Eaton Vance Enhanced Equity Income Fund (EOI) Annual Report September 30, 2011 |
|
Managements Discussion of Fund Performance |
2 | |||
Performance |
3 | |||
Fund Profile |
4 | |||
Endnotes and Additional Disclosures |
5 | |||
Financial Statements |
6 | |||
Report of Independent Registered Public Accounting Firm |
19 | |||
Federal Tax Information |
20 | |||
Annual Meeting of Shareholders |
21 | |||
Dividend Reinvestment Plan |
22 | |||
Board of Trustees Contract Approval |
24 | |||
Management and Organization |
27 | |||
Important Notices |
29 |
2
NYSE Symbol | EOI | |||
Inception Date | 10/29/04 | |||
% Average Annual Total Returns at NAV |
||||
One Year |
-4.63 | |||
Five Years |
-1.00 | |||
Since Inception |
2.00 | |||
% Average Annual Total Returns at market price, NYSE |
||||
One Year |
-17.12 | |||
Five Years |
-3.73 | |||
Since Inception |
0.09 | |||
% Premium/Discount to NAV (9/30/11) |
-12.29 | |||
Distributions2 |
||||
Total Distributions per share for the period |
$ | 1.152 | ||
Distribution Rate at NAV |
9.89 | % | ||
Distribution Rate at market price |
11.28 | % | ||
Since Inception | ||||||||||||||
% Comparative Performance1 | One Year | Five Years | 10/29/04 | |||||||||||
S&P 500 Index |
1.14 | -1.18 | 2.09 | |||||||||||
CBOE S&P 500 BuyWrite Index |
-3.37 | -0.83 | 1.72 | |||||||||||
3
Apple, Inc. |
5.2 | |||
Exxon Mobil Corp. |
3.1 | |||
QUALCOMM, Inc. |
3.0 | |||
Coca-Cola Co. (The) |
2.9 | |||
International Business Machines Corp. |
2.6 | |||
AT&T, Inc. |
2.3 | |||
UnitedHealth Group, Inc. |
2.3 | |||
Google, Inc., Class A |
2.3 | |||
Oracle Corp. |
2.2 | |||
JPMorgan Chase & Co. |
2.1 | |||
Total |
28.0 | |||
4
1. | S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. CBOE S&P 500 BuyWrite Index measures the performance of a hypothetical buy-write strategy on the S&P 500 Index. Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. NASDAQ Composite Index is a market capitalization-weighted index of all domestic and international securities listed on NASDAQ. Russell 1000 Index is an unmanaged index of 1,000 U.S. large-cap stocks. S&P MidCap 400 Index is an unmanaged index of 400 U.S. mid-cap stocks. Russell 2000 Index is an unmanaged index of 2,000 U.S. small-cap stocks. Unless otherwise stated, indices do not reflect any applicable sales charges, commissions, leverage, taxes or other expenses of investing. It is not possible to invest directly in an index. | |
2. | Fund distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the NAV or market price at the end of the period. Distributions may be composed of ordinary income, net realized capital gains and return of capital. | |
3. | Depictions do not reflect the Funds options positions. Excludes cash and cash equivalents. |
Fund profile subject to change due to active management. |
5
Common Stocks 98.7%(1) | ||||||||||
Security | Shares | Value | ||||||||
Aerospace & Defense 1.5% | ||||||||||
United Technologies Corp.
|
92,989 | $ | 6,542,706 | |||||||
$ | 6,542,706 | |||||||||
Automobiles 0.6% | ||||||||||
Ford Motor
Co.(2)
|
293,050 | $ | 2,833,794 | |||||||
$ | 2,833,794 | |||||||||
Beverages 3.2% | ||||||||||
Coca-Cola
Co. (The)
|
196,464 | $ | 13,273,108 | |||||||
PepsiCo, Inc.
|
19,397 | 1,200,674 | ||||||||
$ | 14,473,782 | |||||||||
Biotechnology 1.1% | ||||||||||
Celgene
Corp.(2)
|
80,341 | $ | 4,974,715 | |||||||
$ | 4,974,715 | |||||||||
Capital Markets 0.7% | ||||||||||
Goldman Sachs Group, Inc. (The)
|
33,334 | $ | 3,151,730 | |||||||
$ | 3,151,730 | |||||||||
Chemicals 1.5% | ||||||||||
Monsanto Co.
|
110,206 | $ | 6,616,768 | |||||||
$ | 6,616,768 | |||||||||
Commercial Banks 3.3% | ||||||||||
KeyCorp
|
504,487 | $ | 2,991,608 | |||||||
PNC Financial Services Group, Inc.
|
56,634 | 2,729,192 | ||||||||
Wells Fargo & Co.
|
368,604 | 8,890,729 | ||||||||
$ | 14,611,529 | |||||||||
Communications Equipment 4.3% | ||||||||||
Harris Corp.
|
63,123 | $ | 2,156,913 | |||||||
JDS Uniphase
Corp.(2)
|
304,789 | 3,038,746 | ||||||||
QUALCOMM, Inc.
|
284,114 | 13,816,464 | ||||||||
$ | 19,012,123 | |||||||||
Computers & Peripherals 5.3% | ||||||||||
Apple,
Inc.(2)
|
62,113 | $ | 23,676,233 | |||||||
$ | 23,676,233 | |||||||||
Construction & Engineering 1.6% | ||||||||||
Fluor Corp.
|
157,979 | $ | 7,353,922 | |||||||
$ | 7,353,922 | |||||||||
Consumer Finance 0.9% | ||||||||||
American Express Co.
|
84,975 | $ | 3,815,378 | |||||||
$ | 3,815,378 | |||||||||
Diversified Financial Services 4.2% | ||||||||||
Citigroup, Inc.
|
176,031 | $ | 4,509,914 | |||||||
JPMorgan Chase & Co.
|
317,029 | 9,548,914 | ||||||||
Moodys Corp.
|
154,502 | 4,704,586 | ||||||||
$ | 18,763,414 | |||||||||
Diversified Telecommunication Services 3.8% | ||||||||||
AT&T, Inc.
|
374,992 | $ | 10,694,772 | |||||||
CenturyLink, Inc.
|
99,120 | 3,282,854 | ||||||||
Verizon Communications, Inc.
|
82,797 | 3,046,930 | ||||||||
$ | 17,024,556 | |||||||||
Electric Utilities 1.0% | ||||||||||
American Electric Power Co., Inc.
|
75,093 | $ | 2,855,036 | |||||||
PPL Corp.
|
60,186 | 1,717,708 | ||||||||
$ | 4,572,744 | |||||||||
Electrical Equipment 0.5% | ||||||||||
Emerson Electric Co.
|
50,207 | $ | 2,074,051 | |||||||
$ | 2,074,051 | |||||||||
Electronic Equipment, Instruments & Components 1.1% | ||||||||||
Corning, Inc.
