised payments and the expected financial loss suffered in the event of a default.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">GLOBAL LONG-TERM RATINGS SCALE</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Aaa:</B></FONT>
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Aa:</B></FONT>
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:</B></FONT>
Obligations rated A are considered upper-medium grade and are subject to low credit risk.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Baa:</B></FONT>
Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative
characteristics</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Ba:</B></FONT>
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
Obligations rated B are considered speculative and are subject to high credit risk.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Caa:</B></FONT>
Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Ca:</B></FONT>
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal
and interest.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Note:</B></FONT>
Moody&#8217;s appends numerical modifiers, 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier
1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking;
and the modifier 3 indicates a ranking in the lower end of that generic rating category.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">GLOBAL SHORT-TERM RATING SCALE</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Moody&#8217;s short term ratings are opinions of the ability
of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual
short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly
noted.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P-1:</B></FONT>
Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P-2:</B></FONT>
Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P-3:</B></FONT>
Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NP:</B></FONT>
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime ratings categories.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">ISSUER RATINGS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issuer Ratings are opinions of the ability of entities
to honor senior unsecured debt and debt like instruments. As such, Issuer Ratings incorporate any external support that is expected
to apply to all current and future issuance of senior unsecured financial obligations and contracts, such as explicit support stemming
from a guarantee of all senior unsecured financial obligations and contracts, and/or implicit support for issuers subject to joint
default analysis (e.g. banks and government-related issuers). Issuer Ratings do not incorporate support arrangements, such as guarantees,
that apply only to specific (but not to all) senior unsecured financial obligations and contracts.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">US MUNICIPAL SHORT-TERM OBLIGATION RATINGS AND DEMAND
OBLIGATION RATINGS</P>

<P STYLE="font: bold 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">SHORT-TERM OBLIGATION RATINGS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">While the global short-term &#8216;prime&#8217; rating
scale is applied to US municipal tax-exempt commercial paper, these programs are typically backed by external letters of credit
or liquidity facilities and their short-term prime ratings usually map to the long-term rating of the enhancing bank or financial
institution and not to the municipality&#8217;s rating. Other short-term municipal obligations, which generally have different
funding sources for repayment, are rated using two additional short-term rating scales (i.e., the MIG and VMIG scales discussed
below).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Municipal Investment Grade (MIG) scale is used to
rate US municipal bond anticipation notes of up to three years maturity. Municipal notes rated on the MIG scale may be secured
by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity
of the obligation, and the issuer&#8217;s long-term rating is only one consideration in assigning the MIG rating. MIG ratings are
divided into three levels&#8212;MIG 1 through MIG 3&#8212;while speculative grade short-term obligations are designated SG.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MIG
1</B></FONT> This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly
reliable liquidity support, or demonstrated broad-based access to the market for refinancing.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MIG
2</B></FONT> This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding
group.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MIG
3</B></FONT> This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access
for refinancing is likely to be less well-established.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SG</B></FONT>
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Demand Obligation Ratings</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the case of variable rate demand obligations (VRDOs),
a two-component rating is assigned; a long or short-term rating and demand obligation rating. The first element represents Moody&#8217;s
evaluation of the degree of risk associated with scheduled principal and interest payments. The second element represents Moody&#8217;s
evaluation of the degree of risk associated with the ability to receive purchase price upon demand (&#8220;demand feature&#8221;),
The second element uses a rating from a variation of the MIG scale called the Variable Municipal Investment Grade (VMIG) scale.
VMIG ratings of demand obligations with unconditional liquidity support are mapped from the short-term debt rating (or counterparty
assessment) of the support provider, or the underlying obligor in the absence of third party liquidity support, with VMIG 1 corresponding
to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime. Transitions of VMIG ratings of demand obligations with conditional liquidity
support, as shown in the diagram below, differ from transitions on the Prime scale to reflect the risk that external liquidity
support will terminate if to reflect the risk that external liquidity support will terminate if the issuer&#8217;s long-term rating
drops below investment grade.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VMIG
1:</B></FONT> This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit
strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VMIG
2:</B></FONT> This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength
of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VMIG
3:</B></FONT> This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term
credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price
upon demand.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SG:</B></FONT>
This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity
provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary
to ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">S&amp;P GLOBAL RATINGS (&#8220;S&amp;P&#8221;)</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">ISSUE CREDIT RATINGS DEFINITIONS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">S&amp;P&#8217;s issue credit rating is a forward-looking
opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial
obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It
takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and
takes into account the currency in which the obligation is denominated. The opinion reflects S&amp;P&#8217;s view of the obligor's
capacity and willingness to meet its financial commitments as they come due, and may assess terms, such
as collateral security and subordination, which could affect ultimate payment in the event of default.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issue credit ratings can be either long-term or short-term.
Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term ratings
are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term
notes are assigned long-term ratings.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">LONG-TERM ISSUE CREDIT RATINGS:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issue credit ratings are based, in varying degrees, on
S&amp;P&#8217;s analysis of the following considerations:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Symbol">&middot; </FONT>Likelihood
of payment&#8212;capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the
terms of the obligation;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Symbol">&middot; </FONT>Nature
of and provisions of the financial obligation and the promise that it is imputed; and</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Symbol">&middot; </FONT>Protection
afforded by, and relative position of, the financial obligation in the event of bankruptcy, reorganization, or other arrangement
under the laws of bankruptcy and other laws affecting creditors' rights.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issue ratings are an assessment of default risk, but may
incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically
rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply
when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding
company obligations.)</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AAA:</B></FONT>
An obligation rated &#8216;AAA&#8217; has the highest rating assigned by S&amp;P. The obligor&#8217;s capacity to meet its financial
commitment on the obligation is extremely strong.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AA:</B></FONT>
An obligation rated &#8216;AA&#8217; differs from the highest-rated obligors only to a small degree. The obligor&#8217;s capacity
to meet its financial commitments on the obligation is very strong.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:</B></FONT>
An obligation rated &#8216;A&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic
conditions than obligations in higher-rated categories. However, the obligor&#8217;s capacity to meet its financial commitments
on the obligation is still strong.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BBB:</B></FONT>
An obligation rated &#8216;BBB&#8217; exhibits adequate protection parameters. However, adverse economic conditions or changing
circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB, B, CCC, CC and C</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Obligations rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;,
&#8216;CC&#8217;, and &#8216;C&#8217; are regarded as having significant speculative characteristics. &#8216;BB&#8217; indicates
the least degree of speculation and &#8216;C&#8217; the highest. While such obligations will likely have some quality and protective
characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BB:</B></FONT>
An obligation rated &#8216;BB&#8217; is less vulnerable to non-payment than other speculative issues. However, it faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate
capacity to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
An obligation rated &#8216;B&#8217; is more vulnerable to nonpayment than obligations rated &#8216;BB&#8217;, but the obligor currently
has the capacity to meet its financial commitment on the obligation. Adverse business, financial or economic conditions will likely
impair the obligor&#8217;s capacity or willingness to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CCC:</B></FONT>
An obligation rated &#8216;CCC&#8217; is currently vulnerable to nonpayment, and is dependent upon favorable business, financial,
and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial
or, economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC:</B></FONT>
An obligation rated &#8216;CC&#8217; is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not
yet occurred, but S&amp;P expects default to be a virtual certainty, regardless of the anticipated time to default.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority
or lower ultimate recovery compared to obligations that are rated higher<FONT STYLE="font-size: 8pt">.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category
is used when payments on an obligation are not made on the date due, unless S&amp;P believes that such payments will be made within
five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days.
The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual
certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed
exchange offer.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that
S&amp;P does not rate a particular obligation as a matter of policy.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Plus
(+) or Minus (-):</B></FONT> The ratings from &#8216;AA&#8217; to&#8217; CCC&#8217; may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating categories.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">SHORT-TERM ISSUE CREDIT RATINGS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-1:</B></FONT>
A short-term obligation rated &#8216;A-1&#8217; is rated in the highest category by S&amp;P. The obligor&#8217;s capacity to meet
its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign
(+). This indicates that the obligor&#8217;s capacity to meet its financial commitments on the obligation is extremely strong.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-2:</B></FONT>
A short-term obligation rated &#8216;A-2&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances
and economic conditions than obligations in higher rating categories. However, the obligor&#8217;s capacity to meet its financial
commitment on the obligation is satisfactory.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-3:</B></FONT>
A short-term obligation rated &#8216;A-3&#8217; exhibits adequate protection parameters. However, adverse economic conditions or
changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
A short-term obligation rated &#8216;B&#8217; is regarded as vulnerable and has significant speculative characteristics. The obligor
currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to
the obligor's inadequate capacity to meet its financial commitments<FONT STYLE="font-family: AmasisMT; font-size: 8pt">.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
A short-term obligation rated &#8216;C&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial
and economic conditions for the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D'
rating category is used when payments on an obligation are not made on the date due, unless S&amp;P believes that such payments
will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as
five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action
and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating
is lowered to 'D' if it is subject to a distressed exchange offer.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">ISSUER CREDIT RATINGS DEFINITIONS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">S&amp;P&#8217;s issuer credit rating is a forward-looking
opinion about an obligor's overall creditworthiness. This opinion focuses on the obligor's capacity and willingness to meet its
financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account
the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality
and enforceability of the obligation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Counterparty credit ratings, corporate credit ratings
and sovereign credit ratings are all forms of issuer credit ratings.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issuer credit ratings can be either long-term or short-term.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">LONG-TERM ISSUER CREDIT RATINGS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AAA:</B></FONT>
An obligor rated &#8216;AAA&#8217; has extremely strong capacity to meet its financial commitments. &#8216;AAA&#8217; is the highest
issuer credit rating assigned by S&amp;P.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AA:</B></FONT>
An obligor rated &#8216;AA&#8217; has very strong capacity to meet its financial commitments. It differs from the highest-rated
obligors only to a small degree.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:</B></FONT>
An obligor rated &#8216;A&#8217; has strong capacity to meet its financial commitments but is somewhat more susceptible to the
adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BBB:</B></FONT>
An obligor rated &#8216;BBB&#8217; has adequate capacity to meet its financial commitments. However, adverse economic conditions
or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB, B, CCC and CC</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Obligors rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;,
and &#8216;CC&#8217; are regarded as having significant speculative characteristics. &#8216;BB&#8217; indicates the least degree
of speculation and &#8216;CC&#8217; the highest. While such obligors will likely have some quality and protective characteristics,
these may be outweighed by large uncertainties or major exposures to adverse conditions.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BB:</B></FONT>
An obligor &#8216;BB&#8217; is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing
uncertainties and exposure to adverse business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate
capacity to meet its financial commitments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
An obligor rated &#8216;B&#8217; is more vulnerable than the obligors rated &#8216;BB&#8217;, but the obligor currently has the
capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor&#8217;s
capacity or willingness to meets its financial commitments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CCC:</B></FONT>
An obligor rated &#8216;CCC&#8217; is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions
to meet its financial commitments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC:</B></FONT>
An obligor rated &#8216;CC&#8217; is currently highly vulnerable. The 'CC' rating is used when a default has not yet occurred,
but S&amp;P&#8217;s expects default to be a virtual certainty, regardless of the anticipated time to default.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: NewsGoth Dm BT,sans-serif">R:</FONT>
An obligor rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision
the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: NewsGoth Dm BT,sans-serif">SD
and D</FONT><FONT STYLE="font-family: AmasisMT; font-size: 8pt">: </FONT>An obligor rated 'SD' (selective default) or 'D' is in
default on one or more of its financial obligations including rated and unrated financial obligations but excluding hybrid instruments
classified as regulatory capital or in non-payment according to terms. An obligor is considered in default unless S&amp;P believes
that such payments will be made within five business days of the due date in the absence of a stated grace period, or within the
earlier of the stated grace period or 30 calendar days. A 'D' rating is assigned when S&amp;P believes that the default will be
a general default and that the obligor will fail to pay all or substantially all of its obligations as they come due. An 'SD' rating
is assigned when S&amp;P believes that the obligor has selectively defaulted on a specific issue or class of obligations but it
will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. An obligor's rating
is lowered to 'D' or 'SD' if it is conducting a distressed exchange offer.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
An issuer designated as NR is not rated.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Plus
(+) or Minus (-):</B></FONT> The ratings from &#8216;AA&#8217; to&#8217; CCC&#8217; may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating categories.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">SHORT-TERM ISSUER CREDIT RATINGS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-1:</B></FONT>
An obligor rated &#8216;A-1&#8217; has strong capacity to meet its financial commitments. It is rated in the highest category by
S&amp;P. Within this category, certain obligors are designated with a plus sign (+). This indicates that the obligor&#8217;s capacity
to meet its financial commitments is extremely strong.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-2:</B></FONT>
An obligor rated &#8216;A-2&#8217; has satisfactory capacity to meet its financial commitments. However, it is somewhat more susceptible
to the adverse effects of changes in circumstances and economic conditions than obligors in the highest rating category.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-3:</B></FONT>
An obligor rated &#8216;A-3&#8217; has adequate capacity to meet its financial obligations. However, adverse economic conditions
or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
An obligor rated &#8216;B&#8217; is regarded as vulnerable and has significant speculative characteristics. The obligor currently
has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor&#8217;s
inadequate capacity to meet its financial commitments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
An obligor rated 'C' is currently vulnerable to nonpayment that would result in a 'SD' or 'D' issuer rating, and is dependent upon
favorable business, financial, and economic conditions for it to meet its financial commitments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>R:</B></FONT>
An obligor rated &#8216;R&#8217; is under regulatory supervision owing to its financial condition. During the pendency of the regulatory
supervision the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SD
and D:</B></FONT> An obligor rated 'SD' (selective default) or 'D' has failed to pay one or more of its financial obligations (rated
or unrated), excluding hybrid instruments classified as regulatory capital or in nonpayment according to terms, when it came due.
An obligor is considered in default unless S&amp;P believes that such payments will be made within any stated grace period. However,
any stated grace period longer than five business days will be treated as five business days. A 'D' rating is assigned when S&amp;P
believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its obligations
as they come due. An 'SD' rating is assigned when S&amp;P believes that the obligor has selectively defaulted on a specific issue
or class of obligations, excluding hybrid instruments classified as regulatory capital, but it will continue to meet its payment obligations
on other issues or classes of obligations in a timely manner. An obligor's rating is lowered to 'D' or 'SD' if it is conducting
a distressed exchange offer.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
An issuer designated as NR is not rated.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">MUNICIPAL SHORT-TERM NOTE RATINGS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SHORT-TERM
NOTES:</B></FONT> An S&amp;P U.S. municipal note ratings reflects S&amp;P opinions about the liquidity factors and market access
risks unique to notes.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Notes due in three years or less will likely receive a
note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining
which type of rating, if any, to assign, S&amp;P&#8217;s analysis will review the following considerations: Amortization schedule--the
larger the final maturity relative to other maturities, the more likely it will be treated as a note; and Source of payment--the
more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Municipal Short-Term Note rating symbols are as follows:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SP-1:</B></FONT>
Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt will be given
a plus (+) designation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SP-2:</B></FONT>
Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the
term of the notes.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SP-3:</B></FONT>
Speculative capacity to pay principal and interest.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">FITCH RATINGS</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">LONG-TERM CREDIT RATINGS</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment Grade</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AAA:
Highest credit quality</B></FONT>. &#8216;AAA&#8217; ratings denote the lowest expectation of credit risk. They are assigned only
in case of exceptionally strong capacity for payment of financial commitments. The capacity is highly unlikely to be adversely
affected by foreseeable events.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AA:
Very high credit quality</B></FONT>. &#8216;AA&#8217; ratings denote expectations of very low credit risk. They indicate very strong
capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:
High credit quality</B></FONT>. &#8216;A&#8217; ratings denote expectations of low credit risk. The capacity for payment of financial
commitments is considered strong. The capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic
conditions that is the case for higher ratings.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BBB:
Good credit quality.</B></FONT> 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment
of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BB:
Speculative.</B></FONT> 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes
in business or economic conditions over time; however, business or financial flexibility exist that supports the servicing of financial
commitments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:
Highly speculative.</B></FONT> B' ratings indicate that material default risk is present, but a limited margin of safety remains.
Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business
and economic environment.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CCC:
Substantial credit risk.</B></FONT> Default is a real possibility.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC:
Very high levels of credit risk.</B></FONT> Default of some kind appears probable.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:
Near default.</B></FONT> A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle,
payment capacity is irrevocably impaired. Conditions that are indicative of a &#8216;C&#8217; category rating for an issuer include:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The issuer has entered into a grace or cure period
following non-payment of a material financial obligation;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The issuer had entered into a temporary negotiated
waiver or standstill agreement following a payment default on a material financial obligation;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The formal announcement by the issuer or their
agent of distressed debt exchange;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; A closed financing vehicle where payment capacity
is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction,
but where no payment default is imminent.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>RD:
Restricted Default.</B></FONT> &#8216;RD&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has experienced:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; An uncured payment default on a bond, loan or
other material financial obligation, but</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; Has not entered into bankruptcy filings, administration,
receivership, liquidation, or other formal winding-up procedure, and</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; Has not otherwise ceased operating.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">This would include:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The selective payment default on specific class
or currency of debt;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The uncured expiry of any applicable grace period,
cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material
financial obligation;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The extension of multiple waivers of forbearance
periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution
of a distressed debt exchange on one or more material financial obligations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:
Default.</B></FONT> &#8216;D&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has entered into bankruptcy filings,
administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; Default ratings are not assigned prospectively
to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period
will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise
driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; In all cases, the assignment of default rating
reflects the agency&#8217;s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings
and may differ from the definition of default under the terms of an issuer&#8217;s financial obligations or local commercial practice.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Notes to Long-Term ratings:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The modifiers &#8220;+&#8221; or &#8220;-&#8221; may be
appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the &#8216;AAA&#8217;
Long-Term IDR category, or to Long-Term IDR categories below &#8216;B&#8217;.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Short-Term Credit Ratings Assigned to Obligations
in Corporate, Public and Structured Finance</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">A short-term issuer or obligation rating is based in all
cases on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial
obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations
whose initial maturity is viewed as &#8220;short term&#8221; based on market convention. Typically, this means up to 13 months
for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F1:
Highest short-term credit quality</B></FONT><B>. </B>Indicates the strongest intrinsic capacity for timely payment of financial
commitments; may have an added &#8220;+&#8221; to denote any exceptionally strong credit feature.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F2:
Good short-term credit quality</B></FONT>. Good intrinsic capacity for timely payment of financial commitments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F3:
Fair short-term credit quality</B></FONT>. The intrinsic capacity for timely payment of financial commitments is adequate.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:
Speculative short-term credit quality</B></FONT>. Minimal capacity for timely payment of financial commitments, plus vulnerability
to near term adverse changes in financial and economic conditions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:
High short-term default risk.</B></FONT> Default is a real possibility.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>RD:
Restricted default.</B></FONT> Indicates an entity that has defaulted on one or more of its financial commitments, although it
continues to meet other financial obligations. Typically applicable to entity ratings only.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
Indicates a broad-based default event for an entity, or the default of a short-term obligation.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">DESCRIPTION OF INSURANCE FINANCIAL STRENGTH RATINGS</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Moody&#8217;s Investors Service, Inc. Insurance Financial
Strength Ratings</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Moody&#8217;s Insurance Financial Strength Ratings are
opinions of the ability of insurance companies to repay punctually senior policyholder claims and obligations and also reflect
the expected financial loss suffered in the event of default. Specific obligations are considered unrated unless they are individually
rated because the standing of a particular insurance obligation would depend on an assessment of its relative standing under those
laws governing both the obligation and the insurance company.</P>


