Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) Semiannual Report June 30, 2012 |
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Performance |
2 | |||
Fund
Profile |
2 | |||
Endnotes
and Additional Disclosures |
3 | |||
Financial Statements |
4 | |||
Annual Meeting of Shareholders |
17 | |||
Board of Trustees Contract Approval |
18 | |||
Officers and Trustees |
21 | |||
Important Notices |
22 |
Since | ||||||||||||||||||||
% Average Annual Total Returns | Inception Date | Six Months | One Year | Five Years | Inception | |||||||||||||||
Fund at NAV |
6/30/2005 | 8.40 | % | 12.37 | % | 5.82 | % | 7.41 | % | |||||||||||
Fund at Market Price |
| 11.69 | 8.95 | 3.20 | 5.55 | |||||||||||||||
S&P 500 Index |
6/30/2005 | 9.49 | % | 5.45 | % | 0.22 | % | 4.09 | % | |||||||||||
NASDAQ-100 Index |
| 15.44 | 13.72 | 7.01 | 9.04 | |||||||||||||||
CBOE
S&P 500 BuyWrite Index |
| 4.78 | 8.15 | 1.59 | 4.00 | |||||||||||||||
CBOE NASDAQ-100 BuyWrite Index |
| 6.99 | 9.52 | 0.86 | 3.14 | |||||||||||||||
% Premium/Discount to NAV |
||||||||||||||||||||
-11.53 | % | |||||||||||||||||||
Distributions2 |
||||||||||||||||||||
Total Distributions per share
for the period |
$ | 0.665 | ||||||||||||||||||
Distribution Rate at NAV |
9.46 | % | ||||||||||||||||||
Distribution Rate at Market Price |
10.69 | % |
Apple, Inc. |
10.8 | % | ||
Microsoft Corp. |
5.1 | |||
Google, Inc., Class A |
3.3 | |||
Intel Corp. |
2.9 | |||
Oracle Corp. |
2.7 | |||
QUALCOMM, Inc. |
2.3 | |||
Amazon.com, Inc. |
2.0 | |||
Exxon Mobil Corp. |
1.9 | |||
Comcast Corp., Class A |
1.8 | |||
Cisco Systems, Inc. |
1.7 | |||
Total |
34.5 | % | ||
2
1 | S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. NASDAQ-100 Index includes 100 of the largest domestic and international securities (by market cap), excluding financials, listed on NASDAQ. CBOE S&P 500 BuyWrite Index measures the performance of a hypothetical buy-write strategy on the S&P 500 Index. CBOE NASDAQ-100 BuyWrite Index measures the performance of a theoretical portfolio that owns stocks included in the NASDAQ-100 Index and writes (sells) NASDAQ-100 Index covered call options. 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. | |
2 | 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, tax- exempt 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. | |
3 | Depictions do not reflect the Funds option positions. Excludes cash and cash equivalents. | |
Fund profile subject to change due to active management. |
3
Common Stocks 101.6% | ||||||||||
Security | Shares | Value | ||||||||
Aerospace & Defense 1.6% | ||||||||||
Boeing Co. (The)
|
31,022 | $ | 2,304,935 | |||||||
General Dynamics Corp.
|
24,734 | 1,631,455 | ||||||||
Honeywell International, Inc.
|
77,664 | 4,336,758 | ||||||||
Northrop Grumman Corp.
|
44,683 | 2,850,328 | ||||||||
Rockwell Collins, Inc.
|
57,076 | 2,816,700 | ||||||||
Textron, Inc.
|
31,025 | 771,592 | ||||||||
$ | 14,711,768 | |||||||||
Air Freight & Logistics 0.4% | ||||||||||
FedEx Corp.
|
36,782 | $ | 3,369,599 | |||||||
$ | 3,369,599 | |||||||||
Airlines 0.1% | ||||||||||
Southwest Airlines Co.
|
125,240 | $ | 1,154,713 | |||||||
$ | 1,154,713 | |||||||||
Auto Components 0.3% | ||||||||||
Dana Holding Corp.
|
77,289 | $ | 990,072 | |||||||
Johnson Controls, Inc.