|
406,248 | $ | 5,021,225 | |||||||
$ | 5,021,225 | |||||||||
Energy Equipment & Services 1.6% | ||||||||||
Halliburton Co.
|
110,042 | $ | 3,358,482 | |||||||
Schlumberger, Ltd.
|
66,385 | 3,965,176 | ||||||||
$ | 7,323,658 | |||||||||
Food & Staples Retailing 1.8% | ||||||||||
Costco Wholesale Corp.
|
98,308 | $ | 8,073,053 | |||||||
$ | 8,073,053 | |||||||||
Security | Shares | Value | ||||||||
Health Care Equipment & Supplies 3.3% | ||||||||||
Covidien PLC
|
74,584 | $ | 3,289,154 | |||||||
St. Jude Medical, Inc.
|
214,456 | 7,761,163 | ||||||||
Varian Medical Systems,
Inc.(2)
|
69,933 | 3,647,705 | ||||||||
$ | 14,698,022 | |||||||||
Health Care Providers & Services 5.8% | ||||||||||
AmerisourceBergen Corp.
|
207,008 | $ | 7,715,188 | |||||||
DaVita,
Inc.(2)
|
36,673 | 2,298,297 | ||||||||
Fresenius Medical Care AG & Co. KGaA ADR
|
80,680 | 5,448,320 | ||||||||
UnitedHealth Group, Inc.
|
230,148 | 10,614,426 | ||||||||
$ | 26,076,231 | |||||||||
Hotels, Restaurants & Leisure 1.5% | ||||||||||
McDonalds Corp.
|
73,841 | $ | 6,484,717 | |||||||
$ | 6,484,717 | |||||||||
Household Products 2.4% | ||||||||||
Colgate-Palmolive Co.
|
25,872 | $ | 2,294,329 | |||||||
Procter & Gamble Co.
|
132,541 | 8,373,940 | ||||||||
$ | 10,668,269 | |||||||||
Industrial Conglomerates 3.8% | ||||||||||
Danaher Corp.
|
202,200 | $ | 8,480,268 | |||||||
General Electric Co.
|
548,560 | 8,360,054 | ||||||||
$ | 16,840,322 | |||||||||
Insurance 1.5% | ||||||||||
Aflac, Inc.
|
58,053 | $ | 2,028,952 | |||||||
Lincoln National Corp.
|
109,404 | 1,709,985 | ||||||||
MetLife, Inc.
|
112,652 | 3,155,382 | ||||||||
$ | 6,894,319 | |||||||||
Internet & Catalog Retail 2.9% | ||||||||||
Amazon.com,
Inc.(2)
|
37,648 | $ | 8,140,627 | |||||||
priceline.com,
Inc.(2)
|
10,668 | 4,794,839 | ||||||||
$ | 12,935,466 | |||||||||
Internet Software & Services 4.3% | ||||||||||
eBay,
Inc.(2)
|
292,591 | $ | 8,628,508 | |||||||
Google, Inc.,
Class A(2)
|
20,465 | 10,526,787 | ||||||||
$ | 19,155,295 | |||||||||
IT Services 3.7% | ||||||||||
Accenture PLC, Class A
|
87,778 | $ | 4,624,145 | |||||||
International Business Machines Corp.
|
67,277 | 11,775,493 | ||||||||
$ | 16,399,638 | |||||||||
Life Sciences Tools & Services 0.5% | ||||||||||
Thermo Fisher Scientific,
Inc.(2)
|
41,607 | $ | 2,106,979 | |||||||
$ | 2,106,979 | |||||||||
Machinery 2.0% | ||||||||||
Illinois Tool Works, Inc.
|
215,126 | $ | 8,949,242 | |||||||
$ | 8,949,242 | |||||||||
Media 1.9% | ||||||||||
Comcast Corp., Class A
|
314,293 | $ | 6,568,724 | |||||||
Walt Disney Co. (The)
|
66,704 | 2,011,792 | ||||||||
$ | 8,580,516 | |||||||||
Metals & Mining 2.2% | ||||||||||
Cliffs Natural Resources, Inc.
|
48,819 | $ | 2,498,068 | |||||||
Freeport-McMoRan Copper & Gold, Inc.
|
39,423 | 1,200,431 | ||||||||
Goldcorp, Inc.
|
129,942 | 5,930,553 | ||||||||
$ | 9,629,052 | |||||||||
Multi-Utilities 1.1% | ||||||||||
PG&E Corp.
|
114,874 | $ | 4,860,319 | |||||||
$ | 4,860,319 | |||||||||
Multiline Retail 0.9% | ||||||||||
Macys, Inc.
|
150,719 | $ | 3,966,924 | |||||||
$ | 3,966,924 | |||||||||
Oil, Gas & Consumable Fuels 8.4% | ||||||||||
Alpha Natural Resources,
Inc.(2)
|
91,978 | $ | 1,627,091 | |||||||
Apache Corp.
|
46,582 | 3,737,740 | ||||||||
ConocoPhillips
|
144,937 | 9,177,411 | ||||||||
Exxon Mobil Corp.
|
197,344 | 14,333,095 | ||||||||
Hess Corp.
|
30,622 | 1,606,430 | ||||||||
Occidental Petroleum Corp.
|
41,836 | 2,991,274 | ||||||||
Peabody Energy Corp.
|
119,762 | 4,057,536 | ||||||||
$ | 37,530,577 | |||||||||
Security | Shares | Value | ||||||||
Personal Products 1.7% | ||||||||||
Estee Lauder Cos., Inc. (The), Class A
|
85,165 | $ | 7,480,894 | |||||||
$ | 7,480,894 | |||||||||
Pharmaceuticals 2.4% | ||||||||||
Johnson & Johnson
|
45,559 | $ | 2,902,564 | |||||||
Pfizer, Inc.
|
437,518 | 7,735,318 | ||||||||
$ | 10,637,882 | |||||||||
Real Estate Investment Trusts (REITs) 1.1% | ||||||||||
AvalonBay Communities, Inc.
|
26,090 | $ | 2,975,564 | |||||||
Boston Properties, Inc.
|
24,157 | 2,152,389 | ||||||||
$ | 5,127,953 | |||||||||
Software 3.5% | ||||||||||
Microsoft Corp.
|
212,084 | $ | 5,278,771 | |||||||
Oracle Corp.
|
351,686 | 10,107,455 | ||||||||
$ | 15,386,226 | |||||||||
Specialty Retail 0.8% | ||||||||||
Home Depot, Inc.
|
109,073 | $ | 3,585,230 | |||||||
$ | 3,585,230 | |||||||||
Textiles, Apparel & Luxury Goods 2.1% | ||||||||||
NIKE, Inc., Class B
|
109,096 | $ | 9,328,799 | |||||||
$ | 9,328,799 | |||||||||
Tobacco 2.0% | ||||||||||
Philip Morris International, Inc.
