Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) Semiannual Report June 30, 2011 |
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Performance |
2 | |||
Fund Profile |
3 | |||
Endnotes and Additional Disclosures |
4 | |||
Financial Statements |
5 | |||
Annual Meeting of Shareholders |
18 | |||
Board of Trustees Contract Approval |
19 | |||
Officers and Trustees |
22 | |||
Important Notices |
23 |
New York Stock Exchange (NYSE) Symbol | ETB | |||
Inception Date (4/29/05) | ||||
% Average Annual Total Returns at net asset value (NAV) |
||||
Six Months |
4.37 | |||
One Year |
22.53 | |||
Five Years |
6.03 | |||
Since Inception |
6.76 | |||
% Average Annual Total Returns at market price, NYSE |
||||
Six Months |
0.07 | |||
One Year |
0.66 | |||
Five Years |
4.92 | |||
Since Inception |
5.32 | |||
% Premium/Discount to NAV (6/30/11) |
-8.08 | |||
Distributions |
||||
Total
Distributions per share (12/31/10 6/30/11) |
$ | 0.648 | ||
Distribution
Rate at NAV1 |
8.65 | % | ||
Distribution Rate at market price1 |
9.41 | % | ||
Comparative Performance2 |
% Return | |||
S&P 500 Index |
||||
Six Months |
6.02 | |||
One Year |
30.69 | |||
Five Years |
2.94 | |||
Since Inception (4/29/05) |
4.31 | |||
CBOE S&P 500 BuyWrite Index |
||||
Six Months |
2.42 | |||
One Year |
19.52 | |||
Five Years |
2.32 | |||
Since Inception (4/29/05) |
3.45 |
2
Top 10 Holdings (% of total investments)3 | ||||
Exxon Mobil Corp. |
3.6 | |||
Apple, Inc. |
2.7 | |||
Microsoft Corp. |
2.0 | |||
Johnson & Johnson |
2.0 | |||
Chevron Corp. |
1.8 | |||
JPMorgan Chase & Co. |
1.7 | |||
Wells Fargo & Co. |
1.6 | |||
Pfizer, Inc. |
1.6 | |||
AT&T, Inc. |
1.6 | |||
Coca-Cola Co. (The) |
1.6 | |||
Total % of total investments |
20.2 | |||
3
1. | The Distribution Rate is based on the Funds last regular distribution per share in the period (annualized) divided by the Funds NAV or market price at the end of the period. The Funds distributions may be comprised of ordinary income, net realized capital gains and return of capital. | |
2. | 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. 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. | |
3. | Depictions do not reflect the Funds options positions. Excludes cash and cash equivalents. | |
Fund profile subject to change due to active management. |
4
Common Stocks 101.5% | ||||||||||
Security | Shares | Value | ||||||||
Aerospace & Defense 3.3% | ||||||||||
Boeing Co. (The)
|
26,422 | $ | 1,953,379 | |||||||
Honeywell International, Inc.
|
56,426 | 3,362,425 | ||||||||
Huntington Ingalls Industries,
Inc.(1)
|
3,600 | 124,200 | ||||||||
Northrop Grumman Corp.
|
21,600 | 1,497,960 | ||||||||
Rockwell Collins, Inc.
|
16,000 | 987,040 | ||||||||
Textron, Inc.
|
11,648 | 275,009 | ||||||||
United Technologies Corp.
|
44,353 | 3,925,684 | ||||||||
$ | 12,125,697 | |||||||||
Air Freight & Logistics 1.3% | ||||||||||
CH Robinson Worldwide, Inc.
|
15,365 | $ | 1,211,377 | |||||||
Expeditors International of Washington, Inc.
|
21,522 | 1,101,711 | ||||||||
United Parcel Service, Inc., Class B
|
36,126 | 2,634,669 | ||||||||
$ | 4,947,757 | |||||||||
Auto Components 0.6% | ||||||||||
Dana Holding
Corp.(1)
|
31,658 | $ | 579,341 | |||||||
Goodyear Tire & Rubber Co.
(The)(1)
|
13,476 | 225,993 | ||||||||
Johnson Controls, Inc.
|
37,662 | 1,568,999 | ||||||||
$ | 2,374,333 | |||||||||
Automobiles 0.3% | ||||||||||
Ford Motor
Co.(1)
|
83,365 | $ | 1,149,603 | |||||||
$ | 1,149,603 | |||||||||
Beverages 2.6% | ||||||||||
Coca-Cola
Co. (The)
|
86,673 | $ | 5,832,226 | |||||||
PepsiCo, Inc.
|
55,700 | 3,922,951 | ||||||||
$ | 9,755,177 | |||||||||
Biotechnology 1.2% | ||||||||||
Amgen,
Inc.(1)
|
26,769 | $ | 1,561,971 | |||||||
Celgene
Corp.(1)
|
32,350 | 1,951,352 | ||||||||
Gilead Sciences,
Inc.(1)
|
21,919 | 907,666 | ||||||||
$ | 4,420,989 | |||||||||
Capital Markets 2.0% | ||||||||||
Bank of New York Mellon Corp. (The)
|
13,449 | $ | 344,564 | |||||||
Federated Investors, Inc., Class B
|
7,867 | 187,549 | ||||||||
Goldman Sachs Group, Inc. (The)
|
17,532 | 2,333,334 | ||||||||
Invesco, Ltd.
