<SEC-DOCUMENT>0000940394-20-000802.txt : 20200423
<SEC-HEADER>0000940394-20-000802.hdr.sgml : 20200423
<ACCEPTANCE-DATETIME>20200423162237
ACCESSION NUMBER:		0000940394-20-000802
CONFORMED SUBMISSION TYPE:	486BPOS
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20200423
DATE AS OF CHANGE:		20200423
EFFECTIVENESS DATE:		20200423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Enhanced Equity Income Fund II
		CENTRAL INDEX KEY:			0001308335
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		486BPOS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-229448
		FILM NUMBER:		20811280

	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:		486BPOS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21670
		FILM NUMBER:		20811279

	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>486BPOS
<SEQUENCE>1
<FILENAME>eeifiipea2final.htm
<DESCRIPTION>ENHANCED EQUITY INCOME FUND II
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on April 23, 2020</B></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<BR>
UNDER<BR>
THE SECURITIES ACT of 1933</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">&uml;</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. </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">&uml;</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. 2</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">x</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<BR>
UNDER<BR>
THE INVESTMENT COMPANY ACT OF 1940</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">o</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. 6</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">x</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">(Exact Name of Registrant as Specified in Charter)</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">(Address of Principal Executive Offices)</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">(Registrant&#8217;s Telephone Number)</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">Two International Place, Boston, Massachusetts 02110</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">(Name and Address of Agent for Service)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Approximate Date of Proposed Public Offering</B>: 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">o</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When
declared effective pursuant to Section 8(c)</FONT></P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 0"><FONT STYLE="font-family: Wingdings">x</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Immediately
upon filing pursuant to no-action relief granted to Registrant on December 16, 2019</FONT></P>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="color: windowtext"><IMG SRC="eeifiipro_107.jpg" ALT="Eaton Vance Logo - NEW" STYLE="height: 37px; width: 180px"></FONT></P>

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

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Up to 7,168,522 Shares</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Enhanced Equity Income Fund
II</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Common Shares</P>

<P STYLE="font: 9pt/105% Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 8pt; 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 8pt; 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 8pt; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Objectives and Policies.</B></FONT> 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"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Adviser.</B></FONT> The Fund&#8217;s investment adviser is Eaton Vance Management (&#8220;Eaton Vance&#8221; or the &#8220;Adviser&#8221;).
As of March 31, 2020, Eaton Vance and its affiliates managed approximately $436.8 billion of fund and separate account assets on
behalf of clients, including approximately $111.7 billion in equity assets. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Offering.</B></FONT> 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"> I<B>nvesting in shares involves certain risks. See &#8220;Investment
Objectives, Policies and Risks&#8221; beginning at page 20.</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: 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 6pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Contents.</B></FONT> Under normal market conditions, the Fund invests at least 80% of its total assets in common stocks. For the
purposes of the 80% test, total assets is defined as net assets plus any borrowings for investment purposes. 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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, </FONT>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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>.</B></FONT></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. <B></B></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<SUP>&reg;</SUP> Composite Stock Price Index (&#8220;S&amp;P 500<SUP>&reg;</SUP>&#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. <B></B></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"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exchange
Listing.</B></FONT> As of April 21, 2020, the Fund had 49,418,641 Common Shares outstanding. The Fund&rsquo;s Common Shares are
traded on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;EOS.&rdquo; As of April 21, 2020, the last
reported sales price of a Common Share of the Fund on the NYSE was $15.02 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 (&#8220;SAI&#8221;) dated April 23, 2020, has been filed with the SEC
and is incorporated by reference into this Prospectus. You may request a free copy of the SAI, the table of contents of which is
on page 45 of this Prospectus, a free copy of our annual and semi-annual reports to shareholders (when available), obtain other
information or make shareholder inquiries, by calling toll-free 1-800-262-1122 or by writing to the Fund at Two International Place,
Boston, Massachusetts 02110. The Fund&#8217;s SAI and annual and semi-annual reports also are available free of charge on our website
at http://www.eatonvance.com and on the SEC&#8217;s website (http://www.sec.gov). You may also obtain these documents, after paying
a duplication fee, by electronic request at the following email address: publicinfo@sec.gov. </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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; padding: 3pt 5.4pt">Prospectus Summary &#9;</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Summary of Fund Expenses &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 16 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Financial Highlights and Investment Performance &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 17 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">The Fund &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 19 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Use of Proceeds &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 20 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Investment Objectives, Policies and Risks &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 20 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Management of the Fund &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 33 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Plan of Distribution &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 34 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Distributions &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 35 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Federal Income Tax Matters &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 36 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Dividend Reinvestment Plan &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 39 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Description of Capital Structure &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 40 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Custodian and Transfer Agent &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 44 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Legal Opinions &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 44 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Reports to Shareholders &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 44 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Independent Registered Public Accounting Firm &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 44 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Additional Information &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 44 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">Table of Contents for the Statement of Additional Information &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 45 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">The Fund&#8217;s Privacy Policy &#9;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right"> 46 </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> This Prospectus, any accompanying Prospectus Supplement and
the SAI 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 SAI 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 April 23, 2020 </P>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 0">Under normal market conditions, the Fund invests at least 80%
of its total assets in common stocks. For the purposes of the 80% test, total assets is defined as net assets plus any borrowings
for investment purposes. 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: 6pt 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<SUP>&reg;</SUP>
Index. As of March 31, 2020, the median market capitalization of companies in the S&amp;P MidCap 400<SUP>&reg;</SUP> Index was
approximately $2.9 billion. Market capitalizations of companies within the S&amp;P MidCap 400<SUP>&reg;</SUP> Growth Index are
subject to change. 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<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;
</SUP></FONT>As of March 31, 2020, the median market capitalization of companies in the S&amp;P 500<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;
</SUP></FONT>was approximately $17.4 billion. Market capitalizations of companies within the S&amp;P 500<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;
</SUP></FONT>Index are subject to change. </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 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. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> 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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: windowtext"><SUP>&reg;
</SUP></FONT> <FONT STYLE="color: windowtext">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.</FONT> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT SELECTION STRATEGIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;</SUP></FONT>
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: 6pt 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;Investment
Objectives, Policies and Risks -- Additional Investment Practices.&#8221; </P>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"> As of April 21, 2020, the Fund had 49,418,641
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 21, 2020, the last reported sales price of a Common Share of the Fund on the NYSE was
$15.02 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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT ADVISER AND ADMINISTRATOR</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 March 31, 2020, Eaton Vance and its affiliates managed approximately
$436.8 billion of fund and separate account assets on behalf of clients, including approximately $111.7 billion in equity assets.
</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></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 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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DISTRIBUTIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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 are 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 Fund's distributions are determined by the Adviser based on its current
assessment of the Fund&#8217;s long-term return potential. Fund distributions may be affected by numerous factors including changes
in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors.
As portfolio and market conditions change, the rate of distributions paid by the Fund could change. 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"> 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;Distributions&#8221;
and &#8220;Dividend Reinvestment Plan.&#8221;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DIVIDEND REINVESTMENT PLAN</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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CLOSED-END STRUCTURE</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 investments. </P>

<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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SPECIAL RISK CONSIDERATIONS</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: 6pt 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: 6pt 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: 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: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
and Market Risk.</B></FONT> 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"> The value of investments held by the Fund may increase or
decrease in response to economic, political and financial or other disruptive 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. Monetary and/or fiscal
actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead
to high market volatility. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issuer Risk. <FONT STYLE="font-weight: normal">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&rsquo;s goods and services.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Equity
Risk.</B></FONT> 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 may decline in response to adverse
changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price
fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; and other
factors. 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.
Market conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines,
the value of Fund shares will also likely decline. Although stock prices can rebound, there is no assurance that values will return
to previous levels. </P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risks
of Investing in Smaller and Mid-Sized Companies. </B></FONT>The Fund may make investments in stocks of companies whose market
capitalization is considered middle sized or &#8220;mid-cap.&#8221; Smaller and mid-sized companies often are newer or less established
companies than larger companies. Investments in smaller and mid-sized 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 smaller and mid-sized 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, smaller and mid-sized companies have sometimes gone through
extended periods when they did not perform as well as larger companies. In addition, equity securities of smaller and mid-sized
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>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><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: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Investment Risk.</B></FONT> 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
value of foreign assets and currencies as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign
currency rates and exchange control regulations, application of foreign tax laws (including withholding tax), governmental administration
of economic or monetary policies (in this country or abroad), and relations between nations and trading. Foreign currencies also
are subject to settlement, custodial and other operational risks. Currency exchange rates can be affected unpredictably by intervention,
or the failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments
in the United States or abroad. If the U.S. dollar rises in value relative to a foreign currency, a security denominated in that
foreign currency will be worth less in U.S. dollars. If the U.S. dollar decreases in value relative to a foreign currency, a security
denominated in that foreign currency will be worth more in U.S. dollars. A devaluation of a currency by a country&#8217;s government
or banking authority will have a significant impact on the value of any investments denominated in that currency. Costs are incurred
in connection with conversions between currencies. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 0"> Political events in foreign countries may cause market disruptions.
In June 2016, the United Kingdom (&#8220;UK&#8221;) voted in a referendum to leave the European Union (&#8220;EU&#8221;) (&#8220;Brexit&#8221;).
Effective January 31, 2020, the UK ceased to be a member of the EU following a period of impasse within the UK Parliament, and
the holding of an early general election in December 2019 to break the deadlock. The European Parliament and UK Government are
expected to focus attention on the nature of the UK&#8217;s future relationship with the EU during an agreed transitional period.
There is significant market uncertainty regarding Brexit&#8217;s ramifications, and the range and potential implications of possible
political, regulatory, economic, and market outcomes in the UK, EU and beyond are difficult to predict. Brexit may cause greater
market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence,
and increased likelihood of a recession in the UK. If one or more additional countries leave the EU or the EU dissolves, the world&#8217;s
securities markets likely will be significantly disrupted. </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: 6pt 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: 6pt 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: 6pt 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 previously, and may in the future experience
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, it may be possible to sell only
at arbitrary prices and with substantial losses. </P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> 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 advisory fee paid to Eaton Vance is calculated on the basis of the Fund&#8217;s average daily gross assets, which
includes any form of investment leverage utilized by the Fund, including proceeds from the issuance of preferred shares and/or
borrowings, so such 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: 6pt 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"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Recent
Market Events.</B></FONT> An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December
2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes
to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity,
as well as general concern and uncertainty, and in March 2020, a declaration of a national emergency in the Unites States. The
impact of this coronavirus may last for an extended period of time and result in a substantial economic downturn.&nbsp; Health
crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic
risks and disrupt normal market conditions and operations. The impact of this outbreak, and other epidemics and pandemics that
may arise in the future, could negatively affect the worldwide economy, as well as the economies of individual countries, individual
companies and the market in general in significant and unforeseen ways.&nbsp; Any such impact could adversely affect the Fund&#8217;s
performance or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity
Risk.</B></FONT>&nbsp; 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. The Fund relies on communications technology, systems,
and networks to engage with clients, employees, accounts, shareholders, and service providers, and a cyber incident may inhibit
the Fund&#8217;s ability to use these technologies. 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. A denial-of-service attack is an effort to make network services unavailable to intended
users, which could cause shareholders to lose access to their electronic accounts, potentially indefinitely. Employees and service
providers also may not be able to access electronic systems to perform critical duties for the Fund, such as trading and NAV calculation,
during a denial-of-service attack. There is also the possibility for systems failures due to malfunctions, user error and misconduct
by employees and agents, natural disasters, or other foreseeable and unforeseeable events. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Because technology is consistently changing, new ways to carry
out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for,
or that an attack may not be detected, which puts limitations on the Fund&#8217;s ability to plan for or respond to a cyber attack.
Like other funds and business enterprises, the Fund and its service providers have experienced, and will continue to experience,
cyber incidents consistently. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such as the inadvertent
release of confidential information by the Fund or its service providers. To date, cyber incidents have not had a material adverse
effect on the Fund&#8217;s business operations or performance. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Fund uses third party service providers who are also
heavily dependent on computers and technology for their operations. Cybersecurity failures by or breaches of 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, may disrupt and otherwise adversely affect their business operations.
This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund&#8217;s ability to calculate its
NAV, or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement
or other compensation costs, litigation costs, or additional compliance costs. While many of the Fund&#8217;s 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. 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.&nbsp; The Fund and its shareholders could be negatively impacted as a result. </P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Disruption.</B></FONT> Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the
world have previously resulted, and may continue to result in market volatility and may have long-term effects on the United States
and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot
predict the effects of significant future events on the global economy and securities markets. A similar 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: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Anti-Takeover
Provisions.</B></FONT> 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. 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. See &#8220;Description of Capital Structure - Certain
Provisions of the Declaration of Trust - Anti-Takeover Provisions in the Declaration of Trust.&#8221; </P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0">Summary of Fund Expenses</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 for the year ended December 31, 2019. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">Common Shareholder transaction expenses</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Sales load paid by you (as a percentage of offering price)</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> --<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Offering expenses (as a percentage of offering price)</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">None<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Dividend reinvestment plan fees</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">$5.00<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">&nbsp;</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">Annual expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">Percentage of net assets<BR>
attributable to Common Shares<SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Investment advisory fee</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">1.00%<SUP>(5)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Other expenses</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> <U>0.09</U>% </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Total annual Fund operating expenses</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> 1.09% </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">&#8194;</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">&nbsp;</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>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 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> 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 SAI), the preparation,
review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution
of the Prospectus, SAI 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 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>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 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>(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, 2019.</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: 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 investment 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 investment advisory fee will increase as a percentage
of net assets.</FONT> </TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">EXAMPLE</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 1.09% 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 Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">1 Year</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">3 Years</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">5 Years</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">10 Years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">$11</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">$35</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> $60 </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> $133 </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: 17 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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 April 23, 2020</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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial Highlights and Investment Performance</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">FINANCIAL HIGHLIGHTS</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. <A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000119312520049780/d875378dncsr.htm">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.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt"> Selected data for a Common Share outstanding during the
periods stated. </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="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-weight: bold">Year Ended December 31,</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: bottom; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold"> 2019 </TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2018</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2017</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2016</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2015</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-weight: bold">Net asset value &#8211; Beginning of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;14.820 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;15.770</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;13.660</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;14.410</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;14.540</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income (loss)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;(0.026) </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;(0.027)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;(0.023)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.025</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.129</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net realized and unrealized gain</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> &#9;4.015 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;0.127</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;3.183</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;0.275</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;0.791</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-weight: bold">Total income from operations</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;3.989 </TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.100</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;3.160</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.300</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.920</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-indent: 0.9pt; line-height: 10pt"> $&#9;&#8212; </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-indent: 0.9pt; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;(0.054)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;(0.128)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net realized gain</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> &#9;(1.284)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;(1.050)</TD>
    <TD STYLE="padding: 3pt 5.4pt 3pt 28.25pt; text-indent: -28.25pt; line-height: 10pt">&#9;(0.423)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;(0.126)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;(0.551)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Tax return of capital</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt"> &#9;&#8212; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;(0.627)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;(0.870)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-indent: 0.9pt; line-height: 10pt">&#9;(0.371)</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-weight: bold">Total distributions </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;(1.284) </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;(1.050)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;(1.050)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;(1.050)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;(1.050)</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-weight: bold">Premium from common shares sold through shelf offering<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;0.005 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</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-weight: bold">Net asset value &#8211; End of year </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;17.530 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;14.820</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;15.770</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;13.660</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;14.410</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-weight: bold">Market value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;17.830 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;14.670</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;15.220</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;12.800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;13.640</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-weight: bold">Total Investment Return on Net Asset Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt"> &#9;27.71% </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;0.21%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;24.04%<SUP>(4)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;2.72%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;6.87%</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-weight: bold">Total Investment Return on Market Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt"> &#9;31.22% </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;2.78%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;27.76%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;1.68%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;6.43%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Ratios/Supplemental Data</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net assets, end of year (000&#8217;s omitted)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;859,315 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;707,577</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;751,565</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;651,080</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;686,627</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Ratios (as a percentage of average daily net assets):</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 1.09% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.10%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.10%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.11%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.10%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Net investment income (loss)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> (0.16)% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.17)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.15)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.18%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.88%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; text-indent: -1.2pt; line-height: 10pt"> 40% </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; text-indent: -1.2pt; line-height: 10pt">44%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; text-indent: -1.2pt; line-height: 10pt">48%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">58%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">52%</TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 13.5pt 0 0; text-align: right; text-indent: -13.5pt"> <FONT STYLE="vertical-align: baseline">(See
related footnotes.)</FONT> </P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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 -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated April 23, 2020</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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial Highlights (continued)</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="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-weight: bold">Year Ended December 31,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 40%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2014</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2013</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2012</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2011</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2010</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-weight: bold">Net asset value &#8211; Beginning of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;14.170</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;11.950</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;11.750</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;12.830</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;13.040</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.024</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.053</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.045</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.031</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.067</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net realized and unrealized gain (loss)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;1.396</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;3.211</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;1.195</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;(0.005)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;1.135</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-weight: bold">Total income from operations</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;1.420</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;3.264</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;1.240</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.026</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;1.202</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;(0.205)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;(0.126)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;(0.117)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;(0.031)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;(0.066)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net realized gain </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&#9;(0.845)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;(0.924)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Tax return of capital</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-indent: 0.9pt; line-height: 10pt">&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;(0.942)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;(1.075)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;(1.346)</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-weight: bold">Total distributions </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;(1.050)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;(1.050)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;(1.059)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;(1.106)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;(1.412)</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-weight: bold">Anti-dilutive effect of share repurchase program<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.006</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;0.019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 10.9pt 3pt 5.4pt; line-height: 10pt">$&#9;&#8212;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; End of year </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;14.540</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;14.170</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;11.950</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;11.750</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;12.830</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-weight: bold">Market value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;13.830</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;12.990</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;10.440</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;10.210</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;12.210</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Net Asset Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;10.98%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$&#9;29.60%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;12.13%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;1.06%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;10.19%</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-weight: bold">Total Investment Return on Market Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;15.07%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;35.99%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;12.74%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;(7.73)%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&#9;(4.51)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Ratios/Supplemental Data</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net assets, end of year (000&#8217;s omitted)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;693,110</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;675,297</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;572,036</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;569,627</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">$&#9;622,073</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Ratios (as a percentage of average daily net assets):</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.11%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.13%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.12%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.14%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1.13%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.17%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.41%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.37%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.25%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.53%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">77%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">121%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">45%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">67%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">49%</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>Computed using average shares outstanding.</TD></TR></TABLE>