|
141,826 | $ | 8,847,106 | |||||||
$ | 8,847,106 | |||||||||
Wireless Telecommunication Services 0.9% | ||||||||||
American Tower Corp.,
Class A(2)
|
77,140 | $ | 4,150,132 | |||||||
$ | 4,150,132 | |||||||||
Total Common Stocks
|
||||||||||
(identified cost $441,102,030)
|
$ | 440,235,491 | ||||||||
Short-Term Investments 3.9% | ||||||||||
Interest |
||||||||||
Description | (000s omitted) | Value | ||||||||
Eaton Vance Cash Reserves Fund, LLC,
0.08%(3)
|
$ | 17,243 | $ | 17,243,220 | ||||||
Total Short-Term Investments
|
||||||||||
(identified cost $17,243,220)
|
$ | 17,243,220 | ||||||||
Total Investments 102.6%
|
||||||||||
(identified cost $458,345,250)
|
$ | 457,478,711 | ||||||||
Covered Call Options Written (1.2)% | ||||||||||||||||||
Number of |
Strike |
Expiration |
||||||||||||||||
Security | Contracts | Price | Date | Value | ||||||||||||||
Accenture PLC, Class A
|
440 | $ | 52.50 | 10/22/11 | $ | (88,000 | ) | |||||||||||
Aflac, Inc.
|
285 | 38.00 | 11/19/11 | (43,463 | ) | |||||||||||||
Alpha Natural Resources, Inc.
|
460 | 35.00 | 10/22/11 | (920 | ) | |||||||||||||
Amazon.com, Inc.
|
305 | 200.00 | 10/22/11 | (674,813 | ) | |||||||||||||
American Electric Power Co., Inc.
|
375 | 39.00 | 10/22/11 | (16,875 | ) | |||||||||||||
American Express Co.
|
425 | 47.00 | 10/22/11 | (50,788 | ) | |||||||||||||
American Tower Corp., Class A
|
390 | 55.00 | 10/22/11 | (50,700 | ) | |||||||||||||
AmerisourceBergen Corp.
|
1,660 | 40.00 | 10/22/11 | (53,950 | ) | |||||||||||||
Apache Corp.
|
235 | 110.00 | 10/22/11 | (587 | ) | |||||||||||||
Apple, Inc.
|
315 | 375.00 | 10/22/11 | (684,338 | ) | |||||||||||||
AT&T, Inc.
|
1,320 | 29.00 | 11/19/11 | (91,080 | ) | |||||||||||||
AvalonBay Communities, Inc.
|
130 | 135.00 | 10/22/11 | (1,625 | ) | |||||||||||||
Boston Properties, Inc.
|
125 | 105.00 | 10/22/11 | (2,500 | ) | |||||||||||||
Celgene Corp.
|
405 | 60.00 | 10/22/11 | (140,738 | ) | |||||||||||||
CenturyLink, Inc.
|
490 | 35.00 | 10/22/11 | (14,700 | ) | |||||||||||||
Citigroup, Inc.
|
880 | 33.00 | 11/19/11 | (29,920 | ) | |||||||||||||
Cliffs Natural Resources, Inc.
|
245 | 85.00 | 10/22/11 | (857 | ) | |||||||||||||
Coca-Cola
Co. (The)
|
985 | 70.00 | 10/22/11 | (88,650 | ) | |||||||||||||
Comcast Corp., Class A
|
1,575 | 25.00 | 10/22/11 | (3,150 | ) | |||||||||||||
ConocoPhillips
|
725 | 67.50 | 10/22/11 | (52,925 | ) | |||||||||||||
Corning, Inc.
|
2,025 | 15.00 | 11/19/11 | (36,450 | ) | |||||||||||||
Costco Wholesale Corp.
|
495 | 80.00 | 10/22/11 | (209,138 | ) | |||||||||||||
Covidien PLC
|
375 | 52.50 | 10/22/11 | (2,812 | ) | |||||||||||||
Danaher Corp.
|
1,015 | 46.00 | 10/22/11 | (45,675 | ) | |||||||||||||
DaVita, Inc.
|
185 | 75.00 | 10/22/11 | (2,775 | ) | |||||||||||||
eBay, Inc.
|
790 | 30.00 | 10/22/11 | (120,080 | ) | |||||||||||||
Emerson Electric Co.
|
255 | 47.00 | 10/22/11 | (5,737 | ) | |||||||||||||
Estee Lauder Cos., Inc. (The), Class A
|
430 | 95.00 | 10/22/11 | (63,425 | ) | |||||||||||||
Exxon Mobil Corp.
|
990 | 75.00 | 10/22/11 | (148,005 | ) | |||||||||||||
Fluor Corp.
|
790 | 65.00 | 10/22/11 | (1,975 | ) | |||||||||||||
Ford Motor Co.
|
1,465 | 11.00 | 10/22/11 | (15,382 | ) | |||||||||||||
Freeport-McMoRan Copper & Gold, Inc.
|
394 | 50.00 | 11/19/11 | (3,546 | ) |
Number of |
Strike |
Expiration |
||||||||||||||||
Security | Contracts | Price | Date | Value | ||||||||||||||
Fresenius Medical Care AG & Co. KGaA ADR
|
405 | $ | 70.00 | 10/22/11 | $ | (101,250 | ) | |||||||||||
General Electric Co.
|
2,745 | 16.00 | 10/22/11 | (100,193 | ) | |||||||||||||
Goldcorp, Inc.
|
195 | 57.50 | 10/22/11 | (2,242 | ) | |||||||||||||
Goldman Sachs Group, Inc. (The)
|
160 | 115.00 | 11/19/11 | (23,920 | ) | |||||||||||||
Google, Inc., Class A
|
105 | 550.00 | 10/22/11 | (122,325 | ) | |||||||||||||
Halliburton Co.
|
550 | 46.00 | 10/22/11 | (825 | ) | |||||||||||||
Hess Corp.
|
155 | 62.50 | 11/19/11 | (19,607 | ) | |||||||||||||
Home Depot, Inc.
|
545 | 34.00 | 10/22/11 | (38,423 | ) | |||||||||||||
Illinois Tool Works, Inc.
|
1,070 | 45.00 | 10/22/11 | (66,875 | ) | |||||||||||||
Internatinal Business Machines Corp.
|
340 | 170.00 | 10/22/11 | (332,350 | ) | |||||||||||||
JDS Uniphase Corp.
|
1,525 | 15.00 | 10/22/11 | (4,575 | ) | |||||||||||||
Johnson & Johnson
|
230 | 65.00 | 10/22/11 | (23,690 | ) | |||||||||||||
JPMorgan Chase & Co.
|
1,585 | 37.00 | 11/19/11 | (42,795 | ) | |||||||||||||
Lincoln National Corp.
