Eaton Vance Limited Duration Income Fund Report Of Earnings
BOSTON, Jan. 5 /PRNewswire-FirstCall/ -- Eaton Vance Limited Duration Income Fund (NYSE Amex: EVV) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months and the six months ended October 31, 2009. The Fund's fiscal year ends on April 30, 2010.
For the three months ended October 31, 2009, the Fund had net investment income of $28,682,814 ($0.255 per common share). From this amount, the Fund paid dividends on preferred shares of $190,539 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $28,492,275 or $0.253 per common share. For the six months ended October 31, 2009, the Fund had net investment income of $65,891,829 ($0.586 per common share). From this amount, the Fund paid dividends on preferred shares of $466,414 (equal to $0.004 per common share), resulting in net investment income after the preferred dividends of $65,425,415, or $0.582 per common share. In comparison, for the three months ended October 31, 2008, the Fund had net investment income of $38,143,359 ($0.339 per common share). From this amount, the Fund paid dividends on preferred shares of $2,691,696 (equal to $0.024 for each common share), resulting in net investment income after the preferred dividends of $35,451,663 or $0.315 per common share. For the six months ended October 31, 2008, the Fund had net investment income of $79,912,915 ($0.711 per common share). From this amount, the Fund paid dividends on preferred shares of $5,238,008 (equal to $0.047 per common share), resulting in net investment income after the preferred dividends of $74,674,907, or $0.664 per common share.
Net realized and unrealized gains for the three months ended October 31, 2009 were $110,500,465 ($0.981 per common share). The Fund's net realized and unrealized gains for the six months ended October 31, 2009 were $321,598,929 ($2.858 per common share). In comparison, net realized and unrealized losses for the three months ended October 31, 2008 were $406,116,524 ($3.615 per common share). The Fund's net realized and unrealized losses for the six months ended October 31, 2008 were $455,509,962 ($4.054 per common share).
On October 31, 2009, net assets of the Fund applicable to common shares were $1,770,903,755. The net asset value per common share on October 31, 2009 was $15.75 based on 112,462,747 common shares outstanding. In comparison, on October 31, 2008, net assets of the Fund applicable to common shares were $1,374,582,641. The net asset value per common share on October 31, 2008 was $12.22 based on 112,462,747 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 $154.9 billion in assets as of October 31, 2009, offering individuals and institutions a broad array of investment products 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.
EATON VANCE LIMITED DURATION INCOME FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
October 31, October 31,
2009 2008 2009 2008
Gross investment income $37,326 $48,715 $84,275 $99,568
Interest expense ($4,632) ($5,873) ($10,254) ($10,347)
Operating expenses ($4,011) ($4,699) ($8,129) ($9,308)
Net investment income $28,683 $38,143 $65,892 $79,913
Net realized and unrealized
gains (losses)
on investments $110,500 ($406,116) $321,599 ($455,510)
Preferred dividends paid
from net investment
income ($191) ($2,692) ($466) ($5,238)
Net increase (decrease)
in net assets from
operations $138,992 ($370,665) $387,025 ($380,835)
Earnings per Common Share Outstanding
-------------------------------------
Gross investment income $0.332 $0.433 $0.749 $0.886
Interest expense ($0.041) ($0.052) ($0.091) ($0.092)
Operating expenses ($0.036) ($0.042) ($0.072) ($0.083)
Net investment income $0.255 $0.339 $0.586(1) $0.711(1)
Net realized and unrealized
gains (losses) on
investments $0.981 ($3.615) $2.858 ($4.054)
Preferred dividends paid
from net investment
income ($0.002) ($0.024) ($0.004) ($0.047)
Net increase (decrease)
in net assets from
operations $1.234 ($3.300) $3.440 ($3.390)
Net investment income $0.255 $0.339 $0.586 $0.711
Preferred dividends paid
from net investment
income (0.002) (0.024) (0.004) (0.047)
Net investment income
after preferred
dividends $0.253 $0.315 $0.582 $0.664
Net Asset Value at October 31 (Common Share)
--------------------------------------------
Net assets (000) $1,770,904 $1,374,588
Shares outstanding (000) 112,463 112,463
Net asset value per share outstanding $15.75 $12.22
Market Value Summary (Common Share)
----------------------------------
Market price on NYSE Amex at October 31 $13.89 $10.56
High market price (six months ended October 31) $14.79 $15.46
Low market price (six months ended October 31) $11.61 $8.00
(1) For Federal Income Tax purposes, net investment income per share
for the six months ended October 31, 2009 and October 31, 2008, was
$0.676 and $0.737 , respectively.
SOURCE Eaton Vance Management
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