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<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"> S&amp;P Insurer Financial Strength Ratings </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An S&amp;P insurer financial strength rating is a forward-looking
opinion about the financial security characteristics of an insurance organization with respect to its ability to pay under its
insurance policies and contracts in accordance with their terms. Insurer financial strength ratings are also assigned to health
maintenance organizations and similar health plans with respect to their ability to pay under their policies and contracts in accordance
with their terms.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">This opinion is not specific to any particular policy
or contract, nor does it address the suitability of a particular policy or contract for a specific purpose or purchaser. Furthermore,
the opinion does not take into account deductibles, surrender or cancellation penalties, timeliness of payment, nor the likelihood
of the use of a defense such as fraud to deny claims.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Insurer financial strength ratings do not refer to an
organization's ability to meet nonpolicy (i.e., debt) obligations. Assignment of ratings to debt issued by insurers or to debt
issues that are fully or partially supported by insurance policies, contracts, or guarantees is a separate process from the determination
of insurer financial strength ratings, and follows procedures consistent with those used to assign an issue credit rating. An insurer
financial strength rating is not a recommendation to purchase or discontinue any policy or contract issued by an insurer.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Long-Term Insurer Financial Strength Ratings</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Category Definition</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">AAA</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'AAA' has extremely strong financial
security characteristics. 'AAA' is the highest insurer financial strength rating assigned by S&amp;P.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">AA</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'AA' has very strong financial security
characteristics, differing only slightly from those rated higher.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">A</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'A' has strong financial security characteristics,
but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">BBB</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'BBB' has good financial security characteristics,
but is more likely to be affected by adverse business conditions than are higher-rated insurers.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB; CCC; and CC</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'BB' or lower is regarded as having vulnerable
characteristics that may outweigh its strengths. 'BB' indicates the least degree of vulnerability within the range; 'CC' the highest.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'BB' has marginal financial security
characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial
commitments.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">B</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'B' has weak financial security characteristics.
Adverse business conditions will likely impair its ability to meet financial commitments.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">CCC</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'CCC' has very weak financial security
characteristics, and is dependent on favorable business conditions to meet financial commitments.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">CC</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'CC' has extremely weak financial security
characteristics and is likely not to meet some of its financial commitments.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">R</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'R' is under regulatory supervision owing
to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class
of obligations over others or pay some obligations and not others. The rating does not apply to insurers subject only to non-financial
actions such as market conduct violations.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">SD or D</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'SD' (selective default) or 'D' is in
default on one or more of its insurance policy obligations but is not under regulatory supervision that would involve a rating
of 'R'. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on
a policy obligation are at risk. A 'D' rating is assigned when S&amp;P believes that the default will be a general default and
that the obligor will fail to pay substantially all of its obligations in full in accordance with the policy terms. An 'SD' rating
is assigned when S&amp;P believes that the insurer has selectively defaulted on a specific class of policies but it will continue
to meet its payment obligations on other classes of obligations. A selective default includes the completion of a distressed exchange
offer. Claim denials due to lack of coverage or other legally permitted defenses are not considered defaults.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">NR</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer designated 'NR' is not rated.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Plus
(+) or Minus (-):</B></FONT> The ratings from &#8216;AA&#8217; to&#8217; CCC&#8217; may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating categories.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Fitch Insurer Financial Strength Rating</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Insurer Financial Strength (IFS) Rating provides an
assessment of the financial strength of an insurance organization. The IFS Rating is assigned to the insurance company's policyholder
obligations, including assumed reinsurance obligations and contract holder obligations, such as guaranteed investment contracts.
The IFS Rating reflects both the ability of the insurer to meet these obligations on a timely basis, and expected recoveries received
by claimants in the event the insurer stops making payments or payments are interrupted, due to either the failure of the insurer
or some form of regulatory intervention. In the context of the IFS Rating, the timeliness of payments is considered relative to
both contract and/or policy terms but also recognizes the possibility of reasonable delays caused by circumstances common to the
insurance industry, including claims reviews, fraud investigations and coverage disputes.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The IFS Rating does not encompass policyholder obligations
residing in separate accounts, unit-linked products or segregated funds, for which the policyholder bears investment or other risks.
However, any guarantees provided to the policyholder with respect to such obligations are included in the IFS Rating.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Expected recoveries are based on the agency's assessments
of the sufficiency of an insurance company's assets to fund policyholder obligations, in a scenario in which payments have ceased
or been interrupted. Accordingly, expected recoveries exclude the impact of recoveries obtained from any government sponsored guaranty
or policyholder protection funds. Expected recoveries also exclude the impact of collateralization or security, such as letters
of credit or trusteed assets, supporting select reinsurance obligations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">IFS Ratings can be assigned to insurance and reinsurance
companies in any insurance sector, including the life &amp; annuity, non-life, property/casualty, health, mortgage, financial guaranty,
residual value and title insurance sectors, as well as to managed care companies such as health maintenance organizations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The IFS Rating does not address the quality of an insurer's
claims handling services or the relative value of products sold.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The IFS Rating uses the same symbols used by the agency
for its International and National credit ratings of long-term or short-term debt issues. However, the definitions associated with
the ratings reflect the unique aspects of the IFS Rating within an insurance industry context.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Obligations for which a payment interruption has occurred
due to either the insolvency or failure of the insurer or some form of regulatory intervention will generally be rated between
'B' and 'C' on the Long-Term IFS Rating scales (both International and National). International Short-Term IFS Ratings assigned
under the same circumstances will align with the insurer's International Long-Term IFS Ratings.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0.25in 3pt 0; text-align: right">APPENDIX B</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Funds</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Proxy Voting Policy and Procedures</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">I.&#8194; &#8194;Overview</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Boards of Trustees (the &#8220;Board&#8221;) of the
Eaton Vance Funds<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT> have determined
that it is in the interests of the Funds&#8217; shareholders to adopt these written proxy voting policy and procedures (the &#8220;Policy&#8221;).
For purposes of this Policy:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;Fund&#8221; means each registered investment company sponsored by the Eaton Vance organization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;Adviser&#8221; means the adviser or sub-adviser responsible for the day-to-day management of all or a portion of the
Fund&#8217;s assets.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">II.&#8194; &#8194;Delegation of Proxy Voting Responsibilities</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board hereby delegates to the Adviser responsibility
for voting the Fund&#8217;s proxies as described in this Policy. In this connection, the Adviser is required to provide the Board
with a copy of its proxy voting policies and procedures (&#8220;Adviser Procedures&#8221;) and all Fund proxies will be voted in
accordance with the Adviser Procedures, provided that in the event a material conflict of interest arises with respect to a proxy
to be voted for the Fund (as described in Section IV below) the Adviser shall follow the process for voting such proxy as described
in Section IV below.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser is required to report any material change
to the Adviser Procedures to the Board in the manner set forth in Section V below. In addition, the Board will review the Adviser
Procedures annually.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">III.&#8194; &#8194;Delegation of Proxy Voting Disclosure
Responsibilities</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to Rule 30b1-4 promulgated under the Investment
Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), the Fund is required to file Form N-PX no later than August 31st
of each year. On Form N-PX, the Fund is required to disclose, among other things, information concerning proxies relating to the
Fund&#8217;s portfolio investments, whether or not the Fund (or its Adviser) voted the proxies relating to securities held by the
Fund and how it voted on the matter and whether it voted for or against management.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">To facilitate the filing of Form N-PX for the Fund:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Adviser is required to record, compile and transmit in a timely manner all data required to be filed on Form N-PX for the
Fund that it manages. Such data shall be transmitted to Eaton Vance Management, which acts as administrator to the Fund (the &#8220;Administrator&#8221;)
or the third party service provider designated by the Administrator; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Administrator is required to file Form N-PX on behalf of the Fund with the Securities and Exchange Commission (&#8220;Commission&#8221;)
as required by the 1940 Act. The Administrator may delegate the filing to a third party service party provided each such filing
is reviewed and approved by the Administrator.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">IV.&#8194; &#8194;Conflicts of Interest</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board expects the Adviser, as a fiduciary to the Fund
it manages, to put the interests of the Fund and its shareholders above those of the Adviser. When required to vote a proxy for
the Fund, the Adviser may have material business relationships with the issuer soliciting the proxy that could give rise to a potential
material conflict of interest for the Adviser.<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT>
In the event such a material conflict of interest arises, the Adviser, to the extent it is aware or reasonably should have been
aware of the material conflict, will refrain from voting any proxies related to companies giving rise to such material conflict
until it notifies and consults with the appropriate Board, or any committee, sub-committee or group of Independent Trustees identified
by the Board (as long as such committee, sub-committee or group contains at least two or more Independent Trustees) (the &#8220;Board
Members&#8221;), concerning the material conflict.<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT>
For ease of communicating with the Board Members, the Adviser is required to provide the foregoing notice to the Fund&#8217;s Chief
Legal Officer who will then notify and facilitate a consultation with the Board Members.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Once the Board Members have been notified of the material
conflict:&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>They shall convene a meeting to review and consider all relevant materials related to the proxies involved. This meeting shall
be convened within 3 business days, provided that it an effort will be made to convene the meeting sooner if the proxy must be
voted in less than 3 business days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In considering such proxies, the Adviser shall make available all materials requested by the Board Members and make reasonably
available appropriate personnel to discuss the matter upon request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Board Members will then instruct the Adviser on the appropriate course of action with respect to the proxy at issue.</TD></TR></TABLE>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Board Members are unable to meet and the failure
to vote a proxy would have a material adverse impact on the Fund(s) involved, the Adviser will have the right to vote such proxy,
provided that it discloses the existence of the material conflict to the Chairperson of the Board as soon as practicable and to
the Board at its next meeting. Any determination regarding the voting of proxies of the Fund that is made by the Board Members
shall be deemed to be a good faith determination regarding the voting of proxies by the full Board.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">V.&#8194; &#8194; Reports and Review</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Administrator shall make copies of each Form N-PX
filed on behalf of the Fund available for the Boards&#8217; review upon the Boards&#8217; request. The Administrator (with input
from the Adviser for the Fund) shall also provide any reports reasonably requested by the Board regarding the proxy voting records
of the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser shall report any material changes to the Adviser
Procedures to the Board as soon as practicable and the Boards will review the Adviser Procedures annually.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser also shall report any changes to the Adviser
Procedures to the Fund Chief Legal Officer prior to implementing such changes in order to enable the Administrator to effectively
coordinate the Fund&#8217;s disclosure relating to the Adviser Procedures.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">To the extent requested by the Commission, the Policy
and the Adviser Procedures shall be appended to the Fund&#8217;s statement of additional information included in its registration
statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">_____________________</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></TD><TD>The Eaton Vance Funds may be organized as trusts or corporations. For ease of reference, the Funds may be referred to herein
as Trusts and the Funds&#8217; Board of Trustees or Board of Directors may be referred to collectively herein as the Board.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></TD><TD>An Adviser is expected to maintain a process for identifying a potential material conflict of interest. As an example only,
such potential conflicts may arise when the issuer is a client of the Adviser and generates a significant amount of fees to the
Adviser or the issuer is a distributor of the Adviser&#8217;s products.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></TD><TD>If a material conflict of interest exists with respect to a particular proxy and the proxy voting procedures of the relevant
Adviser require that proxies are to be voted in accordance with the recommendation of a third party proxy voting vendor, the requirements
of this Section IV shall only apply if the Adviser intends to vote such proxy in a manner inconsistent with such third party recommendation.</TD></TR></TABLE>