|
550 | 28.00 | 10/22/11 | (2,750 | ) | |||||||||||||
Macys, Inc.
|
755 | 26.00 | 10/22/11 | (118,158 | ) | |||||||||||||
McDonalds Corp.
|
368 | 90.00 | 10/22/11 | (50,416 | ) | |||||||||||||
McDonalds Corp.
|
370 | 90.00 | 12/17/11 | (112,850 | ) | |||||||||||||
MetLife, Inc.
|
560 | 32.00 | 10/22/11 | (18,760 | ) | |||||||||||||
Microsoft Corp.
|
1,060 | 26.00 | 10/22/11 | (50,350 | ) | |||||||||||||
Monsanto Co.
|
555 | 70.00 | 10/22/11 | (14,707 | ) | |||||||||||||
Moodys Corp.
|
770 | 33.00 | 11/19/11 | (112,805 | ) | |||||||||||||
NIKE, Inc., Class B
|
545 | 85.00 | 10/22/11 | (211,188 | ) | |||||||||||||
NIKE, Inc., Class B
|
435 | 92.50 | 11/19/11 | (99,398 | ) | |||||||||||||
Occidental Petroleum Corp.
|
210 | 92.50 | 11/19/11 | (9,870 | ) | |||||||||||||
Oracle Corp.
|
1,970 | 29.00 | 10/22/11 | (241,325 | ) | |||||||||||||
Peabody Energy Corp.
|
600 | 50.00 | 10/22/11 | (1,800 | ) | |||||||||||||
PepsiCo, Inc.
|
193 | 70.00 | 10/22/11 | (868 | ) | |||||||||||||
Pfizer, Inc.
|
2,190 | 19.00 | 11/19/11 | (65,700 | ) | |||||||||||||
PG&E Corp.
|
151 | 45.00 | 10/22/11 | (3,020 | ) | |||||||||||||
Philip Morris International, Inc.
|
710 | 67.50 | 10/22/11 | (19,525 | ) | |||||||||||||
PPL Corp.
|
305 | 28.00 | 10/22/11 | (32,787 | ) | |||||||||||||
priceline.com, Inc.
|
55 | 530.00 | 10/22/11 | (11,550 | ) | |||||||||||||
Procter & Gamble Co.
|
665 | 65.00 | 10/22/11 | (39,900 | ) | |||||||||||||
QUALCOMM, Inc.
|
1,425 | 55.00 | 10/22/11 | (34,200 | ) | |||||||||||||
Schlumberger, Ltd.
|
335 | 82.50 | 11/19/11 | (4,355 | ) | |||||||||||||
St. Jude Medical, Inc.
|
1,065 | 45.00 | 10/22/11 | (5,325 | ) | |||||||||||||
Thermo Fisher Scientific, Inc.
|
205 | 55.00 | 10/22/11 | (10,762 | ) | |||||||||||||
UnitedHealth Group, Inc.
|
1,155 | 47.00 | 10/22/11 | (194,040 | ) | |||||||||||||
United Technologies Corp.
|
465 | 77.50 | 11/19/11 | (66,495 | ) | |||||||||||||
Varian Medical Systems, Inc.
|
350 | 60.00 | 11/19/11 | (25,375 | ) | |||||||||||||
Verizon Communications, Inc.
|
415 | 37.00 | 10/22/11 | (23,240 | ) | |||||||||||||
Walt Disney Co. (The)
|
330 | 33.00 | 10/22/11 | (8,415 | ) | |||||||||||||
Wells Fargo & Co.
|
1,845 | 25.00 | 10/22/11 | (181,733 | ) | |||||||||||||
Total Covered Call Options Written
|
||||||||||||||||||
(premiums received $8,279,787)
|
$ | (5,396,316 | ) | |||||||||||||||
Other Assets, Less
Liabilities (1.4)%
|
$ | (6,268,463 | ) | |||||||||||||||
Net Assets 100.0%
|
$ | 445,813,932 | ||||||||||||||||
ADR
|
- American Depositary Receipt
|
(1) | A portion of each applicable common stock for which a written call option is outstanding at September 30, 2011 has been pledged as collateral for such written option. | |
(2) | Non-income producing security. | |
(3) | Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2011. |
Assets | September 30, 2011 | |||||
Unaffiliated investments, at value (identified cost,
$441,102,030)
|
$ | 440,235,491 | ||||
Affiliated investment, at value (identified cost, $17,243,220)
|
17,243,220 | |||||
Dividends receivable
|
624,541 | |||||
Interest receivable from affiliated investment
|
1,024 | |||||
Receivable for investments sold
|
24,754,770 | |||||
Tax reclaims receivable
|
102,702 | |||||
Total assets
|
$ | 482,961,748 | ||||
Liabilities | ||||||
Written options outstanding, at value (premiums received,
$8,279,787)
|
$ | 5,396,316 | ||||
Payable for investments purchased
|
31,148,625 | |||||
Payable to affiliate:
|
||||||
Investment adviser fee
|
385,676 | |||||
Accrued expenses
|
217,199 | |||||
Total liabilities
|
$ | 37,147,816 | ||||
Net Assets
|
$ | 445,813,932 | ||||
Sources of Net Assets | ||||||
Common shares, $0.01 par value, unlimited number of shares
authorized, 39,970,049 shares issued and outstanding
|
$ | 399,700 | ||||
Additional paid-in capital
|
576,630,330 | |||||
Accumulated net realized loss
|
(133,266,787 | ) | ||||
Accumulated undistributed net investment income
|
26,399 | |||||
Net unrealized appreciation
|
2,024,290 | |||||
Net Assets
|
$ | 445,813,932 | ||||
Net Asset Value | ||||||
($445,813,932
¸
39,970,049 common shares issued and outstanding)
|
$ | 11.15 | ||||
Year Ended |
||||||
Investment Income | September 30, 2011 | |||||
Dividends (net of foreign taxes, $4,260)
|
$ | 8,707,938 | ||||
Interest income allocated from affiliated investment
|
21,319 | |||||
Expenses allocated from affiliated investment
|
(2,246 | ) | ||||
Total investment income
|
$ | 8,727,011 | ||||
Expenses | ||||||
Investment adviser fee
|
$ | 5,242,666 | ||||
Trustees fees and expenses
|
17,771 | |||||
Custodian fee
|
268,241 | |||||
Transfer and dividend disbursing agent fees
|
19,587 | |||||
Legal and accounting services
|
68,753 | |||||
Printing and postage
|
329,113 | |||||
Miscellaneous
|
69,139 | |||||
Total expenses
|
$ | 6,015,270 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 27 | ||||
Total expense reductions
|
$ | 27 | ||||
Net expenses
|
$ | 6,015,243 | ||||
Net investment income
|
$ | 2,711,768 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | 25,963,463 | ||||
Investment transactions allocated from affiliated investment
|
777 | |||||
Written options
|
(13,830,949 | ) | ||||
Foreign currency transactions
|
21,182 | |||||
Net realized gain
|
$ | 12,154,473 | ||||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | (47,131,236 | ) | |||
Written options
|
9,757,236 | |||||
Foreign currency
|
4,000 | |||||
Net change in unrealized appreciation (depreciation)
|
$ | (37,370,000 | ) | |||
Net realized and unrealized loss
|
$ | (25,215,527 | ) | |||
Net decrease in net assets from operations
|
$ | (22,503,759 | ) | |||
Year Ended | ||||||||||
Increase (Decrease) in Net Assets | September 30, 2011 | September 30, 2010 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 2,711,768 | $ | 3,664,253 | ||||||
Net realized gain (loss) from investment transactions, written
options and foreign currency transactions
|
12,154,473 | (6,138,583 | ) | |||||||