|
38,480 | 900,432 | ||||||||
Legg Mason, Inc.
|
18,049 | 591,285 | ||||||||
State Street Corp.
|
27,413 | 1,236,052 | ||||||||
T. Rowe Price Group, Inc.
|
28,399 | 1,713,596 | ||||||||
$ | 7,306,812 | |||||||||
Chemicals 1.8% | ||||||||||
Dow Chemical Co. (The)
|
40,267 | $ | 1,449,612 | |||||||
E.I. Du Pont de Nemours & Co.
|
51,275 | 2,771,414 | ||||||||
Eastman Chemical Co.
|
1,804 | 184,134 | ||||||||
PPG Industries, Inc.
|
13,916 | 1,263,434 | ||||||||
Sherwin-Williams Co. (The)
|
13,337 | 1,118,574 | ||||||||
$ | 6,787,168 | |||||||||
Commercial Banks 3.0% | ||||||||||
Banco Bilbao Vizcaya Argentaria SA ADR
|
35,069 | $ | 411,710 | |||||||
Fifth Third Bancorp
|
91,535 | 1,167,071 | ||||||||
First Horizon National Corp.
|
16,952 | 161,722 | ||||||||
KeyCorp
|
43,543 | 362,713 | ||||||||
M&T Bank Corp.
|
12,600 | 1,108,170 | ||||||||
Marshall & Ilsley Corp.
|
39,440 | 314,337 | ||||||||
PNC Financial Services Group, Inc.
|
24,325 | 1,450,013 | ||||||||
Wells Fargo & Co.
|
219,413 | 6,156,729 | ||||||||
$ | 11,132,465 | |||||||||
Commercial Services & Supplies 1.0% | ||||||||||
Avery Dennison Corp.
|
15,307 | $ | 591,310 | |||||||
Pitney Bowes, Inc.
|
54,064 | 1,242,931 | ||||||||
RR Donnelley & Sons Co.
|
28,274 | 554,453 | ||||||||
Waste Management, Inc.
|
39,000 | 1,453,530 | ||||||||
$ | 3,842,224 | |||||||||
Communications Equipment 3.0% | ||||||||||
Aviat Networks,
Inc.(1)
|
6,710 | $ | 26,437 | |||||||
Cisco Systems, Inc.
|
222,878 | 3,479,126 | ||||||||
Harris Corp.
|
23,222 | 1,046,383 | ||||||||
JDS Uniphase
Corp.(1)
|
19,875 | 331,118 | ||||||||
Juniper Networks,
Inc.(1)
|
23,576 | 742,644 | ||||||||
QUALCOMM, Inc.
|
82,146 | 4,665,071 | ||||||||
Telefonaktiebolaget LM Ericsson, Class B ADR
|
43,494 | 625,444 | ||||||||
$ | 10,916,223 | |||||||||
Computers & Peripherals 3.2% | ||||||||||
Apple,
Inc.(1)
|
30,468 | $ | 10,227,194 | |||||||
Hewlett-Packard Co.
|
26,443 | 962,525 |
Security | Shares | Value | ||||||||
Computers &
Peripherals (continued)
|
||||||||||
QLogic
Corp.(1)
|
20,459 | $ | 325,707 | |||||||
SanDisk
Corp.(1)
|
8,289 | 343,994 | ||||||||
$ | 11,859,420 | |||||||||
Construction & Engineering 0.0%(2) | ||||||||||
Shaw Group, Inc.
(The)(1)
|
4,322 | $ | 130,568 | |||||||
$ | 130,568 | |||||||||
Consumer Finance 1.0% | ||||||||||
American Express Co.
|
49,193 | $ | 2,543,278 | |||||||
Discover Financial Services
|
40,754 | 1,090,170 | ||||||||
$ | 3,633,448 | |||||||||
Distributors 0.5% | ||||||||||
Genuine Parts Co.
|
34,078 | $ | 1,853,843 | |||||||
$ | 1,853,843 | |||||||||
Diversified Consumer Services 0.3% | ||||||||||
H&R Block, Inc.
|
75,300 | $ | 1,207,812 | |||||||
$ | 1,207,812 | |||||||||
Diversified Financial Services 3.5% | ||||||||||
Bank of America Corp.
|
178,927 | $ | 1,961,040 | |||||||
Citigroup, Inc.
|
54,554 | 2,271,629 | ||||||||
CME Group, Inc.
|
3,193 | 931,047 | ||||||||
JPMorgan Chase & Co.
|
158,700 | 6,497,178 | ||||||||
Moodys Corp.
|
29,272 | 1,122,581 | ||||||||
$ | 12,783,475 | |||||||||
Diversified Telecommunication Services 3.5% | ||||||||||
AT&T, Inc.
|
190,600 | $ | 5,986,746 | |||||||
Frontier Communications Corp.
|
134,501 | 1,085,423 | ||||||||
Verizon Communications, Inc.
|
136,300 | 5,074,449 | ||||||||
Windstream Corp.
|
46,200 | 598,752 | ||||||||
$ | 12,745,370 | |||||||||
Electric Utilities 0.9% | ||||||||||
Duke Energy Corp.
|
88,867 | $ | 1,673,366 | |||||||
Edison International
|
20,090 | 778,488 | ||||||||
FirstEnergy Corp.
|
10,281 | 453,906 | ||||||||
Pinnacle West Capital Corp.
