Eaton Vance Municipal Bond Fund II Report of Earnings

BOSTON, Sept. 8 /PRNewswire-FirstCall/ -- Eaton Vance Municipal Bond Fund II (NYSE Amex: EIV) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three and nine-month periods ended June 30, 2010.  The Fund's fiscal year ends on September 30, 2010.

For the three months ended June 30, 2010, the Fund had net investment income of $2,385,875 ($0.239 per common share).  From this amount, the Fund paid dividends on preferred shares of $49,548 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $2,336,327, or $0.234 per common share. The Fund's net investment income for the nine months ended June 30, 2010 was $7,194,199 ($0.722 per common share, before deduction of the preferred share dividends totaling $0.014 per common share), resulting in net investment income after the preferred dividends of $0.708 per common share. In comparison, for the three months ended June 30, 2009, the Fund had net investment income of $2,384,081 ($0.240 per common share).  From this amount, the Fund paid dividends on preferred shares of $69,121 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $2,314,960, or $0.233 per common share. The Fund's net investment income for the nine months ended June 30, 2009 was $6,947,237 ($0.699 per common share, before deduction of the preferred share dividends totaling $0.053 per common share), resulting in net investment income after the preferred dividends of $0.646 per common share.

Net realized and unrealized losses for the three months ended June 30, 2010 were $423,118 ($0.039 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2010 were $8,148,276 ($0.818 per common share). In comparison, net realized and unrealized gains for the three months ended June 30, 2009 were $7,634,113 ($0.765 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2009 were $2,575,845 ($0.259 per common share).

On June 30, 2010, net assets of the Fund applicable to common shares were $120,221,261.  The net asset value per common share on June 30, 2010 was $12.06 based on 9,965,023 common shares outstanding.  In comparison, on June 30, 2009, net assets of the Fund applicable to common shares were $107,445,494.  The net asset value per common share on June 30, 2009 was $10.80 based on 9,949,079 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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