Eaton Vance Enhanced Equity Income Fund II Report of Earnings

BOSTON, Sept. 8 /PRNewswire-FirstCall/ -- Eaton Vance Enhanced Equity Income Fund II (NYSE: EOS), a diversified closed-end investment company, today announced the earnings of the Fund for the three and six-month periods ended June 30, 2010.  The Fund's fiscal year ends on December 31, 2010.

For the three months ended June 30, 2010, the Fund had net investment income of $980,877 ($0.020 per common share).  For the six months ended June 30, 2010, the Fund had net investment income of $1,618,752 ($0.034 per common share).  In comparison, for the three months ended June 30, 2009, the Fund had net investment income of $1,501,213 ($0.031 per common share).  For the six months ended June 30, 2009, the Fund had net investment income of $2,587,972 ($0.054 per common share).  

Net realized and unrealized losses for the three months ended June 30, 2010 were $59,183,123 ($1.234 per common share) and net realized and unrealized losses for the six months ended June 30, 2010 were $33,145,011 ($0.694 per common share). In comparison, net realized and unrealized gains for the three months ended June 30, 2009 were $64,586,294 ($1.355 per common share) and net realized and unrealized gains for the six months ended June 30, 2009 were $26,065,482 ($0.550 per common share).

On June 30, 2010, net assets of the Fund were $563,817,979.  The net asset value per common share on June 30, 2010 was $11.66 based on 48,340,447 common shares outstanding.  In comparison, on June 30, 2009, net assets of the Fund were $566,261,920.  The net asset value per common share on June 30, 2009 was $11.82 based on 47,921,661 common shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $173.3 billion in assets as of July 31, 2010, offering individuals and institutions a broad array of investment strategies and wealth management solutions.  The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors.  For more information about Eaton Vance, visit www.eatonvance.com.

SOURCE Eaton Vance Management

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