|
7,168 | 319,549 | ||||||||
$ | 3,225,309 | |||||||||
Electrical Equipment 0.8% | ||||||||||
Emerson Electric Co.
|
53,488 | $ | 3,008,700 | |||||||
$ | 3,008,700 | |||||||||
Electronic Equipment, Instruments & Components 0.1% | ||||||||||
Molex, Inc.
|
13,181 | $ | 339,674 | |||||||
$ | 339,674 | |||||||||
Energy Equipment & Services 2.6% | ||||||||||
Baker Hughes, Inc.
|
5,760 | $ | 417,946 | |||||||
Diamond Offshore Drilling, Inc.
|
13,574 | 955,745 | ||||||||
Halliburton Co.
|
64,124 | 3,270,324 | ||||||||
Schlumberger, Ltd.
|
56,392 | 4,872,269 | ||||||||
$ | 9,516,284 | |||||||||
Food & Staples Retailing 2.2% | ||||||||||
CVS Caremark Corp.
|
86,869 | $ | 3,264,537 | |||||||
Wal-Mart Stores, Inc.
|
79,592 | 4,229,519 | ||||||||
Walgreen Co.
|
17,421 | 739,696 | ||||||||
$ | 8,233,752 | |||||||||
Food Products 2.0% | ||||||||||
ConAgra Foods, Inc.
|
36,224 | $ | 934,942 | |||||||
General Mills, Inc.
|
19,286 | 717,825 | ||||||||
Green Mountain Coffee Roasters,
Inc.(1)
|
15,366 | 1,371,569 | ||||||||
Kellogg Co.
|
31,044 | 1,717,354 | ||||||||
Kraft Foods, Inc., Class A
|
54,344 | 1,914,539 | ||||||||
Tyson Foods, Inc., Class A
|
28,696 | 557,276 | ||||||||
$ | 7,213,505 | |||||||||
Gas Utilities 0.2% | ||||||||||
Nicor, Inc.
|
11,699 | $ | 640,403 | |||||||
$ | 640,403 | |||||||||
Health Care Equipment & Supplies 1.6% | ||||||||||
Baxter International, Inc.
|
42,233 | $ | 2,520,888 | |||||||
Boston Scientific
Corp.(1)
|
75,455 | 521,394 | ||||||||
Covidien PLC
|
24,361 | 1,296,736 | ||||||||
Medtronic, Inc.
|
13,780 | 530,943 | ||||||||
St. Jude Medical, Inc.
|
16,051 | 765,312 | ||||||||
Zimmer Holdings,
Inc.(1)
|
5,294 | 334,581 | ||||||||
$ | 5,969,854 | |||||||||
Security | Shares | Value | ||||||||
Health Care Providers & Services 1.8% | ||||||||||
Catalyst Health Solutions,
Inc.(1)
|
5,847 | $ | 326,379 | |||||||
Express Scripts,
Inc.(1)
|
15,796 | 852,668 | ||||||||
Medco Health Solutions,
Inc.(1)
|
26,655 | 1,506,541 | ||||||||
Quest Diagnostics, Inc.
|
21,510 | 1,271,241 | ||||||||
UnitedHealth Group, Inc.
|
49,739 | 2,565,538 | ||||||||
$ | 6,522,367 | |||||||||
Hotels, Restaurants & Leisure 1.4% | ||||||||||
McDonalds Corp.
|
39,136 | $ | 3,299,948 | |||||||
Wyndham Worldwide Corp.
|
26,139 | 879,577 | ||||||||
Yum! Brands,
Inc.(1)
|
16,501 | 911,515 | ||||||||
$ | 5,091,040 | |||||||||
Household Durables 0.8% | ||||||||||
D.R. Horton, Inc.
|
22,646 | $ | 260,882 | |||||||
Leggett & Platt, Inc.
|
11,383 | 277,518 | ||||||||
Lennar Corp., Class A
|
21,018 | 381,477 | ||||||||
Newell Rubbermaid, Inc.
|
76,798 | 1,211,872 | ||||||||
Whirlpool Corp.
|
11,922 | 969,497 | ||||||||
$ | 3,101,246 | |||||||||
Household Products 1.8% | ||||||||||
Clorox Co. (The)
|
14,825 | $ | 999,798 | |||||||
Kimberly-Clark Corp.
|
19,850 | 1,321,216 | ||||||||
Procter & Gamble Co.
|
65,845 | 4,185,767 | ||||||||
$ | 6,506,781 | |||||||||
Industrial Conglomerates 1.7% | ||||||||||
3M Co.
|
17,125 | $ | 1,624,306 | |||||||
General Electric Co.
|
252,137 | 4,755,304 | ||||||||
$ | 6,379,610 | |||||||||
Insurance 4.5% | ||||||||||
ACE, Ltd.
|
14,012 | $ | 922,270 | |||||||
AON Corp.
|
15,101 | 774,681 | ||||||||
Berkshire Hathaway, Inc.,
Class B(1)
|
34,964 | 2,705,864 | ||||||||
Cincinnati Financial Corp.
|
23,600 | 688,648 | ||||||||
Genworth Financial, Inc.,
Class A(1)
|
4,317 | 44,379 | ||||||||
Lincoln National Corp.
|
38,463 | 1,095,811 | ||||||||
Marsh & McLennan Cos., Inc.