|
71,926 | 1,993,070 | ||||||||
$ | 2,983,142 | |||||||||
Automobiles 0.1% | ||||||||||
Ford Motor Co.
|
50,870 | $ | 487,843 | |||||||
$ | 487,843 | |||||||||
Beverages 1.7% | ||||||||||
Coca-Cola
Co. (The)
|
121,649 | $ | 9,511,735 | |||||||
Coca-Cola
Enterprises, Inc.
|
38,080 | 1,067,763 | ||||||||
PepsiCo, Inc.
|
62,724 | 4,432,078 | ||||||||
$ | 15,011,576 | |||||||||
Biotechnology 3.6% | ||||||||||
Amgen, Inc.
|
106,913 | $ | 7,808,926 | |||||||
Biogen Idec,
Inc.(1)
|
43,516 | 6,282,840 | ||||||||
BioMarin Pharmaceutical,
Inc.(1)
|
23,822 | 942,875 | ||||||||
Celgene
Corp.(1)
|
116,678 | 7,486,060 | ||||||||
Gilead Sciences,
Inc.(1)
|
169,625 | 8,698,370 | ||||||||
Onyx Pharmaceuticals,
Inc.(1)
|
18,445 | 1,225,670 | ||||||||
Regeneron Pharmaceuticals,
Inc.(1)
|
1,682 | 192,118 | ||||||||
$ | 32,636,859 | |||||||||
Capital Markets 1.7% | ||||||||||
Affiliated Managers Group,
Inc.(1)
|
12,769 | $ | 1,397,567 | |||||||
Franklin Resources, Inc.
|
16,853 | 1,870,515 | ||||||||
Goldman Sachs Group, Inc. (The)
|
23,436 | 2,246,575 | ||||||||
Invesco, Ltd.
|
78,614 | 1,776,676 | ||||||||
Morgan Stanley
|
75,054 | 1,095,038 | ||||||||
Northern Trust Corp.
|
49,066 | 2,258,017 | ||||||||
State Street Corp.
|
48,378 | 2,159,594 | ||||||||
T. Rowe Price Group, Inc.
|
34,640 | 2,180,934 | ||||||||
$ | 14,984,916 | |||||||||
Chemicals 1.3% | ||||||||||
Air Products and Chemicals, Inc.
|
42,810 | $ | 3,456,051 | |||||||
Celanese Corp., Series A
|
16,343 | 565,795 | ||||||||
E.I. du Pont de Nemours & Co.
|
63,024 | 3,187,124 | ||||||||
PPG Industries, Inc.
|
41,446 | 4,398,249 | ||||||||
$ | 11,607,219 | |||||||||
Commercial Banks 2.6% | ||||||||||
Banco Santander Central Hispano SA ADR
|
79,716 | $ | 522,937 | |||||||
Fifth Third Bancorp
|
100,126 | 1,341,688 | ||||||||
First Horizon National Corp.
|
66,113 | 571,877 | ||||||||
First Republic
Bank(1)
|
21,771 | 731,506 | ||||||||
Huntington Bancshares, Inc.
|
179,679 | 1,149,946 | ||||||||
KeyCorp
|
143,582 | 1,111,325 | ||||||||
Regions Financial Corp.
|
757,705 | 5,114,509 | ||||||||
Royal Bank of Canada
|
38,716 | 1,983,034 | ||||||||
SunTrust Banks, Inc.
|
49,905 | 1,209,198 | ||||||||
Toronto-Dominion Bank (The)
|
21,736 | 1,700,407 | ||||||||
U.S. Bancorp
|
78,667 | 2,529,931 | ||||||||
Wells Fargo & Co.
|
163,476 | 5,466,637 | ||||||||
$ | 23,432,995 | |||||||||
Commercial Services & Supplies 0.4% | ||||||||||
ACCO Brands
Corp.(1)
|
18,755 | $ | 193,927 | |||||||
Avery Dennison Corp.
|
31,690 | 866,405 | ||||||||
Waste Management, Inc.