Net change in unrealized appreciation (depreciation) from
investments, written options and foreign currency
|
(37,370,000 | ) | 37,430,716 | |||||||
Net increase (decrease) in net assets from operations
|
$ | (22,503,759 | ) | $ | 34,956,386 | |||||
Distributions to shareholders
|
||||||||||
From net investment income
|
$ | (2,713,519 | ) | $ | (3,679,239 | ) | ||||
Tax return of capital
|
(43,318,670 | ) | (54,445,644 | ) | ||||||
Total distributions
|
$ | (46,032,189 | ) | $ | (58,124,883 | ) | ||||
Capital share transactions
|
||||||||||
Reinvestment of distributions
|
$ | 396,783 | $ | 2,173,771 | ||||||
Net increase in net assets from capital share transactions
|
$ | 396,783 | $ | 2,173,771 | ||||||
Net decrease in net assets
|
$ | (68,139,165 | ) | $ | (20,994,726 | ) | ||||
Net Assets | ||||||||||
At beginning of year
|
$ | 513,953,097 | $ | 534,947,823 | ||||||
At end of year
|
$ | 445,813,932 | $ | 513,953,097 | ||||||
Accumulated undistributed net
investment income included in net assets |
||||||||||
At end of year
|
$ | 26,399 | $ | 16,543 | ||||||
Year Ended September 30, | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value Beginning of year
|
$ | 12.870 | $ | 13.450 | $ | 16.490 | $ | 21.110 | $ | 19.900 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.068 | $ | 0.092 | $ | 0.147 | $ | 0.152 | $ | 0.080 | ||||||||||||
Net realized and unrealized gain (loss)
|
(0.636 | ) | 0.787 | (1.543 | ) | (3.013 | ) | 2.774 | ||||||||||||||
Total income (loss) from operations
|
$ | (0.568 | ) | $ | 0.879 | $ | (1.396 | ) | $ | (2.861 | ) | $ | 2.854 | |||||||||
Less Distributions | ||||||||||||||||||||||
From net investment income
|
$ | (0.068 | ) | $ | (0.092 | ) | $ | (0.176 | ) | $ | (0.154 | ) | $ | (0.038 | ) | |||||||
From net realized gain
|
| | | (0.891 | ) | (1.606 | ) | |||||||||||||||
Tax return of capital
|
(1.084 | ) | (1.367 | ) | (1.468 | ) | (0.714 | ) | | |||||||||||||
Total distributions
|
$ | (1.152 | ) | $ | (1.459 | ) | $ | (1.644 | ) | $ | (1.759 | ) | $ | (1.644 | ) | |||||||
Net asset value End of year
|
$ | 11.150 | $ | 12.870 | $ | 13.450 | $ | 16.490 | $ | 21.110 | ||||||||||||
Market value End of year
|
$ | 9.780 | $ | 12.990 | $ | 13.680 | $ | 13.310 | $ | 19.440 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(4.63 | )% | 6.87 | % | (6.20 | )% | (13.54 | )% | 15.04 | %(3) | ||||||||||||
Total Investment Return on Market
Value(2)
|
(17.12 | )% | 6.02 | % | 18.23 | % | (24.23 | )% | 5.04 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets, end of year (000s omitted)
|
$ | 445,814 | $ | 513,953 | $ | 534,948 | $ | 654,528 | $ | 837,584 | ||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||
Expenses(4)
|
1.15 | % | 1.12 | % | 1.17 | % | 1.10 | % | 1.08 | % | ||||||||||||
Net investment income
|
0.52 | % | 0.69 | % | 1.17 | % | 0.79 | % | 0.39 | % | ||||||||||||
Portfolio Turnover
|
78 | % | 27 | % | 65 | % | 117 | % | 195 | % | ||||||||||||
(1) | Computed using average shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | During the year ended September 30, 2007, the Fund realized a gain on the closing out of a written options position that did not meet investment guidelines. The gain was less than $0.01 per share and had no effect on total return for the year ended September 30, 2007. | |
(4) | Excludes the effect of custody fee credits, if any, of less than 0.005%. |
Year Ended September 30, | ||||||||||
2011 | 2010 | |||||||||
Distributions declared from:
|
||||||||||
Ordinary income
|
$ | 2,713,519 | $ | 3,679,239 | ||||||
Tax return of capital
|
43,318,670 | 54,445,644 | ||||||||
Capital loss carryforward
|
$ | (132,398,283 | ) | |||
Net unrealized appreciation
|
$ | 1,182,185 | ||||
Aggregate cost
|
$ | 459,187,355 | ||||
Gross unrealized appreciation
|
$ | 44,254,420 | ||||
Gross unrealized depreciation
|
(45,963,064 | ) | ||||
Net unrealized depreciation
|
$ | (1,708,644 | ) | |||
Number of |
Premiums |
|||||||||
Contracts | Received | |||||||||
Outstanding, beginning of year
|
89,697 | $ | 13,017,697 | |||||||
Options written
|
342,901 | 44,817,631 | ||||||||
Options terminated in closing purchase transactions
|
(222,313 | ) | (29,613,360 | ) | ||||||
Options exercised
|
(7,142 | ) | (1,241,590 | ) | ||||||
Options expired
|
(151,947 | ) | (18,700,591 | ) | ||||||
Outstanding, end of year
|
51,196 | $ | 8,279,787 | |||||||
Fair Value | ||||||||||
Derivative | Asset Derivatives | Liability Derivatives(1) | ||||||||
Written options
|
$ | | $ | (5,396,316 | ) | |||||
(1) | Statement of Assets and Liabilities location: Written options outstanding, at value. |
Realized Gain (Loss) |
Change in Unrealized |
|||||||||
on Derivatives Recognized |
Appreciation (Depreciation) on |
|||||||||
Derivative | in Income(1) | Derivatives Recognized in Income(2) | ||||||||
Written options
|
$ | (13,830,949 | ) | $ | 9,757,236 | |||||
(1) | Statement of Operations location: Net realized gain (loss) Written options. | |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation) Written options. |
| Level 1 quoted prices in active markets for identical investments |
| Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 significant unobservable inputs (including a funds own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stocks*
|
$ | 440,235,491 | $ | | $ | | $ | 440,235,491 | ||||||||||
Short-Term Investments
|
| 17,243,220 | | 17,243,220 | ||||||||||||||
Total Investments
|
$ | 440,235,491 | $ | 17,243,220 | $ | | $ | 457,478,711 | ||||||||||
Liability Description
|
||||||||||||||||||
Covered Call Options Written
|
$ | (5,396,316 | ) | $ | | $ | | $ | (5,396,316 | ) | ||||||||
Total
|
$ | (5,396,316 | ) | $ | | $ | | $ | (5,396,316 | ) | ||||||||
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Nominee for Trustee |
Number of Shares | |||||||||
Elected by All Shareholders | For | Withheld | ||||||||
Benjamin C. Esty
|
36,073,044 | 1,111,456 | ||||||||
Thomas E. Faust Jr.