|
50,188 | 1,565,364 | ||||||||
MetLife, Inc.
|
51,866 | 2,275,361 | ||||||||
Principal Financial Group, Inc.
|
44,928 | 1,366,710 | ||||||||
Prudential Financial, Inc.
|
28,337 | 1,801,950 | ||||||||
Travelers Companies, Inc. (The)
|
43,007 | 2,510,749 | ||||||||
XL Group PLC
|
38,726 | 851,197 | ||||||||
$ | 16,602,984 | |||||||||
Internet & Catalog Retail 0.6% | ||||||||||
Amazon.com,
Inc.(1)
|
5,804 | $ | 1,186,860 | |||||||
Priceline.com,
Inc.(1)
|
2,341 | 1,198,428 | ||||||||
$ | 2,385,288 | |||||||||
Internet Software & Services 2.0% | ||||||||||
AOL,
Inc.(1)
|
2,315 | $ | 45,976 | |||||||
Google, Inc.,
Class A(1)
|
10,119 | 5,124,059 | ||||||||
Monster Worldwide,
Inc.(1)
|
16,352 | 239,720 | ||||||||
Rackspace Hosting,
Inc.(1)
|
13,373 | 571,562 | ||||||||
VeriSign, Inc.
|
43,013 | 1,439,215 | ||||||||
$ | 7,420,532 | |||||||||
IT Services 2.4% | ||||||||||
Fidelity National Information Services, Inc.
|
26,132 | $ | 804,604 | |||||||
International Business Machines Corp.
|
33,173 | 5,690,828 | ||||||||
MasterCard, Inc., Class A
|
7,359 | 2,217,561 | ||||||||
$ | 8,712,993 | |||||||||
Leisure Equipment & Products 0.4% | ||||||||||
Mattel, Inc.
|
59,998 | $ | 1,649,345 | |||||||
$ | 1,649,345 | |||||||||
Life Sciences Tools & Services 0.3% | ||||||||||
Thermo Fisher Scientific,
Inc.(1)
|
15,567 | $ | 1,002,359 | |||||||
$ | 1,002,359 | |||||||||
Machinery 1.3% | ||||||||||
Caterpillar, Inc.
|
31,778 | $ | 3,383,086 | |||||||
Eaton Corp.
|
2,862 | 147,250 | ||||||||
Snap-On, Inc.
|
6,380 | 398,622 | ||||||||
Stanley Black & Decker, Inc.
|
10,773 | 776,195 | ||||||||
$ | 4,705,153 | |||||||||
Media 4.1% | ||||||||||
CBS Corp., Class B
|
64,211 | $ | 1,829,372 | |||||||
Comcast Corp., Class A
|
121,712 | 3,084,182 | ||||||||
IMAX
Corp.(1)
|
7,282 | 236,155 | ||||||||
McGraw-Hill Cos., Inc. (The)
|
51,266 | 2,148,558 | ||||||||
Omnicom Group, Inc.
|
40,818 | 1,965,795 |
Security | Shares | Value | ||||||||
Media (continued)
|
||||||||||
Scripps Networks Interactive, Class A
|
6,991 | $ | 341,720 | |||||||
Time Warner, Inc.
|
25,474 | 926,489 | ||||||||
Time Warner Cable, Inc.
|
9,267 | 723,197 | ||||||||
Walt Disney Co. (The)
|
102,056 | 3,984,266 | ||||||||
$ | 15,239,734 | |||||||||
Metals & Mining 1.5% | ||||||||||
AK Steel Holding Corp.
|
13,180 | $ | 207,717 | |||||||
Allegheny Technologies, Inc.
|
16,248 | 1,031,260 | ||||||||
Cliffs Natural Resources, Inc.
|
4,838 | 447,273 | ||||||||
Freeport-McMoRan Copper & Gold, Inc.
|
56,000 | 2,962,400 | ||||||||
Nucor Corp.
|
18,291 | 753,955 | ||||||||
$ | 5,402,605 | |||||||||
Multi-Utilities 2.5% | ||||||||||
Centerpoint Energy, Inc.
|
17,504 | $ | 338,702 | |||||||
CMS Energy Corp.
|
91,625 | 1,804,096 | ||||||||
Dominion Resources, Inc.
|
17,163 | 828,458 | ||||||||
DTE Energy Co.
|
10,342 | 517,307 | ||||||||
Integrys Energy Group, Inc.
|
10,554 | 547,119 | ||||||||
NiSource, Inc.
|
49,999 | 1,012,480 | ||||||||
Public Service Enterprise Group, Inc.
|
69,335 | 2,263,094 | ||||||||
TECO Energy, Inc.
|
92,229 | 1,742,206 | ||||||||
Xcel Energy, Inc.
|
12,009 | 291,819 | ||||||||
$ | 9,345,281 | |||||||||
Multiline Retail 1.1% | ||||||||||
Kohls Corp.
|
26,447 | $ | 1,322,614 | |||||||
Macys, Inc.
|
72,452 | 2,118,497 | ||||||||
Nordstrom, Inc.
|
12,248 | 574,921 | ||||||||
$ | 4,016,032 | |||||||||
Office Electronics 0.1% | ||||||||||
Xerox Corp.
|
38,326 | $ | 398,974 | |||||||
$ | 398,974 | |||||||||
Oil, Gas & Consumable Fuels 10.3% | ||||||||||
Alpha Natural Resources,
Inc.(1)
|
1,004 | $ | 45,622 | |||||||
Chevron Corp.
