Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) Annual Report December 31, 2011 |
![]() |
Managements Discussion of Fund Performance |
2 | |||
Performance |
3 | |||
Fund Profile |
3 | |||
Endnotes and Additional Disclosures |
4 | |||
Financial Statements |
5 | |||
Report of Independent Registered Public Accounting Firm |
19 | |||
Federal Tax Information |
20 | |||
Dividend Reinvestment Plan |
21 | |||
Management and Organization |
23 | |||
Important Notices |
25 |
2
% Average Annual Total Returns | Inception Date |
One Year | Five Years | Since Inception |
||||||||||||
Fund at NAV |
4/29/2005 | 7.78 | % | 4.83 | % | 6.75 | % | |||||||||
Fund at Market Price |
| 1.74 | 1.28 | 4.62 | ||||||||||||
S&P 500 Index |
4/29/2005 | 2.11 | % | 0.25 | % | 3.40 | % | |||||||||
CBOE
S&P 500 BuyWrite Index |
| 5.72 | 1.39 | 3.68 | ||||||||||||
% Premium/Discount to NAV | ||||
12.59 | % | |||
Distributions3 | ||||
Total Distributions per share for the period |
$ | 1.296 | ||
Distribution Rate at NAV |
8.82 | % | ||
Distribution Rate at Market Price |
10.09 | % | ||
Exxon Mobil Corp. |
3.9 | % | ||
Apple, Inc. |
3.4 | |||
Microsoft Corp. |
2.0 | |||
Johnson & Johnson |
2.0 | |||
Chevron Corp. |
1.9 | |||
Google, Inc., Class A |
1.8 | |||
Philip Morris International, Inc. |
1.7 | |||
International Business Machines Corp. |
1.7 | |||
Coca-Cola Co. (The) |
1.7 | |||
AT&T, Inc. |
1.6 | |||
Total |
21.7 | % | ||
3
1 | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Funds actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Funds filings with the Securities and Exchange Commission. |
2 | S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. 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. CBOE S&P 500 BuyWrite Index measures the performance of a hypothetical buy-write strategy on the S&P 500 Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
3 | 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 composed of ordinary income, net realized capital gains and return of capital. In recent years, a significant portion of the Funds distributions has been characterized as a return of capital. |
4 | Excludes cash and cash equivalents. Depictions do not reflect the Funds option positions. |
Fund profile subject to change due to active management. |
4
Common Stocks 101.0% | ||||||||||
Security | Shares | Value | ||||||||
Aerospace & Defense 2.9% | ||||||||||
Boeing Co. (The)
|
26,422 | $ | 1,938,054 | |||||||
Honeywell International, Inc.
|
55,258 | 3,003,272 | ||||||||
Northrop Grumman Corp.
|
21,600 | 1,263,168 | ||||||||
Rockwell Collins, Inc.
|
16,000 | 885,920 | ||||||||
Textron, Inc.
|
19,301 | 356,876 | ||||||||
United Technologies Corp.
|
43,492 | 3,178,830 | ||||||||
$ | 10,626,120 | |||||||||
Air Freight & Logistics 1.3% | ||||||||||
CH Robinson Worldwide, Inc.
|
15,365 | $ | 1,072,170 | |||||||
Expeditors International of Washington, Inc.
|
21,522 | 881,541 | ||||||||
United Parcel Service, Inc., Class B
|
36,126 | 2,644,062 | ||||||||
$ | 4,597,773 | |||||||||
Airlines 0.1% | ||||||||||
Southwest Airlines Co.
|
36,616 | $ | 313,433 | |||||||
$ | 313,433 | |||||||||
Auto Components 0.6% | ||||||||||
Dana Holding
Corp.(1)
|
31,658 | $ | 384,645 | |||||||
Goodyear Tire & Rubber Co.
(The)(1)
|
10,898 | 154,425 | ||||||||
Johnson Controls, Inc.
|
37,662 | 1,177,314 | ||||||||
Lear Corp.
|
8,572 | 341,165 | ||||||||
$ | 2,057,549 | |||||||||
Automobiles 0.2% | ||||||||||
Ford Motor
Co.(1)
|
83,365 | $ | 897,007 | |||||||
$ | 897,007 | |||||||||
Beverages 2.7% | ||||||||||
Coca-Cola
Co. (The)
|
86,673 | $ | 6,064,510 | |||||||
PepsiCo, Inc.
|
55,700 | 3,695,695 | ||||||||
$ | 9,760,205 | |||||||||
Biotechnology 1.5% | ||||||||||
Amgen, Inc.
|
32,247 | $ | 2,070,580 | |||||||
Celgene
Corp.(1)
|
32,350 | 2,186,860 | ||||||||
Gilead Sciences,
Inc.(1)
|
25,532 | 1,045,025 | ||||||||
Vertex Pharmaceuticals,
Inc.(1)
|
1,850 | 61,438 | ||||||||
$ | 5,363,903 | |||||||||
Capital Markets 1.9% | ||||||||||
Greenhill & Co., Inc.
|
14,014 | $ | 509,689 | |||||||
Invesco, Ltd.
|
38,480 | 773,063 | ||||||||
Lazard, Ltd., Class A
|
21,525 | 562,018 | ||||||||
Legg Mason, Inc.
|
10,446 | 251,226 | ||||||||
Morgan Stanley
|
126,372 | 1,912,009 | ||||||||
State Street Corp.
|
27,413 | 1,105,018 | ||||||||
T. Rowe Price Group, Inc.
|
28,399 | 1,617,323 | ||||||||
Walter Investment Management Corp.
|
7,355 | 150,851 | ||||||||
$ | 6,881,197 | |||||||||
Chemicals 1.9% | ||||||||||
Air Products and Chemicals, Inc.
|
11,261 | $ | 959,325 | |||||||
Dow Chemical Co. (The)
|
64,146 | 1,844,839 | ||||||||
E.I. Du Pont de Nemours & Co.
|
51,275 | 2,347,369 | ||||||||
Eastman Chemical Co.