|
75,356 | 2,516,890 | ||||||||
$ | 3,577,222 | |||||||||
Communications Equipment 4.4% | ||||||||||
Brocade Communications Systems,
Inc.(1)
|
321,783 | $ | 1,586,390 | |||||||
Cisco Systems, Inc.
|
879,620 | 15,103,076 | ||||||||
Harris Corp.
|
12,438 | 520,530 | ||||||||
JDS Uniphase
Corp.(1)
|
57,919 | 637,109 |
Security | Shares | Value | ||||||||
Communications
Equipment (continued)
|
||||||||||
Juniper Networks,
Inc.(1)
|
55,707 | $ | 908,581 | |||||||
QUALCOMM, Inc.
|
380,412 | 21,181,340 | ||||||||
$ | 39,937,026 | |||||||||
Computers & Peripherals 12.4% | ||||||||||
Apple,
Inc.(1)
|
169,156 | $ | 98,787,104 | |||||||
Dell,
Inc.(1)
|
412,055 | 5,158,929 | ||||||||
EMC
Corp.(1)
|
161,361 | 4,135,682 | ||||||||
Hewlett-Packard Co.
|
155,164 | 3,120,348 | ||||||||
$ | 111,202,063 | |||||||||
Construction & Engineering 0.1% | ||||||||||
Fluor Corp.
|
18,843 | $ | 929,714 | |||||||
$ | 929,714 | |||||||||
Consumer Finance 1.0% | ||||||||||
American Express Co.
|
79,374 | $ | 4,620,361 | |||||||
Capital One Financial Corp.
|
10,757 | 587,978 | ||||||||
Discover Financial Services
|
116,006 | 4,011,487 | ||||||||
$ | 9,219,826 | |||||||||
Containers & Packaging 0.1% | ||||||||||
Owens-Illinois,
Inc.(1)
|
36,491 | $ | 699,532 | |||||||
$ | 699,532 | |||||||||
Distributors 0.1% | ||||||||||
Genuine Parts Co.
|
19,047 | $ | 1,147,582 | |||||||
$ | 1,147,582 | |||||||||
Diversified Financial Services 1.1% | ||||||||||
CME Group, Inc.
|
7,734 | $ | 2,073,563 | |||||||
JPMorgan Chase & Co.
|
151,347 | 5,407,628 | ||||||||
Moodys Corp.
|
58,952 | 2,154,696 | ||||||||
$ | 9,635,887 | |||||||||
Diversified Telecommunication Services 2.1% | ||||||||||
AT&T, Inc.
|
278,014 | $ | 9,913,979 | |||||||
Frontier Communications Corp.
|
154,158 | 590,425 | ||||||||
Verizon Communications, Inc.
|
148,609 | 6,604,184 | ||||||||
Windstream Corp.
|
146,950 | 1,419,537 | ||||||||
$ | 18,528,125 | |||||||||
Electric Utilities 0.8% | ||||||||||
American Electric Power Co., Inc.
|
39,722 | $ | 1,584,908 | |||||||
Duke Energy Corp.
|
104,748 | 2,415,489 | ||||||||
Edison International
|
62,309 | 2,878,675 | ||||||||
$ | 6,879,072 | |||||||||
Electrical Equipment 0.5% | ||||||||||
Cooper Industries PLC
|
9,642 | $ | 657,391 | |||||||
Emerson Electric Co.
|
78,984 | 3,679,075 | ||||||||
$ | 4,336,466 | |||||||||
Electronic Equipment, Instruments & Components 0.1% | ||||||||||
Amphenol Corp., Class A
|
12,338 | $ | 677,603 | |||||||
TE Connectivity, Ltd.
|
23,806 | 759,649 | ||||||||
$ | 1,437,252 | |||||||||
Energy Equipment & Services 0.8% | ||||||||||
Halliburton Co.
|
104,167 | $ | 2,957,301 | |||||||
Schlumberger, Ltd.
|
68,972 | 4,476,973 | ||||||||
$ | 7,434,274 | |||||||||
Food & Staples Retailing 1.9% | ||||||||||
CVS Caremark Corp.
|
138,327 | $ | 6,464,021 | |||||||
Kroger Co. (The)
|
50,910 | 1,180,603 | ||||||||
Safeway, Inc.