<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)&#9;</SUP></FONT> The tax character of a portion of the distribution ($0.069 per share) is based on management&#8217;s
estimate. </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>(3)</SUP></FONT></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 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>(4)</SUP></FONT></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>

<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> 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>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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 -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated April 23, 2020</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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in; text-indent: -0.25in">TRADING AND NAV INFORMATION</P>

<P STYLE="font: 10pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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">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 Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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-weight: bold">Market Price</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">NAV per Share on Date of<BR>
Market Price</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">NAV Premium/(Discount)<BR>
on Date of Market Price</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; width: 22%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif"><U>Fiscal Quarter Ended</U></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding: 3pt 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif"><U>High </U></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif"><U>Low</U></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: NewsGoth BdXCn BT,sans-serif"><U>High </U></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif"><U>Low</U></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: NewsGoth BdXCn BT,sans-serif"><U>High </U></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif"><U>Low</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 3/31/2020 </TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 18.90 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 11.07 </TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 18.65 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 13.08 </TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; 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"> 1.34% </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> (15.37)% </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 12/31/2019 </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 17.98 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 16.43 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 17.73 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 16.09 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> 1.41% </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> 2.11% </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 9/30/2019 </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 17.48 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 16.25 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 17.11 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 16.10 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> 2.16% </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> 0.93% </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 6/30/2019 </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 17.07 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 15.77 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 16.65 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 15.47 </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> 2.52% </TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt"> 1.94% </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3/31/2019</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">17.08</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.72</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">16.50</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.81</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; 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">3.52%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">(0.61)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12/31/2018</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">17.74</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.03</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">17.61</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.77</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; 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">0.74%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">(5.37)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9/30/2018</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">17.94</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">16.90</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">17.63</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">16.76</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; 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">1.76%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">0.84%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">6/30/2018</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">17.72</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.41</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">16.66</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.51</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; 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">6.36%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">(0.64)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3/31/2018</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">16.76</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.00</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">16.96</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.85</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; 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">(1.18)%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">(5.36)%</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 21, 2020 were $15.02, $15.27 and (1.64)%, respectively. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As of April 21, 2020, the Fund had net assets of $754,482,604.
The following table provides information about our outstanding Common Shares as of April 21, 2020: </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: 25%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif; font-size: 9pt">Title of Class</FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif; font-size: 9pt">Amount Authorized</FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif; font-size: 9pt">Amount Held by the Fund for its Account</FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth BdXCn BT,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 Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Common Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Unlimited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">49,418,641</FONT> </TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund</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>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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">Prospectus dated April 23, 2020</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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Use of Proceeds</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 its investment objectives and policies as described under &#8220;Investment
Objectives, Policies and Risks&#8221; within three months of receipt of such proceeds. Such investments may be delayed up to three
months if suitable investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity
in the markets of suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term
money market instruments, securities with remaining maturities of less than one year, cash 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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment Objectives, Policies and Risks</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PRIMARY INVESTMENT POLICIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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. For the purposes of the 80% test, total assets
is defined as net assets plus any borrowings for investment purposes. 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: 6pt 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<SUP>&reg;</SUP>
Index. As of March 31, 2020, the median market capitalization of companies in the S&amp;P MidCap 400<SUP>&reg;</SUP> Index was
approximately $2.9 billion. Market capitalizations of companies within the S&amp;P MidCap 400<SUP>&reg;</SUP> Growth Index are
subject to change. 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<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;</SUP></FONT>.
As of March 31, 2020, the median market capitalization of companies in the S&amp;P 500<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;
</SUP></FONT>was approximately $17.4 billion. Market capitalizations of companies within the S&amp;P 500<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;
</SUP></FONT>Index are subject to change. </P>



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Fund may in certain circumstances purchase put options
on the S&amp;P 500<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;</SUP></FONT> 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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;</SUP></FONT>
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: 6pt 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>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;</SUP></FONT> 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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>


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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: 6pt 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</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>&reg;
</SUP></FONT><FONT STYLE="letter-spacing: -0.1pt">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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: 6pt 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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ADDITIONAL INVESTMENT PRACTICES</P>

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


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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Restricted
Securities.</B></FONT> Securities held by the Fund may be legally restricted as to resale (such as those issued in private placements),
including commercial paper issued pursuant to Section 4(a)(2) of the 1933 Act and securities eligible for resale pursuant to Rule
144A thereunder, and securities of U.S. and non-U.S. issuers initially offered and sold outside the United States pursuant to Regulation
S thereunder. Restricted securities may not be listed on an exchange and may have no active trading market. The Fund may incur
additional expense when disposing of restricted securities, including all or a portion of the cost to register the securities.
The Fund also may acquire securities through private placements under which it may agree to contractual restrictions on the resale
of such securities that are in addition to applicable legal restrictions. In addition, if the Adviser or Sub-Adviser receives material
non-public information about the issuer, the Fund may as a result be unable to sell the securities. Restricted securities may be
difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale. It may
be difficult to sell restricted securities at a price representing fair value until such time as the securities may be sold publicly.
Under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund
could find it more difficult to sell such securities when the Adviser or Sub-Adviser believes it advisable to do so or may be able
to sell such securities only at prices lower than if such securities were more widely held. Holdings of restricted securities may
increase the level of Fund illiquidity if eligible buyers become uninterested in purchasing them. Restricted securities may involve
a high degree of business and financial risk, which may result in substantial losses. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Illiquid
Investments.</B></FONT> The Fund may invest up to 15% of its total assets in investments for which there is no readily available
trading market or that are otherwise illiquid. It may be difficult to sell illiquid investments at a price representing their fair
value until such time as such investments may be sold publicly. Where registration is required, a considerable period may elapse
between a decision by the Fund to sell the investments 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 investments
through private placements under which it may agree to contractual restrictions on the resale of such investments. 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: 6pt 0"> At times, a portion of the Fund&#8217;s assets may be invested
in investments as to which the Fund, by itself or together with other accounts managed by the Adviser and its affiliates, holds
a major portion or all of such investments. Under adverse market or economic conditions or in the event of adverse changes in the
financial condition of the issuer, the Fund could find it more difficult to sell such investments when the Adviser believes it
advisable to do so or may be able to sell such investments only at prices lower than if such investments were more widely held.
It may also be more difficult to determine the fair value of such investments for purposes of computing the Fund&#8217;s net asset
value. </P>

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


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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Research
Process.</B></FONT> The Fund&#8217;s portfolio management utilizes the information provided by, and the expertise of, the research
staff of the investment adviser and its affiliates in making investment decisions. As part of the research process, portfolio management
may consider financially material environmental, social and governance (&#8220;ESG&#8221;) factors. Such factors, alongside other
relevant factors, may be taken into account in the Fund&#8217;s securities selection process. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Turnover</B></FONT>. 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, 2019, 2018 and
2017 were 40%, 44% and 48%, respectively. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ADDITIONAL RISK CONSIDERATIONS</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: 6pt 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: 6pt 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: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
and Market Risk.</B></FONT> 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"> The value of investments held by the Fund may increase or
decrease in response to economic, political and financial or other disruptive 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. Monetary and/or fiscal
actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to
high market volatility. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Equity
Risk.</B></FONT> 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 may decline in response to adverse
changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price
fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; and other
factors. 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.
Market conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines,
the value of Fund shares will also likely decline. Although stock prices can rebound, there is no assurance that values will return
to previous levels. </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 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: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risks
of Investing in Smaller and Mid-Sized Companies. </B></FONT>The Fund may make investments in stocks of companies whose market capitalization
is considered middle sized or &#8220;mid-cap.&#8221; Smaller and mid-sized companies often are newer or less established companies
than larger companies. Investments in smaller and mid-sized 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 smaller
and mid-sized 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, smaller and mid-sized companies have sometimes gone through extended periods
when they did not perform as well as larger companies. In addition, equity securities of smaller and mid-sized 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: 6pt 0"><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: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Investment Risk.</B></FONT> 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 value of foreign assets and currencies as measured in U.S. dollars may be affected favorably or unfavorably by changes
in foreign currency rates and exchange control regulations, application of foreign tax laws (including withholding tax), governmental
administration of economic or monetary policies (in this country or abroad), and relations between nations and trading. Foreign
currencies also are subject to settlement, custodial and other operational risks. Currency exchange rates can be affected unpredictably
by intervention, or the failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political
developments in the United States or abroad. If the U.S. dollar rises in value relative to a foreign currency, a security denominated
in that foreign currency will be worth less in U.S. dollars. If the U.S. dollar decreases in value relative to a foreign currency,
a security denominated in that foreign currency will be worth more in U.S. dollars. A devaluation of a currency by a country&#8217;s
government or banking authority will have a significant impact on the value of any investments denominated in that currency. Costs
are incurred in connection with conversions between currencies. </P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 0"> Political events in foreign countries may cause market disruptions.
In June 2016, the United Kingdom (&#8220;UK&#8221;) voted in a referendum to leave the European Union (&#8220;EU&#8221;) (&#8220;Brexit&#8221;).
Effective January 31, 2020, the UK ceased to be a member of the EU following a period of impasse within the UK Parliament, and
the holding of an early general election in December 2019 to break the deadlock. The European Parliament and UK Government are
expected to focus attention on the nature of the UK&#8217;s future relationship with the EU during an agreed transitional period.
There is significant market uncertainty regarding Brexit&#8217;s ramifications, and the range and potential implications of possible
political, regulatory, economic, and market outcomes in the UK, EU and beyond are difficult to predict. Brexit may cause greater
market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence,
and increased likelihood of a recession in the UK. If one or more additional countries leave the EU or the EU dissolves, the world&#8217;s
securities markets likely will be significantly disrupted. </P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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 previously, and may in the future experience
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, it may be possible to sell only
at arbitrary prices and with substantial losses. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Inflation Risk.</B> Inflation 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: 6pt 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: 6pt 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: 6pt 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"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Recent
Market Events.</B></FONT> An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December
2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes
to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity,
as well as general concern and uncertainty, and in March 2020, a declaration of a national emergency in the Unites States. The
impact of this coronavirus may last for an extended period of time and result in a substantial economic downturn.&nbsp; Health
crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic
risks and disrupt normal market conditions and operations. The impact of this outbreak, and other epidemics and pandemics that
may arise in the future, could negatively affect the worldwide economy, as well as the economies of individual countries, individual
companies and the market in general in significant and unforeseen ways.&nbsp; Any such impact could adversely affect the Fund&#8217;s
performance or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity
Risk.</B></FONT>&nbsp; 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. The Fund relies on communications technology, systems,
and networks to engage with clients, employees, accounts, shareholders, and service providers, and a cyber incident may inhibit
the Fund&#8217;s ability to use these technologies. 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. A denial-of-service attack is an effort to make network services unavailable to intended
users, which could cause shareholders to lose access to their electronic accounts, potentially indefinitely. Employees and service
providers also may not be able to access electronic systems to perform critical duties for the Fund, such as trading and NAV calculation,
during a denial-of-service attack. There is also the possibility for systems failures due to malfunctions, user error and misconduct
by employees and agents, natural disasters, or other foreseeable and unforeseeable events. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Because technology is consistently changing, new ways to carry
out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for,
or that an attack may not be detected, which puts limitations on the Fund&#8217;s ability to plan for or respond to a cyber attack.
Like other funds and business enterprises, the Fund and its service providers have experienced, and will continue to experience,
cyber incidents consistently. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such as the inadvertent
release of confidential information by the Fund or its service providers. To date, cyber incidents have not had a material adverse
effect on the Fund&#8217;s business operations or performance. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Fund uses third party service providers who are also heavily
dependent on computers and technology for their operations. Cybersecurity failures by or breaches of 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, may disrupt and otherwise adversely affect their business operations. This may
result in financial losses to the Fund, impede Fund trading, interfere with the Fund&#8217;s ability to calculate its NAV, or cause
violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation
costs, litigation costs, or additional compliance costs. While many of the Fund&#8217;s 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. 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.&nbsp; The Fund and its shareholders
could be negatively impacted as a result. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Disruption.</B></FONT> Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the
world have previously resulted, and may continue to result in market volatility and may have long-term effects on the United States
and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot
predict the effects of significant future events on the global economy and securities markets. A similar 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: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Anti-Takeover
Provisions.</B></FONT> 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. 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. See &#8220;Description of Capital Structure - Certain
Provisions of the Declaration of Trust - Anti-Takeover Provisions in the Declaration of Trust.&#8221; </P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BOARD OF TRUSTEES</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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE ADVISER</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 March 31, 2020, Eaton Vance and its affiliates managed approximately
$436.8 billion of fund and separate account assets on behalf of clients, including approximately $111.7 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>


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<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: 6pt 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: 6pt 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.<B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Additional Information Regarding Portfolio Managers</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE ADMINISTRATOR</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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Plan of Distribution</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>


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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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;
<FONT STYLE="color: windowtext">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.</FONT></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 Fund's distributions are determined by the Adviser based on its current
assessment of the Fund&#8217;s long-term return potential. Fund distributions may be affected by numerous factors including changes
in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors.
As portfolio and market conditions change, the rate of distributions paid by the Fund could change. 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">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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Federal Income Tax Matters</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Fund has elected to be treated and intends 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 (including
both investment company taxable income and net tax-exempt interest income) and net short-term and long-term capital gains, if any,
(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. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> If the Fund does not qualify as a RIC for any taxable year,
the Fund'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 generally be taxable to the shareholder as ordinary income. Such distributions
will be treated as qualified dividend income with respect to shareholders who are individuals and will be eligible for the dividends
received deduction in the case of shareholders taxed as corporations, provided certain holding period and other requirements are
met. 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 substantial distributions. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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. Distributions of gains from the sale of investments that the Fund owned for one year or less
will be taxable </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> 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. A corporation
that owns Fund shares generally will only be entitled to the dividends-received deduction to the extent of the amount of eligible
dividends received by the Fund from domestic corporations for the taxable year, and only if holding period and other requirements
are met at the shareholder and Fund levels. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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), (vi) cause the Fund
to recognize income or gain without a corresponding receipt of cash, (vii) adversely affect the time as to when a purchase or sale
of stock or securities is deemed to occur and (viii) adversely alter the characterization of certain complex financial transactions. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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 or call option 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The tax treatment of certain positions entered into by the
Fund (including regulated futures contracts, certain foreign currency positions and certain listed non-equity options) will be
governed by Section 1256 of the Code (&quot;Section 1256 Contracts&quot;). Code Section 1256 generally requires any gain or loss
arising from a Section 1256 Contract to be treated as 60% long-term and 40% short-term capital gain or loss. In addition, the Fund
generally will be required to &#8216;&#8216;mark to market&#8217;&#8217; (<I>i.e</I>., treat as sold for fair market value) each
Section 1256 Contract which it holds at the close of each taxable year (and on October 31 of each year for excise tax purposes).
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. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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 if the transaction is closed not later than thirty days after the end of the 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. </P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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 net capital gain or loss is treated as 60% long-term and 40% short-term capital gain or loss if
attributable to the section 1256 contract positions, or all short-term capital gain or loss if attributable to the non-section
1256 contract positions. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 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: 6pt 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. 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 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. A dividend will not constitute qualified dividend income 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. Gains on option positions and other short-term gains, interest income
and non-qualified dividends are not eligible for the lower tax rate. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Distributions are taxable as described herein whether shareholders
receive them in cash or reinvest them in additional shares. 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 either (i) if the shares are trading below net asset value, the amount of cash allocated to the shareholder
for the purchase of shares on its behalf in the open market, or (ii) if the shares are trading at or above net asset value, generally
the fair market value of the new shares issued to the shareholder. 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: 6pt 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.
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 </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">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.</FONT> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The net investment income of certain U.S. individuals, estates
and trusts is subject to a 3.8% Medicare contribution tax. For individuals, the tax is on the lesser of the &#8220;net investment
income&#8221; and the excess of modified adjusted gross income over $200,000 (or $250,000 if married filing jointly). Net investment
income includes, among other things, interest, dividends, and gross income and capital gains derived from passive activities and
trading in securities or commodities. Net investment income is reduced by deductions &#8220;properly allocable&#8221; to this income. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Investments in foreign securities may be subject to foreign
withholding taxes or other foreign taxes with respect to income (possibly including, in some cases, capital gains) which may decrease
the yield on such securities. These taxes may be reduced or eliminated under the terms of an applicable tax treaty. Shareholders
generally will not be entitled to claim a credit or deduction with respect to foreign taxes paid by a Fund. In addition, investments
in foreign securities or foreign currencies may increase or accelerate a Fund&#8217;s recognition of ordinary income and may affect
the timing or amount of a Fund&#8217;s distributions. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: 6pt 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: 6pt 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: 6pt 0"> Certain foreign entities including foreign entities acting
as intermediaries may be subject to a 30% withholding tax on ordinary dividend income paid under the Foreign Account Tax Compliance
Act (&#8220;FATCA&#8221;). To avoid withholding, foreign financial institutions subject to FATCA must agree to disclose to the
relevant revenue authorities certain information regarding their direct and indirect U.S. owners and other foreign entities must
certify certain information regarding their direct and indirect U.S. owners to the Fund. In addition, the IRS and the Department
of Treasury have issued proposed regulations providing that these withholding rules will not be applicable to the gross proceeds
of share redemptions or capital gain dividends the Fund pays. For more detailed information regarding FATCA withholding and compliance,
please refer to the SAI. </P>

