Eaton Vance Limited Duration Income Fund

Eaton Vance Limited Duration Income Fund operates as a closed-end investment fund/investment trust. Its investment objective is to provide current income with a secondary objective of capital appreciation. The company was founded on May 30, 2003 and is headquartered in Boston, MA.

EVV's discount has narrowed, driving attractive total returns, but it's less appealing now compared to earlier in the year. The fund's leverage is quite high, which can drive strong returns during the good times but can also work against the fund during the bad. EVV's managed 9% distribution policy adjusts monthly based on NAV, providing some predictability as NAV can be watched to see what direction the distribution would head in.

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BOSTON--(BUSINESS WIRE)--The following Eaton Vance closed-end funds (the “Funds”) announced distributions today as detailed below. Declaration – 12/2/2024    Ex-Date – 12/12/2024    Record – 12/12/2024    Payable – 12/19/2024 Municipal Bond Funds: Fund Ticker Distribution Change From Prior Distribution Closing Market Price – 11/29/24 Distribution Rate at Market Price Eaton Vance California Municipal Income Trust CEV $0.0500 - $10.65 5.63% Eaton Vance Municipal Income Trust EVN $0.0513 - $10.79.

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

The Eaton Vance Limited Duration Income Fund offers a high level of current income with a yield of 9.57%. The fund invests in low-duration assets, which have lower interest rate risk and are more attractive in the current yield curve environment. The fund has outperformed major bond indices and delivered a 2.40% gain year-to-date, but its total return of 5.77% since January 2024 is not as attractive as some equity funds.

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Six years ago, I wrote my first article on investing, in which I outlined the criteria that had guided me when constructing my first income portfolio. I have tried to retrace here the steps leading up to that article and then subsequent developments in creating my current portfolio. Today, I favor CEFs and ETFs that, in addition to providing regular income, show a positive NAV performance since inception, thereby demonstrating their ability to also generate value over time.

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Eaton Vance Limited Duration Income Fund provides exposure to debt instruments with a focus on floating rate exposure to limit duration. The fund has a wide discount and offers a diversified portfolio across many holdings and both investment-grade and below-investment-grade credit. The distribution is appealing and gets a boost thanks to the discount; however, coverage is weak and that should be considered.

EVV: Limited Duration Income Portfolio With A Decent Discount

Eaton Vance Limited Duration Income Fund offers a high level of income with a current yield of 10.04%, which is higher than many other fixed-income funds. EVV's recent performance has been respectable, with shares up 10.60% since late October, outperforming the Bloomberg U.S. Aggregate Bond Index. The fund's portfolio includes a mix of bonds, debt securities, and leveraged loans, providing some protection against interest rate changes.

EVV: Near-Term Share Price Declines Likely, But Remains A Hold

The Eaton Vance Limited Duration Income Fund specializes in providing a high level of current income to investors with a current yield of 10.75%. The fund's performance has been disappointing, with an 8.85% decline in price, but investors who purchased shares when previously discussed only lost 4.11%. The fund invests primarily in bonds and has a significant allocation to investment-grade debt securities, making it attractive to conservative investors concerned about preserving principal.

EVV: Reasonable Performance Despite Rising Rates, But Distribution May Be Troubled

EVV is a more compelling fixed-income closed-end fund to invest in due to improved distribution coverage and a wider discount. The fund utilizes leverage and has a multi-sector bond fund approach, with a focus on senior loans and non-investment grade bonds to help give it a "limited duration." The fund's discount is trading well below its historical average, which is the primary factor behind me being less cautious than around a year ago.

EVV: Larger Discount Presents A Better Opportunity

The Limited Duration Income Fund is a fixed income closed-end fund (CEF) from the Eaton Vance family, primarily containing leveraged loans, MBS bonds, and high-yield credit. The fund has a 30% leverage ratio on its assets and a low duration, serving it well in a rising rates environment. The fund's main drawback is its tendency to overdistribute, with an actual underlying assets yield of around 6.5% versus the 10% the fund distributes.

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The EVV fund aims to provide high current income from a broad portfolio of income-generating securities. The EVV fund earns total returns of 1% to 3% p.a. while paying a 10% distribution yield.

EVV: Return Of Principal Fund And Alternatives

Investors are desperately in need of income as inflation remains high and the markets are challenged. EVV invests in a portfolio of bonds that should have relatively low inflation-rate risk, which would have been appealing over the past year.

EVV: Nice Discount, But Best To Sit And Wait For More Visibility

Eaton Vance Limited Duration Income Fund claims to invest in a portfolio of low-duration bonds. Low-duration bonds should outperform high-duration bonds during rising rate environments, yet EVV is significantly underperforming the broader indices.

EVV: Good In Concept But Distribution Sustainability Is A Big Concern

EVV is a fixed income CEF with a multi-asset composition. The CEF has posted a positive total return since our Buy rating in May.

EVV: Continuing To Outperform Since Our Buy Rating

EVV's latest report shows us that the distribution continues to lack distribution coverage by a sizeable margin. The fund's fairly sizeable allocation to senior loan exposure is only showing a minimal impact.

EVV: Distribution Coverage Remains Weak, Caution Is Warranted

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EVV is a fixed income CEF offering yields exceeding 11%. The fund has been pummeled by the rising rates environment due to its composition and high leverage of 34%.

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EVV is one of the highest-paying Eaton Vance funds. Unfortunately, it continues to remain significantly short on coverage. Eaton Vance generally pays more sustainable distributions, but this one is overpaying.

EVV: Falls To A Discount, But Still Cautious

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EVV hasn't covered its generous distribution for a while, which is why I own it personally but not in any of our model Income Factory portfolios.

Eaton Vance Limited Duration Income Fund's Growing Coverage Gap

BOSTON, Dec. 30, 2021 /PRNewswire/ -- The following notice relates to the combined Annual Meeting of Shareholders of Eaton Vance Limited Duration Income Fund (NYSE American: EVV) and Eaton Vance National Municipal Opportunities Trust (NYSE: EOT): Notice That Annual Meeting Of Shareholders Will Be A Telephonic Meeting Due to the public health impact of the coronavirus pandemic (COVID-19) and to support the health and well-being of our shareholders, NOTICE IS HEREBY GIVEN that the combined Annual Meeting of Shareholders of Eaton Vance Limited Duration Income Fund and Eaton Vance National Municipal Opportunities Trust (each, a "Fund" and together, the "Funds") to be held on Thursday, January 13, 2022 at 11:30 a.m. Eastern Time (the "Meeting") will be held in a telephonic format.

Certain Eaton Vance Closed-End Funds Announce Telephonic Annual Meeting Of Shareholders On January 13, 2022

In 2019, EVV boosted its distribution despite the lack of coverage to pay for that increase. They have maintained this same monthly distribution even through the pandemic.

EVV: Distribution Coverage Remains Under Pressure

BOSTON, Dec. 22, 2021 /PRNewswire/ -- The Boards of Trustees of Eaton Vance Short Duration Diversified Income Fund (NYSE: EVG) and Eaton Vance Limited Duration Income Fund (NYSE American: EVV) (each, a "Fund" and together, the "Funds") have approved a change to each Fund's investment policies with respect to the Fund's ability to enter into commitments to buy and sell mortgage-backed securities (to-be-announced transactions or "TBAs").  Effective immediately, each Fund's former investment restrictions with respect to TBAs have been removed.

Eaton Vance Short Duration Diversified Income Fund and Eaton Vance Limited Duration Income Fund Announce Investment Policy Changes

Multisector CEF offering from Eaton Vance yielding ~9%.

News for Eaton Vance Limited Duration Income Fund ETF (EVV)