|
3,608 | 140,928 | ||||||||
Mosaic Co. (The)
|
7,058 | 355,935 | ||||||||
Sherwin-Williams Co. (The)
|
14,010 | 1,250,673 | ||||||||
$ | 6,899,069 | |||||||||
Commercial Banks 3.3% | ||||||||||
Banco Bilbao Vizcaya Argentaria SA ADR
|
6,749 | $ | 57,839 | |||||||
Bank of Montreal
|
4,957 | 271,693 | ||||||||
BB&T Corp.
|
51,539 | 1,297,237 | ||||||||
Fifth Third Bancorp
|
91,535 | 1,164,325 | ||||||||
KeyCorp
|
54,776 | 421,228 | ||||||||
M&T Bank Corp.
|
12,600 | 961,884 | ||||||||
PNC Financial Services Group, Inc.
|
31,765 | 1,831,888 | ||||||||
U.S. Bancorp
|
53,344 | 1,442,955 | ||||||||
Wells Fargo & Co.
|
164,065 | 4,521,631 | ||||||||
$ | 11,970,680 | |||||||||
Commercial Services & Supplies 0.9% | ||||||||||
Avery Dennison Corp.
|
15,307 | $ | 439,005 | |||||||
Republic Services, Inc.
|
16,739 | 461,160 | ||||||||
RR Donnelley & Sons Co.
|
10,000 | 144,300 | ||||||||
Waste Management, Inc.
|
64,485 | 2,109,304 | ||||||||
$ | 3,153,769 | |||||||||
Communications Equipment 2.4% | ||||||||||
Brocade Communications Systems,
Inc.(1)
|
42,403 | $ | 220,072 | |||||||
Cisco Systems, Inc.
|
222,878 | 4,029,634 | ||||||||
QUALCOMM, Inc.
|
82,146 | 4,493,386 | ||||||||
$ | 8,743,092 | |||||||||
Security | Shares | Value | ||||||||
Computers & Peripherals 4.2% | ||||||||||
Apple,
Inc.(1)
|
30,468 | $ | 12,339,540 | |||||||
Hewlett-Packard Co.
|
87,361 | 2,250,419 | ||||||||
QLogic
Corp.(1)
|
20,459 | 306,885 | ||||||||
SanDisk
Corp.(1)
|
8,289 | 407,902 | ||||||||
$ | 15,304,746 | |||||||||
Consumer Finance 0.9% | ||||||||||
American Express Co.
|
49,193 | $ | 2,320,434 | |||||||
Discover Financial Services
|
40,754 | 978,096 | ||||||||
$ | 3,298,530 | |||||||||
Distributors 0.6% | ||||||||||
Genuine Parts Co.
|
34,078 | $ | 2,085,574 | |||||||
$ | 2,085,574 | |||||||||
Diversified Financial Services 1.8% | ||||||||||
Citigroup, Inc.
|
87,548 | $ | 2,303,388 | |||||||
CME Group, Inc.
|
3,193 | 778,038 | ||||||||
JPMorgan Chase & Co.
|
69,344 | 2,305,688 | ||||||||
Moodys Corp.
|
29,272 | 985,881 | ||||||||
$ | 6,372,995 | |||||||||
Diversified Telecommunication Services 3.3% | ||||||||||
AT&T, Inc.
|
190,600 | $ | 5,763,744 | |||||||
CenturyLink, Inc.
|
22,936 | 853,219 | ||||||||
Verizon Communications, Inc.
|
134,938 | 5,413,713 | ||||||||
$ | 12,030,676 | |||||||||
Electric Utilities 1.0% | ||||||||||
Duke Energy Corp.
|
113,274 | $ | 2,492,028 | |||||||
Edison International
|
20,090 | 831,726 | ||||||||
Pinnacle West Capital Corp.
|
7,168 | 345,354 | ||||||||
$ | 3,669,108 | |||||||||
Electrical Equipment 0.7% | ||||||||||
Emerson Electric Co.
|
53,488 | $ | 2,492,006 | |||||||
$ | 2,492,006 | |||||||||
Electronic Equipment, Instruments & Components 0.4% | ||||||||||
Corning, Inc.
|
90,675 | $ | 1,176,961 | |||||||
Molex, Inc.
|
13,181 | 314,499 | ||||||||
$ | 1,491,460 | |||||||||
Energy Equipment & Services 1.8% | ||||||||||
Baker Hughes, Inc.
|
11,560 | $ | 562,278 | |||||||
Halliburton Co.
|
62,164 | 2,145,280 | ||||||||
Schlumberger, Ltd.
|
56,392 | 3,852,138 | ||||||||
$ | 6,559,696 | |||||||||
Food & Staples Retailing 2.0% | ||||||||||
CVS Caremark Corp.
|
60,482 | $ | 2,466,456 | |||||||
Wal-Mart Stores, Inc.
|
81,955 | 4,897,631 | ||||||||
$ | 7,364,087 | |||||||||
Food Products 1.8% | ||||||||||
ConAgra Foods, Inc.
|
36,224 | $ | 956,314 | |||||||
General Mills, Inc.
|
19,286 | 779,347 | ||||||||
Green Mountain Coffee Roasters,
Inc.(1)
|
15,366 | 689,165 | ||||||||
Kellogg Co.
|
31,044 | 1,569,895 | ||||||||
Kraft Foods, Inc., Class A
|
54,344 | 2,030,292 | ||||||||
Tyson Foods, Inc., Class A
|
28,696 | 592,285 | ||||||||
$ | 6,617,298 | |||||||||
Gas Utilities 0.1% | ||||||||||
AGL Resources, Inc.
|
9,806 | $ | 414,402 | |||||||
$ | 414,402 | |||||||||
Health Care Equipment & Supplies 1.8% | ||||||||||
Baxter International, Inc.
|
42,233 | $ | 2,089,689 | |||||||
Covidien PLC
|
11,380 | 512,214 | ||||||||
Medtronic, Inc.
|
41,406 | 1,583,780 | ||||||||
Orthofix International
NV(1)
|
1,884 | 66,373 | ||||||||
Stryker Corp.