|
73,801 | 1,339,488 | ||||||||
Wal-Mart Stores, Inc.
|
114,774 | 8,002,043 | ||||||||
$ | 16,986,155 | |||||||||
Food Products 1.0% | ||||||||||
ConAgra Foods, Inc.
|
139,244 | $ | 3,610,597 | |||||||
Green Mountain Coffee Roasters,
Inc.(1)
|
30,433 | 662,831 | ||||||||
H.J. Heinz Co.
|
41,807 | 2,273,465 | ||||||||
Hershey Co. (The)
|
17,810 | 1,282,854 | ||||||||
Hormel Foods Corp.
|
31,064 | 944,967 | ||||||||
$ | 8,774,714 | |||||||||
Health Care Equipment & Supplies 1.6% | ||||||||||
Baxter International, Inc.
|
48,119 | $ | 2,557,525 | |||||||
Covidien PLC
|
25,801 | 1,380,353 | ||||||||
Edwards Lifesciences
Corp.(1)
|
11,063 | 1,142,808 | ||||||||
Intuitive Surgical,
Inc.(1)
|
12,611 | 6,983,846 | ||||||||
Stryker Corp.
|
35,313 | 1,945,746 | ||||||||
$ | 14,010,278 | |||||||||
Security | Shares | Value | ||||||||
Health Care Providers & Services 1.7% | ||||||||||
AmerisourceBergen Corp.
|
42,759 | $ | 1,682,567 | |||||||
Cigna Corp.
|
36,534 | 1,607,496 | ||||||||
DaVita,
Inc.(1)
|
7,275 | 714,478 | ||||||||
Fresenius Medical Care AG & Co. KGaA ADR
|
27,051 | 1,909,530 | ||||||||
LifePoint Hospitals,
Inc.(1)
|
43,020 | 1,762,960 | ||||||||
Lincare Holdings, Inc.
|
21,879 | 744,323 | ||||||||
McKesson Corp.
|
7,813 | 732,469 | ||||||||
Quest Diagnostics, Inc.
|
19,665 | 1,177,933 | ||||||||
UnitedHealth Group, Inc.
|
79,007 | 4,621,909 | ||||||||
$ | 14,953,665 | |||||||||
Hotels, Restaurants & Leisure 2.4% | ||||||||||
Carnival Corp.
|
89,081 | $ | 3,052,806 | |||||||
International Game Technology
|
56,626 | 891,859 | ||||||||
Marriott International, Inc., Class A
|
92,128 | 3,611,418 | ||||||||
Marriott Vacations Worldwide
Corp.(1)
|
10,303 | 319,187 | ||||||||
McDonalds Corp.
|
73,784 | 6,532,098 | ||||||||
Starwood Hotels & Resorts Worldwide, Inc.
|
39,775 | 2,109,666 | ||||||||
Yum! Brands, Inc.
|
80,115 | 5,161,008 | ||||||||
$ | 21,678,042 | |||||||||
Household Durables 0.2% | ||||||||||
Whirlpool Corp.
|
29,270 | $ | 1,790,153 | |||||||
$ | 1,790,153 | |||||||||
Household Products 1.1% | ||||||||||
Clorox Co. (The)
|
41,339 | $ | 2,995,424 | |||||||
Colgate-Palmolive Co.
|
30,835 | 3,209,923 | ||||||||
Procter & Gamble Co.
|
54,796 | 3,356,255 | ||||||||
$ | 9,561,602 | |||||||||
Independent Power Producers & Energy Traders 0.2% | ||||||||||
AES Corp.
