BOSTON, June 23 /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 fiscal year ended April 30, 2010.
For the three months ended April 30, 2010, the Fund had net investment income of $30,836,681 ($0.267 per common share). From this amount, the Fund paid dividends on preferred shares of $182,014 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $30,654,667 or $0.265 per common share. For the year ended April 30, 2010, the Fund had net investment income of $137,228,049 ($1.213 per common share). From this amount, the Fund paid dividends on preferred shares of $794,073 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $136,433,976 or $1.206 per common share. In comparison, for the three months ended April 30, 2009, the Fund had net investment income of $35,551,099 ($0.317 per common share). From this amount, the Fund paid dividends on preferred shares of $398,486 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $35,152,613 or $0.313 per common share. For the year ended April 30, 2009, the Fund had net investment income of $151,554,544 ($1.348 per common share). From this amount, the Fund paid dividends on preferred shares of $6,516,518 (equal to $0.058 for each common share), resulting in net investment income after the preferred dividends of $145,038,026 or $1.290 per common share.
Net realized and unrealized gains for the three months ended April 30, 2010 were $54,643,552 ($0.470 per common share). The Fund's net realized and unrealized gains for the year ended April 30, 2010 were $430,146,382 ($3.809 per common share). In comparison, net realized and unrealized gains for the three months ended April 30, 2009 were $134,208,048 ($1.197 per common share). The Fund's net realized and unrealized losses for the year ended April 30, 2009 were $370,414,002 ($3.290 per common share).
On April 30, 2010, net assets of the Fund applicable to common shares were $1,950,179,446. The net asset value per common share on April 30, 2010 was $16.63 based on 117,285,374 common shares outstanding. In comparison, on April 30, 2009, net assets of the Fund applicable to common shares were $1,456,963,428. The net asset value per common share on April 30, 2009 was $12.96 based on 112,462,747 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 $176.2 billion in assets as of April 30, 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 http://www.eatonvance.com/.
EATON VANCE LIMITED DURATION INCOME FUND SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended April 30, 2010 2009 ---- ---- Gross investment income $39,360 $43,263 Interest expense (3,698) (4,067) Operating expenses (4,825) (3,645) ------ ------ Net investment income $30,837 $35,551 Net realized and unrealized gains (losses) on investments $54,644 $134,208 Preferred dividends paid from net investment income (182) (398) Net increase (decrease) in net assets from operations $85,299 $169,361 ======= ======== Earnings per Common Share Outstanding ------------------------- Gross investment income $0.341 $0.386 Interest expense (0.032) (0.036) Operating expenses (0.042) (0.033) ------ ------ Net investment income $0.267 $0.317 Net realized and unrealized gains (losses) on investments $0.470 $1.197 Preferred dividends paid from net investment income (0.002) (0.004) ------ ------ Net increase (decrease) in net assets from operations $0.735 $1.510 ====== ====== Net investment income $0.267 $0.317 Preferred dividends paid from net investment income (0.002) (0.004) ------ ------ Net investment income after preferred dividends $0.265 $0.313 ====== ====== Net Asset Value at April 30 (Common Share) --------------------------- Net assets (000) Shares outstanding (000) Net asset value per share outstanding Market Value Summary (Common Share) ---------------------------- Market price on NYSE Amex at April 30 High market price (year ended April 30) Low market price (year ended April 30) Year Ended April 30, 2010 2009 ---- ---- Gross investment income $172,952 $189,010 Interest expense (18,022) (20,948) Operating expenses (17,702) (16,507) ------- ------- Net investment income $137,228 $151,555 Net realized and unrealized gains (losses) on investments $430,146 ($370,414) Preferred dividends paid from net investment income (794) (6,517) ---- ------ Net increase (decrease) in net assets from operations $566,580 ($225,376) ======== ========= Earnings per Common Share Outstanding ------------------------- Gross investment income $1.529 $1.681 Interest expense (0.159) (0.186) Operating expenses (0.157) (0.147) ------ ------ Net investment income $1.213 (1) $1.348 (1) Net realized and unrealized gains (losses) on investments $3.809 ($3.290) Preferred dividends paid from net investment income (0.007) (0.058) ------ ------ Net increase (decrease) in net assets from operations $5.015 ($2.000) ====== ======= Net investment income $1.213 $1.348 Preferred dividends paid from net investment income (0.007) (0.058) ------ ------ Net investment income after preferred dividends $1.206 $1.290 ====== ====== Net Asset Value at April 30 (Common Share) --------------------------- Net assets (000) $1,950,179 $1,456,963 Shares outstanding (000) 117,285 112,463 Net asset value per share outstanding $16.63 $12.96 Market Value Summary (Common Share) ---------------------------- Market price on NYSE Amex at April 30 $16.60 $11.58 High market price (year ended April 30) $16.60 $15.46 Low market price (year ended April 30) $11.61 $8.00 (1) For Federal Income Tax purposes, net investment income per share for the years ended April 30, 2010 and April 30, 2009, was $1.342 and $1.395, respectively.
Eaton Vance Management
CONTACT: Investors, Eaton Vance Management, +1-800-262-1122
Web Site: http://www.eatonvance.com/