|
36,068,058 | 1,116,442 | ||||||||
Allen R. Freedman
|
36,013,594 | 1,170,906 |
| An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds; | |
| An independent report comparing each funds total expense ratio and its components to comparable funds; | |
| An independent report comparing the investment performance of each fund (including yield data and Sharpe and information ratios where relevant) to the investment performance of comparable funds over various time periods; | |
| Data regarding investment performance in comparison to relevant peer groups of similarly managed funds and appropriate indices; | |
| For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing such fund; | |
| Profitability analyses for each adviser with respect to each fund; |
| Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel; | |
| Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and/or the funds policies with respect to soft dollar arrangements; | |
| Data relating to portfolio turnover rates of each fund; | |
| The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes; |
| Reports detailing the financial results and condition of each adviser; | |
| Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; | |
| Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes; | |
| Copies of or descriptions of each advisers policies and procedures relating to proxy voting, the handling of corporate actions and class actions; | |
| Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions; | |
| Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates; | |
| A description of Eaton Vance Managements procedures for overseeing third party advisers and sub-advisers; |
| Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates; | |
| Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds administrator; and | |
| The terms of each advisory agreement. |
Position(s) |
Term of Office; |
|||||
with the |
Length of |
Principal Occupation(s) and Directorships |
||||
Name and Year of Birth | Fund | Service | During Past Five Years and Other Relevant Experience | |||
Interested Trustee | ||||||
Thomas E. Faust Jr. 1958 |
Class I Trustee |
Until 2014. 3 years. Trustee since 2007. |
Chairman, Chief Executive Officer and President of EVC, Director
and President of EV, Chief Executive Officer and President of
EVM and BMR, and Director of EVD. Trustee
and/or
officer of 179 registered investment companies and 1 private
investment company managed by EVM or BMR. Mr. Faust is an
interested person because of his positions with EVM, BMR, EVD,
EVC and EV, which are affiliates of the Fund. Directorships in the Last Five Years.(1) Director of EVC. |
|||
Noninterested Trustees | ||||||
Scott E. Eston 1956 |
Class I Trustee |
Until 2014. 3 years. Trustee since 2011. |
Private investor; formerly held various positions at Grantham,
Mayo, Van Otterloo and Co., L.L.C. (investment management firm)
(1997-2009),
including Chief Operating Officer
(2002-2009),
Chief Financial Officer
(1997-2009)
and Chairman of the Executive Committee
(2002-2008);
President and Principal Executive Officer, GMO Trust
(2006-2009)
(open-end registered investment company); Partner, Coopers and
Lybrand L.L.P. (public accounting firm)
(1987-1997). Directorships in the Last Five Years. None. |
|||
Benjamin C. Esty 1963 |
Class I Trustee |
Until 2014. 3 years. Trustee since 2005. |
Roy and Elizabeth Simmons Professor of Business Administration
and Finance Unit Head, Harvard University Graduate School of
Business Administration. Directorships in the Last Five Years.(1) None. |
|||
Allen R. Freedman 1940 |
Class I Trustee |
Until 2014. 3 years. Trustee since 2007. |
Private Investor. Former Chairman
(2002-2004)
and a Director
(1983-2004)
of Systems & Computer Technology Corp. (provider of
software to higher education). Formerly, a Director of Loring
Ward International (fund distributor)
(2005-2007).
Former Chairman and a Director of Indus International, Inc.
(provider of enterprise management software to the power
generating industry)
(2005-2007).
Former Chief Executive Officer of Assurant, Inc. (insurance
provider)
(1979-2000). Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011). |
|||
William H. Park 1947 |
Class II Trustee |
Until 2012. 3 years. Trustee since 2004. |
Consultant and private investor. Formerly, Chief Financial
Officer, Aveon Group L.P. (investment management firm)
(2010-2011).
Formerly Vice Chairman, Commercial Industrial Finance Corp.
(specialty finance company)
(2006-2010).
Formerly, President and Chief Executive Officer, Prizm Capital
Management, LLC (investment management firm)
(2002-2005).
Formerly, Executive Vice President and Chief Financial Officer,
United Asset Management Corporation (investment management firm)
(1982-2001).
Formerly, Senior Manager, Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public
accounting firm)
(1972-1981). Directorships in the Last Five Years.(1) None. |
|||
Ronald A. Pearlman 1940 |
Class II Trustee |
Until 2012. 3 years. Trustee since 2004. |
Professor of Law, Georgetown University Law Center. Formerly,
Deputy Assistant Secretary (Tax Policy) and Assistant Secretary
(Tax Policy), U.S. Department of the Treasury
(1983-1985).
Formerly, Chief of Staff, Joint Committee on Taxation, U.S.
Congress
(1988-1990). Directorships in the Last Five Years.(1) None. |
Position(s) |
Term of Office; |
|||||
with the |
Length of |
Principal Occupation(s) and Directorships |
||||
Name and Year of Birth | Fund | Service | During Past Five Years and Other Relevant Experience | |||
Noninterested Trustees (continued) | ||||||
Helen Frame Peters 1948 |
Class III Trustee |
Until 2013. 3 years. Trustee since 2008. |
Professor of Finance, Carroll School of Management, Boston
College. Formerly, Dean, Carroll School of Management, Boston
College
(2000-2002).
Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper
Investments (investment management firm)
(1998-1999).