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


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

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

<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 44. 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">Any inquiries regarding the Plan can be directed to the
Plan Agent, AST, at 1-866-439-6787.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Description of Capital Structure</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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">COMMON SHARES</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</P>


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

<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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CREDIT FACILITY/COMMERCIAL PAPER PROGRAM</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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">REPURCHASE OF COMMON SHARES AND OTHER DISCOUNT METHODS</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"> The Board of Trustees initially approved a share repurchase
program for the Fund on August 6, 2012. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees
in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior
calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not
obligate the Fund to purchase a specific amount of shares. Results of the share repurchase program are disclosed in the Fund's
annual and semiannual reports to shareholders. </P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PREFERRED SHARES</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 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: 6pt 0"></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">EFFECTS OF POSSIBLE FUTURE LEVERAGE</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. <FONT STYLE="color: windowtext">See
&#8220;Risk Considerations &#8211; Financial Leverage Risk.&#8221;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> In addition, the advisory fee paid to Eaton Vance is calculated
on the basis of the Fund&#8217;s average daily gross assets, which includes any form of investment leverage utilized by the Fund,
including proceeds from the issuance of preferred shares and/or borrowings, so such 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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CERTAIN PROVISIONS OF THE DECLARATION OF TRUST</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> 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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Custodian and Transfer Agent</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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Legal Opinions</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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Reports to Shareholders</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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Independent Registered Public Accounting Firm</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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Prospectus and the 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. The SAI can be obtained without charge
by calling 1-800-262-1122. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Table of Contents for the Statement of Additional Information</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: 94%; padding: 3pt 5.5pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; padding: 6pt 5.5pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Page</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Additional Investment Information and Restrictions&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Trustees and Officers&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 7 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Investment Advisory and Other Services&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 16 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Determination of Net Asset Value&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 20 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Portfolio Trading&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 21 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Taxes&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 23 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Other Information&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 30 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Custodian&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 30 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Independent Registered Public Accounting Firm&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 30 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Financial Statements&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 30 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt"> APPENDIX A: Ratings&#9; </TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 31 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt"> APPENDIX B: Eaton Vance Funds Proxy Voting Policy and Procedures&#9; </TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 40 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt"> APPENDIX C: Adviser Proxy Voting Policies and Procedures&#9; </TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: right"> 42 </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Eaton Vance organization is committed to ensuring your
financial privacy. Each entity listed below has adopted a privacy policy and procedures (&#8220;Privacy Program&#8221;) Eaton Vance
believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your
personal information. </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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> At the time
                                         of opening an account, Eaton Vance generally requires you to provide us with certain
                                         information such as name, address, social security number, tax status, account numbers,
                                         and account balances. This information is necessary for us to both open an account for
                                         you and to allow us to satisfy legal requirements such as applicable anti-money laundering
                                         reviews and know-your-customer requirements. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> </P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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> On
                                         an ongoing basis, in the normal course of servicing your account, Eaton Vance may share
                                         your information with unaffiliated third parties that perform various services for Eaton
                                         Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers
                                         and our professional advisers, including auditors, accountants, and legal counsel. Eaton
                                         Vance may additionally share your personal information with our affiliates. </TD></TR>
</TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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> We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to
prevent unauthorized access to that information. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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> We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our
Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com. </TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Our pledge of protecting your personal information 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 Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management&#8217;s Real Estate Investment
Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> This Privacy Notice supersedes all previously issued privacy
disclosures. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> For more information about our Privacy Program or about how
your personal information may be used, please call 1-800-262-1122. </P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Up to 7,168,522 Shares</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Enhanced Equity Income Fund
II</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Common Shares</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"> Prospectus April 23, 2020 </P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 3pt 0">&nbsp;</P>

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

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<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"></P>

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<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 4.5in"> STATEMENT OF ADDITIONAL<BR>
INFORMATION<BR>
April 23, 2020 </P>

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

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

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</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: 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">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">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"> 7 </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"> 16 </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"> 20 </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"> 21 </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"> 23 </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"> 30 </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"> 30 </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"> 30 </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"> 30 </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"> 31 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal"> APPENDIX B: Eaton Vance Funds Proxy Voting Policy and Procedures&#9; </TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right"> 40 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal"> APPENDIX C: Adviser Proxy Voting Policies and Procedures&#9; </TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal; text-align: right"> 42 </TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt 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 APRIL 23, 2020 (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 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 Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">ADDITIONAL INVESTMENT INFORMATION AND
RESTRICTIONS</P>

<P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Preferred
Stocks. </B></FONT>The 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivative
Instruments. </B></FONT>Derivative instruments (which are instruments that derive their value from any underlying reference instrument)
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. Depending on the type of derivative
instrument and the Fund&#8217;s investment strategy, a derivative instrument may be based on a security, instrument, index, currency,
commodity, economic indicators or event (referred to as &#8220;reference instruments&#8221;). 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 </P>


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

<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investments
in ETFs.</B></FONT> The Fund can invest in shares of exchange-traded funds (&#8220;ETFs&#8221;). ETFs are pooled investment vehicles
that trade their shares on stock exchanges at market prices (rather than net asset value) and are only redeemable from the ETF
itself in large increments or in exchange for baskets of securities. As an exchange traded security, an ETF&#8217;s shares are
priced continuously and trade throughout the day. ETFs may track a securities index, a particular market sector, a particular segment
of a securities index or market sector (&#8220;Passive ETFs&#8221;), or they may be actively managed (&#8220;Active ETFs&#8221;).
An investment in an ETF generally involves the same primary risks as an investment in a fund that is not exchange-traded that has
the same investment objectives, strategies and policies of the ETF, such as liquidity risk, sector risk and foreign and emerging
market risk, as well as risks associated with equity securities, fixed income securities, real estate investments and commodities,
as applicable. In addition, a Passive ETF may fail to accurately track the market segment or index that underlies its investment
objective or may fail to fully replicate its underlying index, in which case the Passive ETF&#8217;s investment strategy may not
produce the intended results. The way in which shares of ETFs are traded, purchased and redeemed involves certain risks. An ETF
may trade at a price that is lower than its net asset value. Secondary market trading of an ETF may result in frequent price fluctuations,
which in turn may result in a loss to a Fund. Additionally, natural or environmental disasters, widespread disease or other public
health issues, war, acts of terrorism or other events could result in increased premiums or discounts to an ETF&#8217;s net asset
value. There is no guarantee that an active market for the ETF&#8217;s shares will develop or be maintained. An ETF may fail to
meet the listing requirements of any applicable exchanges on which it is listed. Further, trading in an ETF may be halted if the
trading in one or more of the securities held by an ETF is halted. A Fund will indirectly bear its proportionate share of any management
fees and other operating expenses of an ETF in which it invests. A Fund may pay brokerage commissions in connection with the purchase
and sale of shares of ETFs. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Short
Sales</B><FONT STYLE="font-weight: normal">.</FONT></FONT> <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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Securities
Lending.</B></FONT> <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>


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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">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="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity
Risk.</B></FONT>&nbsp; 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. The Fund relies on communications technology, systems,
and networks to engage with clients, employees, accounts, shareholders, and service providers, and a cyber incident may inhibit
the Fund&#8217;s ability to use these technologies. 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. A denial-of-service attack is an effort to make network services unavailable to intended
users, which could cause shareholders to lose access to their electronic accounts, potentially indefinitely. Employees and service
providers also may not be able to access electronic systems to perform critical duties for the Fund, such as trading and NAV calculation,
during a denial-of-service attack. There is also the possibility for systems failures due to malfunctions, user error and misconduct
by employees and agents, natural disasters, or other foreseeable and unforeseeable events. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Because technology is consistently changing, new ways to carry
out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for,
or that an attack may not be detected, which puts limitations on the Fund&#8217;s ability to plan for or respond to a cyber attack.
Like other funds and business enterprises, the Fund and its service providers have experienced, and will continue to experience,
cyber incidents consistently. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such as the inadvertent
release of confidential information by the Fund or its service providers. To date, cyber incidents have not had a material adverse
effect on the Fund&#8217;s business operations or performance. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Fund uses third party service providers who are also heavily
dependent on computers and technology for their operations. Cybersecurity failures by or breaches of 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, may disrupt and otherwise adversely affect their business operations. This may
result in financial losses to the Fund, impede Fund trading, interfere with the Fund&#8217;s ability to calculate its NAV, or cause
violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation
costs, litigation costs, or additional compliance costs. While many of the Fund&#8217;s 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. 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.&nbsp; The Fund and its shareholders
could be negatively impacted as a result. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operational
Risk</B></FONT>. 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>


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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: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Illiquid
Investments.</B></FONT> The Fund may invest up to 15% of its total assets in investments for which there is no readily available
trading market or that are otherwise illiquid. It may be difficult to sell illiquid investments at a price representing their fair
value until such time as such investments may be sold publicly. Where registration is required, a considerable period may elapse
between a decision by the Fund to sell the investments 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 investments
through private placements under which it may agree to contractual restrictions on the resale of such investments. 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: 6pt 0"> At times, a portion of the Fund&#8217;s assets may be invested
in investments as to which the Fund, by itself or together with other accounts managed by the Adviser and its affiliates, holds
a major portion or all of such investments. Under adverse market or economic conditions or in the event of adverse changes in the
financial condition of the issuer, the Fund could find it more difficult to sell such investments when the Adviser believes it
advisable to do so or may be able to sell such investments only at prices lower than if such investments were more widely held.
It may also be more difficult to determine the fair value of such investments for purposes of computing the Fund&#8217;s net asset
value. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>LIBOR
Transition and Associated Risk.</B></FONT> The London Interbank Offered Rate (&#8220;LIBOR&#8221;) is the average offered rate
for various maturities of short-term loans between major international banks who are members of the British Bankers Association
(BBA). LIBOR is the most common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout
global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments
and derivatives) and borrowing arrangements, and to determine dividend rates for preferred shares. However, the use of LIBOR started
to come under pressure following manipulation allegations in 2012. Despite increased regulation and other corrective actions since
that time, concerns have arisen regarding its viability as a benchmark, due largely to reduced activity in the financial markets
that it measures. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> In June 2017, the Alternative Reference Rates Committee, a
group of large U.S. banks working with the Federal Reserve, announced its selection of a new Secured Overnight Financing Rate (&#8220;SOFR&#8221;),
which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as an appropriate replacement for LIBOR.
The Federal Reserve Bank of New York began publishing the SOFR earlier in 2018, with the expectation that it could be used on a
voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other
alternatives for their markets, including the Sterling Overnight Interbank Average Rate (&#8220;SONIA&#8221;) in England. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> In July 2017, the Financial Conduct Authority (the &#8220;FCA&#8221;),
the United Kingdom financial regulatory body, announced that after 2021 it will cease its active encouragement of UK banks to provide
the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published after that time. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Various financial industry groups have begun planning for
that transition, but there are obstacles to converting certain longer term securities and transactions to a new benchmark. Transition
planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The
transition process might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine
interest rates. Although the period from the FCA announcement until the end of 2021 is generally expected to be enough time for
market participants to transition to the use of a different benchmark for new securities and transactions, there remains uncertainty
regarding the future utilization of LIBOR and the specific replacement rate or rates. As such, the potential effect of a transition
away from LIBOR on the Fund or the financial instruments utilized by the Fund cannot yet be determined. The transition process
may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The
transition may also result in a change in (i) the value of certain instruments held by the Fund, (ii) the cost of borrowing or
the dividend rate for preferred shares, or (iii) the effectiveness of related Fund transactions such as hedges, as applicable.
When LIBOR is discontinued, the LIBOR replacement rate may be lower than market expectations, which could have an adverse impact
on the value of preferred and debt-securities with floating or fixed-to-floating rate coupons. Any such effects of the transition
away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund. Since the usefulness of LIBOR as a benchmark
could deteriorate during the transition period, these effects could occur prior to the end of 2021. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Asset
Coverage Requirements.</B></FONT> To the extent required by SEC guidelines, if a transaction creates a future obligation of the
Fund to another party the Fund will: (1) cover the obligation by entering into an offsetting position or transaction; and/or (2)
segregate cash and/or liquid securities with a value (together with any collateral posted with respect to the obligation) at least
equal to the marked-to market value of the obligations. Assets used as cover or segregated cannot be sold while the position(s)
requiring cover is open unless replaced with other appropriate assets. The types of transactions that may require asset coverage
include (but are not limited to) reverse repurchase agreements, repurchase agreements, short sales, securities lending, forward
contracts, certain options, forward commitments, futures contracts, when-issued securities, swap agreements, residual interest
bonds, and participation in revolving credit facilities. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Temporary
Investments.</B></FONT> <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: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Restrictions. </B></FONT>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:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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><FONT STYLE="color: windowtext">Borrow 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 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>

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<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 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 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 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;</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 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 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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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 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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0">For purposes of construing restriction (9), a large economic
or market sector shall not be construed as a group of industries.</P>

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

<P STYLE="font: 10pt 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>


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

<P STYLE="font: 10pt 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 affairs of the Fund. 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. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her
successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms
of the Fund&#8217;s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier
of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year
in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance
with Section 16 of the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) or any other regulations or guidance
of the Securities and Exchange Commission (&#8220;SEC&#8221;), then such retirement and resignation will not become effective until
such time as action has been taken for the Fund to be in compliance therewith. 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 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt">Interested Trustee</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 STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">THOMAS E. FAUST JR.<BR>
1958</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 0.1in 6pt 2.9pt">Class I Trustee</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt"> Until 2023. 3 years. Since 2007. </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt"> 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 159 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="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt; text-align: center"> 159 </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">Director of EVC and Hexavest Inc. (investment management firm).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt">Noninterested Trustees</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 0.1in 6pt 2.9pt">&nbsp;</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">&nbsp;</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">MARK R. FETTING<BR>
1954</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 0.1in 6pt 2.9pt">Class III Trustee</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt"> Until 2022. 3 years. Since 2016. </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">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="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt; text-align: center"> 159 </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">None</TD></TR>
</TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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 April 23, 2020</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 Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt 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: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Fund Position(s)<SUP>(1)</SUP></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Term of Office and<BR>
Length of Service</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 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: 3pt 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: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">CYNTHIA E. FROST<BR>
1961</TD>
    <TD STYLE="padding: 6pt 0.1in 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 2023. 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"> 159 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">GEORGE J. GORMAN<BR>
1952</TD>
    <TD STYLE="padding: 6pt 0.1in 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"> 159 </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: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">VALERIE A. MOSLEY<BR>
1960</TD>
    <TD STYLE="padding: 6pt 0.1in 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 2022. 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"> 159 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt"> Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).&nbsp;&nbsp;Director of Dynex Capital, Inc. (mortgage REIT) (since 2013). </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"> 159 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">None</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 Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt 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: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Fund Position(s)<SUP>(1)</SUP></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Term of Office and<BR>
Length of Service</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 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: 3pt 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: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years</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 COLSPAN="2" 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"> 159 </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<BR>
1958</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class I Trustee</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt"> Until 2023. 3 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;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"> 159 </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt"> Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank. </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<BR>
1966</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class III Trustee</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt"> Until 2022. 3 years. Since 2018. </TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt"> Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). 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"> 159 </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>
<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"> 159 </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 2023. 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"> 159 </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>
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<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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD></TD></TR></TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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 -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 23, 2020</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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<TD STYLE="width: 0.25in"></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></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="7" STYLE="padding-top: 12pt; 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="width: 17%; 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: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Fund&nbsp;&nbsp;Position(s)</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five Years</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">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">President</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2017</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0 6pt 2.9pt">&nbsp;</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0 6pt 2.9pt"> Chief Equity Investment Officer and Vice
        President of Eaton Vance and BMR. Officer of 23 registered investment companies managed by Eaton Vance or BMR. Also Vice President
        of Calvert Research and Management (&#8220;CRM&#8221;) since 2016. </P></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">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Vice President, Secretary and Chief Legal Officer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</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 159 registered investment companies managed by Eaton Vance or BMR. 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">JAMES F. KIRCHNER<BR>
1967</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Treasurer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2013</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</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 159 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">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Chief Compliance Officer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2017</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</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 159 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 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 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 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
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&nbsp;Fund&#8217;s goals.</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board, with the assistance of management and with input from
the Board&#8217;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 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 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Thomas
E. Faust Jr.</I></FONT>&nbsp; Mr. Faust has served as a member of the Eaton Vance Fund Boards since 2007.&nbsp; He has served as
Chairman and Chief Executive Officer of EVC since 2007 and as President of EVC since 2006. He is also Director and President of
EV, Chief Executive Officer and President of Eaton Vance and BMR, and Director of EVD.&nbsp; Mr. Faust has served as a Director
of Hexavest Inc. since 2012.&nbsp; From 2016 through 2019, Mr. Faust served as a Director of SigFig Wealth Management LLC.&nbsp;
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.&nbsp; He holds B.S. degrees in Mechanical Engineering and Economics from the Massachusetts
Institute of Technology and an MBA from Harvard Business School.&nbsp; Mr. Faust has been a Chartered Financial Analyst since 1988.&nbsp;
He is a Trustee and Vice Chairman of the Board of Wellesley College and a Trustee and member of the executive committee of the
Boston Symphony Orchestra, Inc. </P>


