EATON VANCE LIMITED DURATION INCOME FUND BOSTON, Feb. 23, 2015 /PRNewswire/ -- Eaton Vance Limited Duration Income Fund (NYSE MKT: 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 December 31, 2014. The Fund's fiscal year ends on March 31, 2015.
For the three months ended December 31, 2014, the Fund had net investment income of $31,615,066 ($0.269 per common share). From this amount, the Fund paid dividends on preferred shares of $97,317 (equal to $0.001 for each common share), resulting in net investment income after the preferred dividends of $31,517,749 or $0.268 per common share. For the nine months ended December 31, 2014, the Fund had net investment income of $92,667,150 ($0.788 per common share). From this amount, the Fund paid dividends on preferred shares of $255,893 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $92,411,257 or $0.786 per common share. In comparison, for the three months ended December 31, 2013, the Fund had net investment income of $33,896,642 ($0.289 per common share). From this amount, the Fund paid dividends on preferred shares of $79,320 (equal to $0.001 for each common share), resulting in net investment income after the preferred dividends of $33,817,322 or $0.288 per common share. For the nine months ended December 31, 2013, the Fund had net investment income of $91,547,704 ($0.779 per common share). From this amount, the Fund paid dividends on preferred shares of $241,526 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $91,306,178 or $0.777 per common share.
Net realized and unrealized losses for the three months ended December 31, 2014 were $31,622,349 ($0.269 per common share). The Fund's net realized and unrealized losses for the nine months ended December 31, 2014 were $76,243,375 ($0.649 per common share). In comparison, net realized and unrealized gains for the three months ended December 31, 2013 were $24,024,939 ($0.212 per common share). The Fund's net realized and unrealized losses for the nine months ended December 31, 2013 were $21,932,770 ($0.187 per common share).
On December 31, 2014, net assets of the Fund applicable to common shares were $1,859,396,559. The net asset value per common share on December 31, 2014 was $15.82 based on 117,547,018 common shares outstanding. In comparison, on December 31, 2013, net assets of the Fund applicable to common shares were $1,943,271,289. The net asset value per common share on December 31, 2013 was $16.53 based on 117,547,018 common shares outstanding.
The Fund periodically makes performance data and certain information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors - Closed-End Funds"). Fund portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-end.
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 $296.0 billion in assets as of December 31, 2014, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service, timely innovation 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
December 31, December 31,
------------ ------------
2014 2013 2014 2013
---- ---- ---- ----
Gross investment income $40,722 $42,696 $120,044 $115,882
Operating expenses (6,478) (6,366) (19,572) (18,273)
Interest expense (2,629) (2,433) (7,805) (6,061)
------ ------ ------ ------
Net investment income $31,615 $33,897 $92,667 $91,548
Net realized and unrealized gains (losses)
on investments ($31,622) $24,025 ($76,243) ($21,933)
Preferred dividends paid from net investment income (97) (79) (256) (242)
Net increase (decrease) in net assets
from operations ($104) $57,843 $16,168 $69,373
Earnings per Common Share Outstanding
-------------------------------------
Gross investment income $0.347 $0.363 $1.021 $0.986
Operating expenses (0.056) (0.053) (0.167) (0.155)
Interest expense (0.022) (0.021) (0.066) (0.052)
------ ------ ------ ------
Net investment income $0.269 $0.289 $0.788 $0.779
Net realized and unrealized gains (losses)
on investments ($0.269) $0.212 ($0.649) ($0.187)
Preferred dividends paid from net investment income (0.001) (0.001) (0.002) (0.002)
------ ------ ------ ------
Net increase (decrease) in net assets
from operations ($0.001) $0.500 $0.137 $0.590
Net investment income $0.269 $0.289 $0.788 $0.779
Preferred dividends paid from net investment income (0.001) (0.001) (0.002) (0.002)
------ ------ ------ ------
Net investment income after preferred dividends $0.268 $0.288 $0.786 $0.777
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Net Asset Value at December 31 (Common Share)
--------------------------------------------
Net assets (000) $1,859,397 $1,943,271
Shares outstanding (000) 117,547 117,547
Net asset value per share outstanding $15.82 $16.53
Market Value Summary (Common Share)
----------------------------------
Market price on NYSE MKT at December 31 $14.12 $15.30
High market price (nine months ended December 31) $15.64 $17.67
Low market price (nine months ended December 31) $13.48 $14.50
Estimated net investment income per share, calculated on a federal income tax basis, for the nine months ended
December 31, 2014 and December 31, 2013, was $0.904 and $0.901, respectively.
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SOURCE Eaton Vance Management