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<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">BOSTON MANAGEMENT AND RESEARCH</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE INVESTMENT COUNSEL</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE TRUST COMPANY</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT (INTERNATIONAL)
LIMITED</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE ADVISERS INTERNATIONAL
LTD.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PROXY VOTING POLICIES AND PROCEDURES</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">I. Introduction</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance Management, Boston Management and Research,
Eaton Vance Investment Counsel, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd. and Eaton
Vance Trust Company (each an &#8220;Adviser&#8221; and collectively the &#8220;Advisers&#8221;) have each adopted and implemented
policies and procedures that each Adviser believes are reasonably designed to ensure that proxies are voted in the best interest
of clients, in accordance with its fiduciary duties and, to the extent applicable, Rule 206(4)-6 under the Investment Advisers
Act of 1940, as amended. The Advisers&#8217; authority to vote the proxies of their clients is established by their advisory contracts
or similar documentation, such as the Eaton Vance Funds Proxy Voting Policy and Procedures. These proxy policies and procedures
reflect the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) requirements governing advisers and the long-standing fiduciary
standards and responsibilities for ERISA accounts set out in the Department of Labor Bulletin 94-2 C.F.R. 2509.94-2 (July 29, 1994).</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">II. Overview</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Each Adviser manages its clients&#8217; assets with the
overriding goal of seeking to provide the greatest possible return to such clients consistent with governing laws and the investment
policies of each client. In pursuing that goal, each Adviser seeks to exercise its clients&#8217; rights as shareholders of voting
securities to support sound corporate governance of the companies issuing those securities with the principle aim of maintaining
or enhancing the companies&#8217; economic value.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The exercise of shareholder rights is generally done by
casting votes by proxy at shareholder meetings on matters submitted to shareholders for approval (for example, the election of
directors or the approval of a company&#8217;s stock option plans for directors, officers or employees). Each Adviser has established
guidelines (&#8220;Guidelines&#8221;) as described below and generally will utilize such Guidelines in voting proxies on behalf
of its clients. The Guidelines are largely based on those developed by the Agent (defined below) but also reflect input from the
Global Proxy Group (defined below) and other Adviser investment professionals and are believed to be consistent with the views
of the Adviser on the various types of proxy proposals. These Guidelines are designed to promote accountability of a company&#8217;s
management and board of directors to its shareholders and to align the interests of management with those of shareholders. The
Guidelines provide a framework for analysis and decision making but do not address all potential issues.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Except as noted below, each Adviser will vote any proxies
received by a client for which it has sole investment discretion through a third-party proxy voting service (&#8220;Agent&#8221;)
in accordance with the Guidelines in a manner that is reasonably designed to eliminate any potential conflicts of interest, as
described more fully below. The Agent is currently Institutional Shareholder Services Inc. Where applicable, proxies will be voted
in accordance with client-specific guidelines or, in the case of an Eaton Vance Fund that is sub-advised, pursuant to the sub-adviser&#8217;s
proxy voting policies and procedures. Although an Adviser retains the services of the Agent for research and voting recommendations,
the Adviser remains responsible for proxy voting decisions.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">III. Roles and Responsibilities</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. Proxy Administrator</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Proxy Administrator and/or her designee
coordinate the consideration of proxies referred back to the Adviser by the Agent, and otherwise administers these Procedures.
In the Proxy Administrator&#8217;s absence, another employee of the Adviser may perform the Proxy Administrator&#8217;s responsibilities
as deemed appropriate by the Global Proxy Group. The Proxy Administrator also may designate another employee to perform certain
of the Proxy Administrator&#8217;s duties hereunder, subject to the oversight of the Proxy Administrator.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Agent</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent is responsible for coordinating with
the clients&#8217; custodians and the Advisers to ensure that all proxy materials received by the custodians relating to the portfolio
securities are processed in a timely fashion. Each Adviser shall instruct the custodian for its clients to deliver proxy ballots
and related materials to the Agent. The Agent shall vote and/or refer all proxies in accordance with the Guidelines. The Agent
shall retain a record of all proxy votes handled by the Agent. With respect to each Eaton Vance Fund memorialized therein, such
record must reflect all of the information required to be disclosed in the Fund&#8217;s Form N-PX pursuant to Rule 30b1-4 under
the Investment Company Act of 1940, to the extent applicable.
In addition, the Agent is responsible for maintaining copies of all proxy statements received by issuers and to promptly provide
such materials to an Adviser upon request.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Subject to the oversight of the Advisers, the
Agent shall establish and maintain adequate internal controls and policies in connection with the provision of proxy voting services
to the Advisers, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict
of interest, and shall disclose such controls and policies to the Advisers when and as provided for herein. Unless otherwise specified,
references herein to recommendations of the Agent shall refer to those in which no conflict of interest has been identified. The
Advisers are responsible for the ongoing oversight of the Agent as contemplated by SEC Staff Legal Bulletin No. 20 (June 30, 2014).
Such oversight currently may include one or more of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic review of Agent&#8217;s proxy voting platform and reporting capabilities (including recordkeeping);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic review of a sample of ballots for accuracy and correct application of the Guidelines;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic meetings with Agent&#8217;s client services team;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic in-person and/or web-based due diligence meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>receipt and review of annual certifications received from the Agent; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>annual review of due diligence materials provided by the Agent, including review of procedures and practices regarding potential
conflicts of interests.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Global Proxy Group</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Adviser shall establish a Global Proxy
Group which is responsible for establishing the Guidelines (described below) and reviewing such Guidelines at least annually. The
Global Proxy Group shall also review recommendations to vote proxies in a manner that is contrary to the Guidelines and when the
proxy relates to a conflicted company of the Adviser or the Agent as described below.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The members of the Global Proxy Group shall
include the Chief Equity Investment Officer of Eaton Vance Management (&#8220;EVM&#8221;) and selected members of the Equity Departments
of EVM and Eaton Vance Advisers International Ltd. (&#8220;EVAIL&#8221;) and EVM&#8217;s Global Income Department. The Proxy Administrator
is not a voting member of the Global Proxy Group. Members of the Global Proxy Group may be changed from time to time at the Advisers&#8217;
discretion. Matters that require the approval of the Global Proxy Group may be acted upon by its member(s) available to consider
the matter.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">IV. Proxy Voting</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. The Guidelines</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Global Proxy Group shall establish recommendations
for the manner in which proxy proposals shall be voted (the &#8220;Guidelines&#8221;). The Guidelines shall identify when ballots
for specific types of proxy proposals shall be voted<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(1)
</SUP></FONT>or referred to the Adviser. The Guidelines shall address a wide variety of individual topics, including, among other
matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director
compensation, reorganizations, mergers, issues of corporate social responsibility and other proposals affecting shareholder rights.
In determining the Guidelines, the Global Proxy Group considers the recommendations of the Agent as well as input from the Advisers&#8217;
portfolio managers and analysts and/or other internally developed or third party research.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Global Proxy Group shall review the Guidelines
at least annually and, in connection with proxies to be voted on behalf of the Eaton Vance Funds, the Adviser will submit amendments
to the Guidelines to the Fund Boards each year for approval.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">With respect to the types of proxy proposals
listed below, the Guidelines will generally provide as follows:</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Proposals Regarding Mergers and Corporate
Restructurings/Disposition of Assets/Termination/Liquidation and Mergers</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent shall be directed to refer proxy
proposals accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee for all
proposals relating to Mergers and Corporate Restructurings.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Corporate Structure Matters/Anti-Takeover
Defenses</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">As a general matter, the Advisers will normally
vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions
(except in the case of closed-end management investment companies).</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Proposals Regarding Proxy Contests</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent shall be directed to refer contested
proxy proposals accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee.</P>


<!-- Field: Page; Sequence: 87 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Social and Environmental Issues</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Advisers will vote social and environmental
proposals on a &#8220;case-by-case&#8221; basis taking into consideration industry best practices and existing management policies
and practices.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Interpretation and application of the Guidelines
is not intended to supersede any law, regulation, binding agreement or other legal requirement to which an issuer or the Adviser
may be or become subject. The Guidelines generally relate to the types of proposals that are most frequently presented in proxy
statements to shareholders. In certain circumstances, an Adviser may determine to vote contrary to the Guidelines subject to the
voting procedures set forth below.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Voting Procedures</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Except as noted in Section V below, the Proxy
Administrator and/or her designee shall instruct the Agent to vote proxies as follows:</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Vote in Accordance with Guidelines</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If the Guidelines prescribe the manner in which
the proxy is to be voted, the Agent shall vote in accordance with the Guidelines, which for certain types of proposals, are recommendations
of the Agent made on a case-by-case basis.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Seek Guidance for a Referred Item or
a Proposal for which there is No Guideline</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If (i) the Guidelines state that the proxy
shall be referred to the Adviser to determine the manner in which it should be voted or (ii) a proxy is received for a proposal
for which there is no Guideline, the Proxy Administrator and/or her designee shall consult with the analyst(s) covering the company
subject to the proxy proposal and shall instruct the Agent to vote in accordance with the determination of the analyst. The Proxy
Administrator and/or her designee will maintain a record of all proxy proposals that are referred by the Agent, as well as all
applicable recommendations, analysis and research received and the resolution of the matter. Where more than one analyst covers
a particular company and the recommendations of such analysts for voting a proposal subject to this Section IV.B.2 conflict, the
Global Proxy Group shall review such recommendations and any other available information related to the proposal and determine
the manner in which it should be voted, which may result in different recommendations for clients (including Funds).</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Votes Contrary to the Guidelines or
Where Agent is Conflicted</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">In the event an analyst with respect to companies
within his or her coverage area may recommend a vote contrary to the Guidelines, the Proxy Administrator and/or her designee will
provide the Global Proxy Group with the Agent&#8217;s recommendation for the Proposal along with any other relevant materials,
including a description of the basis for the analyst&#8217;s recommendation via email and the Proxy Administrator and/or designee
will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. Should the vote <FONT STYLE="letter-spacing: 0.1pt">by</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">Global</FONT> <FONT STYLE="letter-spacing: 0.05pt">Proxy</FONT> Group concerning one
or <FONT STYLE="letter-spacing: -0.05pt">more recommendations</FONT> result in a <FONT STYLE="letter-spacing: -0.05pt">tie, EVM&#8217;s
Chief </FONT>Equity <FONT STYLE="letter-spacing: -0.05pt">Investment Officer </FONT>will <FONT STYLE="letter-spacing: -0.05pt">determine</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">manner </FONT>in <FONT STYLE="letter-spacing: -0.05pt">which</FONT> the proxy <FONT STYLE="letter-spacing: -0.05pt">will</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">voted. </FONT>The Adviser will provide a report to the Boards of Trustees of the Eaton
Vance Funds reflecting any votes cast on behalf of the Eaton Vance Funds contrary to the Guidelines, and shall do so quarterly.
A similar process will be followed if the Agent has a conflict of interest with respect to a proxy as described in Section VI.B.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Do Not Cast a Vote</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">It shall generally be the policy of the Advisers
to take no action on a proxy for which no client holds a position or otherwise maintains an economic interest in the relevant security
at the time the vote is to be cast. In addition, the Advisers may determine not to vote (i) if the economic effect on shareholders'
interests or the value of the portfolio holding is indeterminable or insignificant (<I>e.g.,</I> proxies in connection with securities
no longer held in the portfolio of a client or proxies being considered on behalf of a client that is no longer in existence);
(ii) if the cost of voting a proxy outweighs the benefits (<I>e.g.,</I> certain international proxies, particularly in cases in
which share blocking practices may impose trading restrictions on the relevant portfolio security); or (iii) in markets in which
shareholders' rights are limited, and the Adviser is unable to timely access ballots or other proxy information. Non-Votes may
also result in certain cases in which the Agent's recommendation has been deemed to be conflicted, as provided for herein.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Securities on Loan</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">When a fund client participates in the lending
of its securities and the securities are on loan at the record date for a shareholder meeting, proxies related to such securities
generally will not be forwarded to the relevant Adviser by the fund&#8217;s custodian and therefore will not be voted. In the event
that the Adviser determines that the matters involved would have a material effect on the applicable fund&#8217;s investment in
the loaned securities, the Adviser will make reasonable efforts to terminate the loan in time to be able to cast such vote or exercise
such consent. The Adviser shall instruct the fund&#8217;s security lending agent to refrain from lending the full position of any
security held by a fund to ensure that the Adviser receives notice of proxy proposals impacting the loaned security.</P>