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

<P STYLE="font: 10pt 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 and is the Chairperson of the
Ad Hoc Committee for Closed-End Fund Matters. 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Cynthia E. Frost</I>. 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Valerie
A. Mosley.</I></FONT>&nbsp; Ms. Mosley has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson
of the Governance Committee.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; She is also a Director
of Groupon, Inc., an e-commerce provider, and a Director of Dynex Capital, Inc. (&#8220;Dynex&#8221;), a mortgage REIT, where she
serves on the board&#8217;s Investment Committee, Compensation Committee and chairs the Nominating &amp; Corporate Governance Committee.
It has been publicly announced that Ms. Mosley recently notified Dynex of her decision not to stand for re-election to the company&#8217;s
Board of Directors. Ms. Mosley will continue to serve as a Director of Dynex until the company&#8217;s annual meeting of shareholders
in May 2020. She is a Director of Envestnet, Inc., a provider of intelligent systems for wealth management and financial wellness.&nbsp;
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.&nbsp; 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.&nbsp; She is also an
advisor to New Technology Ventures, a venture capital firm.&nbsp; In addition, Ms. Mosley serves on the Institutional Investors
Advisory Council of MiDA, a U.S. Agency for International Development partner focused on investment opportunities in Africa and
also advises Impact X Capital, a venture fund focused on underrepresented entrepreneurs across Europe. </P>

<P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Keith
Quinton. </I></FONT>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. 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, since 2016 and Chairman, since 2019 of the New
Hampshire Municipal Bond Bank. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Marcus
L. Smith.</I></FONT>&nbsp; Mr. Smith has served as a member of the Eaton Vance Fund Boards since October 1, 2018.&nbsp; 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 and Strategy &amp; Finance Committees. 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 was also a trustee of the University of Mount Union from 2008-2020 and served as the chairman of the Finance Committee from
2015-2019.&nbsp; Mr. Smith currently sits on the Boston advisory board of the Posse Foundation and the Harvard Medical School Advisory
Council on Education.&nbsp; </P>

<P STYLE="font: 10pt 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 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 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 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, 2019, the Governance Committee convened
six times. </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 Governance Committee will, when a vacancy exists, consider
a nominee for Trustee recommended by a&nbsp;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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Messrs. Gorman (Chairperson), Park and Wennerholm and Ms.
Peters 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&#8217;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&#8217;s
financial statements and the independent audit thereof; (iii) oversee, or, as appropriate, assist Board oversight of, the&nbsp;Fund&#8217;s
compliance with legal and regulatory requirements that relate to the&nbsp;Fund&#8217;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, 2019, the Audit Committee
convened thirteen times. </P>

<P STYLE="font: 10pt 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, 2019, the Contract Review Committee convened six times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Mmes. Frost (Chairperson), Mosley and Peters and Messrs. Smith
and Wennerholm 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&#8217;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, 2019, the Portfolio
Management Committee convened eleven times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Ms. Sutherland (Chairperson) and Messrs. Fetting, Gorman and
Quinton 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&#8217;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, 2019, the
Compliance Reports and Regulatory Matters Committee convened ten times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Messrs. Fetting (Chairperson) and Gorman and Ms. Mosley 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, 2019, the Ad Hoc Committee for Closed-End Fund Matters convened four times. </P>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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">SAI dated April 23, 2020</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: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt 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, 2019. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><U>Name of Trustee</U></TD>
    <TD STYLE="width: 27%; 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: 45%; 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 </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 </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>(1)</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>(1)</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">&nbsp;</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0 0.05in; text-indent: -4.5pt"><SUP>(1)</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 Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt"> As of December 31, 2019, 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> During the calendar years ended December 31, 2018 and December
31, 2019, no noninterested Trustee (or their immediate family members) had: </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> During the calendar years ended December 31, 2018 and December
31, 2019, 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 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>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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">SAI dated April 23, 2020</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: 0">&nbsp;</P>

<P STYLE="font: 10pt 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, 2019, 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, 2019, 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" ALIGN="CENTER" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Source of Compensation</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Mark R.<BR>
Fetting</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Cynthia E.<BR>
Frost</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">George J.<BR>
Gorman</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Valerie A.<BR>
Mosley</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">William H.<BR>
Park</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Helen Frame<BR>
Peters</TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Keith<BR>
Quinton</TD>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Marcus L.<BR>
Smith</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Susan J.<BR>
Sutherland</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Scott E.<BR>
Wennerholm</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Fund</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;3,592 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;3,956 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;4,037 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;4,091<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;4,938 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;3,592 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;3,592 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;3,592 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;3,956<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $&#9;4,037 </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Fund and Fund Complex<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;333,750 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;367,500 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;375,000 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;380,000<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;458,750 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;333,750 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;333,750 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;333,750 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;367,500<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt"> $&#9;375,000 </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 21, 2020, the Eaton Vance fund complex consists of 159 registered investment companies or series thereof. Harriett
Tee Taggart retired as a Trustee effective December 31, 2018. For the fiscal year ended December 31, 2019, Ms. Taggart received
Trustee fees of $876 from the Fund. For the calendar year ended December 31, 2019, she received $82,500 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 $437 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 $3,956 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 $40,000 of deferred compensation. </TD></TR></TABLE>

<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT> &#9;Includes
$362,238 of deferred compensation. </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 STYLE="padding-right: 9pt"></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proxy
Voting Policy.</B></FONT> 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 and C, respectively. 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. </P>

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

<P STYLE="font: 10pt 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 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 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>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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">SAI dated April 23, 2020</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: 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 Trustees of the
Fund who are not interested persons 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 or to any shareholder
of the Fund for any act or omission in the course of, or connected with, rendering services thereunder or for any losses that may
be sustained in the acquisition, holding or disposition of any interest in any investment or other asset. </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, 2019, the Fund had gross assets of
$ 871,265,968. For the fiscal years ended December 2019, 2018 and 2017, the Fund incurred $7,987,172, $7,878,699 and $7,135,570,
respectively, in advisory fees. </P>

<P STYLE="font: 10pt 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 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 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, Paul W.
Bouchey, Craig R. Brandon, Daniel C. Cataldo, Michael A. Cirami, Cynthia J. Clemson, James H. Evans, Maureen A. Gemma, Laurie G.
Hylton, Mr. Langstraat, Thomas Lee, Frederick S. Marius, David C. McCabe, Scott H. Page, Edward J. Perkin, Lewis R. Piantedosi,
Charles B. Reed, Craig P. Russ, Thomas C. Seto, John L. Shea, Eric A. Stein, John H. Streur, Andrew N. Sveen, Payson F. Swaffield,
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 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 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>


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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 -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 23, 2020</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 NewsGoth Dm BT,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt"> Portfolio Managers. <FONT STYLE="font-weight: normal">The
portfolio manager(s) 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" ALIGN="CENTER" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Number of<BR>
All Accounts</TD>
    <TD STYLE="width: 17%; 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: 18%; 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: 18%; 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<SUP>(1)</SUP> </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">&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 29.5pt 3pt 5.4pt; text-align: right"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">17</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;37,711.9</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;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 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">14</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;25,769.3<SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;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 29.5pt 3pt 5.4pt; text-align: right"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">1</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;0.4</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;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>(2)</SUP> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.5pt 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt">&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">&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 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">5</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;23,672.9</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;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 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">15</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;25,788.5</FONT> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;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 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">7</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;164.6</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;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 29.5pt 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt">&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">&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 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">6</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;24,229.1</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;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 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">12</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;17,028.7</FONT> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;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 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">7</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;164.6</FONT> </TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">&#9;$&#9;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: 0; 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 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.</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: 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> <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: 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0"> 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, 2019. </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: bottom">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Manager</TD>
    <TD STYLE="width: 32%; 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: 36%; 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"> $100,001 - $500,000 </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 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: 0">&nbsp;</P>

<P STYLE="font: 10pt 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 or she 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 or her discretion in a manner that he or she believes is equitable to all interested persons. The investment 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&#8217;s trading practices, including among other things the aggregation and allocation of trades
among clients, brokerage allocations, cross trades and best execution. </P>

<P STYLE="font: 10pt 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&#8217;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 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, Sharpe ratio, which 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. Pursuant to the Deferred
Alpha Incentive Plan, 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, that are not advised by CRM 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 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 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>


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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: 6pt 0"></P>

<P STYLE="font: 10pt 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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 Adviser has claimed an exclusion
from the definition of the term &#8220;commodity pool operator&#8221; under the Commodity Exchange Act with respect to its management
of the Fund. 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&#8217;s investment strategies
or this SAI. </P>

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

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


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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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<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: 0.25in"></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 Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><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)
or, for total return swaps, based on market index data. </TD></TR></TABLE>

<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: 0.25in"></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 Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><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>

<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: 0.25in"></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 are generally based on the fair valuation provided by a pricing service. </TD></TR></TABLE>

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

<P STYLE="font: 10pt 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 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</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>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt 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 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>


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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">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>

<P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt"> The following table shows brokerage commissions paid
during the fiscal years ended December 31, 2019, 2018 and 2017, 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. The Fund did not pay any brokerage commissions to
affiliated brokers during the past three fiscal years </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; 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<BR>
<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"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">Commissions Paid on Transactions<BR>
<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, 2019</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">$257,518</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">$572,811,053</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">$222,927</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">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0"> As of December 31, 2019, 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="width: 70%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding: 6pt 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt"><U>Regular Broker or Dealer</U></FONT></TD>
    <TD STYLE="width: 54%; 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"><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"> <FONT STYLE="font-family: NewsGoth XCn BT,sans-serif; font-size: 9pt">$13,133,850</FONT> </TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: center">TAXES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Fund has elected and intends 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. <FONT STYLE="letter-spacing: -0.5pt">To</FONT> 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. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;derive at least
90% of its annual 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 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 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, including through corporations in which the Fund owns a 20% or more voting stock interest, (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 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. For purposes of the diversification test in (c) above, the identification
of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment.
In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future
guidance by the Internal Revenue Service (&#8220;IRS&#8221;) with respect to issuer identification for a particular type of investment
may adversely affect the Fund's ability to meet the diversification test in (c) above. 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 Arial, Helvetica, Sans-Serif; margin: 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 Arial, Helvetica, Sans-Serif; margin: 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 (or later if the Fund is permitted to elect and so elects) of such year,
after reduction by any available capital loss carryforwards, and (iii) 100% of any income and capital gain 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. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> If the Fund were to fail to meet the income, diversification
or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying
interest, making additional distributions, or disposing of certain assets. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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 may 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, provided, in both cases, the shareholder
meets certain holding period and other requirements in respect of the Fund&#8217;s shares. 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: 9pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> For United States federal income tax purposes, distributions
paid out of the Fund&#8217;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 income. &#8220;Qualified dividend income&#8221;
received by an individual is generally taxed at the rates applicable to long-term capital gain. In order for a dividend received
by Fund shareholders to be qualified dividend income, the Fund must meet holding period and other requirements with respect to
the dividend-paying stock in its portfolio and the shareholders must meet holding period and other requirements with respect to
the Fund&#8217;s shares. 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
at 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 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 U.S. (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established
securities market in the U.S.) or (b) treated as a passive foreign investment company. Payments in lieu of dividends, such as payments
pursuant to securities lending arrangements, also do not qualify to be treated as qualified dividend income. In general, distributions
of investment income properly reported 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. 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&#8217;s distributions will qualify for treatment as qualified dividend income. </P>

<P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> A portion of distributions made by the Fund which are derived
from dividends from U.S. corporations may qualify for the dividends-received deduction (&#8220;DRD&#8221;) for corporations. The
DRD is reduced to the extent the Fund shares with respect to which the dividends are received are treated as debt-financed under
the Code and is eliminated if the shares are deemed to have been held for less than a minimum period, generally more than 45 days
(more than 90 days in the case of certain preferred stock) during the 91-day period beginning 45 days before the ex-dividend date
(during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or if 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. Receipt of certain distributions qualifying for the DRD may result in reduction of the tax basis of
the corporate shareholder&#8217;s shares. Payments in lieu of dividends, such as payments pursuant to securities lending arrangements,
also do not qualify for the DRD. </P>

<P STYLE="font: 10pt 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>


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<P STYLE="font: 10pt 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&#8217;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&#8217;s basis in his or her shares.
To the extent that the amount of any such distribution exceeds the shareholder&#8217;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 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 tax credit for his pro rata share of tax paid by the Fund on the gain
and claim a refund on a properly-filed U.S. tax return to the extent such credit exceeds the shareholder&#8217;s U.S. federal
income tax liabilities, and (iii) increase the tax basis for his shares by an amount equal to the deemed distribution less the
tax credit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Distributions are taxable as described herein whether shareholders
receive them in cash or in additional shares of the Fund. 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 either (i) if the shares are trading below net asset value, the amount of cash allocated to
the shareholder for the purchase of shares on its behalf in the open market, or (ii) if the shares are trading at or above net
asset value, generally the fair market value of the new shares issued to the shareholder. 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> From time to time, the Fund may make a tender offer for its
shares. Shareholders who tender all shares held, or considered to be held, by them will generally be treated as having sold their
shares and generally will realize a capital gain or loss. If a shareholder tenders fewer than all of its shares, such shareholder
may be treated as having received a distribution under Section 301 of the Code (&#8220;Section 301 distribution&#8221;) unless
the redemption is treated as being either (i) &#8220;substantially disproportionate&#8221; with respect to such shareholder or
(ii) otherwise &#8220;not essentially equivalent to a dividend&#8221; under the relevant rules of the Code. A Section 301 distribution
is not treated as a sale or exchange giving rise to a capital gain or loss, but rather is treated as a dividend to the extent supported
by the Fund&#8217;s current and accumulated earnings and profits, with the excess treated as a return of capital reducing the shareholder&#8217;s
tax basis in Fund shares, and thereafter as capital gain. Where a redeeming shareholder is treated as receiving a dividend, there
is a risk that non-tendering shareholders whose interests in the Fund increase as a result of such tender will be treated as having
received a taxable distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of
the tender offer, in particular whether such offer is a single and isolated event or is part of a plan for periodically redeeming
the shares of the Fund; if isolated, any such risk is likely remote. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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 the same of Fund shares, will constitute investment income of the
type subject to this tax. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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
<FONT STYLE="letter-spacing: -0.1pt">not </FONT>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. <FONT STYLE="letter-spacing: -0.15pt">With
</FONT>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 <FONT STYLE="letter-spacing: -0.1pt">the </FONT>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 <FONT STYLE="letter-spacing: -0.1pt">the </FONT>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 <FONT STYLE="letter-spacing: -0.1pt">the </FONT>underlying securities may cause
the Fund to realize capital gains or losses at inopportune <FONT STYLE="letter-spacing: -0.1pt">times.</FONT></P>


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<P STYLE="font: 10pt/101% Arial, Helvetica, Sans-Serif; margin: 6.65pt 0 0"> The Fund&#8217;s investment in zero coupon, payment
in kind and certain other securities may 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, including at a time when it may not be advantageous to
do so, in order to generate cash so that the Fund may make required distributions to its shareholders. </P>

<P STYLE="font: 10pt/101% Arial, Helvetica, Sans-Serif; margin: 6.65pt 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Some debt obligations with a fixed maturity date of more than
one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having &#8220;market
discount.&#8221; Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case
of an obligation issued with OID, its &#8220;revised issue price&#8221;) over the purchase price of such obligation. Subject to
the discussion below regarding Section 451 of the Code, (i) generally, any gain recognized on the disposition of, and any partial
payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal
payment, does not exceed the &#8220;accrued market discount&#8221; on such debt security, (ii) alternatively, the Fund may elect
to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund&#8217;s
income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not
received until a later time, upon partial or full repayment or disposition of the debt security, and (iii) the rate at which the
market discount accrues, and thus is included in the Fund&#8217;s income, will depend upon which of the permitted accrual methods
the Fund elects. Notwithstanding the foregoing, effective for taxable years beginning after 2017, Section 451 of the Code generally
requires any accrual method taxpayer to take into account items of gross income no later than the time at which such items are
taken into account as revenue in the taxpayer's financial statements. Although the application of Section 451 to the accrual of
market discount is currently unclear, the Treasury and IRS have announced that they intend to issue proposed regulations providing
that Section 451 does not apply to market discount. If Section 451 were to apply to the accrual of market discount, the Fund would
be required to include in income any market discount as it takes the same into account on its financial statements. </P>