|
65,682 | 6,754,737 | ||||||||
ConocoPhillips
|
67,500 | 5,075,325 | ||||||||
El Paso Corp.
|
53,383 | 1,078,337 | ||||||||
EOG Resources, Inc.
|
20,592 | 2,152,894 | ||||||||
Exxon Mobil Corp.
|
164,807 | 13,411,994 | ||||||||
Occidental Petroleum Corp.
|
39,289 | 4,087,627 | ||||||||
Peabody Energy Corp.
|
15,263 | 899,143 | ||||||||
Petrohawk Energy
Corp.(1)
|
16,345 | 403,231 | ||||||||
Range Resources Corp.
|
22,418 | 1,244,199 | ||||||||
Tesoro
Corp.(1)
|
25,722 | 589,291 | ||||||||
Williams Cos., Inc.
|
72,366 | 2,189,071 | ||||||||
$ | 37,931,471 | |||||||||
Paper & Forest Products 0.2% | ||||||||||
MeadWestvaco Corp.
|
21,446 | $ | 714,366 | |||||||
$ | 714,366 | |||||||||
Personal Products 0.1% | ||||||||||
Estee Lauder Cos., Inc. (The), Class A
|
1,663 | $ | 174,931 | |||||||
$ | 174,931 | |||||||||
Pharmaceuticals 6.8% | ||||||||||
Abbott Laboratories
|
82,540 | $ | 4,343,255 | |||||||
Bristol-Myers Squibb Co.
|
83,905 | 2,429,889 | ||||||||
Johnson & Johnson
|
112,193 | 7,463,078 | ||||||||
Merck & Co., Inc.
|
134,719 | 4,754,234 | ||||||||
Pfizer, Inc.
|
294,969 | 6,076,361 | ||||||||
$ | 25,066,817 | |||||||||
Professional Services 0.2% | ||||||||||
Dun & Bradstreet Corp.
|
1,472 | $ | 111,195 | |||||||
Robert Half International, Inc.
|
28,288 | 764,624 | ||||||||
$ | 875,819 | |||||||||
Real Estate Investment Trusts (REITs) 1.6% | ||||||||||
Apartment Investment & Management Co., Class A
|
12,428 | $ | 317,287 | |||||||
AvalonBay Communities, Inc.
|
11,002 | 1,412,657 | ||||||||
Equity Residential
|
14,774 | 886,440 | ||||||||
Host Hotels & Resorts, Inc.
|
32,755 | 555,197 | ||||||||
Kimco Realty Corp.
|
78,276 | 1,459,065 | ||||||||
Plum Creek Timber Co., Inc.
|
12,612 | 511,290 | ||||||||
ProLogis, Inc.
|
18,733 | 671,391 | ||||||||
$ | 5,813,327 | |||||||||
Real Estate Management & Development 0.1% | ||||||||||
CB Richard Ellis Group, Inc.,
Class A(1)
|
19,604 | $ | 492,256 | |||||||
$ | 492,256 | |||||||||
Security | Shares | Value | ||||||||
Road & Rail 0.6% | ||||||||||
J.B. Hunt Transport Services, Inc.
|
3,521 | $ | 165,804 | |||||||
Norfolk Southern Corp.
|
28,268 | 2,118,121 | ||||||||
$ | 2,283,925 | |||||||||
Semiconductors & Semiconductor Equipment 2.5% | ||||||||||
Advanced Micro Devices,
Inc.(1)
|
12,153 | $ | 84,949 | |||||||
Analog Devices, Inc.
|
24,272 | 950,006 | ||||||||
Applied Materials, Inc.
|
38,827 | 505,139 | ||||||||
Broadcom Corp.,
Class A(1)
|
42,173 | 1,418,700 | ||||||||
Cypress Semiconductor
Corp.(1)
|
32,222 | 681,173 | ||||||||
First Solar,
Inc.(1)
|
6,318 | 835,682 | ||||||||
Intel Corp.
|
154,529 | 3,424,363 | ||||||||
Microchip Technology, Inc.
|
15,385 | 583,245 | ||||||||
Micron Technology,
Inc.(1)
|
56,773 | 424,662 | ||||||||
Teradyne,
Inc.(1)
|
32,470 | 480,556 | ||||||||
$ | 9,388,475 | |||||||||
Software 3.9% | ||||||||||
Concur Technologies,
Inc.(1)
|
33,500 | $ | 1,677,345 | |||||||
Microsoft Corp.
|
287,979 | 7,487,454 | ||||||||
Oracle Corp.
|
115,163 | 3,790,014 | ||||||||
Quest Software,
Inc.(1)
|
11,338 | 257,713 | ||||||||
Symantec
Corp.(1)
|
56,043 | 1,105,168 | ||||||||
$ | 14,317,694 | |||||||||
Specialty Retail 1.8% | ||||||||||
Abercrombie & Fitch Co., Class A
|
5,734 | $ | 383,719 | |||||||
Best Buy Co., Inc.
|
16,503 | 518,359 | ||||||||
GameStop Corp.,
Class A(1)
|
2,593 | 69,155 | ||||||||
Home Depot, Inc.
|
35,890 | 1,299,936 | ||||||||
Limited Brands, Inc.
|
35,932 | 1,381,586 | ||||||||
RadioShack Corp.