<!-- Field: Page; Sequence: 88 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">V. Recordkeeping</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisers will maintain records relating to the proxies
they vote on behalf of their clients in accordance with Section 204-2 of the Investment Advisers Act of 1940, as amended. Those
records will include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A copy of the Advisers&#8217; proxy voting policies and procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Proxy statements received regarding client securities. Such proxy statements received from issuers are either in the SEC&#8217;s
EDGAR database or are kept by the Agent and are available upon request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A record of each vote cast;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A copy of any document created by the Advisers that was material to making a decision on how to vote a proxy for a client or
that memorializes the basis for such a decision; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Each written client request for proxy voting records and the Advisers&#8217; written response to any client request (whether
written or oral) for such records.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">All records described above will be maintained in an easily
accessible place for five years and will be maintained in the offices of the Advisers or their Agent for two years after they are
created.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Notwithstanding anything contained in this Section V,
Eaton Vance Trust Company shall maintain records relating to the proxies it votes on behalf of its clients in accordance with laws
and regulations applicable to it and its activities. In addition, EVAIL shall maintain records relating to the proxies it votes
on behalf of its clients in accordance with UK law.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">VI. Assessment of Agent and Identification and Resolution
of Conflicts with Clients</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="text-transform: uppercase">A.
A</FONT>ssessment of Agent</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Advisers shall establish that the Agent
(i) is independent from the Advisers, (ii) has resources that indicate it can competently provide analysis of proxy issues, and
(iii) can make recommendations in an impartial manner and in the best interests of the clients and, where applicable, their beneficial
owners. The Advisers shall utilize, and the Agent shall comply with, such methods for establishing the foregoing as the Advisers
may deem reasonably appropriate and shall do so not less than annually as well as prior to engaging the services of any new proxy
voting service. The Agent shall also notify the Advisers in writing within fifteen (15) calendar days of any material change to
information previously provided to an Adviser in connection with establishing the Agent&#8217;s independence, competence or impartiality.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Conflicts of Interest</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">As fiduciaries to their clients, each Adviser
puts the interests of its clients ahead of its own. In order to ensure that relevant personnel of the Advisers are able to identify
potential material conflicts of interest, each Adviser will take the following steps:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Quarterly, the Eaton Vance Legal and Compliance Department will seek information from the department heads of each department
of the Advisers and of Eaton Vance Distributors, Inc. (&#8220;EVD&#8221;) (an affiliate of the Advisers and principal underwriter
of certain Eaton Vance Funds). Each department head will be asked to provide a list of significant clients or prospective clients
of the Advisers or EVD.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A representative of the Legal and Compliance Department will compile a list of the companies identified (the &#8220;Conflicted
Companies&#8221;) and provide that list to the Proxy Administrator.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Proxy Administrator will compare the list of Conflicted Companies with the names of companies for which he or she has been
referred a proxy statement (the &#8220;Proxy Companies&#8221;). If a Conflicted Company is also a Proxy Company, the Proxy Administrator
will report that fact to the Global Proxy Group.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If the Proxy Administrator expects to instruct the Agent to vote the proxy of the Conflicted Company strictly according to
the Guidelines contained in these Proxy Voting Policies and Procedures (the &#8220;Policies&#8221;) or the recommendation of the
Agent, as applicable, he or she will (i) inform the Global Proxy Group of that fact, (ii) instruct the Agent to vote the proxies
and (iii) record the existence of the material conflict and the resolution of the matter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy
Group will then determine if a material conflict of interest exists between the relevant Adviser and its clients (in consultation
with the Legal and Compliance Department if needed). If the Global Proxy Group determines that a material conflict exists, prior
to instructing the Agent to vote any proxies relating to these Conflicted Companies the Adviser will seek instruction on how the
proxy should be voted from:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The client, in the case of an individual, corporate, institutional or benefit plan client;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In the case of a Fund, its board of directors, any committee, sub-committee or group of Independent Trustees (as long as such
committee, sub-committee or group contains at least two or more Independent Trustees); or</TD></TR></TABLE>


<!-- Field: Page; Sequence: 89 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The adviser, in situations where the Adviser acts as a sub-adviser to such adviser.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser will provide all reasonable assistance to
each party to enable such party to make an informed decision.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the client, Fund board or adviser, as the case may
be, fails to instruct the Adviser on how to vote the proxy, the Adviser will generally instruct the Agent, through the Proxy Administrator,
to abstain from voting in order to avoid the appearance of impropriety. If however, the failure of the Adviser to vote its clients&#8217;
proxies would have a material adverse economic impact on the Advisers&#8217; clients&#8217; securities holdings in the Conflicted
Company, the Adviser may instruct the Agent, through the Proxy Administrator, to vote such proxies in order to protect its clients&#8217;
interests. In either case, the Proxy Administrator will record the existence of the material conflict and the resolution of the
matter.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisers shall also identify and address conflicts
that may arise from time to time concerning the Agent. Upon the Advisers&#8217; request, which shall be not less than annually,
and within fifteen (15) calendar days of any material change to such information previously provided to an Adviser, the Agent shall
provide the Advisers with such information as the Advisers deem reasonable and appropriate for use in determining material relationships
of the Agent that may pose a conflict of interest with respect to the Agent&#8217;s proxy analysis or recommendations. Such information
shall include, but is not limited to, a monthly report from the Agent detailing the Agent&#8217;s Corporate Securities Division
clients and related revenue data. The Advisers shall review such information on a monthly basis. The Proxy Administrator shall
instruct the Agent to refer any proxies for which a material conflict of the Agent is deemed to be present to the Proxy Administrator.
Any such proxy referred by the Agent shall be referred to the Global Proxy Group for consideration accompanied by the Agent&#8217;s
written analysis and voting recommendation. The Proxy Administrator will instruct the Agent to vote the proxy as recommended by
the Global Proxy Group.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>The Guidelines will prescribe how a proposal shall be voted or provide factors to be considered on a case-by-case basis by
the Agent in recommending a vote pursuant to the Guidelines.</TD></TR></TABLE>