<P STYLE="font: 10pt/101% Arial, Helvetica, Sans-Serif; margin: 6.65pt 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% and 98.2% distribution requirements for avoiding excise taxes. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 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 Arial, Helvetica, Sans-Serif; margin: 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, (vii) adversely
affect the time as to when a purchase or sale of stock or securities is deemed to occur, (viii) adversely alter the characterization
of certain complex financial transactions, and (ix) produce income that will not qualify as good income for purposes of the 90%
annual gross income requirement described above. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> A Fund&#8217;s options activities may include transactions
constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules contained
primarily in Section 1092 of the Code. Such straddles include, for example, positions in a particular security, or an index of
securities, and one or more options that offset the former position, including options that are &#8220;covered&#8221; by a Fund&#8217;s
long position in the subject security. Very generally, where applicable, Section 1092 requires (i) that losses be deferred on positions
deemed to be offsetting positions with respect to &#8220;substantially similar or related property,&#8221; to the extent of unrealized
gain in the latter, and (ii) that the holding period of such a straddle position that has not already been held for the long-term
holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are
not &#8220;deep in the money&#8221; may </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> constitute qualified covered calls, which generally are not
subject to the straddle rules; the holding period on stock underlying qualified covered calls that are &#8220;in the money&#8221;
although not &#8220;deep in the money&#8221; will be suspended during the period that such calls are outstanding. These straddle
rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains
to be treated as short-term capital gains, and distributions that would otherwise constitute &#8220;qualified dividend income&#8221;
or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as
ordinary income or to fail to qualify for the 70% dividends-received deduction, as the case may be. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The tax treatment of certain positions entered into by the
Fund (including regulated futures contracts, certain foreign currency positions and certain listed non-equity options) will be
governed by section 1256 of the Code (&#8220;section 1256 contracts&#8221;). Gains or losses on section 1256 contracts generally
are considered 60% long-term and 40% short-term capital gains or losses (&#8220;60/40&#8221;), although certain foreign currency
gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by the Fund at
the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are
&#8220;marked to market&#8221; with the result that unrealized gains or losses are treated as though they were realized and the
resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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 Arial, Helvetica, Sans-Serif; margin: 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 Arial, Helvetica, Sans-Serif; margin: 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> 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 Arial, Helvetica, Sans-Serif; margin: 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 Fund's assets at taxable year end consists of the
securities of foreign corporations, the Fund may elect to permit shareholders to claim a credit or deduction on their income tax
returns for their pro rata portions of qualified taxes paid by the Fund to foreign countries in respect of foreign securities that
the Fund has held for at least the minimum period specified in the Code. In such a case, shareholders will include in gross income
from foreign sources their pro rata shares of such taxes paid by the Fund. A shareholder's ability to claim an offsetting foreign
tax credit or deduction in respect of foreign taxes paid by the Fund is subject to certain limitations imposed by the Code, which
may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who
do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. </P>

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


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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. There can be no assurance that the Fund will be able to make
a QEF election with respect to any investment in a PFIC. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Fund may elect to &#8220;mark to market&#8221; its stock
in any PFIC. &#8220;Marking-to-market,&#8221;&#8216; 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 Arial, Helvetica, Sans-Serif; margin: 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 Arial, Helvetica, Sans-Serif; margin: 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. 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Properly reported dividends are generally exempt from U.S.
federal withholding tax where they (i) are paid in respect of the Fund's &#8220;qualified net interest income&#8221; (generally,
the Fund's U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation or
partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) are
paid in respect of the Fund's &#8220;qualified short-term capital gains&#8221; (generally, the excess of the Fund's net short-term
capital gain over the Fund's long-term capital loss for such taxable year). However, depending on its circumstances, the Fund may
report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term
capital gains and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to
qualify for this exemption from withholding, a non-U.S. shareholder would need to comply with applicable certification requirements
relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E, or substitute Form).
In the case of shares held through an intermediary, the intermediary could withhold even if the Fund designates the payment as
qualified net interest income or qualified short-term capital gain. Non-U.S. shareholders should contact their intermediaries with
respect to the application of these rules to their account. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>Compliance with FATCA.</B> Code Sections 1471 through
1474 and the U.S. Treasury Regulations and IRS guidance issued thereunder (collectively, &#8220;FATCA&#8221;) generally require
a Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable
intergovernmental agreement (an &#8220;IGA&#8221;) between the United States and a foreign government. If a shareholder of a Fund
fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold
under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of Treasury
have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions
or capital gain dividends the Fund pays. If a payment by the Fund is subject to withholding under FATCA, the Fund is required
to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders
described above (e.g. dividends attributable to qualified net interest income). Shareholders should consult their own tax advisors
regarding the possible implications of these requirements on their investment in the Fund. </P>


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

<P STYLE="font: 10pt 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 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 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 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>

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

<P STYLE="font: 10pt 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, 2019, are incorporated herein by reference
from the Fund&#8217;s most recent Annual Report to Common Shareholders filed with the SEC (<A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000119312520049780/d875378dncsr.htm">Accession No. 0001193125-20-049780</A>)
on Form N-CSR pursuant to Rule 30b2-1 under the 1940 Act. </P>


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

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

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

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

<P STYLE="font: 10pt 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 or
impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.
Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect the likelihood
of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of a default
or impairment. </P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Issuer Ratings are opinions of the ability of entities to
honor senior unsecured debt and debt like obligations. 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>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The global short-term &#8216;prime&#8217; rating scale is
applied to commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external
letters of credit or liquidity facilities, or by an issuer&#8217;s self-liquidity. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> For other short-term municipal obligations, Moody&#8217;s
uses one of two other short-term rating scales, the Municipal Investment Grade (MIG) and Variable Municipal Investment Grade (VMIG)
scales discussed below. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The MIG scale is used for U.S. municipal cash flow notes,
bond anticipation notes and certain other short-term obligations, which typically mature in three years or less. Under certain
circumstances, the MIG scale is used for bond anticipation notes with maturities of up to five years. </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> In the case of variable rate demand obligations (VRDOs), a
two-component rating is assigned. The components are a long-term rating and a short-term demand obligation rating. The long-term
rating addresses the issuer&#8217;s ability to meet scheduled principal and interest payments. The short-term demand obligation
rating addresses the ability of the issuer or the liquidity provider to make payments associated with the purchase-price-upon demand
feature (&#8220;demand feature&#8221;) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with
liquidity support use as an input the short-term counterparty risk assessment of the support provider, or the long-term rating
of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand obligations with
conditional liquidity support differ from transitions on the Prime scale 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 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 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 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 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 a sufficiently strong short-term rating or may lack the structural or legal protections necessary to
ensure the timely payment of purchase price upon demand. </P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Issue credit ratings can be either long-term or short-term.
Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term
issue credit 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 Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

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

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

<P STYLE="font: 10pt 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 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 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 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 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 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 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 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 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 weaken the obligor&#8217;s capacity to meet its financial commitments on the obligation. </P>

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

<P STYLE="font: 10pt 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 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 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 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 commitments 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 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 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 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
This indicates that a rating has not been assigned or is no longer assigned. </P>


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

<P STYLE="font: 10pt 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 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 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 weaken an obligor&#8217;s capacity to meet its financial commitment on the obligation.
</P>

<P STYLE="font: 10pt 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-size: 8pt">.</FONT></P>

<P STYLE="font: 10pt 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 commitments on the obligation. </P>

<P STYLE="font: 10pt 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. A rating on an obligation
is lowered to 'D' if it is subject to a distressed exchange offer. </P>

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

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

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

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

<P STYLE="font: 10pt 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 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 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 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 weaken the obligor&#8217;s capacity to meet its financial commitments. </P>

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

<P STYLE="font: 10pt 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 exposure to adverse conditions. </P>

<P STYLE="font: 10pt 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 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>


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<P STYLE="font: 10pt 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 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 expects default to be a virtual certainty, regardless of the anticipated time to default. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>SD and D<FONT STYLE="font-size: 8pt">:</FONT></B><FONT STYLE="font-size: 8pt">
</FONT>An obligor is rated 'SD' (selective default) or 'D' if S&amp;P considers there to be a default on one or more of its financial
obligations, whether long -or short-term, including rated and unrated financial obligations but excluding hybrid instruments classified
as regulatory capital or in non-payment according to terms. 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. A rating on
an obligor is lowered to 'D' or 'SD' if it is conducting a distressed exchange offer. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
Indicates that a rating has not been assigned or is no longer assigned. </P>

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

<P STYLE="font: 10pt 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 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 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 weaken the obligor&#8217;s capacity to meet its financial commitments. </P>

<P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SD
and D:</B></FONT> An obligor is rated 'SD' (selective default) or 'D' if S&amp;P considers there to be a default on one or more
of its financial obligations, whether long- or short-term, including rated and unrated obligations but excluding hybrid instruments
classified as regulatory capital or in nonpayment according to term. 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:
</B></FONT>Indicates that a rating has not been assigned or is no longer assigned. </P>


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

<P STYLE="font: 10pt 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 rating reflects S&amp;P opinions about the liquidity factors and market access
risks unique to notes. 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0">Municipal Short-Term Note rating symbols are as follows:</P>

<P STYLE="font: 10pt 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 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 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: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>D:</B> &#8216;D&#8217; is assigned upon failure to pay
the note when due, completion of a distressed exchange offer, or 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. </P>

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

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

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

<P STYLE="font: 10pt 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 default 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 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 default 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 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 default 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 than is the case for higher ratings. </P>

<P STYLE="font: 10pt 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 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 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 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 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 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 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 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 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 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>

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


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

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

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

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

<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Short-Term Credit Ratings Assigned to Issuers and Obligations </P>

<P STYLE="font: 10pt 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 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 &quot;short term&quot; 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 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 &quot;+&quot; to denote any exceptionally strong credit feature. </P>

<P STYLE="font: 10pt 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 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 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 heightened
vulnerability to near term adverse changes in financial and economic conditions. </P>

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

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

<P STYLE="font: 10pt 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. </P>


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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt 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 and 'CC' the
highest. </P>

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

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

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

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

<P STYLE="font: 10pt 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>


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

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

<P STYLE="font: 10pt 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. 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.&nbsp; </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> NR: Indicates that a rating has not been assigned or
is no longer assigned. </P>

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

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Proxy Voting Policy and Procedures</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">I.&#8194; &#8194;Overview</P>

<P STYLE="font: 10pt 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, 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 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0">II.&#8194; &#8194;Delegation of Proxy Voting Responsibilities</P>

<P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0">III.&#8194; &#8194;Delegation of Proxy Voting Disclosure
Responsibilities</P>

<P STYLE="font: 10pt 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 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 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0">IV.&#8194; &#8194;Conflicts of Interest</P>

<P STYLE="font: 10pt 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, 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, 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 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 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 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 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0">V.&#8194; &#8194; Reports and Review</P>

<P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Adviser also shall report any material 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 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 Arial, Helvetica, Sans-Serif; margin: 3pt 0.25in 3pt 0; text-align: right"> APPENDIX C </P>

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

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

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

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT (INTERNATIONAL)
LIMITED</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE ADVISERS INTERNATIONAL LTD.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PROXY VOTING POLICIES AND PROCEDURES</P>

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

<P STYLE="font: 10pt 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. These proxy policies and procedures are intended to reflect current requirements applicable to investment advisers
registered with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;). These procedures may change from time to time. </P>

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. Proxy Administrator</P>

<P STYLE="font: 10pt 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>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Agent</P>

<P STYLE="font: 10pt 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>

<P STYLE="font: 10pt 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)
and interpretive guidance issued by the SEC in August 2019 regarding proxy voting responsibilities of investment advisers (Release
Nos. IA-5325 and IC-33605). Such oversight currently may include one or more of the following and may change from time to time: </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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 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 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 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 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; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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 relevant changes to Agent&#8217;s business; and/or </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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 the following to the extent not included in due diligence materials provided by the Agent: (i) Agent&#8217;s
staffing, personnel and/or technology; (ii) Agent&#8217;s process for seeking timely input from issuers (<I>e.g.,</I> with respect
to proxy voting policies, methodologies and peer group construction); (iii) Agent&#8217;s process for use of third-party information;
and (iv) the Agent&#8217;s policies and procedures for obtaining current and accurate information relevant to matters in its research
and on which it makes voting recommendations. </TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Global Proxy Group</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. The Guidelines</P>

<P STYLE="font: 10pt 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 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>


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<P STYLE="font: 10pt 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 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 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 Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Corporate Structure Matters/Anti-Takeover
Defenses</P>

<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Proposals Regarding Proxy Contests</P>

<P STYLE="font: 10pt 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>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Social and Environmental Issues</P>

<P STYLE="font: 10pt 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 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 Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Voting Procedures</P>

<P STYLE="font: 10pt 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 Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Vote in Accordance with Guidelines</P>

<P STYLE="font: 10pt 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 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 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 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 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>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Do Not Cast a Vote</P>

<P STYLE="font: 10pt 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&#8217;
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); (iii) in markets in which shareholders&#8217;
rights are limited; or (iv) the Adviser is unable to access or access timely ballots or other proxy information. Non-Votes may
also result in certain cases in which the Agent&#8217;s recommendation has been deemed to be conflicted, as provided for herein. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Securities on Loan</P>

<P STYLE="font: 10pt 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>

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

<P STYLE="font: 10pt 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 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 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 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 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 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 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 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 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 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 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>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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 -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 23, 2020</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 NewsGoth Dm BT,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Conflicts of Interest</P>

<P STYLE="font: 10pt 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 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 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 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 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 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 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 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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 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 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 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 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>


<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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 April 23, 2020</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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0.25in 3pt 0; text-align: right">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"> April 23, 2020 </P>

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

<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; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Investment Adviser and Administrator</P>

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

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

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

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

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Custodian</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Bank and Trust Company</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Financial Center, One Lincoln
Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02111</P>

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

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Transfer Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">American Stock Transfer &amp; Trust Company,
LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">6201 15<SUP>th</SUP> Avenue</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Brooklyn, NY 11219</P>

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

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Independent Registered Public Accounting Firm</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">200 Berkeley Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02116</P>

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

<!-- Field: Page; Sequence: 96; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><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 -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated April 23, 2020</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>
<!-- Field: /Include-Text -->

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Include-Text; File: T:\Filings with the SEC\485(b) & 486(b) & 497(j) Annual Updates\2020\CLOSED%2DEND FUNDS\EOS PEA #2%2D6 dtd 4%2D23%2D20\edgar\partc2.htm; Date: 2020%2D04%2D22T14:13:30; Size: 74174 -->
<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 26, 2020 (Accession No. 0001193125-20-049780) 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">&nbsp;</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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000089843204000944/eeifiidot.txt"><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 (&#8220;Common Shares&#8221;) filed with the Securities and Exchange Commission on November 12, 2004 (Accession No. 0000898432-04-000944) (&#8220;Initial Common Shares Registration Statement&#8221;).</FONT></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000094039419000181/exhibita2_ex-99za2.htm"><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></A></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">&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"><A HREF="exhibitb_ex-99zb.htm">Amended and Restated By-Laws dated March 23, 2020 filed herewith.</A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxdy.txt"><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) (&#8220;Pre-Effective Amendment No. 1&#8221;).</FONT></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxgyx1y.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend Reinvestment Plan incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxgyx1y.txt"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxhyx1y.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Underwriting Agreement incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxhyx2y.txt"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxhyx3y.txt"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000094039419000604/exhibith4_ex-99zh4.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Distribution Agreement with respect to the Rule 415 shelf offering is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Shelf Registration Statement filed with the Commission on April 4, 2019 (Accession No. 0000940394-19-000604) (&#8220;Form of Distribution Agreement&#8221;).</FONT></A></TD></TR>
</TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</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 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">(5)</FONT></TD>
    <TD STYLE="width: 3%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000094039419000604/exhibith5_ex-99zh5.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Sub-Placement Agent Agreement between Eaton Vance Distributors, Inc. and UBS Securities LLC is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Shelf Registration Statement filed with the Commission on April 4, 2019 (Accession No. 0000940394-19-000604) (&#8220;Form of Sub-Placement Agent Agreement&#8221;).</FONT></A></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">(i)</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">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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxjyx1y.txt"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/778365/000094039401500027/exhibitj2.txt"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/850025/000094039401500126/prrda.txt"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/745463/000094039413001073/exhibitg1_ex99zg1.htm"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/31266/000094039410001000/exhibitg2.htm"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/914529/000094039412000641/exhibitg3_ex99zg3.htm"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/745463/000094039413001073/exhibitg4_ex99zg4.htm"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxkyx1y.txt"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1253327/000089843203000638/exhibitk2.txt"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1454741/000119312509083055/dex99k1.htm" STYLE="-sec-extract: exhibit">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).</A></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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<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"><A HREF="http://www.sec.gov/Archives/edgar/data/1665817/000119312516552383/d166897dex99k1.htm"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxkyx3y.txt"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000094039419000181/exhibitk6_ex-99zk6.htm"><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></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxkyx4y.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Shareholder Servicing Agreement incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013504005822/b52674a1exv99wxkyx5y.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Additional Compensation Agreement incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></A></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"><A HREF="exhibitl_ex-99zl.htm">Opinion of Internal Counsel filed herewith.</A></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"><A HREF="exhibitn_ex-99zn.htm">Consent of Independent Registered Public Accounting Firm filed herewith.</A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000095013505000261/b52674a2exv99wxpy.txt"><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></A></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: 3pt 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/745463/000094039418001695/exhibitp1_ex-99zp1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Code of Ethics adopted by the Eaton Vance Funds effective October 1, 2018 filed as Exhibit (p)(1) to Post-Effective Amendment No. 304 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed October 17, 2018 (Accession No. 0000940394-18-001695) and incorporated herein by reference.</FONT></A></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: 3pt 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/31266/000094039420000020/exhibitp1b_ex-99zp3.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Code of Ethics adopted by the Eaton Vance Entities effective January 1, 2020 filed as Exhibit (p)(1)(b) to Post-Effective Amendment No. 192 of Eaton Vance Special Investment Trust (File Nos. 002-27962, 811-01545) filed January 9, 2020 (Accession No. 0000940394-20-000020) and incorporated herein by reference.</FONT></A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/1308335/000094039419000181/exhibits_ex-99zs.htm"><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></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><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 26.</B></TD><TD><B>MARKETING ARRANGEMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">See Form of Distribution Agreement with respect to the Rule
415 shelf offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">See Form of Sub-Placement Agent Agreement between Eaton Vance
Distributors, Inc. and UBS Securities LLC.</P>