|
38,437 | 1,910,703 | ||||||||
Zimmer Holdings,
Inc.(1)
|
5,294 | 282,805 | ||||||||
$ | 6,445,564 | |||||||||
Health Care Providers & Services 1.6% | ||||||||||
Catalyst Health Solutions,
Inc.(1)
|
5,847 | $ | 304,044 | |||||||
HCA Holdings,
Inc.(1)
|
12,216 | 269,118 | ||||||||
Medco Health Solutions,
Inc.(1)
|
26,655 | 1,490,014 | ||||||||
MEDNAX,
Inc.(1)
|
4,666 | 335,999 | ||||||||
Quest Diagnostics, Inc.
|
7,414 | 430,457 | ||||||||
Team Health Holdings,
Inc.(1)
|
8,564 | 189,007 | ||||||||
UnitedHealth Group, Inc.
|
49,739 | 2,520,773 | ||||||||
VCA Antech,
Inc.(1)
|
18,558 | 366,521 | ||||||||
$ | 5,905,933 | |||||||||
Security | Shares | Value | ||||||||
Hotels, Restaurants & Leisure 1.6% | ||||||||||
Marriott International, Inc., Class A
|
20,645 | $ | 602,215 | |||||||
Marriott Vacations Worldwide
Corp.(1)
|
2,064 | 35,418 | ||||||||
McDonalds Corp.
|
43,448 | 4,359,138 | ||||||||
Wyndham Worldwide Corp.
|
26,139 | 988,838 | ||||||||
$ | 5,985,609 | |||||||||
Household Durables 0.6% | ||||||||||
Leggett & Platt, Inc.
|
11,383 | $ | 262,264 | |||||||
Lennar Corp., Class A
|
21,018 | 413,004 | ||||||||
Newell Rubbermaid, Inc.
|
76,798 | 1,240,288 | ||||||||
PulteGroup,
Inc.(1)
|
13,636 | 86,043 | ||||||||
Tempur-Pedic International,
Inc.(1)
|
1,159 | 60,882 | ||||||||
$ | 2,062,481 | |||||||||
Household Products 1.9% | ||||||||||
Clorox Co. (The)
|
14,825 | $ | 986,752 | |||||||
Kimberly-Clark Corp.
|
19,850 | 1,460,166 | ||||||||
Procter & Gamble Co.
|
65,845 | 4,392,520 | ||||||||
$ | 6,839,438 | |||||||||
Industrial Conglomerates 2.1% | ||||||||||
3M Co.
|
37,125 | $ | 3,034,226 | |||||||
General Electric Co.
|
261,519 | 4,683,806 | ||||||||
$ | 7,718,032 | |||||||||
Insurance 4.3% | ||||||||||
ACE, Ltd.
|
14,012 | $ | 982,521 | |||||||
Allstate Corp. (The)
|
70,555 | 1,933,913 | ||||||||
AmTrust Financial Services, Inc.
|
2,518 | 59,802 | ||||||||
Aon Corp.
|
15,101 | 706,727 | ||||||||
Berkshire Hathaway, Inc.,
Class B(1)
|
34,964 | 2,667,753 | ||||||||
Cincinnati Financial Corp.
|
23,600 | 718,856 | ||||||||
Hanover Insurance Group, Inc. (The)
|
1,721 | 60,149 | ||||||||
Hartford Financial Services Group, Inc.
|
27,935 | 453,944 | ||||||||
Lincoln National Corp.
|
59,156 | 1,148,809 | ||||||||
Marsh & McLennan Cos., Inc.
|
50,188 | 1,586,945 | ||||||||
MetLife, Inc.
|
14,938 | 465,767 | ||||||||
Principal Financial Group, Inc.
|
44,928 | 1,105,229 | ||||||||
Prudential Financial, Inc.
|
22,391 | 1,122,237 | ||||||||
Travelers Companies, Inc. (The)
|
43,007 | 2,544,724 | ||||||||
$ | 15,557,376 | |||||||||
Internet & Catalog Retail 0.6% | ||||||||||
Amazon.com,
Inc.(1)
|
5,804 | $ | 1,004,673 | |||||||
priceline.com,
Inc.(1)
|
2,341 | 1,094,909 | ||||||||
$ | 2,099,582 | |||||||||
Internet Software & Services 2.5% | ||||||||||
Google, Inc.,
Class A(1)
|
10,119 | $ | 6,535,862 | |||||||
VeriSign, Inc.
|
50,968 | 1,820,577 | ||||||||
Yahoo!
Inc.(1)
|
47,544 | 766,885 | ||||||||
$ | 9,123,324 | |||||||||
IT Services 2.7% | ||||||||||
Fidelity National Information Services, Inc.
|
26,132 | $ | 694,850 | |||||||
International Business Machines Corp.
|
33,173 | 6,099,851 | ||||||||
MasterCard, Inc., Class A
|
7,359 | 2,743,582 | ||||||||
VeriFone Systems,
Inc.(1)
|
1,723 | 61,201 | ||||||||
Visa, Inc., Class A
|
3,588 | 364,290 | ||||||||
$ | 9,963,774 | |||||||||
Leisure Equipment & Products 0.5% | ||||||||||
Mattel, Inc.
|
59,998 | $ | 1,665,544 | |||||||
$ | 1,665,544 | |||||||||
Life Sciences Tools & Services 0.1% | ||||||||||
Bruker
Corp.(1)
|
4,979 | $ | 61,839 | |||||||
Thermo Fisher Scientific,
Inc.(1)
|
7,856 | 353,285 | ||||||||
$ | 415,124 | |||||||||
Machinery 1.4% | ||||||||||
Caterpillar, Inc.
|
31,778 | $ | 2,879,087 | |||||||
Eaton Corp.
|
9,192 | 400,128 | ||||||||
Joy Global, Inc.
|
6,381 | 478,383 | ||||||||
Snap-On, Inc.
|
6,380 | 322,956 | ||||||||
Stanley Black & Decker, Inc.