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<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Enhanced Equity Income
Fund II</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Statement of Additional Information</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">[_______], 2019</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">________________</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Investment Adviser and Administrator</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Management</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Two International Place</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02110</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Custodian</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Bank and Trust Company</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Financial Center, One
Lincoln Street</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02111</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Transfer Agent</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">American Stock Transfer &amp; Trust
Company, LLC</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">6201 15<SUP>th</SUP> Avenue</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Brooklyn, NY 11219</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Independent Registered Public Accounting
Firm</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"> Deloitte &amp; Touche LLP </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"> 200 Berkeley Street </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"> Boston, MA 02116 </P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 91; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Enhanced Equity Income Fund II</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>
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<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>PART C</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>OTHER INFORMATION</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 25.</B></TD><TD><B>FINANCIAL STATEMENTS AND EXHIBITS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.5in">Included in Part A:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.5in">&#9;Financial Highlights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.5in">Included in Part B:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.5in">&#9;Registrant&#8217;s Certified Shareholder
Report on Form N-CSR filed February 27, 2019 (Accession No. 0001193125-19-053799) and incorporated herein by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">____________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(a)</FONT></TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="width: 3%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Agreement and Declaration of Trust dated November 8, 2004 is incorporated herein by reference to the Registrant's initial Registration Statement on Form N-2 (File Nos. 333-120421 and 811-21670) as to the Registrant's common shares of beneficial interest (&quot;Common Shares&quot;) filed with the Securities and Exchange Commission on November 12, 2004 (Accession No. 0000898432-04-000944) (&quot;Initial Common Shares Registration Statement&quot;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated August 11, 2008 to Agreement and Declaration of Trust filed as Exhibit (a)(2) is incorporated herein by reference to the Registrant&#8217;s Initial Shelf Registration Statement on Form N-2 (File Nos. 333-229448, 811-21670) as to the Registrant&#8217;s common shares of beneficial interest (&#8220;Common Shares&#8221;) filed with the Securities and Exchange Commission on January 31, 2019 (Accession No. 0000940394-19-000181) (&#8220;Initial Common Shares Registration Statement&#8221;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By-Laws filed are incorporated herein by reference to the Registrant&#8217;s Initial Common Shares Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated By-Laws effective April 23, 2012 filed as Exhibit (b)(2) is incorporated herein by reference to the Registrant&#8217;s Initial Common Shares Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(c)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(d)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Specimen Certificate for Common Shares of Beneficial Interest is incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registrant's Initial Common Shares Registration Statement as filed with the Commission on December 21, 2004 (Accession No. 0000950135-04-005822) (&quot;Pre-Effective Amendment No. 1&quot;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(e)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend Reinvestment Plan incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(f)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Advisory Agreement dated December 20, 2004, incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(h)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Underwriting Agreement incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Master
    Agreement Among Underwriters incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Master Selected Dealers Agreement incorporated herein by reference to Pre-Effective Amendment No. 1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Distribution Agreement with respect to the Rule 415 shelf offering filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Sub-Placement Agent Agreement filed herewith.</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Securities and Exchange Commission has granted the Registrant an exemptive order that permits the Registrant to enter into deferred compensation arrangements with its independent Trustees. See in the matter of Capital Exchange Fund, Inc., Release No. IC- 20671 (November 1, 1994).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(j)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Master Custodian Agreement with Investors Bank &amp; Trust Company dated December 20, 2004 incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Extension Agreement dated August 31, 2000 to Master Custodian Agreement with Investors Bank &amp; Trust Company filed as Exhibit (g)(4) to Post-Effective Amendment No. 85 of Eaton Vance Municipals Trust File Nos. 33-572, 811-4409) filed with the Commission on January 23, 2001 (Accession No. 0000940394-01-500027) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Delegation Agreement dated December 11, 2000, with Investors Bank &amp; Trust Company filed as Exhibit (j)(e) to the Eaton Vance Prime Rate Reserves N-2, Amendment No. 5 (File Nos. 333-32267, 811-05808) filed April 3, 2002 (Accession No. 0000940394-01-500126) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Master Custodian Agreement between Eaton Vance Funds and State Street Bank &amp; Trust Company dated September 1, 2013 filed as Exhibit (g)(1) to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as exhibit (g)(2) to Post-Effective Amendment No. 108 of Eaton Vance Special Investment Trust (File Nos. 02-27962, 811-1545) filed September 27, 2010 (Accession No. 0000940394-10-001000) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment Number 1 dated May 16, 2012 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (g)(3) to Post-Effective Amendment No. 39 of Eaton Vance Municipals Trust II (File Nos. 033-71320, 811-08134) filed May 29, 2012 (Accession No. 0000940394-12-000641) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated September 1, 2013 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company filed as Exhibit (g)(4) to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(k)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Supplement to the Transfer Agency and Services Agreement dated December 20, 2004, incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transfer Agency and Services Agreement as amended and restated on June 16, 2003, filed as Exhibit (k)(2) to the Registration Statement of Eaton Vance Tax-Advantaged Dividend Income Fund (File Nos. 333-107050 and 811-21400) filed July 15, 2003 (Accession No. 0000898432- 03- 000638) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated April 21, 2008 to Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (k)(1) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the initial Registration Statement on Form N-2 of Eaton Vance National Municipal Opportunities Trust (File Nos. 333-156948, 811-22269) filed April 21, 2009 (Accession No. 0000950135- 09- 083055).</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="width: 3%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated June 13, 2012 to Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (k)(1) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the initial Registration Statement on Form N-2 of Eaton Vance High Income 2021 Target Term Trust (File Nos. 333-209436, 811-23136) filed April 25, 2016 (Accession No. 0000950135- 16- 552383).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Administration Agreement dated December 20, 2004, incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Administrative Services Agreement dated August 6, 2012 filed as Exhibit (k)(6) is incorporated herein by reference to the Registrant&#8217;s Initial Common Shares Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Shareholder Servicing Agreement incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(8)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Additional
    Compensation Agreement incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(l)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Opinion of Internal Counsel filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(m)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(n)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consent of Independent Registered Public Accounting Firm filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(o)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(p)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Letter Agreement with Eaton Vance Management dated January 5, 2005 filed as Exhibit (p) to Amendment No. 2 and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(q)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(r)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Code of Ethics adopted by Eaton Vance Fund effective January 3, 2019, filed as Exhibit (p)(1) to Post-Effective Amendment No. 216 of Eaton Vance Growth Trust (File Nos. 002-22019, 811-01241) filed December 19, 2018 (Accession No. 0000940394-18-001866) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Codes of Ethics adopted by the Eaton Vance Entities effective January 3, 2019 filed as Exhibit (p)(1) to Post-Effective Amendment No. 216 of Eaton Vance Growth Trust (File Nos. 002-22019, 811-01241) filed December 19, 2018 (Accession No. 0000940394-18-001866) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(s)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Power of Attorney dated October 10, 2018 filed as Exhibit (s) is incorporated herein by reference to the Registrant&#8217;s Initial Common Shares Registration Statement.</FONT></TD></TR>
</TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 26.</B></TD><TD><B>MARKETING ARRANGEMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">See Form of Distribution Agreement with respect to the Rule
415 shelf offering filed herewith.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">See Form of Sub-Placement Agent Agreement filed herewith.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 27.</B></TD><TD><B>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">The approximate expenses in connection with the offering are
as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Registration and Filing Fees</FONT></TD>
    <TD STYLE="width: 23%; padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$14,511</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FINRA Fees</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$27,435</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New York Stock Exchange Fees</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$25,090</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Costs of Printing and Engraving</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accounting Fees and Expenses</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$2,050</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Legal Fees and Expenses</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$2,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$71,086</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 28.</B></TD><TD><B>PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">None.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 29.</B></TD><TD><B>NUMBER OF HOLDERS OF SECURITIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Set forth below is the number of record holders as of February
28, 2019, of each class of securities of the Registrant:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Title of Class</FONT></TD>
    <TD STYLE="width: 21%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 34%; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Number of Record Holders</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Common Shares of Beneficial interest, par value $0.01 per share </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">38,568</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 30.</B></TD><TD><B>INDEMNIFICATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Registrant's By-Laws filed in the Registrant's Initial
Common Shares Registration Statement contain and the form of Underwriting Agreement filed in Pre-Effective Amendment No. 1 contains
provisions limiting the liability, and providing for indemnification, of the Trustees and officers under certain circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Registrant's Trustees and officers are insured under a standard
investment company errors and omissions insurance policy covering loss incurred by reason of negligent errors and omissions committed
in their official capacities as such. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended
(the &quot;Securities Act&quot;), may be permitted to directors, officers and controlling persons of the Registrant pursuant to
the provisions described in this Item 30, or otherwise, the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 31.</B></TD><TD><B>BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Reference is made to: (i) the information set forth under the
caption &#8220;Investment advisory and other services&#8221; in the Statement of Additional Information; (ii) the Eaton Vance Corp.
10-K filed under the Securities Exchange Act of 1934 (File No. 001-8100); and (iii) the Form ADV of Eaton Vance Management (File
No. 801-15930) filed with the Commission, all of which are incorporated herein by reference.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 32.</B></TD><TD><B>LOCATION OF ACCOUNTS AND RECORDS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">All applicable accounts, books and documents required to be
maintained by the Registrant by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder are in
the possession and custody of the Registrant's custodian, State Street Bank and Trust Company, State Street Financial Center, One
Lincoln Street, Boston, MA 02111, and its transfer agent, American Stock Transfer &amp; Trust Company, LLC, 6201 15<SUP>th</SUP>
Avenue, Brooklyn, NY 11219, with the exception of certain corporate documents and portfolio trading documents which are in the
possession and custody of Eaton Vance Management, Two International Place, Boston, MA 02110. Registrant is informed that all applicable
accounts, books and documents required to be maintained by registered investment advisers are in the custody and possession of
Eaton Vance Management.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 33.</B></TD><TD><B>MANAGEMENT SERVICES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 34.</B></TD><TD><B>UNDERTAKINGS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to suspend offering of Common Shares until the prospectus is amended if (1) subsequent to the effective date
of this Registration Statement, the net asset value declines more than 10 percent from its net asset value as of the effective
date of this Registration Statement or (2) the net asset value increases to an amount greater than its net proceeds as stated in
the prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file,
during any period in which offers or sales are being made, a post-effective amendment to the registration statement:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
registration statement;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall
be deemed to be the initial bona fide offering thereof;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C:
Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act as part of a registration statement relating
to an offering, other than prospectus filed in reliance on Rule 430A under the Securities Act, shall be deemed to be part of and
included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such date of first use;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.25in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
of securities: The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller
to the purchaser and will be considered to offer or sell such securities to the purchaser:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule
497 under the Securities Act;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
portion of any advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information
about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
part of this Registration Statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant
pursuant to 497(h) under the Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared
effective; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the purpose of determining any liability under the Securities Act, each post- effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.25in">6.&#9;The Registrant undertakes to send
by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of an oral or
written request, its Statement of Additional Information.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>NOTICE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">A copy of the Agreement and Declaration of Trust
of Eaton Vance Enhanced Equity Income Fund II is on file with the Secretary of State of The Commonwealth of Massachusetts and notice
is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and
not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers
or shareholders individually, but are binding only upon the assets and property of the Registrant.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Pursuant to the requirements of the Securities Act of 1933,
as amended and the Investment Company Act of 1940, as amended the Registrant has duly caused this Amendment to the Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boston and the Commonwealth of
Massachusetts, on the 4<SUP>th</SUP> day of April 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EATON VANCE ENHANCED EQUITY INCOME FUND II</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 6%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Edward J. Perkin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Edward J. Perkin, <I>President</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the requirements of the Securities Act of 1933, as
amended this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Signature</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Edward J. Perkin</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">President (Chief Executive Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Edward J. Perkin</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ James F. Kirchner</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Treasurer (Principal Financial and Accounting Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">James F. Kirchner</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Signature</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Signature</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Thomas E. Faust Jr.*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Helen Frame Peters*</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Thomas E. Faust Jr.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Helen Frame Peters</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mark R. Fetting*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Keith Quinton*</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mark R. Fetting</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Keith Quinton</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cynthia E. Frost*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marcus L. Smith*</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cynthia E. Frost</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marcus L. Smith</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">George J. Gorman*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Susan J. Sutherland*</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">George J. Gorman</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Susan J. Sutherland</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Valerie A. Mosley*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Scott E. Wennerholm*</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Valerie A. Mosley</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Scott E. Wennerholm</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">William H. Park*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">William H. Park</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Maureen A. Gemma</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Maureen A. Gemma <I>(As attorney-in-fact)</I></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INDEX TO EXHIBITS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt NewsGoth Lt BT; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: NewsGoth Dm BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="width: 81%; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: NewsGoth Dm BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(h)(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Distribution Agreement with respect to the Rule 415 shelf offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(h)(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Sub-Placement Agent Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(l)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Opinion of Internal Counsel.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(n)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consent of Independent Registered Public Accounting Firm.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.(H)(4)
<SEQUENCE>2
<FILENAME>exhibith4_ex-99zh4.htm
<DESCRIPTION>FORM OF DISTRIBUTION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EXHIBIT (h)(4)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">FORM OF DISTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">EATON VANCE [ ] TRUST</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Two International Place</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Boston, Massachusetts 02110</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">______________________, 2019</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">Eaton Vance Distributors, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Two International Place</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Boston, Massachusetts 02110</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Re:&#9;Distribution Agreement Relating to At-the-Market Offerings</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">Eaton Vance [ ] Trust is a Massachusetts
business trust operating as a closed-end management investment company (hereinafter referred to as the &#8220;Fund&#8221;). The
Fund has filed a registration statement on Form N-2 (File Nos. 333-[ ] and 811-[ ]) (the &#8220;Registration Statement&#8221;)
pursuant to the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;),
to register additional common shares of the Fund, which may be issued and sold from time to time through various specified transactions,
including at-the-market (&#8220;ATM&#8221;) offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">You have informed us that Eaton Vance
Distributors, Inc. is registered as a broker-dealer under the provisions of the Securities Exchange Act of 1934, as amended (the
&#8220;1934 Act&#8221;), and is a member in good standing with the Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;).
You have indicated your desire to act as distributor for the Fund&#8217;s common shares issued pursuant to the Registration Statement.
We have been authorized by the Fund to execute and deliver this Agreement to you by a resolution of our Board of Trustees (the
&#8220;Trustees&#8221;) adopted at a meeting of the Trustees, at which a majority of Trustees, including a majority of our Trustees
who are not otherwise interested persons of our investment manager or its related organizations, were present and voted in favor
of said resolution approving this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPOINTMENT
OF DISTRIBUTOR. Upon the execution of this Agreement and in consideration of the agreements on your part herein expressed and upon
the terms and conditions set forth herein, we hereby appoint you as the distributor for up to [ ] of the common shares of the Fund
to be issued pursuant to the Registration Statement through ATM offerings (the &#8220;Shares&#8221;) and agree that we will issue
such Shares as you may sell. You agree to use reasonable efforts to identify opportunities for the sale of Shares, but you are
not obligated to sell any specific number of the Shares. The Shares will only be sold on such days as shall be agreed to by you
and the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SELECTED
DEALERS. You may enter into selected dealer agreements, on such terms and conditions as you determine are not inconsistent with
this Agreement, with broker-dealers to act as your agent to effect the sale of the Shares. Such selected broker-dealers shall sell
Shares only at market prices subject to a minimum price to be established each day by you and the Fund (see paragraph 3 below).
This Agreement shall not be construed as authorizing any dealer or other person to accept orders for sale on our behalf or to otherwise
act as our agent for any purpose. You shall not be responsible for the acts of other dealers or agents except as and to the extent
that they shall be acting for you or under your direction or authority.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARE
PRICE. The price per Share shall be determined by reference to trades on the Fund&#8217;s primary exchange. In no event shall the
price be less than the current net asset value per share plus the per share amount of the commission to be paid to you (the &#8220;Minimum
Price&#8221;). You shall suspend the sale of Shares if the per share price of the Shares is less than the Minimum Price.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SALES
COMMISSION.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">&#9;(a) You shall be entitled to receive
a sales commission from the Fund in an amount equal to 1.00% of the gross sales price per Share, of which 0.80% will be re-allowed
to the sub-sales agent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">&#9;(b) You may pay to selected broker-dealers
such selling agent commissions (not exceeding 80% of the total sales commission) (the &#8220;ATM Sales Agent Commission&#8221;)
as you shall deem advisable, which shall be payable from the commissions payable to you under Section&nbsp;4(a) above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FURNISHING
OF INFORMATION. We will furnish you with copies of the Registration Statement, and we warrant that the statements therein contained
are true and correct as of the date of the Registration Statement, as it may be amended or supplemented from time to time. We will
also furnish you with such other information that you may reasonably request for use in connection with the distribution of the
Shares, including, at least annually, audited financial statements of our books and accounts certified by independent public accountants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONDUCT
OF BUSINESS. Other than the currently effective Prospectus and Statement of Additional Information, you will not use any sales
materials or statements except literature or advertising that conforms to the requirements of federal and state securities laws
and regulations and that have been filed, where necessary, with the appropriate regulatory authorities. You will furnish us with
copies of all material prior to their use and no such material shall be published if we shall reasonably and promptly object.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">You shall comply with the applicable
federal and state laws and regulations where our shares are offered for sale and conduct your affairs with us and with dealers,
brokers or investors in accordance with the Conduct Rules of FINRA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">&#9;(a) The Fund agrees
to indemnify, defend and hold you, your officers, and Directors, and any person who controls you within the meaning of Section
15 of the 1933 Act or Section 20 of the 1934 Act, free and harmless from and against any and all claims, demands or liabilities
and expenses (including the cost of investigating or defending such claims, demands or liabilities and any counsel fees incurred
in connection therewith) which you, your officers, Directors or any such controlling persons may incur under the 1933 Act, the
1934 Act, or under common law or otherwise, arising out of or based upon (i) any untrue statement of a material fact contained
in the Fund&#8217;s Registration Statement or arising out of or based upon any alleged omission to state a material fact required
to be stated in it or necessary to make the statements in it not misleading, except insofar as such claims, demands, liabilities
or expenses arise out of or are based upon any such untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with information furnished in writing by you to the Fund for use in the Registration Statement,
(ii) any untrue statement of a material fact contained in the Fund&#8217;s advertisement or sales literature or arising out of
or based upon any alleged omission to state a material fact required to be stated in either thereof or necessary to make the statements
in either thereof not misleading, except insofar as such claims, demands, liabilities or expenses arise out of or are based upon
any such untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information
furnished in writing by you to the Fund for use in such advertisement or sales literature or (iii) any action taken or omitted
by the Fund prior to the date of this Agreement. You agree to comply with all of the applicable terms and provisions of the 1934
Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">&#9;(b) You agree to indemnify,
defend, and hold the Fund, its officers, Trustees, employees shareholders and agents, and any person who controls the Fund within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, free and harmless from and against any and all claims,
demands, liabilities and expenses (including the cost of investigating or defending against such claims, demands or liabilities
and any counsel fees incurred in connection therewith) which the Fund, its Trustees, officers, employees, shareholders and agents,
or any such controlling person may incur under the 1933 Act, the</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">1934 Act or under common law or otherwise arising
out of or based upon any untrue statement of a material fact contained in information furnished in writing by you to the Fund for
use in the Registration Statement, or arising out of or based upon any omission or alleged omission to state a material fact in
connection with such information required to be stated in the Registration Statement necessary to make such information not misleading.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">A party seeking indemnification
hereunder ( &#8220;Indemnitee&#8221;) shall give prompt written notice to the party from whom indemnification is sought (&#8220;Indemnitor&#8221;)
of a written assertion or claim of any threatened or pending legal proceeding which may be subject to indemnity under this Section;
provided, however, that failure to notify the Indemnitor of such written assertion or claim shall not relieve the indemnitor of
any liability arising from this Section. The Indemnitor shall be entitled, if it so elects, to assume the defense of any suit brought
to enforce a claim subject to this Agreement and such defense shall be conducted by counsel chosen by the Indemnitor and satisfactory
to the Indemnitee; provided, however, that if the defendants include both the Indemnitee and the Indemnitor, and the Indemnitee
shall have reasonably concluded that there may be one or more legal defenses available to it which are different from or additional
to those available to the Indemnitor (&#8220;conflict of interest&#8221;), the Indemnitor shall have the right to select separate
counsel to defend such claim on behalf of the Indemnitee. In the event that the Indemnitor elects to assume the defense of any
suit pursuant to the preceding sentence and retains counsel satisfactory to the Indemnitee, the Indemnitee shall bear the fees
and expenses of additional counsel retained by it except for reasonable investigation costs which shall be borne by the Indemnitor.
If the Indemnitor (i) does not elect to assume the defense of a claim, (ii) elects to assume the defense of a claim but chooses
counsel that is not satisfactory to the Indemnitee or (iii) has no right to assume the defense of a claim because of a conflict
of interest, the Indemnitor shall advance or reimburse the Indemnitee, at the election of the Indemnitee, reasonable fees and disbursements
of any counsel retained by Indemnitee, including reasonable investigation costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER
ACTIVITIES. Your services pursuant to this Agreement shall not be deemed to be exclusive and you may render similar services and
act as an underwriter, distributor, or dealer for other investment companies in the offering of their shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUSPENSION
OF SALES. We reserve the right at all times to suspend or limit the offering of the shares upon written notice to you and to reject
any order in whole or in part.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAYMENT
OF EXPENSES.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">&#9;(a) You shall bear all expenses incurred
by you in connection with your duties and activities under this Agreement including the payment to selected dealers of any sales
commissions for sales of the Fund&#8217;s Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">&#9;(b) The Fund shall bear all costs
and expenses of the Fund, including expenses (including legal fees) pertaining to the preparation and filing of the Registration
Statement and Prospectus and any amendment or supplement thereto, and expenses pertaining to the preparation, printing and distribution
of any reports or communications to shareholders, including Prospectuses and Statements of Additional Information, annual and interim
reports, or proxy materials.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION.
This Agreement (i) may be terminated by the Fund at any time without the payment of any penalty and (ii)&nbsp;may be terminated
by you at any time without the payment of any penalty. This Agreement shall remain in full force and effect unless terminated pursuant
to this provision or by the mutual agreement of the parties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS.
This Agreement shall be subject to the laws of the Commonwealth of Massachusetts and shall be interpreted and construed to further
and promote the operation of the Fund as a closed-end management investment company.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STANDARD
OF CARE. You shall be responsible for exercising reasonable care in carrying out the provisions of this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DECLARATION
OF TRUST AND LIMITATION OF LIABILITY. A copy of the Declaration of Trust of the Fund is on file with the Secretary of State of
the Commonwealth of Massachusetts, and notice is hereby given that this Agreement is executed by an officer of the Fund on behalf
of the Trustees, as trustees and not individually, and that the obligations of this Agreement with respect to the Fund shall be
binding upon the assets and properties of the Fund only and shall not be binding upon the assets or properties of the Trustees,
officers, employees, agents or shareholders of the Fund individually.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">If the foregoing meets with your approval,
please acknowledge your acceptance by signing each of the enclosed counterparts hereof and returning such counterparts to us, whereupon
this shall constitute a binding agreement as of the date first above written.</P>