(The)(1)
|
119,531 | $ | 1,533,583 | |||||||
$ | 1,533,583 | |||||||||
Industrial Conglomerates 1.2% | ||||||||||
3M Co.
|
37,754 | $ | 3,382,758 | |||||||
General Electric Co.
|
376,600 | 7,848,344 | ||||||||
$ | 11,231,102 | |||||||||
Insurance 2.0% | ||||||||||
ACE, Ltd.
|
35,393 | $ | 2,623,683 | |||||||
Aflac, Inc.
|
17,703 | 753,971 | ||||||||
American International Group,
Inc.(1)
|
41,406 | 1,328,719 | ||||||||
Aon PLC
|
6,626 | 309,964 | ||||||||
Arthur J. Gallagher & Co.
|
54,352 | 1,906,125 | ||||||||
Berkshire Hathaway, Inc.,
Class B(1)
|
19,434 | 1,619,435 | ||||||||
Genworth Financial, Inc.,
Class A(1)
|
74,552 | 421,964 | ||||||||
Hartford Financial Services Group, Inc.
|
25,311 | 446,233 | ||||||||
Marsh & McLennan Cos., Inc.
|
83,378 | 2,687,273 | ||||||||
Travelers Companies, Inc. (The)
|
59,566 | 3,802,693 | ||||||||
Unum Group
|
81,297 | 1,555,212 | ||||||||
Willis Group Holdings PLC
|
14,526 | 530,054 | ||||||||
$ | 17,985,326 | |||||||||
Internet & Catalog Retail 2.0% | ||||||||||
Amazon.com,
Inc.(1)
|
78,794 | $ | 17,992,610 | |||||||
Shutterfly,
Inc.(1)
|
10,000 | 306,900 | ||||||||
$ | 18,299,510 | |||||||||
Internet Software & Services 4.8% | ||||||||||
eBay,
Inc.(1)
|
208,738 | $ | 8,769,084 | |||||||
Google, Inc.,
Class A(1)
|
51,389 | 29,809,217 | ||||||||
VeriSign,
Inc.(1)
|
107,988 | 4,705,037 | ||||||||
$ | 43,283,338 | |||||||||
IT Services 2.6% | ||||||||||
Alliance Data Systems
Corp.(1)
|
7,945 | $ | 1,072,575 | |||||||
Cognizant Technology Solutions Corp.,
Class A(1)
|
97,645 | 5,858,700 | ||||||||
Fidelity National Information Services, Inc.
|
79,262 | 2,701,249 | ||||||||
International Business Machines Corp.
|
49,724 | 9,725,020 | ||||||||
MasterCard, Inc., Class A
|
3,808 | 1,637,859 | ||||||||
Visa, Inc., Class A
|
16,517 | 2,041,996 | ||||||||
$ | 23,037,399 | |||||||||
Life Sciences Tools & Services 0.2% | ||||||||||
Bruker
Corp.(1)
|
75,000 | $ | 998,250 | |||||||
PerkinElmer, Inc.
|
23,065 | 595,077 | ||||||||
$ | 1,593,327 | |||||||||
Machinery 1.8% | ||||||||||
Caterpillar, Inc.
|
40,176 | $ | 3,411,344 | |||||||
Dover Corp.
|
40,339 | 2,162,574 | ||||||||
Eaton Corp.
|
53,938 | 2,137,563 | ||||||||
Ingersoll-Rand PLC
|
31,550 | 1,330,779 | ||||||||
Parker Hannifin Corp.
|
34,400 | 2,644,672 | ||||||||
Stanley Black & Decker, Inc.
|
54,390 | 3,500,540 | ||||||||
Titan International, Inc.
|
40,134 | 984,487 | ||||||||
$ | 16,171,959 | |||||||||
Security | Shares | Value | ||||||||
Marine 0.1% | ||||||||||
Kirby
Corp.(1)
|
17,666 | $ | 831,715 | |||||||
$ | 831,715 | |||||||||
Media 4.2% | ||||||||||
CBS Corp., Class B
|
151,072 | $ | 4,952,140 | |||||||
Comcast Corp., Class A
|
520,426 | 16,638,019 | ||||||||
McGraw-Hill Cos., Inc. (The)
|
61,443 | 2,764,935 | ||||||||
Omnicom Group, Inc.
|
65,134 | 3,165,512 | ||||||||
Walt Disney Co. (The)
|
213,407 | 10,350,240 | ||||||||
$ | 37,870,846 | |||||||||
Metals & Mining 0.6% | ||||||||||
BHP Billiton, Ltd. ADR
|
21,215 | $ | 1,385,339 | |||||||
Cliffs Natural Resources, Inc.
