EATON VANCE LIMITED DURATION INCOME FUND BOSTON, Nov. 20, 2014 /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 six months ended September 30, 2014. The Fund's fiscal year ends on March 31, 2015.
For the three months ended September 30, 2014, the Fund had net investment income of $30,276,530 ($0.257 per common share). From this amount, the Fund paid dividends on preferred shares of $87,442 (equal to $0.001 for each common share), resulting in net investment income after the preferred dividends of $30,189,088 or $0.256 per common share. For the six months ended September 30, 2014, the Fund had net investment income of $61,052,084 ($0.519 per common share). From this amount, the Fund paid dividends on preferred shares of $158,576 (equal to $0.001 for each common share), resulting in net investment income after the preferred dividends of $60,893,508 or $0.518 per common share. In comparison, for the three months ended September 30, 2013, the Fund had net investment income of $28,621,635 ($0.243 per common share). From this amount, the Fund paid dividends on preferred shares of $74,518 (equal to less than $0.001 for each common share), resulting in net investment income after the preferred dividends of $28,547,117 or $0.243 per common share. For the six months ended September 30, 2013, the Fund had net investment income of $57,651,062 ($0.490 per common share). From this amount, the Fund paid dividends on preferred shares of $162,206 (equal to $0.001 for each common share), resulting in net investment income after the preferred dividends of $57,488,856 or $0.489 per common share.
Net realized and unrealized losses for the three months ended September 30, 2014 were $52,398,250 ($0.454 per common share). The Fund's net realized and unrealized losses for the six months ended September 30, 2014 were $44,621,026 ($0.388 per common share). In comparison, net realized and unrealized gains for the three months ended September 30, 2013 were $8,762,606 ($0.067 per common share). The Fund's net realized and unrealized losses for the six months ended September 30, 2013 were $45,957,709 ($0.399 per common share).
On September 30, 2014, net assets of the Fund applicable to common shares were $1,895,364,753. The net asset value per common share on September 30, 2014 was $16.12 based on 117,547,018 common shares outstanding. In comparison, on September 30, 2013, net assets of the Fund applicable to common shares were $1,921,291,631. The net asset value per common share on September 30, 2013 was $16.34 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 calendar 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 $297.7 billion in assets as of October 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 Six Months Ended
September 30, September 30,
------------- -------------
2014 2013 2014 2013
---- ---- ---- ----
Gross investment income $39,442 $36,552 $79,322 $73,186
Operating expenses (6,574) (6,022) (13,094) (11,907)
Interest expense (2,592) (1,908) (5,176) (3,628)
------ ------ ------ ------
Net investment income $30,276 $28,622 $61,052 $57,651
Net realized and unrealized gains (losses)
on investments ($52,398) $8,763 ($44,621) ($45,958)
Preferred dividends paid from net investment income (87) (75) (159) (162)
Net increase (decrease) in net assets
from operations ($22,209) $37,310 $16,272 $11,531
Earnings per Common Share Outstanding
-------------------------------------
Gross investment income $0.335 $0.311 $0.674 $0.623
Operating expenses (0.056) (0.052) (0.111) (0.102)
Interest expense (0.022) (0.016) (0.044) (0.031)
------ ------ ------ ------
Net investment income $0.257 $0.243 $0.519 $0.490
Net realized and unrealized gains (losses)
on investments ($0.454) $0.067 ($0.388) ($0.399)
Preferred dividends paid from net investment income (0.001) (0.000) (1) (0.001) (0.001)
------ ------ ------ ------
Net increase (decrease) in net assets
from operations ($0.198) $0.310 $0.130 $0.090
Net investment income $0.257 $0.243 $0.519 $0.490
Preferred dividends paid from net investment income (0.001) (0.000) (1) (0.001) (0.001)
------ ------ ------ ------
Net investment income after preferred dividends $0.256 $0.243 $0.518 $0.489
====== ====== ====== ======
Net Asset Value at September 30 (Common Share)
---------------------------------------------
Net assets (000) $1,895,365 $1,921,292
Shares outstanding (000) 117,547 117,547
Net asset value per share outstanding $16.12 $16.34
Market Value Summary (Common Share)
----------------------------------
Market price on NYSE MKT at September 30 $14.58 $15.64
High market price (six months ended September 30) $15.64 $17.67
Low market price (six months ended September 30) $14.45 $14.50
(1) Amount is less than $0.0005
Estimated net investment income
per share, calculated on a
federal income tax basis, for
the six months ended
September 30, 2014 and September
30, 2013, was $0.598 and
$0.580, respectively.
SOURCE Eaton Vance Management