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    <TD STYLE="width: 100%; padding-bottom: 12pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Eaton Vance [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Trust</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Eaton Vance Distributors, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.(H)(5)
<SEQUENCE>3
<FILENAME>exhibith5_ex-99zh5.htm
<DESCRIPTION>FORM OF SUB-PLACEMENT AGENT AGREEMENT
<TEXT>
<HTML>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT (h)(5)</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FORM OF</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUB-PLACEMENT AGENT AGREEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Eaton Vance Distributors, Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Two International Place</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Boston, Massachusetts 02110</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">______________, 2019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">UBS Securities LLC<BR>
1285 Avenue of the Americas<BR>
New York, New York 10019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">RE:&#9;At-the-Market Offerings by <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Eaton
Vance [ ]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">From time to time
Eaton Vance Distributors, Inc. (the &#8220;<I>Distributor</I>&#8221;, &#8220;<I>we</I>&#8221; or &#8220;<I>us</I>&#8221;) will
act as manager of registered at-the-market offerings by <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Eaton Vance [ ],</FONT>
a Massachusetts business trust (the &#8220;<I>Fund</I>&#8221;), of up to <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">[
]</FONT> common shares (the &#8220;<I>Shares</I>&#8221;) of beneficial interest, par value $0.01 per share, of the Fund (the &#8220;<I>Common
Shares</I>&#8221;). In the case of such offerings, the Fund has agreed with the Distributor to issue and sell through or to the
Distributor, as sales agent and/or principal, the Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We hereby agree
to retain UBS Securities LLC (the &#8220;<I>Agent</I>&#8221; or &#8220;<I>you</I>&#8221;) as a sub-placement agent with respect
to the offerings of the Shares to be issued and sold by the Fund (the &#8220;<I>Offerings</I>&#8221;), and you agree to act in
such capacity, all upon, and subject to, the terms and conditions set forth below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 30pt; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">SECTION
1. </FONT><U>Description of Offerings</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a) The Shares are
to be sold on a daily basis or otherwise as shall be agreed to by the Fund and the Distributor on any day (each, an &#8220;<I>Offering
Date</I>&#8221;) that is a trading day for the exchange on which the Fund&#8217;s Shares are listed and primarily trade (the &#8220;<I>Stock
Exchange</I>&#8221;) (other than a day on which the Stock Exchange is scheduled to close prior to its regular weekday closing time).
Promptly after the Fund and the Distributor have determined the maximum amount of the Shares to be sold by the Distributor for
any Offering Date, the Distributor shall advise the Agent of such amount, which shall not in any event exceed the amount available
for issuance under the currently effective Registration Statement (as defined below). Subject to the terms and conditions hereof,
the Agent shall use its reasonable best efforts to sell all of the Shares designated in accordance with the plan of distribution
set forth in the Prospectus Supplement (as defined below). The gross sales price of the Shares sold under this <U>Section 1(a)</U>
shall be the market price at which the Agent sells such Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b) Notwithstanding
the foregoing, the Distributor may instruct the Agent by telephone (confirmed promptly by e-mail or telecopy) not to sell the Shares
if such sales cannot</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">be effected at or above a price agreed
to by the Fund and the Distributor with respect to such Shares. In addition, the Distributor may, upon notice to the Agent by telephone
(confirmed promptly by e-mail or telecopy), suspend the offering of the Shares at any time; <U>provided</U>, however, that such
suspension or termination shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold
hereunder prior to the giving of such notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c) The Agent agrees
not to make any sales of the Shares on behalf of the Distributor pursuant to this <U>Section 1</U>, other than through transactions
for which compliance with Rule 153 under the Securities Act will satisfy the prospectus delivery requirements of Section 5(b)(2)
of the Securities Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d) The compensation
to the Agent, as a sub-placement agent of the Distributor for each sale of the Shares pursuant to this <U>Section 1</U>, shall
be the Applicable Selling Agent Commission with respect to the Shares sold, multiplied by the Gross Sales Proceeds, as further
described in the Addendum to this Sub-Placement Agent Agreement (the &#8220;<I>Agreement</I>&#8221;). The Agent shall not be responsible
for any fees imposed by any governmental or self-regulatory organization on the Fund or the Distributor in respect of such sales.
The compensation to the Distributor, as manager of registered at-the-market offerings by the Fund, for each sale of the Shares
pursuant to this <U>Section 1</U>, before any fees imposed by any governmental or self-regulatory organization on the Fund or the
Distributor in respect of such sales, shall be the Distributor Retention with respect to the Shares sold, multiplied by the Gross
Sales Proceeds, as further described in the Addendum to this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e) The Agent shall
provide written confirmation to the Distributor following the close of trading on the Stock Exchange on each Offering Date setting
forth for each sale the number of Shares sold, the time of sale, the Gross Sales Price per Share, the compensation payable to the
Distributor with respect to such sales, and the compensation payable by the Distributor to the Agent with respect to such sales.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f) Settlement for
sales of the Shares pursuant to this <U>Section 1</U> will occur on the second business day following the date on which such sales
are made (each such day, a &#8220;<I>Settlement Date</I>&#8221;). On each Settlement Date, the Shares sold through the Agent for
settlement on such date shall be delivered by the Distributor to the Agent against payment of the Gross Proceeds for the sale of
such Shares. Settlement for all such Shares shall be effected by free delivery of the Shares to the Agent&#8217;s account at The
Depository Trust Company in return for payments in same day funds delivered to the account designated by the Distributor. If the
Distributor shall default on its obligation to deliver the Shares on any Settlement Date, subject to the terms of <U>Section 4</U>
herein, the Distributor shall (A)&nbsp;hold the Agent harmless against any reasonable loss, claim or damage arising from or as
a result of such default by the Distributor and (B)&nbsp;pay the Agent any commission to which it would otherwise be entitled absent
such default. If the Agent breaches this Agreement by failing to deliver proceeds on any Settlement Date for the Shares delivered
by the Distributor, the Agent will pay the Distributor interest based on the effective overnight Federal Funds rate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g) In connection
with this Agreement and the Offerings, the Distributor shall provide to the Agent, no more than once per calendar quarter, (i)
a certificate signed by the Chief Executive Officer, the Chief Legal Officer, the Chief Administrative Officer, the Treasurer,
the</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">President, a Director or a Senior Vice
President of the Distributor to the effect that (A) the representations and warranties of the Distributor in this Agreement are
true and correct with the same force and effect as though expressly made at and as of the date thereof and the Distributor has
performed or complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied hereunder
at or prior to the date thereof, (B) to their knowledge, no stop order suspending the effectiveness of the Registration Statement
has been issued and no proceedings for that purpose have been instituted or threatened by the Securities and Exchange Commission
(the &#8220;<I>Commission</I>&#8221;) and (C) subsequent to the respective dates as of which information is given in the Registration
Statement and the Prospectus, there has not been any material adverse change or development involving a prospective material adverse
change to the business, properties, financial condition or results of operations of the Fund; (ii) a certificate signed by the
Secretary or Assistant Secretary of the Distributor relating to authorization, capacity and incumbency matters; and (iii) such
other certificates and documents related to the Offerings at the Agent&#8217;s reasonable request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">SECTION
2. </FONT><U>Representations and Warranties by the Distributor</U>. The Distributor represents, warrants to and agrees with the
Agent, as of the date hereof and as of each Offering Date and Settlement Date, that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a) A registration
statement on Form N-2 (File No. 333<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-[ ])</FONT> (the &#8220;<I>Registration
Statement</I>&#8221;) (i) has been prepared by the Fund in conformity with the requirements of the Securities Act of 1933, as amended,
and the rules and regulations thereunder (collectively called the &#8220;<I>Securities Act</I>&#8221;) and the Investment Company
Act of 1940, as amended, and the rules and regulations thereunder (collectively called the &#8220;<I>1940 Act</I>&#8221;); (ii)
has been filed with the Commission under the Securities Act and the 1940 Act; and (iii) heretofore became, and is, effective; the
Registration Statement sets forth the terms of the offering, sale and plan of distribution of the Shares and contains additional
information concerning the Fund and its business; no stop order of the Commission preventing or suspending the use of any Basic
Prospectus (as defined below), the Prospectus Supplement (as defined below) or the Prospectus (as defined below), or the effectiveness
of the Registration Statement, has been issued, and no proceedings for such purpose have been instituted or, to the Fund&#8217;s
knowledge, are contemplated by the Commission. Except where the context otherwise requires, &#8220;<I>Registration Statement</I>,&#8221;
as used herein, means, collectively, the various parts of the registration statement, as amended at the time of effectiveness for
purposes of Section 11 of the Securities Act (the &#8220;<I>Effective Time</I>&#8221;), as such section applies to the Distributor,
including (1) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, and (2)
any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 497(c) and/or
Rule 497(h) under the Securities Act, to the extent such information is deemed to be part of the registration statement at the
Effective Time. &#8220;Basic Prospectus,&#8221; as used herein, means the final prospectus filed as part of the Registration Statement,
including the related statement of additional information, together with any amendments or supplements thereto as of the date of
the Agreement. Except where the context otherwise requires, &#8220;<I>Prospectus Supplement</I>,&#8221; as used herein, means the
final prospectus supplement, including the related statement of additional information, relating to the Shares, filed by the Fund
with the Commission pursuant to Rule 497(c) and/or Rule 497(h) under the Securities Act on or before the second business day after
the date hereof (or such earlier time as may be required under the Securities Act), in the form furnished by the Fund to the Distributor
in connection with the offering of the</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Shares. Except where the context otherwise
requires, &#8220;Prospectus,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached
to or used with the Prospectus Supplement. Any reference herein to the registration statement, the Registration Statement, any
Basic Prospectus, the Prospectus Supplement or the Prospectus shall be deemed to refer to and include the documents, if any, incorporated
by reference, or deemed to be incorporated by reference, therein (the &#8220;<I>Incorporated Documents</I>&#8221;), including,
unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b) The Fund is duly
registered under the 1940 Act as a closed-end management investment company. A notification of registration of the Fund as an investment
company under the 1940 Act on Form N-8A (the &#8220;<I>1940 Act Notification</I>&#8221;) has been prepared by the Fund in conformity
with the 1940 Act and has been filed with the Commission and, at the time of filing thereof and at the time of filing any amendment
or supplement thereto, conformed in all material respects with all applicable provisions of the 1940 Act. The Fund has not received
any notice from the Commission pursuant to Section 8(e) of the 1940 Act with respect to the 1940 Act Notification or the Registration
Statement (or any amendment or supplement to either of them). No person is serving or acting as an officer, trustee or investment
adviser of the Fund except in accordance with the provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended
and the rules and regulations thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c) The Registration
Statement, the 1940 Act Notification and the Prospectus as from time to time amended or supplemented each complied when it became
effective or was filed, complies as of the date hereof and, as amended or supplemented, will comply, at the time of purchase, each
additional time of purchase, if any, and at all times during which a prospectus is required by the Securities Act to be delivered
in connection with any sale of Shares, in all material respects, with the requirements of the Securities Act and the 1940 Act;
the Registration Statement did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading; the 1940 Act Notification
did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date such Basic Prospectus
was filed with the Commission and ends at the later of the time of purchase, the latest additional time of purchase, if any, and
the end of the period during which a prospectus is required by the Securities Act to be delivered in connection with any sale of
Shares did or will the Prospectus, as from time to time amended or supplemented, include an untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; <U>provided</U>, however, that the Distributor does not make any representation or warranty with
respect to any statement contained in the Registration Statement or the Prospectus in reliance upon and in conformity with information
concerning the Agent and furnished in writing by the Agent or on the Agent&#8217;s behalf to the Distributor or the Fund expressly
for use in the Registration Statement or the Prospectus. The Agent confirms that the seventh paragraph under the heading &#8220;Plan
of Distribution&#8221; in the Prospectus Supplement was the only information furnished in writing to the Distributor and the Fund
by or on behalf of the Agent expressly for use in the Prospectus.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d) The financial
statements incorporated by reference in the Registration Statement or the Prospectus, together with the related notes and schedules,
present fairly the financial position of the Fund as of the dates indicated and the results of operations, cash flows and changes
in shareholders&#8217; equity of the Fund for the periods specified and have been prepared in compliance in all material respects
with the requirements of the Securities Act, the 1940 Act and the Securities Exchange Act of 1934, as amended (the &#8220;<I>Exchange
Act</I>&#8221;), and in conformity in all material respects with U.S. generally accepted accounting principles applied on a consistent
basis during the periods involved; the other financial and statistical data contained or incorporated by reference in the Registration
Statement or the Prospectus are accurately and fairly presented and prepared on a basis consistent with the financial statements
and books and records of the Fund; there are no financial statements that are required to be included or incorporated by reference
in the Registration Statement, any Basic Prospectus or the Prospectus that are not included or incorporated by reference as required;
the Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations),
not described in the Registration Statement (excluding the exhibits thereto); and all disclosures contained or incorporated by
reference in the Registration Statement or the Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as such term is
defined by the rules and regulations of the Commission) comply in all material respects with Item 10 of Regulation S-K under the
Securities Act, to the extent applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e) As of the date
of this Agreement, the Fund has an authorized and outstanding capitalization as set forth in the sections of the Registration Statement,
the Basic Prospectus and the Prospectus entitled &#8220;The Trust&#8221; and &#8220;Description of capital structure,&#8221; and,
with respect to any issuance and sale under this Agreement, the Fund shall have as of the date of the most recent amendment or
supplement to the Registration Statement or Prospectus, an authorized and outstanding capitalization as set forth in the sections
of the Registration Statement and the Prospectus entitled &#8220;The Trust&#8221; and &#8220;Description of capital structure&#8221;;
all of the issued and outstanding shares of capital stock, including the Common Shares, of the Fund have been duly authorized and
validly issued and are fully paid and non-assessable (except as described below and in the Registration Statement), have been issued
in material compliance with all applicable securities laws and were not issued in violation of any preemptive right, resale right,
right of first refusal or similar right; the Shares will be duly listed, and admitted and authorized for trading, subject to official
notice of issuance, on the Stock Exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f) The Fund has been
duly formed, is validly existing and is in good standing as a voluntary association with transferable shares of beneficial interest
commonly referred to as a &#8220;Massachusetts business trust&#8221; under the laws of The Commonwealth of Massachusetts, with
full power and authority to own, lease and operate and conduct its business as described in the Registration Statement, the Basic
Prospectuses and the Prospectus and to issue, sell and deliver the Shares as contemplated herein. The Fund is duly qualified to
do business as a foreign entity and is in good standing in each jurisdiction where the conduct of its business requires such qualification,
except where the failure to be so qualified and in good standing would not, individually or in the aggregate, (i) have a material
adverse effect on the business, properties, financial condition or results of operations of the Fund , (ii) prevent or materially
interfere with consummation of the transactions contemplated hereby or (iii) result in the delisting of Common Shares from the
Stock Exchange (the occurrence of any such effect or any such prevention or interference or any such result described
in the foregoing clauses (i), (ii) and (iii) being herein referred to as a &#8220;<I>Material Adverse Effect</I>&#8221;).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g) The Shares have
been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly
issued, fully paid and non-assessable (except as described below and in the Registration Statement) and free of statutory and contractual
preemptive rights, resale rights, rights of first refusal and similar rights; the Shares, when issued and delivered against payment
therefor as provided herein, will be free of any restriction upon the voting or transfer thereof pursuant to the Fund&#8217;s Declaration
of Trust or bylaws or any agreement or other instrument to which the Fund is a party. The capital stock of the Fund, including
the Shares, conforms in all material respects to each description thereof, if any, contained or incorporated by reference in the
Registration Statement, any Basic Prospectus or the Prospectus; and the certificates for the Shares, if any, are in due and proper
form. The Fund is in material compliance with the rules of the Stock Exchange, including, without limitation, the requirements
for continued listing of the Common Shares on the Stock Exchange and the Fund has not received any notice from the Stock Exchange
regarding the delisting of the Common Shares from the Stock Exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h) The Distributor
has full corporate power and authority to enter into this Agreement and the transactions contemplated hereby. This Agreement has
been duly authorized, executed and delivered by the Distributor. This Agreement constitutes a valid and binding agreement of the
Distributor and is enforceable against the Distributor in accordance with its terms, except as the enforceability hereof and thereof
may be limited by applicable bankruptcy, insolvency, reorganization and similar laws affecting creditors&#8217; rights generally
and moratorium laws in effect from time to time and by equitable principles restricting the availability of equitable remedies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i) No approval, authorization,
consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority
or agency, or of or with any self-regulatory organization or other non-governmental regulatory authority (including, without limitation,
the Stock Exchange), or approval of the shareholders of the Fund, is required in connection with the issuance and sale of the Shares
or the consummation by the Fund of the transactions contemplated hereby, other than (i) the registration of the Shares under the
Securities Act and the 1940 Act, which has been effected, (ii) the listing of the Shares with the Stock Exchange, upon official
notice of issuance, (iii) any necessary qualification under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered by the Distributor or (iv) any necessary qualification under the Conduct Rules of the Financial Industry
Regulatory Authority, Inc. (&#8220;<I>FINRA</I>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 30pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">SECTION
3. </FONT><U>Additional Covenants</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a) The Agent hereby
confirms that it is actually engaged in the investment banking and securities business and is a member in good standing with FINRA
and hereby agrees that it will undertake to comply with all applicable FINRA rules (as amended from time to time, including without
limitation, any successor provision) in connection with acting as sub-placement agent for the sale of the Shares. The Agent further
agrees that in acting as sub-placement agent for the sale of the Shares, it will comply with all applicable laws, rules and</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">regulations, including the applicable
provisions of the Securities Act and the Exchange Act, the applicable rules and regulations of the Commission thereunder, and the
applicable rules and regulations of any state or any securities exchange or self-regulatory organization having jurisdiction over
the relevant Offering.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b) The Agent hereby
agrees that in acting as sub-placement agent for the sale of the Shares, it will not use, authorize use of, refer to, or participate
in the planning for use of any written communication (as defined in Rule 405 under the Securities Act) concerning any Offering,
other than the Prospectus. The Agent further agrees that in acting as sub-placement agent for the sale of the Shares, it is not
authorized by the Distributor or the Fund or any other seller of the Shares offered pursuant to the Prospectus to give any information
or to make any representation not contained in the Prospectus in connection with the sale of such Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c) The Distributor
shall not be under any obligation to the Agent except for obligations assumed hereunder or in writing by the Distributor in connection
with any Offering. Nothing contained herein or in any communication in writing from us shall constitute the Distributor and the
Agent an association or partners with one another. If such parties should be deemed to constitute a partnership for Federal income
tax purposes, then the Agent elects to be excluded from the application of Subchapter K, Chapter 1, Subtitle A of the Internal
Revenue Code of 1986 and agrees not to take any position inconsistent with that election. The Agent authorizes the Distributor,
in its discretion, to execute and file on its behalf such evidence of that election as may be required by the Internal Revenue
Service. In connection with any Offering, each party shall be liable for its proportionate amount of any tax, claim, demand or
liability that may be asserted against it alone, based upon the claim that either of them constitutes an association, an unincorporated
business or other entity, including, in each case, its proportionate amount of any expense incurred in defending against any such
tax, claim, demand or liability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d) The parties acknowledge
and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected
with respect to the Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e) The Agent shall
at all times comply with the offering requirements as set forth under the heading &#8220;Plan of Distribution&#8221; in the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f) The Fund shall
use its best efforts to list, subject to official notice of issuance, the Shares on the Stock Exchange and to maintain such listing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 30pt; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">SECTION
4. </FONT><U>Indemnification and Contribution</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a) The Distributor
agrees to indemnify, defend and hold harmless the Agent, its partners, directors and officers, and any person who controls the
Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns
of all of the foregoing persons, from and against any reasonable loss, damage, expense, liability or claim (including the reasonable
cost of investigation) which the Agent or any such person may incur under the Securities Act, the 1940 Act, the Exchange Act, the
common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i) any material
breach of any representation, warranty, covenant or agreement of the Distributor</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">contained in this Agreement, (ii) any
material violation by the Distributor of any law, rule or regulation (including any rule of any self-regulatory organization) applicable
to the Offerings, or (iii) any untrue statement of a material fact appearing in the Registration Statement or Prospectus or omission
to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
in which they were made, not misleading, except to the extent such statements were provided in writing by the Agent for inclusion
in the Registration Statement or Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b) The Agent agrees
to indemnify, defend and hold harmless the Distributor, the Fund, their partners, trustees, directors and officers, and any person
who controls the Distributor or the Fund within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim
(including the reasonable cost of investigation) which the Distributor or any such person may incur under the Securities Act, the
1940 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of
or is based upon (i) any material breach of any representation, warranty, covenant or agreement of the Agent contained in this
Agreement or (ii) any material violation by the Agent of any law, rule or regulation (including any rule of any self-regulatory
organization), or (iii) any untrue statement or omission made in the Registration Statement or the Prospectus in reliance upon
and in conformity with information furnished by the Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c) An indemnified
person under <U>Section 4</U> of this Agreement (the &#8220;<I>Indemnified Party</I>&#8221;) shall give written notice to the other
party (the &#8220;<I>Indemnifying Party</I>&#8221;) of any loss, damage, expense, liability or claim in respect of which the Indemnifying
Party has a duty to indemnify such Indemnified Party under <U>Section 4(a)</U> or <U>(b)</U> of this Agreement (a &#8220;<I>Claim</I>&#8221;),
specifying in reasonable detail the nature of the loss, damage, expense, liability or claim for which indemnification is sought,
except that any delay or failure so to notify such other party shall only relieve such other party of its obligations hereunder
to the extent, if at all, that you are actually prejudiced by reason of such delay or failure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d) If a Claim results
from any action, suit or proceeding brought or asserted against an Indemnified Party, the Indemnifying Party shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses.
The Indemnified Party shall have the right to employ separate counsel in such action, suit or proceeding and participate in such
defense thereof, but the fees and expenses of such counsel shall be at the expense of the Indemnified Party unless (i) the Indemnifying
Party has agreed in writing to pay such fees and expenses, (ii) the Indemnifying Party has failed within a reasonable time to assume
the defense and employ counsel or (iii) the named parties to any such action, suit or proceeding (including any impleaded parties)
include both such Indemnified Party and Indemnifying Party and such Indemnified Party shall have been advised by its counsel that
representation of such Indemnified Party and Indemnifying Party by the same counsel would be inappropriate under applicable standards
of professional conduct (whether or not such representation by the same counsel has been proposed) due to actual or potential differing
interests between the Indemnifying Party and the Indemnified Party (in which case the Indemnifying Party shall not have the right
to assume the defense of such action, suit or proceeding on behalf of such Indemnified Party). It is understood, however, that
the Indemnifying Party shall, in connection with any one action, suit or proceeding or separate but</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">substantially similar or related actions,
suits or proceedings in the same jurisdiction arising out of the same general allegations or circumstances be liable for the reasonable
fees and expenses of only one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified
Parties not having actual or potential differing interests with the Indemnifying Party or among themselves, which firm shall be
designated in writing by an authorized representative of such parties and that all such fees and expenses shall be reimbursed promptly
as they are incurred. The Indemnifying Party shall not be liable for any settlement of any such action, suit or proceeding effected
without its written consent, but if settled with such written consent or if there be a final judgment for the plaintiff in any
such action, suit or proceeding, the Indemnifying Party agrees to indemnify and hold harmless any Indemnified Party from and against
any loss, liability, damage or expense by reason by such settlement or judgment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e) With respect to
any Claim not within <U>Paragraph (d)</U> of <U>Section 4</U> hereof, the Indemnifying Party shall have 20 days from receipt of
notice from the Indemnified Party of such Claim within which to respond thereto. If the Indemnifying Party does not respond within
such twenty-day period, it shall be deemed to have accepted responsibility to make payment and shall have no further right to contest
the validity of such Claim. If the Indemnifying Party notifies the Indemnified Party within such twenty-day period that it rejects
such Claim in whole or in part, the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified
Party under applicable law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f) If the indemnification
provided for in this <U>Section 4</U> is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless
in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying Party
shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, damages, expenses, liabilities
or claims in such proportion as is appropriate to reflect (i) the relative benefits received by the Indemnified Party and its Affiliates
(treated jointly as one person for this purpose), on the one hand, and the Indemnifying Party and its Affiliates, on the other
hand, from the offering of the Shares; or (ii) if, but only if, the allocation provided for in clause (i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative
fault of the Indemnified Party and its Affiliates (treated jointly as one person for this purpose), on the one hand, and of the
Indemnifying Party and its Affiliates, on the other, in connection with any statements or omissions or other matters which resulted
in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations. The relative
benefits received by the Indemnified Party and its Affiliates (treated jointly as one person for this purpose), on the one hand,
and the Indemnifying Party and its Affiliates, on the other, shall be deemed to be in the same respective proportions as the total
proceeds from the Offering received by each such party and its Affiliates bear to the aggregate public offering price of the Shares.
The relative fault of the parties and their Affiliates shall be determined by reference to, among other things, whether the untrue
statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by such
party or its Affiliate, on one hand, or by the other party or its Affiliate on the other hand and the parties&#8217; relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by
a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to
include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend
or defending any Proceeding.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g) The parties agree
that it would not be just and equitable if contribution pursuant to this <U>Section 4</U> were determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable considerations referred to in <U>subsection (f)</U>
above. No person guilty of fraudulent misrepresentation (within the meaning of <U>Section 11(f)</U> of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h) The indemnity
and contribution agreements contained in this <U>Section 4</U> and the covenants, warranties and representations of the parties
contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Agent,
its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the
Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or by or on behalf of the Distributor,
its directors or officers or any person who controls the Distributor within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
5. </FONT><U>Representations and Agreements to Survive Delivery</U>. The representations, warranties, covenants and agreements
of the parties contained in this Agreement, including, without limitation, the indemnity agreement contained in <U>Section 4</U>
hereof, shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any party
or any person controlling any party, or their directors or officers, (ii) acceptance of any Shares and payment therefor and (iii)
any termination of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 30pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">SECTION
6. </FONT><U>Termination</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a) This Agreement
shall continue in full force and effect until terminated by either party by five days' written notice to the other; <U>provided</U>,
that if this Agreement has become effective with respect to any Offering pursuant to this Agreement, this Agreement may not be
terminated by either party with respect to such Offering.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b) This Agreement
shall remain in full force and effect unless terminated pursuant to <U>Section 6(a)</U> above or otherwise by mutual agreement
of the parties; <U>provided</U> that any such termination by mutual agreement shall in all cases be deemed to provide that <U>Section
4</U> and <U>Section 5</U> shall remain in full force and effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c) Any termination
of this Agreement shall be effective on the date specified in such notice of termination; <U>provided</U> that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Distributor or the Agent, as the
case may be. If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in
accordance with the provisions of <U>Section 1</U> of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
7. </FONT><U>Notices</U>. Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement
shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Distributor, it shall be sufficient
in all respects if delivered or sent to:</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Eaton Vance Distributors, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Two International Place</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Boston, Massachusetts 02110</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">Attn: Frederick S. Marius, General
Counsel</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">and if to the Agent, it shall be sufficient
in all respects if delivered or sent to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">UBS Securities LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">1285 Avenue of the Americas</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">New York, New York 10019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Attn:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Each party to this
Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such
purpose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
8. </FONT><U>Parties in Interest</U>. The Agreement herein set forth has been and is made solely for the benefit of the Distributor,
the Fund and the Agent and to the extent provided in <U>Section 4</U> of this Agreement, the controlling persons, trustees, directors
and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors
and administrators. No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the
Distributor) shall acquire or have any right under or by virtue of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
9. </FONT><U>No Fiduciary Relationship</U>. The Distributor hereby acknowledges that the Agent is acting solely as sub-placement
agent in connection with the sale of the Shares and that the Agent is acting pursuant to a contractual relationship created solely
by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Agent act or be responsible
as a fiduciary to the Distributor or the Fund, their respective management, shareholders or creditors, or any other person in connection
with any activity that the Agent may undertake or have undertaken in furtherance of the sale of the Shares, either before or after
the date hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
10. </FONT><U>Entire Agreement</U>. This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous
agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
11. </FONT><U>Counterparts; Heading</U>. This Agreement may be signed by the parties in one or more counterparts which together
shall constitute one and the same agreement among the parties. The Section headings in this Agreement have been inserted as a matter
of convenience of reference and are not a part of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
12. </FONT><U>Law; Construction</U>. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising
out of or in any way relating to this Agreement (&#8220;<I>Claim</I>&#8221;), directly or indirectly, shall be governed by, and
construed in accordance with, the internal laws of the State of New York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
13. </FONT><U>Submission to Jurisdiction</U>. Except as set forth below, no Claim may be commenced, prosecuted or continued in
any court other than the courts of the State of</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">New York located in the City and County
of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction
over the adjudication of such matters, and each of the Distributor and the Agent consents to the jurisdiction of such courts and
personal service with respect thereto. Each of the Distributor and the Agent hereby consents to personal jurisdiction, service
and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party
against the Distributor or any indemnified party. Each of the Distributor and the Agent (on its behalf and, to the extent permitted
by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or
counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement. Each of
the Distributor and the Agent agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court
shall be conclusive and binding upon the Distributor and the Agent and may be enforced in any other courts to the jurisdiction
of which the Distributor or the Agent is or may be subject, by suit upon such judgment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
14. </FONT><U>Successors and Assigns</U>. This Agreement shall be binding upon the Distributor and the Agent and their successors
and assigns and any successor or assign of any substantial portion of the Distributor&#8217;s and the Agent&#8217;s respective
businesses and/or assets.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the foregoing
correctly sets forth the understanding between the Distributor and the Agent, please so indicate in the space provided below for
that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement between the Distributor and the
Agent. Alternatively, the execution of this Agreement by the Distributor and the acceptance by or on behalf of the Agent may be
evidenced by an exchange of telegraphic or other written communications.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&#8194;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">EATON VANCE DISTRIBUTORS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="font-weight: normal">ACCEPTED as of the date</FONT><BR>
<FONT STYLE="font-weight: normal">first above written</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">UBS SECURITIES LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(as sub-placement agent)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADDENDUM </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUB-PLACEMENT AGENT AGREEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BETWEEN</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EATON VANCE DISTRIBUTORS, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UBS SECURITIES LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Compensation payable to
the Agent for acting as a sub-placement agent on behalf of the Distributor with respect to a specified sale of Shares pursuant
to this Agreement shall be determined by multiplying the Gross Sales Proceeds by the Applicable Selling Agent Commission as set
forth in the table below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Gross Sales Commission</P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Distributor Retention</P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Applicable Selling Agent Commission</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.00%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.20%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.80%</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Gross Sales Proceeds&#8221;
with respect to each sale of Shares shall be the Gross Sales Price multiplied by the number of Shares sold;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Gross Sales Price&#8221;
with respect to each sale of Shares sold pursuant to this Agreement shall be the gross sales price per share of such Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)
<SEQUENCE>4
<FILENAME>exhibitl_ex-99zl.htm
<DESCRIPTION>OPINION OF INTERNAL COUNSEL
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-align: right"><B>Exhibit (l)</B></P>