|
19,049 | 253,542 | ||||||||
Staples, Inc.
|
88,922 | 1,404,968 | ||||||||
Tiffany & Co.
|
14,641 | 1,149,611 | ||||||||
$ | 6,460,876 | |||||||||
Textiles, Apparel & Luxury Goods 0.3% | ||||||||||
Coach, Inc.
|
4,244 | $ | 271,319 | |||||||
Hanesbrands,
Inc.(1)
|
6,900 | 196,995 | ||||||||
NIKE, Inc., Class B
|
7,588 | 682,768 | ||||||||
$ | 1,151,082 | |||||||||
Thrifts & Mortgage Finance 0.2% | ||||||||||
BankUnited, Inc.
|
22,593 | $ | 599,618 | |||||||
Hudson City Bancorp, Inc.
|
27,418 | 224,554 | ||||||||
$ | 824,172 | |||||||||
Tobacco 2.0% | ||||||||||
Altria Group, Inc.
|
50,128 | $ | 1,323,881 | |||||||
Philip Morris International, Inc.
|
73,821 | 4,929,028 | ||||||||
Reynolds American, Inc.
|
27,499 | 1,018,838 | ||||||||
$ | 7,271,747 | |||||||||
Trading Companies & Distributors 0.1% | ||||||||||
Fastenal Co.
|
10,080 | $ | 362,779 | |||||||
$ | 362,779 | |||||||||
Total Common Stocks
|
||||||||||
(identified cost $283,256,879)
|
$ | 374,731,926 | ||||||||
Call Options Written (1.8)% | ||||||||||||||||||
Number of |
Strike |
Expiration |
||||||||||||||||
Description | Contracts | Price | Date | Value | ||||||||||||||
S&P 500 Index
|
540 | $ | 1,295 | 7/16/11 | $ | (1,668,600 | ) | |||||||||||
S&P 500 Index
|
1,100 | 1,300 | 7/16/11 | (2,821,500 | ) | |||||||||||||
S&P 500 Index
|
1,025 | 1,310 | 7/16/11 | (2,029,500 | ) | |||||||||||||
Total Call Options Written
|
||||||||||||||||||
(premiums received $3,260,415)
|
$ | (6,519,600 | ) | |||||||||||||||
Other Assets, Less
Liabilities 0.3%
|
$ | 1,054,936 | ||||||||||||||||
Net Assets 100.0%
|
$ | 369,267,262 | ||||||||||||||||
ADR
|
- American Depositary Receipt
|
(1) | Non-income producing security. | |
(2) | Amount is less than 0.05%. |
Assets | June 30, 2011 | |||||
Investments, at value (identified cost, $283,256,879)
|
$ | 374,731,926 | ||||
Cash
|
905,778 | |||||
Dividends receivable
|
557,397 | |||||
Tax reclaims receivable
|
759 | |||||
Total assets
|
$ | 376,195,860 | ||||
Liabilities | ||||||
Written options outstanding, at value (premiums received,
$3,260,415)
|
$ | 6,519,600 | ||||
Payable to affiliates:
|
||||||
Investment adviser fee
|
297,944 | |||||
Trustees fees
|
3,153 | |||||
Accrued expenses
|
107,901 | |||||
Total liabilities
|
$ | 6,928,598 | ||||
Net Assets
|
$ | 369,267,262 | ||||
Sources of Net Assets | ||||||
Common shares, $0.01 par value, unlimited number of shares
authorized, 24,654,545 shares issued and outstanding
|
$ | 246,545 | ||||
Additional paid-in capital
|
294,644,461 | |||||
Accumulated net realized loss
|
(39,070 | ) | ||||
Accumulated distributions in excess of net investment income
|
(13,800,536 | ) | ||||
Net unrealized appreciation
|
88,215,862 | |||||
Net Assets
|
$ | 369,267,262 | ||||
Net Asset Value | ||||||
($369,267,262
¸
24,654,545 common shares issued and outstanding)
|
$ | 14.98 | ||||
Six Months Ended |
||||||
Investment Income | June 30, 2011 | |||||
Dividends (net of foreign taxes, $3,171)
|
$ | 4,286,775 | ||||
Total investment income
|
$ | 4,286,775 | ||||
Expenses | ||||||
Investment adviser fee
|
$ | 1,837,128 | ||||
Trustees fees and expenses
|
6,331 | |||||
Custodian fee
|
169,788 | |||||
Transfer and dividend disbursing agent fees
|
9,491 | |||||
Legal and accounting services
|
24,057 | |||||
Printing and postage
|
51,126 | |||||
Miscellaneous
|
27,740 | |||||
Total expenses
|
$ | 2,125,661 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 853 | ||||
Total expense reductions
|
$ | 853 | ||||
Net expenses
|
$ | 2,124,808 | ||||
Net investment income
|
$ | 2,161,967 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | 2,684,116 | ||||
Written options
|
(2,979,641 | ) | ||||
Foreign currency transactions
|
63 | |||||
Net realized loss
|
$ | (295,462 | ) | |||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | 15,976,354 | ||||
Written options
|
(3,002,770 | ) | ||||
Foreign currency
|
(36 | ) | ||||
Net change in unrealized appreciation (depreciation)
|
$ | 12,973,548 | ||||
Net realized and unrealized gain
|
$ | 12,678,086 | ||||
Net increase in net assets from operations
|
$ | 14,840,053 | ||||
Six Months Ended |
||||||||||
June 30, 2011 |
Year Ended |
|||||||||
Increase (Decrease) in Net Assets | (Unaudited) | December 31, 2010 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 2,161,967 | $ | 4,548,310 | ||||||
Net realized gain (loss) from investment transactions, written
options and foreign currency transactions
|
(295,462 | ) | 1,837,010 | |||||||
Net change in unrealized appreciation (depreciation) from
investments, written options and foreign currency