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<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: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Registration and Filing Fees</FONT></TD>
    <TD STYLE="width: 20%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;$&#9;14,511</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FINRA Fees</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;$&#9;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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;$&#9;25,090</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Costs of Printing and Engraving</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;$&#9;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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;$&#9;2,050</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Legal Fees and Expenses</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;<U>$&#9;2,000</U></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;$&#9;71,086</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">* The Adviser will pay expenses of the offering (other than the applicable commissions).</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 March
31, 2020, of each class of securities of the Registrant:</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: 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">40,369</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 and the Form of Distribution Agreement
contain 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 &#8220;Securities Act&#8221;), 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">&nbsp;</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 23<SUP>rd</SUP> day of April 2020.</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: 26%; border: Black 1pt solid; text-align: left; font-family: NewsGoth Dm BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; font-family: NewsGoth Dm BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Description</B></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 STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated By-Laws</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 STYLE="font-family: Arial, Helvetica, Sans-Serif">(l)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Opinion of Internal Counsel</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 STYLE="font-family: Arial, Helvetica, Sans-Serif">(n)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><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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    <!-- Field: /Page -->

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>2
<FILENAME>exhibitb_ex-99zb.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="text-align: right"><B>EXHIBIT (b)</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMENDED AND RESTATED BY-LAWS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OF</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EATON VANCE ENHANCED EQUITY INCOME FUND II</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">__________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE I</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Trustees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Number of Trustees</U>. The
number of Trustees shall be fixed by the Trustees, provided, however, that such number shall at no time be less than two or exceed
fifteen.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 2. &#9;<U>Trustee Qualifications</U>. All Trustees shall
satisfy the requirements set forth below in this Section 2 of this Article I, except that such requirements are subject to waiver
by a majority of Trustees in office at the time of the nomination of such Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) Only persons satisfying
the following qualification requirements applicable to all Trustees may be nominated, elected, appointed, qualified or seated (&#8220;nominated
or seated&#8221;) to serve as Trustees:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall be at least twenty-one years of age and not
older than the mandatory retirement age determined from time to time by the Trustees or a committee of the Trustees, in each case
at the time the individual is nominated or seated;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall, at the time the individual is nominated or
seated, serve as a trustee or director of no more than 5 issuers (including the Trust) having securities registered under the Securities
Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) (investment companies or individual series thereof having the
same investment adviser or investment advisers affiliated through a control relationship shall all be counted as a single company
for this purpose);</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Except as set forth in this Section 2, an individual nominated or seated as a Trustee shall not
be an employee, officer, partner, member, trustee, director or 5% or greater shareholder in any investment adviser (other than
the Trust&#8217;s investment adviser or any investment adviser affiliated with the Trust&#8217;s investment adviser), collective
investment vehicle primarily engaged in the business of investing in &#8220;investment securities&#8221; (as defined in the Investment
Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)) (an &#8220;investment company&#8221;) or entity controlling or controlled
by any investment adviser (other than the Trust&#8217;s investment adviser or any investment adviser affiliated with the Trust&#8217;s
investment adviser) or investment company;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall not be and shall not have been subject to
any censure, order, consent decree (including consent decrees in which the respondent has neither admitted nor denied the findings)
or adverse final action of any federal, state or foreign governmental or regulatory authority (including self-regulatory organizations),
barring or suspending such individual from participation in or association with any investment-related business or restricting
such individual&#8217;s activities with respect to any investment-related business (collectively, &#8220;Prohibited Conduct&#8221;),
nor shall an individual nominated or seated as a Trustee be the subject of any investigation or proceeding that</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">could reasonably be expected to result
in an individual nominated or seated as a Trustee failing to satisfy the requirements of this paragraph, nor shall any individual
nominated or seated as a Trustee be or have engaged in any conduct which has resulted in, or could have reasonably been expected
or would reasonably be expected to result in, the Securities and Exchange Commission (&#8220;SEC&#8221;) censuring, placing limitations
on the activities, functions, or operations of, suspending, or revoking the registration of any investment adviser under Section
203(e) or (f) of the Investment Advisers Act of 1940, as amended; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall not be and shall not have been the subject
of any of the ineligibility provisions contained in Section 9(b) of the 1940 Act that would permit, or could reasonably have been
expected or would reasonably be expected to permit the SEC by order to prohibit, conditionally or unconditionally, either permanently
or for a period of time, such individual from serving or acting as an employee, officer, trustee, director, member of an advisory
board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person (as
defined in Section 2(a)(3) of the 1940 Act) of such investment adviser, depositor, or principal underwriter.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE II</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Officers and Their Election</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Officers</U>. The officers
of the Trust shall be a President, a Treasurer, a Secretary, and such other officers or agents as the Trustees may from time to
time elect. It shall not be necessary for any Trustee or other officer to be a holder of shares in the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Election of Officers</U>.
The Treasurer and Secretary shall be chosen annually by the Trustees. The President shall be chosen annually by the Trustees. Except
for the offices of the President and Secretary, two or more offices may be held by a single person. The officers shall hold office
until their successors are chosen and qualified.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Resignations and Removals</U>.
Any officer of the Trust may resign by filing a written resignation with the President or with the Trustees or with the Secretary,
which shall take effect on being so filed or at such time as may otherwise be specified therein. The Trustees may at any meeting
remove an officer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE III</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Powers and Duties of Trustees and Officers</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Trustees</U>. The business
and affairs of the Trust shall be managed by the Trustees, and they shall have all powers necessary and desirable to carry out
that responsibility, so far as such powers are not inconsistent with the laws of the Commonwealth of Massachusetts, the Declaration
of Trust, or these By-Laws. Except as may be required by Section 16(a) of the 1940 Act, Trustees shall be elected by shareholders
only at an annual meeting of shareholders or special meeting in lieu of an annual meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Executive and other Committees</U>.
The Trustees may elect from their own number an executive committee to consist of not less than three nor more than five members,
which shall have the power and duty to conduct the current and ordinary business of the Trust while the Trustees are not in session,
and such other powers and duties as the Trustees may from time to time delegate to such committee. The Trustees may also elect
from their own number other committees from time to time, the number</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">composing such committees and the powers conferred
upon the same to be determined by the Trustees. Without limiting the generality of the foregoing, the Trustees may appoint a committee
consisting of less than the whole number of Trustees then in office, which committee may be empowered to act for and bind the Trustees
and the Trust, as if the acts of such committee were the acts of all the Trustees then in office, with respect to the institution,
prosecution, dismissal, settlement, review, investigation or other disposition of any dispute, claim, action, suit or proceeding
which shall be pending or threatened to be brought before any court, administrative agency or other adjudicatory body.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Chairperson of the Trustees</U>.
The Trustees shall appoint from among their number a Chairperson. The Chairperson shall preside at the meetings of the Trustees
and may call meetings of the Trustees and of any committee thereof whenever he deems it necessary or desirable to do so. The Chairperson
may in his discretion preside at any meeting of the shareholders, and may delegate such authority to another Trustee or officer
of the Trust. The Chairperson shall exercise and perform such additional powers and duties as from time to time may be assigned
to him by the Trustees, and shall have the resources and authority appropriate to discharge the responsibilities of the office.
A Trustee elected or appointed as Chairperson shall not be considered an officer of the Trust by virtue of such election or appointment.
As used herein, the masculine gender shall be deemed to denote the feminine or other gender.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>President</U>. Subject to
such supervisory powers, if any, as may be given by the Trustees to the Chairperson of the Trustees, the President shall be the
chief executive officer of the Trust and subject to the control of the Trustees, he shall have general supervision, direction and
control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested
in the office of President of a corporation. In the event that the Chairperson does not preside at a meeting of shareholders or
delegate such power and authority to another Trustee or officer of the Trust, the President or his designee shall preside at such
meeting. He shall have the power to employ attorneys and counsel for the Trust and to employ such subordinate officers, agents,
clerks and employees as he may find necessary to transact the business of the Trust. He shall also have the power to grant, issue,
execute or sign such powers of attorney, proxies, contracts, agreements or other documents as may be deemed advisable or necessary
in furtherance of the interests of the Trust. The President shall have such other powers and duties as, from time to time, may
be conferred upon or assigned to him by the Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Treasurer</U>. The Treasurer
shall be the principal financial and accounting officer of the Trust. He shall deliver all funds and securities of the Trust which
may come into his hands to such bank or trust company as the Trustees shall employ as custodian in accordance with Article III
of the Declaration of Trust. He shall make annual reports in writing of the business conditions of the Trust, which reports shall
be preserved upon its records, and he shall furnish such other reports regarding the business and condition as the Trustees may
from time to time require. The Treasurer shall perform such duties additional to foregoing as the Trustees may from time to time
designate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 6.&#9;<U>Secretary</U>. The Secretary
shall record in books kept for the purpose all votes and proceedings of the Trustees and the shareholders at their respective meetings.
He shall have custody of the seal, if any, of the Trust and shall perform such duties additional to the foregoing as the Trustees
may from time to time designate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 7.&#9;<U>Other Officers</U>. Other
officers elected by the Trustees shall perform such duties as the Trustees may from time to time designate, including executing
or signing such powers of attorney, proxies, contracts, agreements or other documents as may be deemed advisable or necessary in
furtherance of the interests of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 8.&#9;<U>Compensation</U>. The Trustees
and officers of the Trust may receive such reasonable compensation from the Trust for the performance of their duties as the Trustees
may from time to time determine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE IV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Meetings of Shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Meetings</U>. Meetings of
shareholders, at which the shareholders shall elect Trustees and transact such other business as may properly come before the meeting,
shall be held annually so long as required by NYSE American LLC, New York Stock Exchange or such other exchange or trading system
on which shares of the Trust are principally traded. Meetings of the shareholders (or any class or series) may be called at any
time by the President, and shall be called by the President or the Secretary at the request, in writing or by resolution, of a
majority of the Trustees, or at the written request of the holder or holders of fifty-one percent or more of the total number of
the then issued and outstanding shares of the Trust entitled to vote at such meeting. Any such request shall state the purposes
of the proposed meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Place of Meetings</U>. Meetings
of the shareholders shall be held at the principal place of business of the Trust in Boston, Massachusetts, unless a different
place within the United States is designated by the Trustees and stated as specified in the respective notices or waivers of notice
with respect thereto; provided that the Trust may, subject to any applicable law, and upon designation by a majority of Trustees,
hold meetings of shareholders solely by means of remote communications, or may hold &#8220;hybrid&#8221; meetings where some participants
attend in person and others attend by means of remote communications.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Notice of Meetings</U>. Notice
of all meetings of the shareholders, stating the time, place and the purposes for which the meetings are called, shall be given
by the Secretary to each shareholder entitled to vote thereat, and to each shareholder who under the By-Laws is entitled to such
notice, by delivering (by electronic, telephonic, computerized or other alternative means as may be approved by resolutions adopted
by the Trustees, which authorization is received not more than six months before delivery of such notice) or mailing, postage paid,
addressed to such address as it appears upon the books of the Trust, at least ten days no more than ninety days before the time
fixed for the meeting, and the person given such notice shall make an affidavit with respect thereto. If any shareholder shall
have failed to inform the Trust of his address, no notice need be sent to him. No notice need be given to any shareholder if a
written waiver of notice, executed before or after the meeting by the shareholder or his attorney thereunto authorized, is filed
with the records of the meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Quorum</U>. Except as otherwise
provided by law, to constitute a quorum for the transaction of any business at any meeting of shareholders, there must be present,
in person or by proxy, holders of a majority of the total number of shares of the then issued and outstanding shares of the Trust
entitled to vote at such meeting; provided that if a class (or series) of shares is entitled to vote as a separate class (or series)
on any matter, then in the case of that matter a quorum shall consist of the holders of a majority of the total number of shares
of the then issued and outstanding shares of that class (or series) entitled to vote at the meeting. Shares owned directly or indirectly
by the Trust, if any, shall not be deemed outstanding for this purpose.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If a quorum, as above defined,
shall not be present for the purpose of any vote that may properly come before any meeting of shareholders at the time and place
of any meeting, the shareholders present in person or by proxy and entitled to vote at such meeting on such matter holding a majority
of the shares present and entitled to vote on such matter may by vote adjourn the meeting from time to time to be held at the same
place without further notice than by announcement to be given at the meeting until a quorum, as above defined, entitled to vote
on such matter, shall be present, whereupon any such matter may be voted upon at the meeting as though held when originally convened.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Voting</U>. At each meeting
of the shareholders every shareholder of the Trust shall be entitled to one vote in person or by proxy for each of the then issued
and outstanding shares of the Trust then having voting power in respect of the matter upon which the vote is to be taken, standing
in his name on the books of the Trust at the time of the closing of the transfer books for the meeting, or, if the books be not
closed for any meeting, on the record date fixed as provided in Section 4 of Article VI of these By-Laws for determining the shareholders
entitled to vote at such meeting, or if the books be not closed and no record date be fixed, at the time of the meeting. The record
holder of a fraction of a share shall be entitled in like manner to corresponding fraction of a vote. Notwithstanding the foregoing,
the Trustees may, in connection with the establishment of any class (or series) of shares or in proxy materials for any meeting
of shareholders or in other solicitation materials or by vote or other action duly taken by them, establish conditions under which
the several classes (or series) shall have separate voting rights or no voting rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All elections of Trustees
shall be conducted in any manner approved at the meeting of the shareholders at which said election is held, and shall be by ballot
if so requested by any shareholder entitled to vote thereon. Subject to any provision of applicable binding law, the Declaration
of Trust, these By-Laws or a resolution of the Trustees specifying a greater or a lesser vote requirement, for the transaction
of any item of business that properly comes before any meeting of shareholders, (i) with respect to the election of Trustees, other
than a Contested Election, a nominee receiving the affirmative vote of a plurality of the shares represented in person or by proxy
at any meeting at which a quorum is present shall be deemed and declared elected, (ii) with respect to a Contested Election, a
nominee receiving the affirmative vote of a majority of the shares outstanding and entitled to vote with respect to such matter
at such meeting shall be deemed and declared elected and (iii) for all other items of business, upon the affirmative vote of a
majority of the votes cast in person or by proxy at any meeting at which a quorum is present and entitled to vote on the subject
matter, such matter shall be deemed and declared approved.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of the foregoing
paragraph, &#8220;Contested Election&#8221; shall mean any election of Trustees in which the number of persons nominated for election
as Trustees with respect to a given class of shares of the Trust in accordance with Article IV, Section 8 hereof exceeds the number
of Trustees to be elected with respect to such class, with the determination that any election of Trustees is a Contested Election
to be made by the Secretary or other officer of the Trust prior to the time the Trust mails its initial proxy statement in connection
with such election of Trustees. If, prior to the time the Trust mails its initial proxy statement in connection with such election
of Trustees, one or more persons nominated for election as a Trustee are withdrawn or deemed to be ineligible pursuant to these
By-Laws, such that the number of persons nominated for election as Trustee no longer exceeds the number of Trustees to be elected,
such election shall not be considered a Contested Election.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the event of a Contested
Election, if one (or more) nominees are elected who were not Trustees prior to such Contested Election (&#8220;Non-Incumbents&#8221;),
then the Non-Incumbents shall first fill any vacancies and then succeed those Trustees who served as Trustees prior to such Contested
Election and stood for reelection at such Contested Election with the fewest affirmative votes. If an annual meeting (the &#8220;Current
Annual Meeting&#8221;) is called for the purpose of considering the election of a Trustee whose term is expiring at the time of
such annual meeting (an &#8220;Expiring Trustee&#8221;) or such Trustee&#8217;s successor, and the Expiring Trustee is not elected
and such Expiring Trustee&#8217;s successor is not elected and qualified (in either case,</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">because the required vote or quorum is not
obtained, or otherwise), then such Trustee shall remain a member of the relevant class of Trustees, holding office until the annual
meeting held in the third succeeding year following the year set for the Current Annual Meeting in the initial notice thereof and
until the election and qualification of such Trustee&#8217;s successor, if any, or until such Trustee sooner dies, resigns, retires
or is removed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">SECTION 6.&#9;<U>Proxies</U>. A<FONT STYLE="letter-spacing: -0.15pt">ny
shareholder entitled to vote upon any matter at any meeting of the shareholders may so vote by proxy, provided that such proxy
to act is authorized to act by (i) a written instrument, dated not more than six months before the meeting and executed either
by the shareholder or by his or her duly authorized attorney in fact (who may be so authorized by a writing or by any non-written
means permitted by the laws of the Commonwealth of Massachusetts) or (ii) such electronic, telephonic, computerized or other alternative
means as may be approved by a resolution adopted by the Trustees, which authorization is received not more than six months before
the initial session of the meeting. Proxies shall be delivered to the Secretary of the Trust or other person responsible for recording
the proceedings before being voted. A proxy with respect to shares held in the name of two or more persons shall be valid if executed
by one of them unless at or prior to exercise of such proxy the Trust receives a specific written notice to the contrary from any
one of them. Unless otherwise specifically limited by their terms, proxies shall entitle the holder thereof to vote at any adjournment
of a meeting. A proxy purporting to be exercised by or on behalf of a shareholder shall be deemed valid unless challenged at or
prior to its exercise and the burden of proving invalidity shall rest on the challenger. At all meetings of the shareholders, unless
the voting is conducted by inspectors, all questions relating to the qualifications of voters, the validity of proxies, and the
acceptance or rejection of votes shall be decided by the chairperson of the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 7.&#9;<U>Consents</U>. Any action which
may be taken by shareholders may be taken without a meeting if the holder or holders of fifty-one percent or more of the total
number of the then issued and outstanding shares of the Trust entitled to vote on such matter (or such higher proportion as would
be required by the Declaration of Trust or these By-Laws with respect to such action at an in-person meeting) consent to the action
in writing and the written consents are filed with the records of the meetings of shareholders. Such consents shall be treated
for all purposes as a vote taken at a meeting of shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 8.&#9;<U>Notice of Shareholder Business
and Nominations</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) <U>Annual Meetings
of Shareholders</U>. (1) Nominations of persons for election to the Board of Trustees and the proposal of business to be considered
by the shareholders may be made at an annual meeting of shareholders or special meeting in lieu of an annual meeting (a) pursuant
to the notice of meeting described in Section 3 of this Article of these By-Laws; (b) by or at the direction of the Board of Trustees;
or (c) by any shareholder of the Trust who was a shareholder of record at the time of giving of notice provided for in Section
3 of this Article of these By-Laws, who is entitled to vote at the meeting, who complied with the notice provisions set forth in
this Section 8 and who held at least $2,000 in market value, or 1%, of the Trust&#8217;s securities entitled to be voted on the
nomination or proposal at the meeting for at least one year by the date such shareholder submitted such nomination or proposal.
As used in these By-Laws, an &#8220;annual meeting&#8221; is a meeting of the shareholders of the Trust that is required pursuant
to the first sentence of Section 1 of this Article IV. As used in these By-Laws, a &#8220;special meeting in lieu of an annual
meeting&#8221; is a meeting held in lieu of an annual meeting that is not held in a given year if so required, whether the omission
be by oversight or otherwise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(2) For nominations or other
business properly to be brought before an annual meeting or special meeting in lieu of an annual meeting by a shareholder pursuant
to clause (c) of paragraph (A)(1) of this Section 8, the shareholder must have given timely notice thereof in writing to the Secretary
of the Trust and such other business must be a proper matter for shareholder action. To be timely, a shareholder&#8217;s notice
shall be delivered to the Secretary at the principal executive offices of the Trust not later than the close of business on the
ninetieth day nor earlier than the close of business on the one hundred-twentieth day prior to the first anniversary of the preceding
year&#8217;s annual meeting or, as applicable, special meeting in lieu of an annual meeting; provided, however, that in the event
that the date of the annual meeting or special meeting in lieu of an annual meeting is more than thirty days before or more than
sixty days after such anniversary date, notice by the shareholder to be timely must be so delivered not earlier than the close
of business on the later of the ninetieth day prior to such annual meeting or special meeting in lieu of an annual meeting or the
tenth day following the day on which public announcement of the date of such meeting is first made. In no event, shall the public
announcement of an adjournment of an annual meeting or special meeting in lieu of an annual meeting commence a new time period
for the giving of a shareholder&#8217;s notice as described above. Such shareholder&#8217;s notice shall set forth:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a) as to each person whom
the shareholder proposes to nominate for election or reelection as a Trustee:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the name, age, business address and residence address of such proposed nominee and of any Proposed
Nominee Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the principal occupation or employment of such proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the class or series and number of all shares of the Trust which are owned &#9;beneficially or of
record, directly or indirectly, by such proposed nominee and any Proposed Nominee Associated Person, and the name and address of
the record holder(s) of such shares (if different than the beneficial owner(s)) as they appear on the records of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the name of each nominee holder of shares owned beneficially but not of record by such proposed
nominee or any Proposed Nominee Associated Person, and the &#9;number of such shares held by each such nominee holder;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">whether and the extent to which any derivative instrument, swap, option, warrant, short interest,
hedge or profit interest or other transaction has been entered into by or on behalf of such proposed nominee, or any Proposed Nominee
Associated Person, with respect to shares of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">whether and the extent to which any other transaction, agreement, arrangement or understanding
(including any short position or any borrowing or lending of shares) has been made by or on behalf of such proposed nominee, or
any Proposed Nominee Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk
or benefit of share price changes for, such proposed nominee, or any Proposed Nominee Associated Person, or to increase or decrease
the voting power or pecuniary or economic interest of such proposed nominee, or any Proposed Nominee Associated Person, with respect
to the shares;</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">a representation as to whether such proposed nominee is an &#8220;interested person,&#8221; as
defined under Section 2(a)(19) of the 1940 Act and sufficient information about the proposed nominee to permit counsel to the Trust
to confirm such representation, including information with respect to each relationship set forth in &#9;Section 2(a)(19) of the
1940 Act which may cause such proposed nominee to be an interested person of the Trust or a representation that no such relationship
exists;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">information to establish to the satisfaction of the Board of Trustees that the proposed nominee
satisfies the trustee qualifications as set out in these By-Laws; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">any other information relating to such proposed nominee or Proposed Nominee Associated Person that
would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of
proxies for election of directors in an election contest pursuant to Section 14 of the Exchange Act (even if an election contest
is not involved); and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b) as to any other business
that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the
meeting, the reasons for conducting such business at the meeting and any material interest in such business of such shareholder
and the beneficial owner, if any, on whose behalf the proposal is made; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c) as to the shareholder
giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the name and address of such shareholder, as they appear on the Trust&#8217;s books, and of such
beneficial owner and of any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the class/series and number of shares of the Trust which are owned beneficially and of record by
such shareholder, such beneficial owner and any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">whether and the extent to which any derivative instrument, swap option, warrant, short interest,
hedge or profit interest or other transaction has been entered into by or on behalf of such person, or any Shareholder Associated
Person, with respect to shares of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">whether and the extent to which any other transaction, agreement, arrangement or understanding
(including any short position or any borrowing or lending of shares) has been made by or on behalf of such person, or any Shareholder
Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of stock
price changes for, such person, or any Shareholder Associated Person, or to increase or decrease the voting power or pecuniary
or economic interest of such person, or any Shareholder Associated Person, with respect to shares of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">a description of all agreements, arrangements, or understandings (whether written or oral) between
such person, or any Shareholder Associated Person and any proposed nominee or any other person or persons (including their names)
pursuant to which the proposal(s) or nomination(s) are being made by such person, and any material interest of such person, or
any Shareholder Associated Person, in such proposal or nomination, including any anticipated benefit therefrom to such person,
or any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">a representation that the shareholder, or group of shareholders, giving notice intends to appear
in person at the annual meeting or special meeting in lieu of an annual meeting to make the proposals or nominate the persons named
in its notice; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">any other information relating to such person that would be required to be disclosed in a proxy
statement or other filings required to be made in connection with the solicitation of proxies for election of directors in an election
contest pursuant to Section 14 of the Exchange Act (even if an election contest is not involved).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of the foregoing,
a &#8220;Proposed Nominee Associated Person&#8221; of any proposed nominee shall mean (A) any person acting in concert with such
proposed nominee and (B) any direct or indirect beneficial owner of shares owned of record or beneficially by such proposed nominee
or person acting in concert with the proposed nominee. A &#8220;Shareholder Associated Person&#8221; of any beneficial or record
shareholder shall mean (A) any person acting in concert with such shareholder, (B) any direct or indirect beneficial owner of shares
owned of record or beneficially by such shareholder or any person acting in concert with such shareholder, (C) any person controlling,
controlled by or under common control with such shareholder or a Shareholder Associated Person and (D) any member of the immediate
family of such shareholder or Shareholder Associated Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(3) A shareholder of record,
or group of shareholders of record, providing notice of any proposal or nomination proposed to be made at an annual meeting or
special meeting in lieu of an annual meeting shall further update and supplement such notice, if necessary, so that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the information provided or required to be provided in such notice pursuant to paragraph (A)(2)
of this Article IV, Section 8 shall be true and correct as of the record date for determining the shareholders entitled to receive
notice of the annual meeting or special meeting in lieu of an annual meeting, and such update and supplement shall be delivered
to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five business days
after the record date for determining the shareholders entitled to receive notice of such annual meeting or special meeting in