|
10,773 | 728,255 | ||||||||
Timken Co. (The)
|
8,609 | 333,254 | ||||||||
$ | 5,142,063 | |||||||||
Marine 0.0%(2) | ||||||||||
Kirby
Corp.(1)
|
1,985 | $ | 130,692 | |||||||
$ | 130,692 | |||||||||
Media 4.0% | ||||||||||
CBS Corp., Class B
|
64,211 | $ | 1,742,687 | |||||||
Comcast Corp., Class A
|
121,712 | 2,885,791 |
Security | Shares | Value | ||||||||
Media (continued)
|
||||||||||
McGraw-Hill Cos., Inc. (The)
|
51,266 | $ | 2,305,432 | |||||||
Omnicom Group, Inc.
|
39,439 | 1,758,191 | ||||||||
Scripps Networks Interactive, Class A
|
1,544 | 65,496 | ||||||||
Time Warner, Inc.
|
51,445 | 1,859,222 | ||||||||
Walt Disney Co. (The)
|
102,056 | 3,827,100 | ||||||||
$ | 14,443,919 | |||||||||
Metals & Mining 1.4% | ||||||||||
AK Steel Holding Corp.
|
43,045 | $ | 355,552 | |||||||
Allegheny Technologies, Inc.
|
7,067 | 337,802 | ||||||||
Freeport-McMoRan Copper & Gold, Inc.
|
25,886 | 952,346 | ||||||||
Newmont Mining Corp.
|
16,565 | 994,066 | ||||||||
Nucor Corp.
|
48,808 | 1,931,332 | ||||||||
United States Steel Corp.
|
14,937 | 395,233 | ||||||||
$ | 4,966,331 | |||||||||
Multi-Utilities 2.8% | ||||||||||
Centerpoint Energy, Inc.
|
17,504 | $ | 351,655 | |||||||
CMS Energy Corp.
|
91,625 | 2,023,080 | ||||||||
Dominion Resources, Inc.
|
17,163 | 911,012 | ||||||||
DTE Energy Co.
|
10,342 | 563,122 | ||||||||
Integrys Energy Group, Inc.
|
10,554 | 571,816 | ||||||||
NiSource, Inc.
|
52,537 | 1,250,906 | ||||||||
Public Service Enterprise Group, Inc.
|
69,335 | 2,288,748 | ||||||||
TECO Energy, Inc.
|
92,229 | 1,765,263 | ||||||||
Xcel Energy, Inc.
|
12,009 | 331,929 | ||||||||
$ | 10,057,531 | |||||||||
Multiline Retail 1.2% | ||||||||||
Kohls Corp.
|
26,447 | $ | 1,305,160 | |||||||
Macys, Inc.
|
72,452 | 2,331,505 | ||||||||
Nordstrom, Inc.
|
12,248 | 608,848 | ||||||||
$ | 4,245,513 | |||||||||
Office Electronics 0.4% | ||||||||||
Xerox Corp.
|
163,512 | $ | 1,301,556 | |||||||
$ | 1,301,556 | |||||||||
Oil, Gas & Consumable Fuels 10.5% | ||||||||||
Chevron Corp.
|
65,682 | $ | 6,988,565 | |||||||
ConocoPhillips
|
66,837 | 4,870,412 | ||||||||
El Paso Corp.
|
53,383 | 1,418,386 | ||||||||
EOG Resources, Inc.
|
20,592 | 2,028,518 | ||||||||
Exxon Mobil Corp.
|
168,492 | 14,281,382 | ||||||||
Occidental Petroleum Corp.
|
41,073 | 3,848,540 | ||||||||
Range Resources Corp.
|
23,389 | 1,448,715 | ||||||||
Tesoro
Corp.(1)
|
25,722 | 600,866 | ||||||||
Williams Cos., Inc.
|
72,366 | 2,389,525 | ||||||||
$ | 37,874,909 | |||||||||
Paper & Forest Products 0.2% | ||||||||||
MeadWestvaco Corp.
|
21,446 | $ | 642,308 | |||||||
$ | 642,308 | |||||||||
Personal Products 0.1% | ||||||||||
Estee Lauder Cos., Inc. (The), Class A
|
1,663 | $ | 186,788 | |||||||
$ | 186,788 | |||||||||
Pharmaceuticals 6.8% | ||||||||||
Abbott Laboratories
|
80,758 | $ | 4,541,022 | |||||||
Bristol-Myers Squibb Co.
|
83,905 | 2,956,812 | ||||||||
Johnson & Johnson
|
110,764 | 7,263,903 | ||||||||
Merck & Co., Inc.
|
149,461 | 5,634,680 | ||||||||
Pfizer, Inc.
|
171,390 | 3,708,880 | ||||||||
Warner Chilcott PLC,
Class A(1)
|
29,103 | 440,328 | ||||||||
$ | 24,545,625 | |||||||||
Professional Services 0.3% | ||||||||||
Manpower, Inc.
|
4,353 | $ | 155,620 | |||||||
Robert Half International, Inc.
|
28,288 | 805,076 | ||||||||
$ | 960,696 | |||||||||
Real Estate Investment Trusts (REITs) 1.7% | ||||||||||
Apartment Investment & Management Co., Class A
|
12,428 | $ | 284,725 | |||||||
AvalonBay Communities, Inc.
|
11,002 | 1,436,861 | ||||||||
Equity Residential
|
14,774 | 842,561 | ||||||||
Health Care REIT, Inc.
|
6,813 | 371,513 | ||||||||
Host Hotels & Resorts, Inc.
|
65,976 | 974,466 | ||||||||
Kimco Realty Corp.
|
78,276 | 1,271,202 | ||||||||
Plum Creek Timber Co., Inc.
|
12,612 | 461,095 | ||||||||
ProLogis, Inc.
|
23,932 | 684,216 | ||||||||
$ | 6,326,639 | |||||||||
Real Estate Management & Development 0.1% | ||||||||||
CB Richard Ellis Group, Inc.,
Class A(1)
|
19,604 | $ | 298,373 | |||||||
$ | 298,373 | |||||||||
Security | Shares | Value | ||||||||
Road & Rail 0.9% | ||||||||||
J.B. Hunt Transport Services, Inc.