|
12,973,548 | 24,036,498 | ||||||||
Net increase in net assets from operations
|
$ | 14,840,053 | $ | 30,421,818 | ||||||
Distributions to shareholders
|
||||||||||
From net investment income
|
$ | (15,976,145 | )* | $ | (4,513,121 | ) | ||||
From net realized gain
|
| (985,128 | ) | |||||||
Tax return of capital
|
| (38,801,902 | ) | |||||||
Total distributions
|
$ | (15,976,145 | ) | $ | (44,300,151 | ) | ||||
Capital share transactions
|
||||||||||
Reinvestment of distributions
|
$ | | $ | 925,672 | ||||||
Net increase in net assets from capital share transactions
|
$ | | $ | 925,672 | ||||||
Net decrease in net assets
|
$ | (1,136,092 | ) | $ | (12,952,661 | ) | ||||
Net Assets | ||||||||||
At beginning of period
|
$ | 370,403,354 | $ | 383,356,015 | ||||||
At end of period
|
$ | 369,267,262 | $ | 370,403,354 | ||||||
Accumulated undistributed
(distributions in excess of) net investment income included in net assets |
||||||||||
At end of period
|
$ | (13,800,536 | ) | $ | 13,642 | |||||
* | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2. |
Six Months Ended |
Year Ended December 31, | |||||||||||||||||||||||||
June 30, 2011 |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Net asset value Beginning of period
|
$ | 15.020 | $ | 15.590 | $ | 13.650 | $ | 19.760 | $ | 20.320 | $ | 19.400 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.088 | $ | 0.185 | $ | 0.223 | $ | 0.281 | $ | 0.230 | $ | 0.226 | ||||||||||||||
Net realized and unrealized gain (loss)
|
0.520 | 1.045 | 3.517 | (4.591 | ) | 1.010 | 2.496 | |||||||||||||||||||
Total income (loss) from operations
|
$ | 0.608 | $ | 1.230 | $ | 3.740 | $ | (4.310 | ) | $ | 1.240 | $ | 2.722 | |||||||||||||
Less Distributions | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.648 | )* | $ | (0.183 | ) | $ | (0.300 | ) | $ | (0.280 | ) | $ | (0.228 | ) | $ | (0.226 | ) | ||||||||
From net realized gain
|
| (0.040 | ) | | (0.470 | ) | (0.693 | ) | (0.078 | ) | ||||||||||||||||
Tax return of capital
|
| (1.577 | ) | (1.500 | ) | (1.050 | ) | (0.879 | ) | (1.496 | ) | |||||||||||||||
Total distributions
|
$ | (0.648 | ) | $ | (1.800 | ) | $ | (1.800 | ) | $ | (1.800 | ) | $ | (1.800 | ) | $ | (1.800 | ) | ||||||||
Offering costs charged to paid-in
capital(1)
|
$ | | $ | | $ | | $ | | $ | | $ | (0.002 | ) | |||||||||||||
Net asset value End of period
|
$ | 14.980 | $ | 15.020 | $ | 15.590 | $ | 13.650 | $ | 19.760 | $ | 20.320 | ||||||||||||||
Market value End of period
|
$ | 13.770 | $ | 14.410 | $ | 16.850 | $ | 12.530 | $ | 17.430 | $ | 21.100 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
4.37 | %(3) | 8.82 | % | 30.53 | % | (22.44 | )%(4) | 6.62 | % | 14.88 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
0.07 | %(3) | (3.47 | )% | 53.69 | % | (19.29 | )%(4) | (9.43 | )% | 27.44 | % | ||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Net assets, end of period (000s omitted)
|
$ | 369,267 | $ | 370,403 | $ | 383,356 | $ | 335,611 | $ | 485,633 | $ | 498,755 | ||||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||||||
Expenses(5)
|
1.16 | %(6) | 1.12 | % | 1.12 | % | 1.11 | % | 1.11 | % | 1.10 | % | ||||||||||||||
Net investment income
|
1.18 | %(6) | 1.26 | % | 1.61 | % | 1.68 | % | 1.15 | % | 1.15 | % | ||||||||||||||
Portfolio Turnover
|
5 | %(3) | 11 | % | 34 | % | 49 | % | 35 | % | 20 | % | ||||||||||||||
(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) | Not annualized. | |
(4) | During the year ended December 31, 2008, the sub-adviser reimbursed the Fund for a realized loss on the disposal of an investment security which did not meet investment guidelines. The loss was less than $0.01 per share and had no effect on total return. | |
(5) | Excludes the effect of custody fee credits, if any, of less than 0.005%. | |
(6) | Annualized. | |
* | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2. |
Aggregate cost
|
$ | 283,243,260 | ||||
Gross unrealized appreciation
|
$ | 95,966,770 | ||||
Gross unrealized depreciation
|
(4,478,104 | ) | ||||
Net unrealized appreciation
|
$ | 91,488,666 | ||||
Number of |
Premiums |
|||||||||
Contracts | Received | |||||||||
Outstanding, beginning of period
|
2,960 | $ | 5,118,535 | |||||||
Options written
|
16,230 | 21,978,111 | ||||||||
Options terminated in closing purchase transactions
|
(15,590 | ) | (22,715,192 | ) | ||||||
Options expired
|
(935 | ) | (1,121,039 | ) | ||||||
Outstanding, end of period
|
2,665 | $ | 3,260,415 | |||||||
Fair Value | ||||||||||
Asset Derivative | Liability Derivative(1) | |||||||||
Written options
|