|
7,966 | 392,644 | ||||||||
Freeport-McMoRan Copper & Gold, Inc.
|
33,573 | 1,143,832 | ||||||||
Newmont Mining Corp.
|
30,866 | 1,497,310 | ||||||||
Nucor Corp.
|
23,005 | 871,890 | ||||||||
$ | 5,291,015 | |||||||||
Multi-Utilities 1.1% | ||||||||||
CMS Energy Corp.
|
217,119 | $ | 5,102,296 | |||||||
Public Service Enterprise Group, Inc.
|
145,820 | 4,739,150 | ||||||||
$ | 9,841,446 | |||||||||
Multiline Retail 1.4% | ||||||||||
Kohls Corp.
|
18,342 | $ | 834,378 | |||||||
Macys, Inc.
|
154,364 | 5,302,403 | ||||||||
Nordstrom, Inc.
|
28,152 | 1,398,873 | ||||||||
Target Corp.
|
94,476 | 5,497,558 | ||||||||
$ | 13,033,212 | |||||||||
Oil, Gas & Consumable Fuels 6.0% | ||||||||||
Apache Corp.
|
14,136 | $ | 1,242,413 | |||||||
Chevron Corp.
|
106,575 | 11,243,663 | ||||||||
ConocoPhillips
|
114,202 | 6,381,608 | ||||||||
Denbury Resources,
Inc.(1)
|
31,083 | 469,664 | ||||||||
EOG Resources, Inc.
|
18,166 | 1,636,938 | ||||||||
Exxon Mobil Corp.
|
207,140 | 17,724,970 | ||||||||
Hess Corp.
|
39,495 | 1,716,058 | ||||||||
Occidental Petroleum Corp.
|
54,596 | 4,682,699 | ||||||||
Peabody Energy Corp.
|
36,462 | 894,048 | ||||||||
Phillips
66(1)
|
57,101 | 1,898,037 | ||||||||
Spectra Energy Corp.
|
33,858 | 983,914 | ||||||||
Suncor Energy, Inc.
|
33,674 | 974,862 | ||||||||
Williams Cos., Inc.
|
124,031 | 3,574,573 | ||||||||
WPX Energy,
Inc.(1)
|
41,343 | 668,930 | ||||||||
$ | 54,092,377 | |||||||||
Paper & Forest Products 0.2% | ||||||||||
MeadWestvaco Corp.
|
56,858 | $ | 1,634,668 | |||||||
$ | 1,634,668 | |||||||||
Personal Products 0.5% | ||||||||||
Estee Lauder Cos., Inc. (The), Class A
|
77,774 | $ | 4,209,129 | |||||||
$ | 4,209,129 | |||||||||
Pharmaceuticals 4.6% | ||||||||||
Abbott Laboratories
|
111,733 | $ | 7,203,427 | |||||||
Bristol-Myers Squibb Co.
|
172,466 | 6,200,153 | ||||||||
Eli Lilly & Co.
|
31,684 | 1,359,560 | ||||||||
Johnson & Johnson
|
115,301 | 7,789,736 | ||||||||
Merck & Co., Inc.
|
158,250 | 6,606,937 | ||||||||
Pfizer, Inc.
|
396,195 | 9,112,485 | ||||||||
Sanofi ADR
|
13,288 | 502,021 | ||||||||
Shire PLC ADR
|
26,421 | 2,282,510 | ||||||||
Warner Chilcott
PLC(1)
|
32,886 | 589,317 | ||||||||
$ | 41,646,146 | |||||||||
Professional Services 0.4% | ||||||||||
Equifax, Inc.
|
17,082 | $ | 796,021 | |||||||
Robert Half International, Inc.
|
86,521 | 2,471,905 | ||||||||
$ | 3,267,926 | |||||||||
Real Estate Investment Trusts (REITs) 1.1% | ||||||||||
American Tower Corp.
|
21,743 | $ | 1,520,053 | |||||||
Apartment Investment & Management Co., Class A
|
35,696 | 964,863 | ||||||||
AvalonBay Communities, Inc.
|
2,209 | 312,529 | ||||||||
Host Hotels & Resorts, Inc.