Formerly, Chief Investment Officer, Equity and Fixed Income,
Colonial Management Associates (investment management firm)
(1991-1998). Directorships in the Last Five Years.(1) Formerly, Director of BJs Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009). |
|||
Lynn A. Stout 1957 |
Class III Trustee |
Until 2013. 3 years. Trustee since 2004. |
Paul Hastings Professor of Corporate and Securities Law (since
2006) and Professor of Law
(2001-2006),
University of California at Los Angeles School of Law. Directorships in the Last Five Years.(1) None. |
|||
Harriett Tee Taggart 1948 |
Class II Trustee |
Until 2012. 1 year. Trustee since 2011. |
Managing Director, Taggart Associates (a professional practice
firm); formerly, Partner and Senior Vice President, Wellington
Management Company, LLP (investment management firm)
(1983-2006). Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011). |
|||
Ralph F. Verni 1943 |
Chairman of the Board and Class III Trustee |
Until 2013. 3 years. Chairman of the Board since 2007 and
Trustee since 2005. |
Consultant and private investor. Formerly, Chief Investment
Officer
(1982-1992),
Chief Financial Officer
(1988-1990)
and Director
(1982-1992),
New England Life. Formerly, Chairperson, New England Mutual
Funds
(1982-1992).
Formerly, President and Chief Executive Officer, State Street
Management & Research
(1992-2000).
Formerly, Chairperson, State Street Research Mutual Funds
(1992-2000).
Formerly, Director, W.P. Carey, LLC
(1998-2004)
and First Pioneer Farm Credit Corp.
(2002-2006). Directorships in the Last Five Years.(1) None. |
|||
Principal Officers who are not Trustees | ||||||
Position(s) |
||||||
with the |
Length of |
Principal Occupation(s) |
||||
Name and Year of Birth | Fund | Service | During Past Five Years | |||
Walter A. Row, III 1957 |
President | Since 2011.(2) | Vice President of EVM and BMR. | |||
Duncan W. Richardson 1957 |
Vice President | Since 2011.(2) | Director of EVC and Executive Vice President and Chief Equity Investment Officer of EVC, EVM and BMR. | |||
Barbara E. Campbell 1957 |
Treasurer | Since 2005. | Vice President of EVM and BMR. | |||
Maureen A. Gemma 1960 |
Vice President, Secretary and Chief Legal Officer | Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008. | Vice President of EVM and BMR. | |||
Paul M. ONeil 1953 |
Chief Compliance Officer | Since 2004. | Vice President of EVM and BMR. |
(1) | During their respective tenures, the Trustees (except Eston and Taggart) also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). | |
(2) | Prior to 2011, Mr. Row was Vice President of the Fund since 2004 and Mr. Richardson was President of the Fund since 2004. |
| Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. |
| None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customers account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers. |
| Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. |
| We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
2285-11/11 | CE-EEIFSRC |
Fiscal Years Ended | 9/30/10 | 9/30/11 | ||||||
Audit Fees |
$ | 42,510 | $ | 42,940 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
Tax Fees(2) |
$ | 18,620 | $ | 18,810 | ||||
All Other Fees(3) |
$ | 1,400 | $ | 1,200 | ||||
Total |
$ | 62,530 | $ | 62,950 | ||||
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. | |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. | |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. | |
(e)(1) The registrants audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrants principal accountant (the Pre-Approval Policies). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee. |
Fiscal Years Ended | 9/30/10 | 9/30/11 | ||||||
Registrant |
$ | 20,020 | $ | 20,010 | ||||
Eaton Vance(1) |
$ | 278,901 | $ | 226,431 | ||||
(1) | The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp. |
Number of Accounts | Total Assets of | |||||||||||||||
Number of All | Total Assets of | Paying a | Accounts Paying a | |||||||||||||
Accounts | All Accounts | Performance Fee | Performance Fee | |||||||||||||
Michael A. Allison |
||||||||||||||||
Registered Investment
Companies |
7 | $ | 13,922.3 | 0 | $ | 0 | ||||||||||
Other Pooled
Investment
Vehicles |
15 | $ | 11,556.4 | 0 | $ | 0 | ||||||||||
Other Accounts |
1 | $ | 2.1 | 0 | $ | 0 | ||||||||||
Walter A. Row, III
|
||||||||||||||||
Registered Investment
Companies |
9 | $ | 8,698.8 | 0 | $ | 0 | ||||||||||
Other Pooled
Investment
Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts |
0 | $ | 0 | 0 | $ | 0 |
Portfolio Manager | Dollar
Range of Equity Securities Owned in the Fund |
|||
Walter A. Row |
$ | 10,001-$50,000 | ||
Michael A. Allison |
None |
(a)(1)
|
Registrants Code of Ethics Not applicable (please see Item 2). | |
(a)(2)(i)
|
Treasurers Section 302 certification. | |
(a)(2)(ii)
|
Presidents Section 302 certification. | |
(b)
|
Combined Section 906 certification. | |
(c)
|
Registrants notices to shareholders pursuant to Registrants exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrants Managed Distribution Plan. |
By:
|
/s/ Walter A. Row, III
|
|||
President |
By:
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/s/ Barbara E. Campbell
Treasurer |
|||
Date: November 16, 2011 | ||||
By:
|
/s/ Walter A. Row, III
President |
|||
Date: November 16, 2011 |
/s/ Barbara E. Campbell | ||||
Barbara E. Campbell Treasurer |
||||
/s/ Walter A. Row, III | ||||
Walter A. Row, III | ||||
President |
(a) | The Annual Report of the Fund on Form N-CSR for the period ended September 30, 2011 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and | ||
(b) | The information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. |
/s/ Barbara E. Campbell | ||||
Barbara E. Campbell | ||||
Treasurer | ||||
/s/ Walter A. Row, III | ||||
Walter A. Row, III | ||||
President |
Cumulative | % of the Cumulative | |||||||||||||||
Distributions for | Distributions for | |||||||||||||||
Current | % of Current | the Fiscal | the Fiscal | |||||||||||||
Source | Distribution | Distribution | Year-to-Date 1 | Year-to-Date 1 | ||||||||||||
Net Investment Income |
$ | 0.0044 | 4.8 | % | $ | 0.0360 | 5.2 | % | ||||||||
Net Realized
Short-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized
Long-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Return of Capital or
Other Capital
Source(s) |
$ | 0.0875 | 95.2 | % | $ | 0.6563 | 94.8 | % | ||||||||
Total per common share |
$ | 0.0919 | 100.0 | % | $ | 0.6923 | 100.0 | % |
1 | The Funds fiscal year is October 1, 2010 to September 30, 2011 |
Average annual total return at NAV for the 5-year period ended on March 31, 20111 |
3.11 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of March 31, 20112 |
8.09 | % | ||
Cumulative total return at NAV for the fiscal year through March 31, 20113 |
11.01 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of March 31, 20114 |
4.40 | % |
1 | Average annual total return at NAV represents the simple arithmetic average of the annual NAV total returns of the Fund for the 5-year period ended on March 31, 2011. | |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of March 31, 2011. | |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to March 31, 2011 including distributions paid and assuming reinvestment of those distributions. | |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to March 31, 2011 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of March 31, 2011. |
Cumulative | % of the Cumulative | |||||||||||||||
Distributions for | Distributions for | |||||||||||||||
Current | % of Current | the Fiscal | the Fiscal | |||||||||||||
Source | Distribution | Distribution | Year-to-Date 1 | Year-to-Date 1 | ||||||||||||
Net Investment Income |
$ | 0.0048 | 5.2 | % | $ | 0.0408 | 5.2 | % | ||||||||