|
3,521 | $ | 158,691 | |||||||
Kansas City
Southern(1)
|
13,949 | 948,672 | ||||||||
Norfolk Southern Corp.
|
28,268 | 2,059,606 | ||||||||
$ | 3,166,969 | |||||||||
Semiconductors & Semiconductor Equipment 2.1% | ||||||||||
Analog Devices, Inc.
|
24,272 | $ | 868,452 | |||||||
Applied Materials, Inc.
|
15,313 | 164,002 | ||||||||
Broadcom Corp.,
Class A(1)
|
44,213 | 1,298,094 | ||||||||
Cirrus Logic,
Inc.(1)
|
12,388 | 196,350 | ||||||||
Cree,
Inc.(1)
|
21,482 | 473,463 | ||||||||
Intel Corp.
|
154,529 | 3,747,328 | ||||||||
Microchip Technology, Inc.
|
15,385 | 563,553 | ||||||||
Teradyne,
Inc.(1)
|
32,470 | 442,566 | ||||||||
$ | 7,753,808 | |||||||||
Software 3.7% | ||||||||||
Concur Technologies,
Inc.(1)
|
33,500 | $ | 1,701,465 | |||||||
Microsoft Corp.
|
287,979 | 7,475,935 | ||||||||
Oracle Corp.
|
128,813 | 3,304,053 | ||||||||
Quest Software,
Inc.(1)
|
11,338 | 210,887 | ||||||||
Symantec
Corp.(1)
|
56,043 | 877,073 | ||||||||
$ | 13,569,413 | |||||||||
Specialty Retail 1.8% | ||||||||||
Abercrombie & Fitch Co., Class A
|
9,550 | $ | 466,422 | |||||||
Advance Auto Parts, Inc.
|
4,927 | 343,067 | ||||||||
Best Buy Co., Inc.
|
21,465 | 501,637 | ||||||||
Home Depot, Inc. (The)
|
65,676 | 2,761,019 | ||||||||
Limited Brands, Inc.
|
35,932 | 1,449,856 | ||||||||
Tiffany & Co.
|
14,641 | 970,113 | ||||||||
$ | 6,492,114 | |||||||||
Textiles, Apparel & Luxury Goods 0.3% | ||||||||||
Coach, Inc.
|
4,244 | $ | 259,054 | |||||||
NIKE, Inc., Class B
|
7,588 | 731,255 | ||||||||
$ | 990,309 | |||||||||
Thrifts & Mortgage Finance 0.2% | ||||||||||
BankUnited, Inc.
|
24,813 | $ | 545,638 | |||||||
Hudson City Bancorp, Inc.
|
40,046 | 250,287 | ||||||||
$ | 795,925 | |||||||||
Tobacco 2.4% | ||||||||||
Altria Group, Inc.
|
50,128 | $ | 1,486,295 | |||||||
Philip Morris International, Inc.
|
78,547 | 6,164,368 | ||||||||
Reynolds American, Inc.
|
27,499 | 1,139,009 | ||||||||
$ | 8,789,672 | |||||||||
Trading Companies & Distributors 0.1% | ||||||||||
Fastenal Co.
|
10,080 | $ | 439,589 | |||||||
$ | 439,589 | |||||||||
Total Common Stocks
101.0%
|
||||||||||
(identified cost $274,304,833)
|
$ | 365,866,898 | ||||||||
Call Options Written (1.2)% | ||||||||||||||||||
Number of |
Strike |
Expiration |
||||||||||||||||
Description | Contracts | Price | Date | Value | ||||||||||||||
S&P 500 Index
|
650 | $ | 1,250 | 1/21/12 | $ | (1,881,750 | ) | |||||||||||
S&P 500 Index
|
785 | 1,275 | 1/21/12 | (1,134,325 | ) | |||||||||||||
S&P 500 Index
|
1,295 | 1,280 | 1/21/12 | (1,492,488 | ) | |||||||||||||
Total Call Options Written
|
||||||||||||||||||
(premiums received $7,207,933)
|
$ | (4,508,563 | ) | |||||||||||||||
Other Assets, Less
Liabilities 0.2%
|
$ | 822,085 | ||||||||||||||||
Net Assets 100.0%
|
$ | 362,180,420 | ||||||||||||||||
ADR
|
- American Depositary Receipt
|
(1) | Non-income producing security. | |
(2) | Amount is less than 0.05%. |
Assets | December 31, 2011 | |||||
Investments, at value (identified cost, $274,304,833)
|
$ | 365,866,898 | ||||
Cash
|
1,275,690 | |||||
Dividends receivable
|
664,424 | |||||
Receivable for investments sold
|
2,235,822 | |||||
Total assets
|
$ | 370,042,834 | ||||
Liabilities | ||||||
Written options outstanding, at value (premiums received,
$7,207,933)
|
$ | 4,508,563 | ||||
Payable for investments purchased
|
2,904,721 | |||||
Payable to affiliates:
|
||||||
Investment adviser fee
|
302,137 | |||||
Trustees fees
|
3,078 | |||||
Accrued expenses
|
143,915 | |||||
Total liabilities
|
$ | 7,862,414 | ||||
Net Assets
|
$ | 362,180,420 | ||||
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
|
270,343,136 | |||||
Accumulated distributions in excess of net realized gain
|
(2,699,371 | ) | ||||
Accumulated undistributed net investment income
|
28,675 | |||||
Net unrealized appreciation
|
94,261,435 | |||||
Net Assets
|
$ | 362,180,420 | ||||
Net Asset Value | ||||||
($362,180,420
¸
24,654,545 common shares issued and outstanding)
|
$ | 14.69 | ||||
Year Ended |
||||||
Investment Income | December 31, 2011 | |||||
Dividends (net of foreign taxes, $4,947)
|
$ | 8,746,766 | ||||
Total investment income
|
$ | 8,746,766 | ||||
Expenses | ||||||
Investment adviser fee
|
$ | 3,572,543 | ||||
Trustees fees and expenses
|
12,413 | |||||
Custodian fee
|
299,981 | |||||
Transfer and dividend disbursing agent fees
|
19,139 | |||||
Legal and accounting services
|
48,492 | |||||
Printing and postage
|
98,728 | |||||
Miscellaneous
|
55,529 | |||||
Total expenses
|
$ | 4,106,825 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 1,071 | ||||
Total expense reductions
|
$ | 1,071 | ||||
Net expenses
|
$ | 4,105,754 | ||||
Net investment income
|
$ | 4,641,012 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | (8,620,259 | ) | |||
Written options
|
8,689,659 | |||||
Foreign currency transactions
|
(177 | ) | ||||
Net realized gain
|
$ | 69,223 | ||||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | 16,063,372 | ||||
Written options
|
2,955,785 | |||||
Foreign currency
|
(36 | ) | ||||
Net change in unrealized appreciation (depreciation)
|
$ | 19,019,121 | ||||
Net realized and unrealized gain
|
$ | 19,088,344 | ||||
Net increase in net assets from operations
|
$ | 23,729,356 | ||||
Year Ended December 31, | ||||||||||
Increase (Decrease) in Net Assets | 2011 | 2010 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 4,641,012 | $ | 4,548,310 | ||||||