|
28,981 | 458,480 | ||||||||
Plum Creek Timber Co., Inc.
|
14,401 | 571,720 | ||||||||
Simon Property Group, Inc.
|
39,276 | 6,113,702 | ||||||||
$ | 9,941,347 | |||||||||
Real Estate Management & Development 0.1% | ||||||||||
CB Richard Ellis Group, Inc.,
Class A(1)
|
37,957 | $ | 620,977 | |||||||
$ | 620,977 | |||||||||
Road & Rail 0.7% | ||||||||||
CSX Corp.
|
34,587 | $ | 773,365 | |||||||
Kansas City Southern
|
15,641 | 1,087,988 |
Security | Shares | Value | ||||||||
Road & Rail (continued)
|
||||||||||
Norfolk Southern Corp.
|
17,633 | $ | 1,265,521 | |||||||
Ryder System, Inc.
|
12,392 | 446,236 | ||||||||
Union Pacific Corp.
|
20,249 | 2,415,908 | ||||||||
$ | 5,989,018 | |||||||||
Semiconductors & Semiconductor Equipment 5.0% | ||||||||||
Analog Devices, Inc.
|
56,522 | $ | 2,129,184 | |||||||
ASML Holding NV ADR
|
34,278 | 1,762,575 | ||||||||
Cirrus Logic,
Inc.(1)
|
122,339 | 3,655,489 | ||||||||
Cypress Semiconductor
Corp.(1)
|
146,348 | 1,934,721 | ||||||||
Intel Corp.
|
992,102 | 26,439,518 | ||||||||
NXP Semiconductors
NV(1)
|
14,000 | 325,500 | ||||||||
ON Semiconductor
Corp.(1)
|
149,333 | 1,060,264 | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR(1)
|
95,083 | 1,327,359 | ||||||||
Tessera Technologies, Inc.
|
50,120 | 770,344 | ||||||||
Texas Instruments, Inc.
|
193,433 | 5,549,593 | ||||||||
$ | 44,954,547 | |||||||||
Software 9.7% | ||||||||||
Check Point Software Technologies,
Ltd.(1)
|
69,443 | $ | 3,443,679 | |||||||
Compuware
Corp.(1)
|
97,123 | 902,273 | ||||||||
Concur Technologies,
Inc.(1)
|
54,469 | 3,709,339 | ||||||||
Microsoft Corp.
|
1,530,973 | 46,832,464 | ||||||||
Nuance Communications,
Inc.(1)
|
43,800 | 1,043,316 | ||||||||
Oracle Corp.
|
837,569 | 24,875,799 | ||||||||
Red Hat,
Inc.(1)
|
57,959 | 3,273,524 | ||||||||
Symantec
Corp.(1)
|
187,979 | 2,746,373 | ||||||||
TiVo,
Inc.(1)
|
42,923 | 354,973 | ||||||||
$ | 87,181,740 | |||||||||
Specialty Retail 1.1% | ||||||||||
Advance Auto Parts, Inc.
|
40,120 | $ | 2,736,986 | |||||||
Gap, Inc. (The)
|
81,861 | 2,239,717 | ||||||||
Home Depot, Inc. (The)
|
58,008 | 3,073,844 | ||||||||
Tiffany & Co.
|
39,926 | 2,114,082 | ||||||||
$ | 10,164,629 | |||||||||
Textiles, Apparel & Luxury Goods 0.4% | ||||||||||
NIKE, Inc., Class B
|
36,816 | $ | 3,231,708 | |||||||
$ | 3,231,708 | |||||||||
Thrifts & Mortgage Finance 0.2% | ||||||||||
BankUnited, Inc.
|
21,449 | $ | 505,768 | |||||||
Hudson City Bancorp, Inc.
|
180,579 | 1,150,288 | ||||||||
$ | 1,656,056 | |||||||||
Tobacco 1.5% | ||||||||||
Altria Group, Inc.
|
62,538 | $ | 2,160,688 | |||||||
Philip Morris International, Inc.
|
128,885 | 11,246,505 | ||||||||
$ | 13,407,193 | |||||||||
Trading Companies & Distributors 0.5% | ||||||||||
Fastenal Co.
