Eaton Vance Limited Duration Income Fund Report of Earnings
BOSTON, March 26 /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 nine months ended January 31, 2010. The Fund's fiscal year ends on April 30, 2010.
For the three months ended January 31, 2010, the Fund had net investment income of $40,499,539 ($0.360 per common share). From this amount, the Fund paid dividends on preferred shares of $145,645 (equal to $0.001 for each common share), resulting in net investment income after the preferred dividends of $40,353,894 or $0.359 per common share. For the nine months ended January 31, 2010, the Fund had net investment income of $106,391,368 ($0.946 per common share). From this amount, the Fund paid dividends on preferred shares of $612,059 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $105,779,309 or $0.941 per common share. In comparison, for the three months ended January 31, 2009, the Fund had net investment income of $36,090,530 ($0.321 per common share). From this amount, the Fund paid dividends on preferred shares of $880,024 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $35,210,506 or $0.313 per common share. For the nine months ended January 31, 2009, the Fund had net investment income of $116,003,445 ($1.031 per common share). From this amount, the Fund paid dividends on preferred shares of $6,118,032 (equal to $0.054 for each common share), resulting in net investment income after the preferred dividends of $109,885,413 or $0.977 per common share.
Net realized and unrealized gains for the three months ended January 31, 2010 were $53,903,901 ($0.481 per common share). The Fund's net realized and unrealized gains for the nine months ended January 31, 2010 were $375,502,830 ($3.339 per common share). In comparison, net realized and unrealized losses for the three months ended January 31, 2009 were $49,112,088 ($0.437 per common share). The Fund's net realized and unrealized losses for the nine months ended January 31, 2009 were $504,622,050 ($4.487 per common share).
On January 31, 2010, net assets of the Fund applicable to common shares were $1,825,999,146. The net asset value per common share on January 31, 2010 was $16.24 based on 112,462,747 common shares outstanding. In comparison, on January 31, 2009, net assets of the Fund applicable to common shares were $1,324,147,687. The net asset value per common share on January 31, 2009 was $11.77 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 $161.6 billion in assets as of January 31, 2010, 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 Nine Months Ended
January 31, January 31,
----------------- -------------------
2010 2009 2010 2009
------ ------ ------- -------
Gross investment income $49,317 $46,178 $133,592 $145,746
Interest expense (4,070) (6,534) (14,324) (16,881)
Operating expenses (4,747) (3,554) (12,877) (12,862)
------ ------ ------- -------
Net investment income $40,500 $36,090 $106,391 $116,003
Net realized and
unrealized gains (losses)
on investments $53,904 ($49,112) $375,503 ($504,622)
Preferred dividends
paid from net
investment income ($146) ($880) ($612) ($6,118)
----- ----- ----- -------
Net increase (decrease)
in net assets from
operations $94,258 ($13,902) $481,282 ($394,737)
======= ======== ======== =========
Earnings per Common
Share Outstanding
Gross investment income $0.438 $0.411 $1.188 $1.295
Interest expense (0.036) (0.058) (0.127) (0.150)
Operating expenses (0.042) (0.032) (0.115) (0.114)
------ ------ ------ ------
Net investment income $0.360 $0.321 $0.946(1) $1.031(1)
Net realized and
unrealized gains
(losses) on
investments $0.481 ($0.437) $3.339 ($4.487)
Preferred dividends
paid from net
investment income (0.001) (0.008) (0.005) (0.054)
------ ------ ------ ------
Net increase (decrease)
in net assets from
operations $0.840 ($0.124) $4.280 ($3.510)
====== ======= ====== =======
Net investment income $0.360 $0.321 $0.946 $1.031
Preferred dividends
paid from net
investment income (0.001) (0.008) (0.005) (0.054)
------ ------ ------ ------
Net investment income
after preferred
dividends $0.359 $0.313 $0.941 $0.977
====== ====== ====== ======
Net Asset Value at
January 31 (Common Share )
Net assets (000) $1,825,999 $1,324,148
Shares outstanding (000) 112,463 112,463
Net asset value per
share outstanding $16.24 $11.77
Market Value Summary
(Common Share)
Market price on NYSE
Amex at January 31 $15.43 $10.97
High market price (nine
months ended January 31) $15.54 $15.46
Low market price (nine
months ended January 31) $11.61 $8.00
(1) For Federal Income Tax purposes, net investment income per share for
the nine months ended January 31, 2010 and January 31, 2009, was $1.02
and $1.13, respectively.
SOURCE Eaton Vance Management
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