Net realized gain from investment transactions, written options
and foreign currency transactions
|
69,223 | 1,837,010 | ||||||||
Net change in unrealized appreciation (depreciation) from
investments, written options and foreign currency
|
19,019,121 | 24,036,498 | ||||||||
Net increase in net assets from operations
|
$ | 23,729,356 | $ | 30,421,818 | ||||||
Distributions to shareholders
|
||||||||||
From net investment income
|
$ | (4,537,520 | ) | $ | (4,513,121 | ) | ||||
From net realized gain
|
(3,113,445 | ) | (985,128 | ) | ||||||
Tax return of capital
|
(24,301,325 | ) | (38,801,902 | ) | ||||||
Total distributions
|
$ | (31,952,290 | ) | $ | (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
|
$ | (8,222,934 | ) | $ | (12,952,661 | ) | ||||
Net Assets | ||||||||||
At beginning of year
|
$ | 370,403,354 | $ | 383,356,015 | ||||||
At end of year
|
$ | 362,180,420 | $ | 370,403,354 | ||||||
Accumulated undistributed net
investment income included in net assets |
||||||||||
At end of year
|
$ | 28,675 | $ | 13,642 | ||||||
Year Ended December 31, | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value Beginning of year
|
$ | 15.020 | $ | 15.590 | $ | 13.650 | $ | 19.760 | $ | 20.320 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.188 | $ | 0.185 | $ | 0.223 | $ | 0.281 | $ | 0.230 | ||||||||||||
Net realized and unrealized gain (loss)
|
0.778 | 1.045 | 3.517 | (4.591 | ) | 1.010 | ||||||||||||||||
Total income (loss) from operations
|
$ | 0.966 | $ | 1.230 | $ | 3.740 | $ | (4.310 | ) | $ | 1.240 | |||||||||||
Less Distributions | ||||||||||||||||||||||
From net investment income
|
$ | (0.184 | ) | $ | (0.183 | ) | $ | (0.300 | ) | $ | (0.280 | ) | $ | (0.228 | ) | |||||||
From net realized gain
|
(0.126 | ) | (0.040 | ) | | (0.470 | ) | (0.693 | ) | |||||||||||||
Tax return of capital
|
(0.986 | ) | (1.577 | ) | (1.500 | ) | (1.050 | ) | (0.879 | ) | ||||||||||||
Total distributions
|
$ | (1.296 | ) | $ | (1.800 | ) | $ | (1.800 | ) | $ | (1.800 | ) | $ | (1.800 | ) | |||||||
Net asset value End of year
|
$ | 14.690 | $ | 15.020 | $ | 15.590 | $ | 13.650 | $ | 19.760 | ||||||||||||
Market value End of year
|
$ | 12.840 | $ | 14.410 | $ | 16.850 | $ | 12.530 | $ | 17.430 | ||||||||||||
Total Investment Return on Net Asset
Value(2)
|
7.78 | % | 8.82 | % | 30.53 | % | (22.44 | )%(3) | 6.62 | % | ||||||||||||
Total Investment Return on Market
Value(2)
|
(1.74 | )% | (3.47 | )% | 53.69 | % | (19.29 | )%(3) | (9.43 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets, end of year (000s omitted)
|
$ | 362,180 | $ | 370,403 | $ | 383,356 | $ | 335,611 | $ | 485,633 | ||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||
Expenses(4)
|
1.15 | % | 1.12 | % | 1.12 | % | 1.11 | % | 1.11 | % | ||||||||||||
Net investment income
|
1.30 | % | 1.26 | % | 1.61 | % | 1.68 | % | 1.15 | % | ||||||||||||
Portfolio Turnover
|
20 | % | 11 | % | 34 | % | 49 | % | 35 | % | ||||||||||||
(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 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. | |
(4) | Excludes the effect of custody fee credits, if any, of less than 0.005%. |
Year Ended December 31, | ||||||||||
2011 | 2010 | |||||||||
Distributions declared from:
|
||||||||||
Ordinary income
|
$ | 5,889,519 | $ | 4,513,121 | ||||||
Long-term capital gains
|
1,761,446 | 985,128 | ||||||||
Tax return of capital
|
24,301,325 | 38,801,902 | ||||||||
Net unrealized appreciation
|
$ | 91,590,739 | ||||
Aggregate cost
|
$ | 274,276,159 | ||||
Gross unrealized appreciation
|
$ | 92,920,148 | ||||
Gross unrealized depreciation
|
(1,329,409 | ) | ||||
Net unrealized appreciation
|
$ | 91,590,739 | ||||
Number of |
Premiums |
|||||||||
Contracts | Received | |||||||||
Outstanding, beginning of year
|
2,960 | $ | 5,118,535 | |||||||
Options written
|
32,200 | 69,786,357 | ||||||||
Options terminated in closing purchase transactions
|
(28,860 | ) | (61,093,193 | ) | ||||||
Options expired
|
(3,570 | ) | (6,603,766 | ) | ||||||
Outstanding, end of year
|
2,730 | $ | 7,207,933 | |||||||
Fair Value | ||||||||||
Asset Derivative | Liability Derivative | |||||||||
Written options
|
$ | | $ | (4,508,563 | )(1) | |||||
(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 | Derivatives Recognized in Income | |||||||||
Written options
|
$ | 8,689,659 | (1) | $ | 2,955,785 | (2) | ||||
(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
|
$ | 365,866,898 | $ | | $ | | $ | 365,866,898 | ||||||||||
Total Investments
|
$ | 365,866,898 | $ | | $ | | $ | 365,866,898 | ||||||||||
Liability Description
|
||||||||||||||||||
Call Options Written
|
$ | (4,508,563 | ) | $ | | $ | | $ | (4,508,563 | ) | ||||||||
Total
|
$ | (4,508,563 | ) | $ | | $ | | $ | (4,508,563 | ) | ||||||||
Position(s) |
||||||
with the |
Term of Office; |
Principal Occupation(s) and Directorships |
||||
Name and Year of Birth | Fund | Length of Service | During Past Five Years and Other Relevant Experience | |||
Interested Trustee | ||||||
Thomas E. Faust Jr. 1958 |
Class I Trustee |
Until 2012. 3 years. Trustee since 2008. |
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 180 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 2012. 1 year. 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 (open-end
registered investment company)
(2006-2009).