lieu of an annual meeting; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any subsequent information reasonably requested by the Board of Trustees to determine that any
proposed nominee has met the trustee qualifications as set out in these By-Laws is provided, and such update and supplement shall
be delivered to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five
business days after the request by the Board of Trustees for subsequent information regarding trustee qualifications has been delivered
to or mailed and received by such shareholder of record, or group of shareholders of record, providing notice of any nomination.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(4) Notwithstanding anything
in the second sentence of paragraph (A)(2) of this Section 8 to the contrary, in the event that the number of Trustees to be elected
by shareholders of the Trust to the Board of Trustees is increased and there is no public announcement naming all of the nominees
for Trustee or specifying the size of the increased Board of Trustees made by the Trust at least one hundred days prior to the
first anniversary of the preceding year&#8217;s annual meeting, a shareholder&#8217;s notice required by this Section 8 shall also
be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered
to the Secretary at the principal executive offices of the Trust not later than the close of business on the tenth day following
the day on which such public announcement is first made by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(B) <U>Special Meetings
of Shareholders</U>. As used in these By-Laws, &#8220;special meeting&#8221; refers to any meeting of the Trust&#8217;s shareholders
other than an annual meeting or special meeting in lieu of an annual meeting. Only such business shall be conducted by a special
meeting of shareholders as shall have been brought before the meeting pursuant to the Trust&#8217;s notice of meeting given by
or at the direction of a majority of the Trustees. Except as may be required by Section 16(a) of the 1940 Act, Trustees shall be
elected only at an annual meeting of shareholders or special meeting in lieu of an annual meeting and not at a special meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(C) <U>General</U>. (1)
Only such persons who are nominated in accordance with the procedures set forth in this Section 8 shall be eligible to serve as
Trustees and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in
accordance with the procedures set forth in this Section 8. Except as otherwise provided by law, the Declaration of Trust or these
By-Laws, the Chairperson (or such officer of the Trust or its investment adviser presiding at the meeting) shall have the power
and duty to determine whether a nomination or any business proposed to be brought before the meeting was made, or proposed, as
the case may be, in accordance with the procedures set forth in this Section 8 and, if any proposed nomination or business is not
in compliance with this Section 8, to declare that such defective proposal or nomination shall be disregarded.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(2) For purposes of this
Section 8, &#8220;public announcement&#8221; shall mean disclosure in a press release reported by the Dow Jones News Service, Associated
Press or comparable national news service or in a document publicly filed by the Trust with the SEC pursuant to Section 13, 14
or 15(d) of the Exchange Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(3) Notwithstanding the foregoing
provisions of this Section 8, a shareholder shall also comply with all applicable requirements of the Exchange Act and the rules
and regulations thereunder with respect to the matters set forth in this Section 8. Nothing in this Section 8 shall be deemed to
affect any rights of (a) shareholders to request inclusion of proposals in the Trust&#8217;s proxy statement pursuant to Rule 14a-8
under the Exchange Act or (b) the holders of any class of preferred shares of beneficial interest to elect Trustees under specified
circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE V</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Trustees Meetings</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Meetings</U>. The Trustees
may in their discretion provide for regular or stated meetings of the Trustees. Meetings of the Trustees other than regular or
stated meetings shall be held whenever called by the Chairperson and at least one other Trustee at the time being in office, or
by a majority of the Trustees at the time being in office. Any or all of the Trustees may participate in a meeting by means of
a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear
each other at the same time, and participation by such means shall constitute presence in person at a meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Notices</U>. Notice of regular
or stated meetings need not be given. Notice of the time and place of each meeting other than regular or stated meeting shall be
given by the Secretary or by one of the Trustee(s) calling the meeting and shall be mailed to each Trustee at his or her business
address for delivery at least two days before the meeting, or shall be transmitted electronically to each Trustee at his or her
electronic delivery address or personally delivered to him at least one day before the meeting. Such notice may, however, be waived
by all the Trustees. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by him before
or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior
thereto or at its commencement the lack of notice to him. A notice or waiver of notice need not specify the purpose of any special
meeting.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Consents</U>. Any action required
or permitted to be taken at any meeting of the Trustees may be taken by the Trustees without a meeting if a written consent thereto
is signed by a majority of the Trustees (or such higher proportion as would be required by the Declaration of Trust or these By-Laws
with respect to such action at an in-person meeting) and filed with the records of the Trustees' meetings. A Trustee may deliver
his consent to the Trust by facsimile machine or other electronic communication equipment. Such consent shall be treated as a vote
at a meeting for all purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Place of In-Person Meetings</U>.
The Trustees may hold their meetings within or without the Commonwealth of Massachusetts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Quorum and Manner of Acting</U>.
Except as otherwise required by the Declaration of Trust, these By-Laws or by statute, a majority of the Trustees in office shall
be present in person at any regular or stated meeting or special meeting of the Trustees in order to constitute a quorum for the
transaction of business at such meeting and the act of a majority of the Trustees present at any such meeting, at which a quorum
is present, shall be the act of the Trustees. In the event that action is to be taken with respect to the death, declination, resignation,
retirement, removal or incapacity of one or more Trustees, a quorum for the transaction of such business and any other business
conducted at such meeting and (except as otherwise required by the Declaration of Trust, by these By-Laws or by statute) shall
be a majority of the remaining Trustees then in office. In the absence of a quorum, a majority of the Trustees present may adjourn
the meeting from time to time until a quorum shall be present. Notice of any adjourned meeting need not be given.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VI</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares of Beneficial Interest</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Certificates for Shares of
Beneficial Interest</U>. Certificates for shares of beneficial interest of any class of shares of the Trust, if issued, shall be
in such form as shall be approved by the Trustees. They shall be signed by, or in the name of, the Trust by the President and by
the Treasurer and may, but need not be, sealed with seal of the Trust; provided, however, that where such certificate is signed
by a transfer agent or a transfer clerk acting on behalf of the Trust or a registrar other than a Trustee, officer or employee
of the Trust, the signature of the President or Treasurer and the seal may be facsimile. In case any officer or officers who shall
have signed, or whose facsimile signature or signatures shall have been used on any such certificate or certificates, shall cease
to be such officer or officers of the Trust whether because of death, resignation or otherwise, before such certificate or certificates
shall have been delivered by the Trust, such certificate or certificates may nevertheless be adopted by the Trust and be issued
and delivered as though the person or persons who signed such certificate or certificates or whose facsimile signatures shall have
been used thereon had not ceased to be such officer or officers of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Transfer of Shares</U>. Transfers
of shares of beneficial interest of any shares of the Trust shall be made only on the books of the Trust by the owner thereof or
by his attorney thereunto authorized by a power of attorney duly executed and filed with the Secretary or a transfer agent, and
only upon the surrender of any certificate or certificates for such shares. The Trust shall not impose any restrictions upon the
transfer of the shares of the Trust, but this requirement shall not prevent the charging of customary transfer agent fees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Transfer Agent and Registrar;
Regulations</U>. The Trust shall, if and whenever the Trustees shall so determine, maintain one or more transfer offices or agencies,
each in the charge of a transfer agent designated by the Trustees, where the shares of beneficial interest of the Trust shall be
directly transferable. The Trust shall, if and whenever the Trustees shall so determine, maintain one or more registry offices,</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">each in the charge of a registrar designated
by the Trustees, where such shares shall be registered, and no certificate for shares of the Trust in respect of which a transfer
agent and/or registrar shall have been designated shall be valid unless countersigned by such transfer agent and/or registered
by such registrar. The principal transfer agent may be located within or without the Commonwealth of Massachusetts and shall have
charge of the stock transfer books, lists and records, which shall be kept within or without Massachusetts in an office which shall
be deemed to be the stock transfer office of the Trust. The Trustees may also make such additional rules and regulations as it
may deem expedient concerning the issue, transfer and registration of certificates for shares of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Closing of Transfer Books
and Fixing Record Date</U>. The Trustees may fix in advance a time which shall be not more than seventy-five days before the date
of any meeting of shareholders, or the date for the payment of any dividend or the making or any distribution to shareholders or
the last day on which the consent or dissent of shareholders may be effectively expressed for any purpose, as the record date for
determining the shareholders having the right to notice of and to vote at such meeting, and any adjournment thereof, or the right
to receive such dividend or distribution or the right to give such consent or dissent, and in such case only shareholders of record
on such record date shall have such right, notwithstanding any transfer of shares on the books of the Trust after the record date.
The Trustees may, without fixing such record date, close the transfer books for all or any part of such period for any of the foregoing
purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Lost, Destroyed or Mutilated
Certificates</U>. The holder of any shares of the Trust shall immediately notify the Trust of any loss, destruction or mutilation
of the certificate therefor, and the Trustees may, in their discretion, cause a new certificate or certificates to be issued to
him, in case of mutilation of the certificate, upon the surrender of the mutilated certificate, or, in case of loss or destruction
of the certificate, upon satisfactory proof of such loss or destruction and, in any case, if the Trustees shall so determine, upon
the delivery of a bond in such form and in such sum and with such surety or sureties as the Trustees may direct, to indemnify the
Trust against any claim that may be made against it on account of the alleged loss or destruction of any such certificate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 6.&#9;<U>Record Owner of Shares</U>.
The Trust shall be entitled to treat the person in whose name any share of the Trust is registered on the books of the Trust as
the owner thereof, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the
part of any other person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fiscal Year</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Fiscal Year</U>. The fiscal
year of the Trust shall end on such date as the Trustees may, from time to time, determine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VIII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Seal</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Seal</U>. The Trustees may
adopt a seal of the Trust which shall be in such form and shall have such inscription thereon as the Trustees may from time to
time prescribe.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE IX</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Inspection of Books</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Inspection of Books by Shareholders</U>.
The Trustees shall from time to time determine whether and to what extent, and at what times and places, and under what conditions
and regulations the accounts and books of the Trust or any of them shall be open to the inspection of the shareholders; and no
shareholder shall have any right to inspect any account or book or document of the Trust except as conferred by law or authorized
by the Trustees or by resolution of the shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Inspection of Books by Trustees</U>.
The results of all actions taken at a meeting of the Trustees, or by written consent of the Trustees, shall be recorded by the
Secretary of the meeting appointed by the Board of Trustees. Each Trustee shall be entitled to examine the Declaration of Trust
and these By-Laws. Subject to such policies and procedures as may be adopted by the Board of Trustees, a Trustee shall also be
entitled to access the Trust&#8217;s other records and to receive such other information about the Trust as is reasonably necessary
for the Trustee to perform his or her duties to the Trust and its shareholders and otherwise only to the extent required by applicable
law. Subject to such policies and procedures, a majority of Trustees shall determine in good faith whether any request for such
access to records or such other information is reasonably necessary for the Trustees to perform such duties, and such determination
shall be binding upon the requesting Trustee and all other parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE X</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Principal Custodian and Sub&#45;custodians</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Principal Custodian</U>. The
following provisions shall apply to the employment of the principal Custodian pursuant to the Declaration of Trust:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) The Trust may employ
the principal Custodian:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To hold securities owned by the Trust and deliver the same upon written order
or oral order, if confirmed in writing, or by such electro-mechanical or electronic devices as are agreed to by the Trust and such
Custodian;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To receive and receipt for any moneys due to the Trust and deposit the same
in its own banking department or, as the Trustees may direct, in any bank, trust company or banking institution approved by such
Custodian, provided that all such deposits shall be subject only to the draft or order of such Custodian; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To disburse such funds upon orders or vouchers.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">The Trust may also employ such Custodian as its agent:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To keep the books and accounts of the Trust and furnish clerical and accounting
services; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To compute the net asset value per share in the manner approved by the Trust.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">All of the foregoing services shall be performed upon such basis of compensation
as may be agreed upon between the Trust and the principal Custodian. If so directed by vote of the holders of a majority of the
outstanding shares of Trust, the principal Custodian shall deliver and pay over all property of the Trust held by it as specified
in such vote.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">In case of the resignation, removal or inability to serve of any such Custodian,
the Trustees shall promptly appoint another bank or trust company meeting the requirements of the Declaration of Trust as successor
principal Custodian. The agreement with the principal Custodian shall provide that the retiring principal Custodian shall, upon
receipt of notice of such appointment, deliver the funds and property of the Trust in its possession to and only to such successor,
and that pending appointment of a successor principal Custodian, or a vote of the shareholders to function without a principal
Custodian, the principal Custodian shall not deliver funds and property of the Trust to the Trustees, but may deliver them to a
bank or trust company doing business in Boston, Massachusetts, of its own selection, having an aggregate capital, surplus and undivided
profits, as shown by its last published report, of not less than $2,000,000, as the property of the Trust to be held under terms
similar to those on which they were held by the retiring principal Custodian.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Sub-Custodian</U>. The Trust
may also authorize the principal Custodian to employ one or more sub&#45;custodians from time to time to perform such of the acts
and services of the Custodian and upon such terms and conditions as may be agreed upon between the Custodian and sub&#45;custodian.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Securities Depositories, etc.</U>
Subject to such rules, regulations and orders as the SEC may adopt, the Trust may authorize or direct the principal Custodian or
any sub&#45;custodian to deposit all or any part of the securities in or with one or more depositories or clearing agencies or
systems for the central handling of securities or other book&#45;entry systems approved by the Trust, or in or with such other
persons or systems as may be permitted by the SEC, or otherwise in accordance with the Act, pursuant to which all securities of
any particular class or series of any issuer deposited within the system are treated as fungible and may be transferred or pledged
by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal
only upon the order of the Trust or the principal Custodian or the sub&#45;custodian. The Trust may also authorize the deposit
in or with one or more eligible foreign custodians (or in or with one or more foreign depositories, clearing agencies or systems
for the central handling of securities) of all or part of the Trust&#8217;s foreign assets, securities, cash and cash equivalents
in amounts reasonably necessary to effect the Trust&#8217;s foreign investment transactions, in accordance with such rules, regulations
and orders as the SEC may adopt.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XI</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Limitation of Liability and Indemnification</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Limitation of Liability</U>.
Provided they have exercised reasonable care and have acted under the reasonable belief that their actions are in the best interest
of the Trust, the Trustees shall not be responsible for or liable in any event for neglect or wrongdoing of them or any officer,
agent, employee or investment adviser of the Trust, but nothing contained in the Declaration of Trust or herein shall protect any
Trustee against any liability to which he 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 office.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Indemnification of Trustees
and Officers</U>. Subject to the exceptions and limitations contained in this section, every person who is, or has been, a Trustee
or officer of the Trust or, at the Trust&#8217;s request, serves, or has served, as a director, trustee or officer of another organization
in which the Trust has an interest as a shareholder, creditor or otherwise (hereinafter referred to as a &#8220;Covered Person&#8221;),
shall be indemnified by the Trust to the fullest extent permitted by applicable law, as in effect from time to time (&#8220;Applicable
Law&#8221;), against any and all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or
settlement, or as fines and penalties, and counsel fees, incurred by or for such Covered Person in connection with the preparation
for, defense or disposition of, any claim, demand, action, suit, investigation, inquiry or proceeding of any and every kind, whether
actual or threatened (collectively, a &#8220;Claim&#8221;), in which such Covered Person becomes involved as a party or otherwise
by virtue of being or having been a Covered Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No indemnification shall
be provided hereunder to a Covered Person to the extent such indemnification is prohibited by Applicable Law. In no event shall
the Trust be obligated to indemnify a Covered Person against liabilities to the Trust or any shareholder to which such Covered
Person would otherwise be subject by reason of the willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of such Covered Person&#8217;s office (collectively, &#8220;Disabling Conduct&#8221;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The rights of indemnification
herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights
to which any Covered Person may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators
of such Covered Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the maximum extent permitted
by Applicable Law, the Trust shall make advances for the payment of expenses reasonably incurred by or for a Covered Person in
connection with any Claim for which the Covered Person is entitled to indemnification by the Trust prior to final disposition thereof
upon receipt of an undertaking by or on behalf of the Covered Person to repay such amount if it is ultimately determined that such
Covered Person is not entitled to indemnification by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The obligation of the Trust
to indemnify a Covered Person and/or make advances for the payment of expenses incurred by or for such Covered Person under this
section may be made subject to conditions and procedures as the Trustees determine are necessary or appropriate to protect the
Trust from the risk that a Covered Person will ultimately be determined to be not entitled to indemnification hereunder. Except
as otherwise provided in such conditions and procedures, the Covered Person shall be entitled to the benefit of a rebuttable presumption
that the Covered Person has not engaged in Disabling Conduct and that the Covered Person is entitled to indemnification hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Nothing contained in this
section shall affect any rights to indemnification to which any Covered Person or other person may be entitled by contract or otherwise
under law or prevent the Trust from entering into any contract to provide indemnification to any Covered Person or other person.
Without limiting the foregoing, the Trust may, in connection with the acquisition of assets subject to liabilities or a merger
or consolidation, assume the obligation to indemnify any person including a Covered Person or otherwise contract to provide such
indemnification, and such indemnification shall not be subject to the terms of this section.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Indemnification of Shareholders</U>.
In case any shareholder or former shareholder shall be held to be personally liable solely by reason of his being or having been
a shareholder and not because of his acts or omissions or for some other reason, the shareholder or former shareholder (or his
heirs, executors, administrators or other legal representatives, or in the case of a corporation or other entity, its corporate
or other general successor) shall be entitled out of the Trust estate to be held harmless from and indemnified against all loss
and expense arising from such liability. The Trust shall, upon request by the shareholder, assume the defense of any claim made
against any shareholder for any act or obligation of the Trust and satisfy any judgment thereon. A holder of shares of a series
shall be entitled to indemnification hereunder only out of assets allocated to that series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Litigation, Limitation of Liability, Applicable
Law and Conflicts of Law</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 1.&#9;<U>Litigation</U>. To the maximum extent permitted
by law, any exercise of power described in Section 2.18 of the Declaration of Trust shall be final, and binding on all persons
(including shareholders of the Trust).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 2.&#9;<U>Derivative Actions</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) The purpose of this
Article XII, Section 2 is to protect the interests of the Trust and the shareholders of the Trust by establishing a process that
will permit legitimate inquiries and claims to be made and considered while avoiding the time, expense, distraction and other harm
that can be caused to the Trust and shareholders as a result of spurious shareholder demands and derivative actions. In addition
to any requirements applicable to shareholders of a Massachusetts business corporation that are not inconsistent with the terms
of this Declaration of Trust, a shareholder or shareholders may bring a derivative action on behalf of the Trust only in accordance
with the terms of this Article XII, Section 2.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(B) Except to the extent
explicitly permitted under the federal securities laws, no shareholder or group of shareholders shall have the right to bring or
maintain any court action, proceeding or claim on behalf of the Trust or any series or class of shares of the Trust without first
making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall
not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the demanding
shareholder(s) make a specific showing that irreparable nonmonetary injury to the Trust or series or class of shares of the Trust
that the shareholder(s) could not reasonably have prevented would otherwise result. Such demand shall be mailed to the Secretary
of the Trust at the Trust&#8217;s principal office and shall set forth with particularity the nature of the proposed court action,
proceeding or claim and the essential facts relied upon by the shareholder(s) to support the allegations made in the demand. Within
90 days of receipt of any such demand, the Trustees shall consider the merits of the claim and determine whether commencing or
maintaining a suit would be in the best interests of the Trust or the affected series or class, as applicable.&nbsp; If, during
this 90-day period, the Trustees conclude that a determination as to the maintenance of a suit cannot reasonably be made within
the 90-day period, the Trustees may extend the 90-day period by a period of time that the Trustees consider will be sufficient
to permit them to make such a determination, not to exceed 60 calendar days from the end of the initial 90-day period. In their
sole discretion, the Trustees may submit the question of whether to proceed with the claim to a vote of shareholders of the Trust
or a series or class of shares, as appropriate. To the maximum extent permitted by law, any decision by the Trustees to bring,
maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote
of shareholders, shall be final and binding upon the shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(C) Any Trustee acting
in connection with any demand or any proceeding relating to a claim on behalf of or for the benefit of the Trust or any series
or class thereof who is not an &#8220;interested person&#8221; of the Trust within the meaning of Section 2(a)(19) of the 1940
Act shall be deemed to be independent and disinterested with respect to any actions taken in connection with any such demand, proceeding,
or claim. Without limiting the foregoing, a Trustee otherwise independent for purposes of considering the demand shall not be considered
not to be independent and disinterested by virtue of (i) the fact that such Trustee receives remuneration for his service as a
Trustee of the Trust or as a trustee or director of one or more investment companies with the same or an affiliated investment
adviser or underwriter, (ii) the amount of such remuneration, (iii) the fact that such Trustee was identified in the demand as
a potential defendant or witness or was named as a defendant in any derivative action, or (iv) the fact that the Trustee approved
or participated in the act being challenged in the demand if the act resulted in no material personal benefit to the Trustee or,
if the Trustee is also a shareholder, no material personal benefit that is not shared pro rata with other shareholders of the series
or class of which the Trustee is a shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(D) For purposes of this
Article XII, Section 2, the Trustees may designate a committee to consider a demand by shareholders. Such committee (or the Trustees
in the absence of a committee) shall be entitled to retain counsel or other advisers in considering the merits of the demand.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Exclusive Right of Action</U>.
To the maximum extent permitted by law, each shareholder of the Trust acknowledges and agrees that any alleged injury to the Trust&#8217;s
property, any diminution in the value of the shareholder&#8217;s shares, or any other claim arising out of or relating to an allegation
regarding the actions, inaction, or omissions of or by the Trustees, the Trust&#8217;s officers or the investment adviser of the
Trust is a legal claim belonging only to the Trust and not to the shareholders individually. Accordingly, all shareholders shall
be bound to bring any and all such claims pursuant only to the provisions of Article XII, Section 2. The shareholders acknowledge
that, for these purposes, the Trust is deemed to be a separate and distinct legal entity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Direct Claims</U>. No group
of shareholders shall have the right to bring or maintain a direct action or claim for monetary damages against the Trust or the
Trustees predicated upon an express or implied right of action under the Declaration of Trust or the 1940 Act, nor shall any single
shareholder, who is similarly situated to one or more other shareholders with respect to the alleged injury, have the right to
bring such an action, unless such group of shareholders or shareholder has obtained authorization from the Trustees to bring the
action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on
the part of the Trustees. A request for authorization shall be mailed to the Secretary of the Trust at the Trust&#8217;s principal
office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts
relied upon by the group of shareholders or shareholder to support the allegations made in the request. The Trustees shall consider
such request within 90 days of its receipt by the Trust. In their sole discretion, the Trustees may submit the matter to a vote
of shareholders of the Trust or series or class of shares, as appropriate. Any decision by the Trustees to settle or to authorize
(or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall
be made in their business judgment and shall be binding on all shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>No Implied Duties or Liabilities</U>.
Except to the extent required by applicable law or expressly stated herein, nothing in the Declaration of Trust or these By-Laws
shall be deemed to create any fiduciary duty or other legal obligation (a) on the part of the Trustees or Trust officers to the
Trust, the shareholders or any other Person; or (b) on the part of the Trust to any person.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 6.&#9;<U>Applicable Law</U>. The Trust
is governed by and construed and administered according to the laws of the Commonwealth of Massachusetts. The Trust is of the type
commonly called a Massachusetts business trust, and without limiting the provisions hereof, the Trust may exercise all powers which
are ordinarily exercised by such a trust. Any suit, action or proceeding brought by or in the right of any shareholder of the Trust
or any person claiming any interest in any shares of the Trust seeking to enforce any provision of, or based on any matter arising
out of, related to, or in connection with, the Declaration of Trust or the Trust, any series or class or any shares of the Trust,
including without limitation any claim (whether direct, derivative or otherwise) of any nature against or on behalf of the Trust,
any series or class, the Trustees or officers of the Trust or the investment adviser of the Trust, shall be brought exclusively
in the United States District Court for the District of Massachusetts, or to the extent such court does not have jurisdiction than
such actions and/or claims, shall be brought in the Superior Court of Suffolk County for the Commonwealth of Massachusetts. If
a shareholder or group of shareholders bring a claim in a jurisdiction other than as specified above, and venue for such claim
is subsequently changed through legal process to the United States District Court for the District of Massachusetts or the Superior
Court of Suffolk County for the Commonwealth of Massachusetts, such shareholder(s) shall reimburse all expenses incurred by the
Trust or any other person in effecting such change of venue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 7.&#9;<U>Provisions in Conflict with
Law or Regulations</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) The provisions of the
Declaration of Trust and By-Laws are severable, and if the Trustees shall determine, with the advice of legal counsel, that any
of such provisions is in conflict with the 1940 Act, the Internal Revenue code of 1986 or with other applicable laws and regulations,
the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust or By-Laws, as applicable;
provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or By-Laws
or render invalid or improper any action taken or omitted prior to such determination.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(B) If any provision of
the Declaration of Trust or By-Laws shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall attach only to such provision in such jurisdiction and shall not in any manner affect such provisions in any other jurisdiction
or any other provision of the Declaration of Trust or By-Laws in any jurisdiction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XIII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Report to Shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Reports to Shareholders</U>.
The Trustees shall at least semi-annually transmit by written, electronic, computerized or other alternative means to the shareholders
a written report of the financial statements of the Trust, which shall at least annually be certified by independent public accountants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XIX</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Amendments</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Amendments</U>. These By-Laws
may be amended at any meeting of the Trustees by a vote of a majority of the Trustees then in office; provided, however, that any
provision of Article XI may be amended only by a two-thirds vote of such Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated: March 23, 2020</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>
<TYPE>EX-99.(L)
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<TEXT>
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<P STYLE="font: 9pt NewsGoth BT, Sans-Serif; margin: 0; letter-spacing: -0.2pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt NewsGoth BT, Sans-Serif; margin: 0; letter-spacing: -0.2pt"><FONT STYLE="letter-spacing: 0pt"><IMG SRC="eeifexl_104.jpg" ALT="new logo" STYLE="height: 42px; width: 301px">&#9;</FONT></P>

