Eaton Vance Limited Duration Income Fund Report of Earnings.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. , Mass. -- Eaton Vance Eaton Vance is an American financial services company headquartered in Boston, MA. It is traded on the New York Stock Exchange under the symbol EV.[1] At the end of the second quarter of the 2006 fiscal year, the company had assets under management of $118.8 billion. Limited Duration Income Fund (AMEX AMEX See: American Stock Exchange : EVV EVV Europees Vakverbond (Belgium) EVV Evansville, IN, USA - Evansville Regional Airport (Airport Code) ), a diversified diversified (di·verˑ·s closed-end investment company closed-end investment company: see mutual fund. , today announced the earnings of the Fund for the three months ended April 30, 2006 and for the year ended April 30, 2006. The Fund's fiscal year ended on April 30, 2006. For the three months ended April 30, 2006, the Fund had net investment income of $47,329,497 ($0.423 per common share). From this amount, the Fund paid dividends on preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of $8,577,501 (equal to $0.077 for each common share), resulting in net investment income after preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of $38,751,996 or $0.346 per common share. For the year ended April 30, 2006, the Fund had net investment income of $169,026,613 ($1.512 per common share). From this amount, the Fund paid dividends on preferred shares of $29,792,823 (equal to $0.267 per common share), resulting in net investment income after preferred dividends of $139,233,790, or $1.245 per common share. In comparison, for the three months ended April 30, 2005, the Fund had net investment income of $40,790,458 ($0.365 per common share). From this amount, the Fund paid dividends on preferred shares of $5,429,550 (equal to $0.049 for each common share), resulting in net investment income after preferred dividends of $35,360,909 or $0.316 per common share. For the year ended April 30, 2005, the Fund had net investment income of $152,928,823 ($1.373 per common share). From this amount, the Fund paid dividends on preferred shares of $17,037,481 (equal to $0.153 per common share), resulting in net investment income after preferred dividends of $135,891,342, or $1.220 per common share. Net realized and unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. for the three months ended April 30, 2006 were $2,807,003 ($0.025 per common share). The Fund's net realized and unrealized gains for the year ended April 30, 2006 were $5,180,481 ($0.048 per common share). In comparison, net realized and unrealized losses Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. for the three months ended April 30, 2005 were $43,325,984 ($0.388 per common share). The Fund's net realized and unrealized losses for the year ended April 30, 2005 were $28,077,271 ($0.254 per common share). On April 30, 2006, net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. applicable to common shares of the Fund were $2,035,747,120. The net asset value per common share on April 30, 2006 was $18.21 based on 111,783,982 common shares outstanding. In comparison, on April 30, 2005, net assets of the Fund applicable to common shares were $2,060,484,371. The net asset value per common share on April 30, 2005 was $18.43 based on 111,783,982 common shares outstanding. The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp., which is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol EV. Eaton Vance and its affiliates had $118.8 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. on April 30, 2006. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Management at (800) 262-1122.
EATON VANCE LIMITED DURATION INCOME FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Year Ended
April 30, April 30,
------------------- -----------------------
2006 2005 2006 2005
--------- --------- ---------- ----------
Gross investment income $52,424 $45,952 $189,528 $174,012
Operating expenses (5,094) (5,162) (20,501) (21,084)
--------- --------- ---------- ----------
Net investment
income $47,330 $40,790 $169,027 $152,928
Net realized and
unrealized gains
(losses) on
investments $2,807 ($43,326) $5,180 ($28,077)
Preferred dividends
paid ($8,578) ($5,430) ($29,793) ($17,037)
Net increase
(decrease) in net
assets from
operations $41,559 ($7,966) $144,414 $107,814
Earnings per Share Outstanding
------------------------------
Gross investment income $0.469 $0.411 $1.695 $1.562
Operating expenses (0.046) (0.046) (0.183) (0.189)
--------- --------- ---------- ----------
Net investment income $0.423 $0.365 $1.512(1) $1.373(1)
Net realized and
unrealized gains
(losses) on
investments $0.025 ($0.388) $0.048 ($0.254)
Preferred dividends
paid ($0.077) ($0.049) ($0.267) ($0.153)
--------- --------- ---------- ----------
Net increase
(decrease) in net
assets from
operations $0.371 ($0.072) $1.293 $0.966
Net investment income $0.423 $0.365 $1.512 $1.373
Preferred dividends
paid (0.077) (0.049) (0.267) (0.153)
--------- --------- ---------- ----------
Net investment income
after preferred
dividends $0.346 $0.316 $1.245 $1.220
========= ========= ========== ==========
Net Asset Value at April 30
---------------------------
Net assets (000) $2,035,747 $2,060,484
Shares outstanding (000) 111,784 111,784
Net asset value per share outstanding $18.21 $18.43
Market Value Summary
----------------------
Market price on AMEX at April 30 $17.09 $17.69
High market price (period ended April 30) $18.33 $17.41
Low market price (period ended April 30) $15.91 $19.45
(1) For Federal Income Tax purposes, net investment income per share
for the year ended April 30, 2006 and April 30, 2005, was $1.807
and $1.699 , respectively.
Certain prior period amounts have been reclassed to conform to current
period presentation.
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