Former Partner, Coopers and Lybrand L.L.P. (now
PricewaterhouseCoopers) (public accounting firm)
(1987-1997). Directorships in the Last Five Years. None. |
|||
Benjamin C. Esty 1963 |
Class I Trustee |
Until 2012. 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 2012. 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 2013. 3 years. Trustee since 2005. |
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 2013. 3 years. Trustee since 2005. |
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) |
||||||
with the |
Term of Office; |
Principal Occupation(s) and Directorships |
||||
Name and Year of Birth | Fund | Length of Service | During Past Five Years and Other Relevant Experience | |||
Noninterested Trustees (continued) | ||||||
Helen Frame Peters 1948 |
Class III Trustee |
Until 2014. 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 2014. 3 years. Trustee since 2005. |
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 2013. 2 years. 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 2014. 3 years. Trustee since 2005 and Chairman of the Board since 2007. |
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 | Vice President of EVM and BMR. | |||
Duncan W. Richardson 1957 |
Vice President | Since 2011 | 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 2005 | Vice President of EVM and BMR. |
(1) | During their respective tenures, the Trustees (except Mr. Eston and Ms. 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). |
| 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. |
2427-2/12 | CE-TMBWISRC |
Fiscal Years Ended | 12/31/10 | 12/31/11 | ||||||
Audit Fees |
$ | 36,180 | $ | 36,540 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
Tax Fees(2) |
$ | 8,200 | $ | 8,280 | ||||
All Other Fees(3) |
$ | 1,900 | $ | 300 | ||||
Total |
$ | 46,280 | $ | 45,120 | ||||
(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. | |
(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 | 12/31/10 | 12/31/11 | ||||||
Registrant |
$ | 10,100 | $ | 8,580 | ||||
Eaton Vance(1) |
$ | 250,973 | $ | 334,561 |
(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. | |
(h) The registrants audit committee has considered whether the provision by the registrants principal accountant of non-audit services to the registrants investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountants independence. |
Number of | Total Assets | |||||||||||||
Number of | Total Assets of | Accounts | of Accounts | |||||||||||
All | All | Paying a | Paying | |||||||||||
Accounts | Accounts | Performance Fee | a Performance Fee | |||||||||||
Walter A. Row |
||||||||||||||
Registered Investment Companies |
9 | $ | 9,245.5 | 0 | $ | 0 | ||||||||
Other Pooled Investment Vehicles |
0 | $ | 0 | 0 | $ | 0 | ||||||||
Other Accounts |
1 | $ | 2.3 | 0 | $ | 0 | ||||||||
David M. Stein |
||||||||||||||
Registered Investment Companies |
16 | $ | 10,494.4 | 0 | $ | 0 | ||||||||
Other Pooled Investment Vehicles |
3 | $ | 2,123.6 | 0 | $ | 0 | ||||||||
Other Accounts |
2,387 | (1) | $ | 25,342.2 | 2 | $ | 1,029.5 | |||||||
Thomas Seto |
||||||||||||||
Registered Investment Companies |
16 | $ | 10,494.4 | 0 | $ | 0 | ||||||||
Other Pooled Investment Vehicles |
3 | $ | 2,123.6 | 0 | $ | 0 | ||||||||
Other Accounts |
2,387 | (1) | $ | 25,342.2 | 2 | $ | 1,029.5 |
(1) | For Other Accounts that are part of a wrap account program, the number of accounts cited includes the number of sponsors for which the portfolio manager provides management services rather than the number of individual customer accounts within each wrap account program. |
Dollar Range of Equity | ||
Portfolio Manager | Securities Owned in the Fund | |
Walter A. Row |
$10,001 - $50,000 | |
David M. Stein |
None | |
Thomas Seto |
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 | |||
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 Annual Report of the Fund on Form N-CSR for the period ended December 31, 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 | ||||
Eaton Vance Tax-Managed Buy-Write Income Fund | ||||||||||||||||
Cumulative | % of the Cumulative | |||||||||||||||