$ | | $ | (6,519,600 | ) | |||||
(1) | Statement of Assets and Liabilities location: Written options outstanding, at value. |
Realized Gain (Loss) |
Change in Unrealized |
|||||||||
on Derivatives Recognized |
Appreciation (Depreciation) on |
|||||||||
in Income(1) | Derivatives Recognized in Income(2) | |||||||||
Written options
|
$ | (2,979,641 | ) | $ | (3,002,770 | ) | ||||
(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
|
$ | 374,731,926 | $ | | $ | | $ | 374,731,926 | ||||||||||
Total Investments
|
$ | 374,731,926 | $ | | $ | | $ | 374,731,926 | ||||||||||
Liability Description
|
||||||||||||||||||
Call Options Written
|
$ | (6,519,600 | ) | $ | | $ | | $ | (6,519,600 | ) | ||||||||
Total
|
$ | (6,519,600 | ) | $ | | $ | | $ | (6,519,600 | ) | ||||||||
Nominee for Trustee |
Number of Shares | |||||||||
Elected by All Shareholders | For | Withheld | ||||||||
Helen Frame Peters
|
22,599,589 | 586,032 | ||||||||
Lynn A. Stout
|
22,593,027 | 592,594 | ||||||||
Ralph F. Verni
|
22,601,847 | 583,774 |
| 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. |
Officers of Eaton Vance Tax-Managed Buy-Write Income Fund | ||
Walter A. Row, III
President Duncan W. Richardson Vice President Barbara E. Campbell Treasurer |
Maureen A. Gemma
Vice President, Secretary and Chief Legal Officer Paul M. ONeil Chief Compliance Officer |
Trustees of Eaton Vance Tax-Managed Buy-Write Income Fund | ||
Ralph F. Verni
Chairman Benjamin C. Esty Thomas E. Faust Jr.* Allen R. Freedman |
William H. Park
Ronald A. Pearlman Helen Frame Peters Lynn A. Stout |
* | Interested Trustee |
| 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 Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
2427-8/11 | CE-TMBWISRC |
(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 | |||
Walter A. Row, III | ||||
President |
By: | /s/ Barbara E. Campbell | |||
Barbara E. Campbell | ||||
Treasurer |
By: | /s/ Walter A. Row, III | |||
Walter A. Row, III | ||||
President |
/s/ Barbara E. Campbell | ||||
Barbara E. Campbell | ||||
Treasurer | ||||
/s/ Walter A. Row, III | ||||
Walter A. Row, III | ||||
President | ||||
(a) | The Semi-Annual Report of the Fund on Form N-CSR for the period ended June 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 Distributions | % of the Cumulative | |||||||||||||||
Current | % of Current | for the Fiscal Year-to- | Distributions for the Fiscal | |||||||||||||
Source | Distribution | Distribution | Date1 | Year-to-Date1 | ||||||||||||
Net Investment Income |
$ | 0.0421 | 13.0 | % | $ | 0.0421 | 13.0 | % | ||||||||
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) |
$ | 0.2819 | 87.0 | % | $ | 0.2819 | 87.0 | % | ||||||||
Total per common share |
$ | 0.3240 | 100.0 | % | $ | 0.3240 | 100.0 | % | ||||||||
1 | The Funds fiscal year is January 1, 2011 to December 31, 2011 |
Average annual total return at NAV for the 5-year period ended on December 31, 20101 |
7.68 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of December 31, 20102 |
11.98 | % | ||
Cumulative total return at NAV for the fiscal year through December 31, 20103 |
8.82 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 20104 |
11.98 | % |
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 December 31, 2010. | |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of December 31, 2010. | |
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 December 31, 2010 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 December 31, 2010 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of December 31, 2010. |
Cumulative Distributions | % of the Cumulative | |||||||||||||||
Current | % of Current | for the Fiscal Year-to- | Distributions for the Fiscal | |||||||||||||
Source | Distribution | Distribution | Date1 | Year-to-Date1 | ||||||||||||
Net Investment Income |
$ | 0.0382 | 11.8 | % | $ | 0.0804 | 12.4 | % | ||||||||
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) |
$ | 0.2858 | 88.2 | % | $ | 0.5676 | 87.6 | % | ||||||||
Total per common share |
$ | 0.3240 | 100.0 | % | $ | 0.6480 | 100.0 | % | ||||||||
1 | The Funds fiscal year is January 1, 2011 to December 31, 2011 |
Average annual total return at NAV for the 5-year period ended on March 31, 20111 |
7.36 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of March 31, 20112 |
8.54 | % | ||
Cumulative total return at NAV for the fiscal year through March 31, 20113 |
3.23 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of March 31, 20114 |
2.14 | % |
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. |
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