BOSTON, Feb. 3 /PRNewswire-FirstCall/ -- Eaton Vance Tax-Advantaged Dividend Income Fund , a closed-end investment company, today announced the earnings of the Fund for the three months ended November 30, 2008. The Fund's fiscal year ends on August 31, 2009.
For the three months ended November 30, 2008, the Fund had net investment income of $11,943,366 ($0.164 per common share). In comparison, for the three months ended November 30, 2007, the Fund had net investment income of $19,229,686 ($0.264 per common share). From this amount, the Fund paid dividends on preferred shares of $8,620,976 (equal to $0.118 for each common share), resulting in net investment income after the preferred dividends of $10,608,710 or $0.146 per common share.
Net realized and unrealized losses for the three months ended November 30, 2008 were $745,880,865 ($10.241 per common share). In comparison, net realized and unrealized gains for the three months ended November 30, 2007 were $80,062,082 ($1.099 per common share).
On November 30, 2008, net assets of the Fund were $1,004,048,773. The net asset value per share on November 30, 2008 was $13.79 based on 72,835,900 shares outstanding. In comparison, on November 30, 2007, net assets applicable to common shares of the Fund were $2,265,385,318. The net asset value per common share on November 30, 2007 was $31.10 based on 72,835,900 common shares outstanding.
The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. , 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 $124.9 billion in assets as of December 31, 2008, 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 http://www.eatonvance.com/.
EATON VANCE TAX-ADVANTAGED DIVIDEND INCOME FUND SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended November 30, ------------------- 2008 2007 ---- ---- Gross investment income $19,402 $24,776 Operating expenses (3,295) (5,546) Interest expense (4,164) - ------ ------ Net investment income $11,943 $19,230 Net realized and unrealized gains (losses) on investments ($745,881) $80,062 Preferred dividends paid (1) - (8,621) -------- ------ Net increase (decrease) in net assets from operations ($733,938) $90,671 ========= ======= Earnings per Common Share Outstanding Gross investment income $0.266 $0.340 Operating expenses (0.045) (0.076) Interest expense (0.057) - ------ ------ Net investment income $0.164 $0.264 Net realized and unrealized gains (losses) on investments ($10.241) $1.099 Preferred dividends paid (1) - (0.118) ------ ------ Net increase (decrease) in net assets from operations ($10.077) $1.245 ======== ====== Net investment income $0.164 $0.264 Preferred dividends paid (1) - ($0.118) ------ ------- Net investment income after preferred dividends $0.164 $0.146 ====== ====== Net Asset Value at November 30 (Common Shares) ---------------------------------------------- Net assets (000) $1,004,049 $2,265,385 Shares outstanding (000) 72,836 72,836 Net asset value per share outstanding $13.79 $31.10 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE at November 30 $10.07 $27.15 High market price (period ended November 30) $21.05 $29.40 Low market price (period ended November 30) $8.40 $25.73 (1) As of April 23, 2008, all series of preferred shares had been redeemed.
