Eaton Vance Municipal Bond Fund II Report of Earnings

BOSTON, March 12, 2012 /PRNewswire/ -- 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 months ended December 31, 2011.  The Fund's fiscal year ends on September 30, 2012.

For the three months ended December 31, 2011, the Fund had net investment income of $2,116,990 ($0.212 per common share).  From this amount, the Fund paid dividends on preferred shares of $24,101 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $2,092,889, or $0.210 per common share. In comparison, for the three months ended December 31, 2010, the Fund had net investment income of $2,244,359 ($0.225 per common share).  From this amount, the Fund paid dividends on preferred shares of $48,953 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $2,195,406, or $0.220 per common share.

Net realized and unrealized gains for the three months ended December 31, 2011 were $1,453,934 ($0.146 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2010 were $18,915,919 ($1.897 per common share).

On December 31, 2011, net assets of the Fund applicable to common shares were $121,506,476.  The net asset value per common share on December 31, 2011 was $12.16 based on 9,993,730 common shares outstanding.  In comparison, on December 31, 2010, net assets of the Fund applicable to common shares were $107,757,577.  The net asset value per common share on December 31, 2010 was $10.80 based on 9,972,979 common shares outstanding.

The Fund periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds").  Fund portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.

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 $191.7 billion in assets as of January 31, 2012 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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