<P STYLE="font: 11pt CG Times (WN); margin: 0; letter-spacing: -0.2pt"><IMG SRC="evlogo_001.jpg" ALT="" STYLE="height: 36px; width: 306px"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">Eaton Vance Management</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">Two International Place</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">Suite 1400</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">Boston, MA 02110</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">617-482-8260</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">www.eatonvance.com</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">April 4, 2019</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">Eaton Vance Enhanced Equity Income Fund II</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">Two International Place</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">Boston, MA 02110</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">I have acted as counsel
to Eaton Vance Enhanced Equity Income Fund II (the &#8220;Fund&#8221;). I am admitted to practice law in the Commonwealth of Massachusetts.
The Fund is a Massachusetts business trust pursuant to the Declaration of Trust dated November 8, 2004, as amended (the &#8220;Declaration
of Trust&#8221;).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">I am of the opinion that
all legal requirements have been complied with in the creation of the Trust, and that said Declaration of Trust is legal and valid.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">The Trustees of the Fund
have the powers set forth in the Declaration of Trust, subject to the terms, provisions and conditions therein provided. As provided
in the Declaration of Trust, the Trustees may authorize one or more series or classes of shares, without par value, and the number
of shares of each series or class authorized is unlimited. Under the Declaration of Trust, the Trustees may from time to time issue
and sell or cause to be issued and sold shares of the Fund for cash or for property. All such shares, when so issued, shall be
fully paid and nonassessable by the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">Based upon the foregoing,
and with respect to Massachusetts law (other than the Massachusetts Uniform Securities Act), only to the extent that Massachusetts
law may be applicable and without reference to the laws of the other several states or of the United States of America, I am of
the opinion that under existing law:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt CG Times (WN); letter-spacing: -0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Trust is a trust with transferable shares of beneficial interest
organized in compliance with the laws of the Commonwealth of Massachusetts, and the Declaration of Trust is legal and valid under
the laws of the Commonwealth of Massachusetts.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.95pt; letter-spacing: -0.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt CG Times (WN); letter-spacing: -0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shares of beneficial interest of the Trust registered by Form N-2 may
be legally and validly issued in accordance with the Declaration of Trust upon receipt of payment in compliance with the Declaration
of Trust and, when so issued and sold, will be fully paid and nonassessable by the Trust. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">Under Massachusetts law,
if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal
liability for the obligations of the Trust. The Trust&#8217;s Declaration of Trust contains an express disclaimer of liability
on the part of shareholders and the Trust&#8217;s By-laws provide that the Trust shall assume the defense on behalf of any shareholders.
The Declaration of Trust also contains provisions limiting the liability of a series or</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">class to that series or class. Moreover,
the Trust&#8217;s By-laws also provide for indemnification 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. Thus, the risk of a shareholder incurring financial
loss on account of shareholder liability is limited to circumstances in which the Trust itself would be unable to meet its obligations.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">I consent to the filing
of this opinion with the Securities and Exchange Commission as part of the Trust&#8217;s registration statement on Form N-2.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Very truly yours,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt"><U>/s/ Katherine Campbell&#9;&#9;</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Katherine Campbell</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Assistant Vice President, Attorney</P>