Current | % of Current | Distributions for the | Distributions for the Fiscal | |||||||||||||
Source | Distribution | Distribution | Fiscal Year-to-Date1 | Year-to-Date1 | ||||||||||||
Net Investment Income |
$ | 0.0499 | 15.4 | % | $ | 0.1303 | 13.4 | % | ||||||||
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) |
$ | 0.2741 | 84.6 | % | $ | 0.8417 | 86.6 | % | ||||||||
Total per common share |
$ | 0.3240 | 100.0 | % | $ | 0.9720 | 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 June 30, 20111
|
7.45 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of June 30, 20112
|
8.65 | % | ||
Cumulative total return at NAV for the fiscal year through June 30, 20113
|
4.37 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of June 30, 20114
|
4.33 | % | ||
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. |
Eaton Vance Tax-Managed Buy-Write Income Fund | ||||||||||||||||
Cumulative | % of the Cumulative | |||||||||||||||
Current | % of Current | Distributions for the | Distributions for the Fiscal | |||||||||||||
Source | Distribution | Distribution | Fiscal Year-to-Date1 | Year-to-Date1 | ||||||||||||
Net Investment Income |
$ | 0.0515 | 15.9 | % | $ | 0.1818 | 14.0 | % | ||||||||
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) |
$ | 0.2725 | 84.1 | % | $ | 1.1142 | 86.0 | % | ||||||||
Total per common share |
$ | 0.3240 | 100.0 | % | $ | 1.2960 | 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 September 30, 20111
|
4.47 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of September 30, 20112
|
9.88 | % | ||
Cumulative total return at NAV for the fiscal year through September 30, 20113
|
-6.24 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of September 30, 20114
|
7.41 | % |
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 September 30, 2011. | |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of September 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 September 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 September 30, 2011 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of September 30, 2011. |
]AX*[3&RP& M,J_!LD\QACH(H$P`&%@'-@;]W4L?!NB/@>8A3X$8Q&`%-9@A*,Y0!SN`(0T* M,(!?1+`#)4`A"@*G`3*'?AU@=4HP`SL07L'&!W20!0*P`!#@$:A`?P,P`/)$ M!['4!G%0!@)03QC0!(,'!5(0!!E0!G1`!P+`3!?0@&20!:Q%!`]T"G50!Q6X M!A-0`6Y@_P9KT`9@D``0Q0))H`0NH`-7\`,1X`5K8`8#8`$LL`!HP`6Q]`!, M!RTR6`<,L!41$`$YN(-<``82P`$GP`1%$`"#9P,6X`5Q``8#4&X+(`!:H`5; M,``F,`31!0IU<`97N`86P`%@L`9=$$MK8`"+X@*0]QHZP`$Y2`?L@@%MR`5P M*``G0`.!Y0G(,0!PL#Q2L09Q$$M=,`!E`00+@@10X`(+4`9FH(;)U(9ON`4) M``([4%"@<`=G@`:W=`(FX`5=L`:Q%`>>B`&@&`!1``4T\`%><(H,D$PW`'?(`&`R`$+\`':9`&9+`%9L``$7`"!$".44`` M/E`!7=`&;9``$64!`Z"+66!2+(`'!G<)>S`&;E`&`"&.`%;9`&6Y`%:X`& M$(`!(8D#(YD$%8"275"0U`8'^(A0`Y`!!T!7GA`&,(*3-X`!&,D%69`%7N"1 MOG@$.#`%-4`$"O"&9$!3$,@'CJ@'7``'#W``YD63U."--_`"99`&L>25!@`! M):`$8BF"5@&'9#``"W`J=+"1>K`%;B#_`'C`99@P!F]0!F!@`#RPDWK9E5[0 MER"@!#@`!02@!#E@`+&D!0Q@`=%F!F1`!G/`D6[P(JAP!V'@!I7)`RW@!0G9 ME6Z@4R*`)KKB`B?``%Q9F%FH`&;PDW/P!5T0!X\Y@6$`!G$@`5:``7G)C5^P M!GLC`KZQ)TJP"2W(BL4#`7&0!5N0G!D)FZ=P!GL`!K=F!2U0!EK0@M`*$O^@5< MD``IL"-44@-E-0`Z6FP+9H%ZD`5R\`5O^`5"APGA!@9VP`<3$`%5]:)9H`5T M(% #G`#1X``04`$+0"./S`$_H<`&V!^ M;Y=QH$$%<,8#.^`"=TQA#<#5"`ZC?!N"%($1_!_W3H%(O<>.S`#3(`$ M*_"QYC>`$X<$1B"$.8<#H*8!#8`Z%+`!)!":,P"SA\`'D)(Q`4`!PL=Y)``` M6&<#U/IU,Z=X<%=![M)S`!!Y"+`[48=^#1`#&R`%!(!@AP`&1K`@49=W&I"W M>B=\W;H"2Y-X03MSG"=Q'2!Q(/=[2ENX,/#_!'HW!0J0"&DP`^TG<$"KM0AP M!`$`=0WP>X`;MIZ+?L`7=86[N?U:>M_C`A<`N602`!KP>XBKM'FKM)N+?IY; MN[['N;2+?BH4`P+HKSUF0HC0!41@(#Y+>BIDN6F[N6'+KV-;08:;MQN0>!-W M!-L2!,`[MSY``T:`!)&'M4SK<342O8#+KY\;MBK4MA2P(($)!%1@`#/Y!VBP M`]J+M&B+`&8+`%50(ZV[O"#;KP,X>HD;?#T'>0%0P%%PHRE`HG^@`"GE:,[J M<]U*P#Y'`H7;NKBKN[H[>GHW?J/;`>^'.F9[P#,P`9]J"&C@`S2&`YB+OP:S M(`I">Q0, _+RRV[8@#`!'``1$D`!A*@ASX`!.,`4)HB`M/(XO MC+6C&[LU[+JOFWMZF[C82@)5("@W\[Y[P`410`3]:#":I[Z86P1,+,6QR[EH M++L5[,02IWXUP`,&()>P@P5C,`>&201,(*Z01XYC7,8R#,49_'L;W,0:O+5, M8`4>4`9]H`8/R09C\%$3(`-D=9].HB`($,-_#,A0G,-[2S\TP`-(`@8O\I"$ M@`7(,P=@(%LCH`)O9F5`$*X/3'&G=WK=NB`X4+17L`.7"8$78`9R4`>,_`D: MH@9C(`9R0`9@(``/4`$1X&\C(`,L@$PJH`(4DV;JR`$94`$JD9AX(`9C$`3, %EA`(`#L_ ` end