<P STYLE="font: 9pt NewsGoth BT, Sans-Serif; margin: 0; letter-spacing: -0.2pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt NewsGoth BT, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 351pt"><FONT STYLE="letter-spacing: 0pt">Eaton
Vance Management</FONT></P>

<P STYLE="font: 8pt NewsGoth BT, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 351pt"><FONT STYLE="letter-spacing: 0pt">Two
International Place</FONT></P>

<P STYLE="font: 8pt NewsGoth BT, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 351pt"><FONT STYLE="letter-spacing: 0pt">Boston,
MA 02110</FONT></P>

<P STYLE="font: 8pt NewsGoth BT, Sans-Serif; margin: 0; letter-spacing: -0.2pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt NewsGoth BT, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 351pt"><FONT STYLE="letter-spacing: 0pt">(617)
482-8260</FONT></P>

<P STYLE="font: 8pt NewsGoth BT, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 351pt"><FONT STYLE="letter-spacing: 0pt">www.eatonvance.com</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt"><B>&nbsp;</B></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 Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">April 23, 2020</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">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 (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 Fund, 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 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 Fund.</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 Fund 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 Fund 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 Fund. </FONT></TD></TR></TABLE>

<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>


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<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">Securities and Exchange Commission</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">April 23, 2020</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">Page 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; letter-spacing: -0.2pt">&nbsp;</P>

<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 Fund) could be deemed to have personal
liability for the obligations of the Fund. The Fund&#8217;s Declaration of Trust contains an express disclaimer of liability on
the part of shareholders and the Fund&#8217;s By-laws provide that the Fund shall, upon request by the shareholder, assume the
defense of any claim made against any shareholder for any act or obligation of the Fund and satisfy any judgement thereon. The
Declaration of Trust also contains provisions limiting the liability of a series or class to that series or class. Moreover, the
Fund&#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 Fund 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 Fund&#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/ Jeanmarie Valle Lee&#9;</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Jeanmarie Valle Lee, Esq.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Vice President</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>4
<FILENAME>exhibitn_ex-99zn.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<HEAD>
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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: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></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 Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We consent to the incorporation by reference
in this Post-Effective Amendment to Registration Statement No. 333-229448 on Form N-2 of our report dated February 18, 2020, 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, 2019, 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; 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">/s/ Deloitte &amp; Touche LLP</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Boston, Massachusetts</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">April 23, 2020</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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


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