Net Realized
Short-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized
Long-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Return of Capital or
Other Capital
Source(s) |
$ | 0.0871 | 94.8 | % | $ | 0.7434 | 94.8 | % | ||||||||
Total per common share |
$ | 0.0919 | 100.0 | % | $ | 0.7842 | 100.0 | % |
1 | The Funds fiscal year is October 1, 2010 to September 30, 2011 |
Average annual total return at NAV for the 5-year period ended on April 30, 20111 |
3.31 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of April 30, 20112 |
8.01 | % | ||
Cumulative total return at NAV for the fiscal year through April 30, 20113 |
13.00 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of April 30, 20114 |
5.03 | % |
1 | Average annual total return at NAV represents the simple arithmetic average of the annual NAV total returns of the Fund for the 5-year period ended on April 30, 2011. | |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of April 30, 2011. | |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to April 30, 2011 including distributions paid and assuming reinvestment of those distributions. | |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to April 30, 2011 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of April 30, 2011. |
Cumulative | % of the Cumulative | |||||||||||||||
Distributions for | Distributions for | |||||||||||||||
Current | % of Current | the Fiscal | the Fiscal | |||||||||||||
Source | Distribution | Distribution | Year-to-Date 1 | Year-to-Date 1 | ||||||||||||
Net Investment Income |
$ | 0.0056 | 6.1 | % | $ | 0.0464 | 5.3 | % | ||||||||
Net Realized
Short-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized
Long-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Return of Capital or
Other Capital
Source(s) |
$ | 0.0863 | 93.9 | % | $ | 0.8297 | 94.7 | % | ||||||||
Total per common share |
$ | 0.0919 | 100.0 | % | $ | 0.8761 | 100.0 | % |
1 | The Funds fiscal year is October 1, 2010 to September 30, 2011 |
Average annual total return at NAV for the 5-year period ended on May 31, 20111 |
3.53 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of May 31, 20112 |
8.14 | % | ||
Cumulative total return at NAV for the fiscal year through May 31, 20113 |
11.96 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of May 31, 20114 |
5.79 | % |
1 | Average annual total return at NAV represents the simple arithmetic average of the annual NAV total returns of the Fund for the 5-year period ended on May 31, 2011. | |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of May 31, 2011. | |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to May 31, 2011 including distributions paid and assuming reinvestment of those distributions. | |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to May 31, 2011 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of May 31, 2011. |
Cumulative | % of the Cumulative | |||||||||||||||
Distributions for | Distributions for | |||||||||||||||
Current | % of Current | the Fiscal | the Fiscal | |||||||||||||
Source | Distribution | Distribution | Year-to-Date 1 | Year-to-Date 1 | ||||||||||||
Net Investment Income |
$ | 0.0072 | 7.8 | % | $ | 0.0536 | 5.5 | % | ||||||||
Net Realized
Short-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized
Long-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Return of Capital or
Other Capital
Source(s) |
$ | 0.0847 | 92.2 | % | $ | 0.9144 | 94.5 | % | ||||||||
Total per common share |
$ | 0.0919 | 100.0 | % | $ | 0.9680 | 100.0 | % |
1 | The Funds fiscal year is October 1, 2010 to September 30, 2011 |
Average annual total return at NAV for the 5-year period ended on June 30, 20111
|
3.21 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of June 30, 20112
|
8.28 | % | ||
Cumulative total return at NAV for the fiscal year through June 30, 20113
|
10.97 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of June 30, 20114
|
6.58 | % |
1 | Average annual total return at NAV represents the simple arithmetic average of the annual NAV total returns of the Fund for the 5-year period ended on June 30, 2011. | |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of June 30, 2011. | |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to June 30, 2011 including distributions paid and assuming reinvestment of those distributions. | |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to June 30, 2011 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of June 30, 2011. |
Cumulative | % of the Cumulative | |||||||||||||||
Distributions for | Distributions for | |||||||||||||||
Current | % of Current | the Fiscal | the Fiscal | |||||||||||||
Source | Distribution | Distribution | Year-to-Date 1 | Year-to-Date 1 | ||||||||||||
Net Investment Income |
$ | 0.0061 | 6.6 | % | $ | 0.0597 | 5.6 | % | ||||||||
Net Realized
Short-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized
Long-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Return of Capital or
Other Capital
Source(s) |
$ | 0.0858 | 93.4 | % | $ | 1.0002 | 94.4 | % | ||||||||
Total per common share |
$ | 0.0919 | 100.0 | % | $ | 1.0599 | 100.0 | % |
1 | The Funds fiscal year is October 1, 2010 to September 30, 2011 |
Average annual total return at NAV for the 5-year period ended on July 31, 20111 |
2.85 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of July 31, 20112 |
8.52 | % | ||
Cumulative total return at NAV for the fiscal year through July 31, 20113 |
8.69 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of July 31, 20114 |
7.48 | % |
1 | Average annual total return at NAV represents the simple arithmetic average of the annual NAV total returns of the Fund for the 5-year period ended on July 31, 2011. | |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of July 31, 2011. | |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to July 31, 2011 including distributions paid and assuming reinvestment of those distributions. | |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to July 31, 2011 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of July 31, 2011. |
Cumulative | % of the Cumulative | |||||||||||||||
Distributions for | Distributions for | |||||||||||||||
Current | % of Current | the Fiscal | the Fiscal | |||||||||||||
Source | Distribution | Distribution | Year-to-Date 1 | Year-to-Date 1 | ||||||||||||
Net Investment Income |
$ | 0.0079 | 8.6 | % | $ | 0.0676 | 5.8 | % | ||||||||
Net Realized
Short-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized
Long-Term Capital
Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Return of Capital or
Other Capital
Source(s) |
$ | 0.0840 | 91.4 | % | $ | 1.0842 | 94.2 | % | ||||||||
Total per common share |
$ | 0.0919 | 100.0 | % | $ | 1.1518 | 100.0 | % |
1 | The Funds fiscal year is October 1, 2010 to September 30, 2011 |
Average annual total return at NAV for the 5-year period ended on August 31, 20111 |
1.35 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of August 31, 20112 |
9.06 | % | ||
Cumulative total return at NAV for the fiscal year through August 31, 20113 |
3.12 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of August 31, 20114 |
8.71 | % |
1 | Average annual total return at NAV represents the simple arithmetic average of the annual NAV total returns of the Fund for the 5-year period ended on August 31, 2011. | |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of August 31, 2011. | |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to August 31, 2011 including distributions paid and assuming reinvestment of those distributions. | |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to August 31, 2011 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of August 31, 2011. |
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