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<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>5
<FILENAME>exhibitn_ex-99zn.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit (n)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We consent to the incorporation by reference
in this Pre-Effective Amendment No. 1 to Registration Statement No. 333-229448 on Form N-2 of our report dated February 19, 2019,
relating to the financial statements and financial highlights of Eaton Vance Enhanced Equity Income Fund II (the &ldquo;Fund&rdquo;),
appearing in the Annual Report on Form N-CSR of the Fund for the year ended December 31, 2018, and to the references to us under
the headings &ldquo;Financial Highlights&rdquo; and &ldquo;Independent Registered Public Accounting Firm&rdquo; in the Prospectus
and &ldquo;Independent Registered Public Accounting Firm&rdquo; and &ldquo;Financial Statements&rdquo; in the Statement of Additional
Information, which are part of such Registration Statement.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">/s/ Deloitte &amp; Touche LLP</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Boston, Massachusetts</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">April 4, 2019</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><IMG SRC="evlogo_002.jpg" ALT="" STYLE="height: 187px; width: 810px"></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">April 4, 2019</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><U>VIA EDGAR</U></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Washington, D.C.&nbsp;&nbsp;20549</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 23.4pt">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton
Vance Enhanced Equity Income Fund II (the &ldquo;Fund&rdquo; or the &ldquo;Registrant&rdquo;)</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.65in">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement on Form N-2 (333-229448; 811-21670)</U></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">On behalf of the above-captioned registered, closed-end investment
company, and in accordance with the requirements of the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), and the
Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), electronically transmitted herewith is Pre-Effective Amendment
No. 3 (the &ldquo;Amendment&rdquo;) to the Fund&rsquo;s Registration Statement on Form&nbsp;N-2 (the &ldquo;Registration Statement&rdquo;)
with respect to the proposed offering by the Fund of additional shares of common stock, par value $0.01 per share (the &ldquo;Common
Shares&rdquo;), on a continuous or delayed basis in reliance on Rule&nbsp;415 under the 1933 Act.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Fund has received an order under Section 19(b) to permit
it to make periodic capital gains dividends with respect to its Common Shares as frequently as twelve times each year, and as frequently
as dividends are specified by or determined in accordance with the terms of any outstanding preferred shares that such Fund may
issue.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The total registration fee for purposes of this filing is
$14,511.32, of which $14,509.38 has been wired through the FEDWIRE system to the Securities and Exchange Commission (the &ldquo;SEC&rdquo;).
The Shelf Registration Statement transmitted with this letter contains conformed signature pages, the manually executed originals
of which are maintained at the offices of the Fund.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Registration Statement was amended for the purpose of
responding to comments provided by Lisa Larkin of the SEC&rsquo;s Division of Investment Management to the undersigned telephonically
on February 27, 2019, and to make certain other non-material changes as marked therein. We request that the Staff review the Registration
Statement as promptly as possible and contact the undersigned at its earliest possible convenience if the Staff has any further
comments. Capitalized terms have the same meaning as defined in the Registration Statement, unless otherwise indicated. The comments
and the Fund&rsquo;s responses are set forth as follows:</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<OL START="1" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="line-height: normal; text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please
confirm the Fund&rsquo;s reference to &ldquo;total assets&rdquo; in the 80% test is the same as net assets plus any borrowings
for investment purposes.</LI>

</OL>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Registrant
confirms that for purposes of the 80% test, &ldquo;total assets&rdquo; is defined as net assets plus any borrowings for investment
purposes. The preceding language has been incorporated into the Prospectus.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<OL START="2" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; line-height: normal; text-align: justify; font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: The
Fund&rsquo;s Prospectus states that the Fund may invest up to 20% of its total assets in other derivative instruments acquired
for hedging, risk management and investment purposes (to gain exposure to securities, securities markets, markets indices and/or
currencies consistent with its investment objectives and policies), provided that no more than 10% of the Fund&rsquo;s total assets
may be invested in such derivative instruments acquired for non-hedging purposes. Please clarify if &ldquo;other derivatives&rdquo;
refers to put options and if not, please specify what the other derivatives are.</LI>

</OL>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: In addition
to put options, the Fund may engage in other derivative instruments such as futures contracts, swaps and short sales as disclosed
in &ldquo;Derivatives Risk&rdquo; under <I>&ldquo;Special Risk Considerations&rdquo; </I>and &ldquo;Other Derivative Instruments&rdquo;
under <I>&ldquo;Additional Investment Practices.&rdquo; </I></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<OL START="3" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="line-height: normal; text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: In the
Fund&rsquo;s Prospectus under the &ldquo;<I>Investment Selection Strategies</I>&rdquo; section, the disclosure states that, &ldquo;the
Fund may invest to a limited extent in other types of securities and engage in certain other investment practices.&rdquo; Please
specify the other types of securities and investment practices or remove this sentence.</LI>

</OL>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: Under the
&ldquo;<I>Investment Selection Strategies</I>&rdquo; section of the Prospectus, a cross reference has been made to the <I>&ldquo;Additional
Investment Practices&rdquo;</I> section of the Prospectus which discloses the additional types of investments in which the Fund
may engage.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<OL START="4" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="line-height: normal; text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please
consider updating &ldquo;Foreign Investment Risk&rdquo; under &ldquo;<I>Special Risk Considerations</I>&rdquo; and &ldquo;<I>Additional
Risk Considerations</I>&rdquo; in the Fund&rsquo;s Prospectus due to Brexit.</LI>

</OL>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: While the
Fund may invest up to 25% of total assets in securities of foreign issuers, as of its most recent fiscal year end the Fund had
negligible holdings in securities of foreign issuers. The Registrant believes the disclosure contained under &ldquo;Foreign Investment
Risk&rdquo; addresses the material impact of political, economic and market developments abroad on the foreign securities in which
the Fund may invest. As such, no additional disclosure has been added.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<OL START="5" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="line-height: normal; text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please
confirm that for a period of at least one year, the Fund does not intend to utilize leverage through the issuance of preferred
shares and/or borrowings, including the issuance of debt securities as stated in &ldquo;Financial Leverage Risk&rdquo; under &ldquo;<I>Special
Risk Considerations</I>&rdquo; and &ldquo;<I>Additional Risk Consideration</I>&rdquo; in the Fund&rsquo;s Prospectus.</LI>

</OL>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Registrant
confirms that, based on current market conditions, the Fund does not intend to utilize leverage through the issuance of preferred
shares and/or borrowings, including the issuance of debt securities for a period of at least one year, but if market conditions
warrant and/or after such period, the Fund may utilize leverage as it is currently authorized to do so.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: The Prospectus states that
the Fund may engage in total return swaps. When the Fund engages in total return swaps, it needs to set aside an appropriate amount
of</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">liquid assets as determined
by the SEC and Staff guidance to address Section 18 of the 1940 Act concerns. Note that the SEC has issued a proposal to update
the regulations for Fund use of derivatives for the purposes of Section 18. Be aware that the SEC could issue a new rule and/or
guidance related to the Fund&rsquo;s use of derivatives, which could impact the manner in which the Fund operates.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><U>Response</U>:
The Registrant acknowledges this comment.</P>

<OL START="7" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="line-height: normal; text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please
confirm that &ldquo;Foreign Investment Risk&rdquo; should be used throughout the Fund&rsquo;s Prospectus rather than &ldquo;Foreign
Securities Risk.&rdquo;</LI>

</OL>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Registrant
confirms that the term &ldquo;Foreign Investment Risk&rdquo; should be used and the Fund&rsquo;s Prospectus has been updated as
such.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<OL START="8" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="line-height: normal; text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please
consider adding emerging markets to &ldquo;<I>Primary Investment Policies</I>&rdquo; in the Fund&rsquo;s Prospectus as the Fund
may invest up to 5% of its total assets in securities of issuers located in emerging markets.</LI>

</OL>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: Disclosure
regarding the Fund&rsquo;s ability to invest up to 5% of its total assets in securities of issuers located in emerging markets
has been added to <I>&ldquo;Principal Investment Policies&rdquo;</I> in the Fund&rsquo;s Prospectus.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<OL START="9" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="line-height: normal; text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please
confirm that the number of accounts for portfolio manager Michael A. Allison are correct under &ldquo;<I>Investment Advisory and
Other Services</I>&rdquo; in the Fund&rsquo;s Statement of Additional Information.</LI>

</OL>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Registrant
confirms that the number of accounts for portfolio manager Michael A. Allison are correct under &ldquo;<I>Investment Advisory and
Other Services</I>&rdquo; in the Fund&rsquo;s Statement of Additional Information and that they differ from Eaton Vance Enhanced
Equity Income Fund because the funds have different fiscal year ends.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Questions should be directed to the undersigned at (617) 672-8117.&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in">Sincerely,</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in"><U>/s/&nbsp;Katherine Campbell</U></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in">Katherine Campbell, Esq.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in">Assistant Vice President</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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