Eaton Vance Municipal Bond Fund Report of Earnings

BOSTON, Dec. 22, 2010 /PRNewswire-FirstCall/ -- Eaton Vance Municipal Bond Fund (NYSE Amex: EIM) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months and year ended September 30, 2010. The Fund's fiscal year ended on September 30, 2010.

For the three months ended September 30, 2010, the Fund had net investment income of $14,275,860 ($0.210 per share). For the year ended September 30, 2010, the Fund had net investment income of $59,651,745 ($0.878 per share). In comparison, for the three months ended September 30, 2009, the Fund had net investment income of $15,299,014 ($0.226 per share). For the year ended September 30, 2009, the Fund had net investment income of $56,812,789 ($0.846 per share).

Net realized and unrealized gains for the three months ended September 30, 2010 were $46,761,969 ($0.686 per share). Net realized and unrealized losses for the year ended September 30, 2010 were $3,844,083 ($0.059 per share). In comparison, net realized and unrealized gains for the three months ended September 30, 2009 were $145,668,074 ($2.148 per share). Net realized and unrealized gains for the year ended September 30, 2009 were $149,266,685 ($2.051 per share).

On September 30, 2010, net assets of the Fund were $889,539,413. The net asset value per share on September 30, 2010 was $13.08 based on 67,995,644 shares outstanding. In comparison, on September 30, 2009, net assets of the Fund were $893,391,134. The net asset value per share on September 30, 2009 was $13.17 based on 67,828,589 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 $185.2 billion in assets as of October 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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