|
111,850 | $ | 4,508,674 | |||||||
$ | 4,508,674 | |||||||||
Wireless Telecommunication Services 0.2% | ||||||||||
Rogers Communications, Inc., Class B
|
34,594 | $ | 1,252,649 | |||||||
Sprint Nextel
Corp.(1)
|
112,760 | 367,597 | ||||||||
$ | 1,620,246 | |||||||||
Total Common Stocks
101.6%
|
||||||||||
(identified cost $563,874,659)
|
$ | 911,229,439 | ||||||||
Call Options Written (1.9)% | ||||||||||||||||||
Number of |
Strike |
Expiration |
||||||||||||||||
Description | Contracts | Price | Date | Value | ||||||||||||||
NASDAQ 100 Index
|
345 | $ | 2,575 | 7/21/12 | $ | (2,377,050 | ) | |||||||||||
NASDAQ 100 Index
|
315 | 2,600 | 7/21/12 | (1,639,575 | ) | |||||||||||||
NASDAQ 100 Index
|
165 | 2,605 | 7/21/12 | (813,450 | ) | |||||||||||||
NASDAQ 100 Index
|
315 | 2,615 | 7/21/12 | (1,345,050 | ) | |||||||||||||
NASDAQ 100 Index
|
145 | 2,625 | 7/21/12 | (529,975 | ) | |||||||||||||
S&P 500 Index
|
455 | 1,340 | 7/21/12 | (1,562,925 | ) | |||||||||||||
S&P 500 Index
|
995 | 1,345 | 7/21/12 | (3,059,625 | ) | |||||||||||||
S&P 500 Index
|
920 | 1,350 | 7/21/12 | (2,502,400 | ) | |||||||||||||
S&P 500 Index
|
915 | 1,355 | 7/21/12 | (2,182,275 | ) | |||||||||||||
S&P 500 Index
|
450 | 1,360 | 7/21/12 | (929,250 | ) | |||||||||||||
Total Call Options Written
|
||||||||||||||||||
(premiums received $13,717,372)
|
$ | (16,941,575 | ) | |||||||||||||||
Other Assets, Less
Liabilities 0.3%
|
$ | 2,419,504 | ||||||||||||||||
Net Assets 100.0%
|
$ | 896,707,368 | ||||||||||||||||
ADR
|
- American Depositary Receipt
|
(1) | Non-income producing security. |
Assets | June 30, 2012 | |||||
Investments, at value (identified cost, $563,874,659)
|
$ | 911,229,439 | ||||
Cash
|
2,393,186 | |||||
Dividends receivable
|
930,124 | |||||
Tax reclaims receivable
|
5,704 | |||||
Total assets
|
$ | 914,558,453 | ||||
Liabilities | ||||||
Written options outstanding, at value (premiums received,
$13,717,372)
|
$ | 16,941,575 | ||||
Payable to affiliates:
|
||||||
Investment adviser fee
|
730,605 | |||||
Trustees fees
|
8,974 | |||||
Accrued expenses
|
169,931 | |||||
Total liabilities
|
$ | 17,851,085 | ||||
Net Assets
|
$ | 896,707,368 | ||||
Sources of Net Assets | ||||||
Common shares, $0.01 par value, unlimited number of shares
authorized, 63,816,866 shares issued and outstanding
|
$ | 638,169 | ||||
Additional paid-in capital
|
595,430,072 | |||||
Accumulated net realized loss
|
(4,431,854 | ) | ||||
Accumulated distributions in excess of net investment income
|
(39,059,672 | ) | ||||
Net unrealized appreciation
|
344,130,653 | |||||
Net Assets
|
$ | 896,707,368 | ||||
Net Asset Value | ||||||
($896,707,368
¸
63,816,866 common shares issued and outstanding)
|
$ | 14.05 | ||||
Six Months Ended |
||||||
Investment Income | June 30, 2012 | |||||
Dividends (net of foreign taxes, $26,640)
|
$ | 8,250,839 | ||||
Total investment income
|
$ | 8,250,839 | ||||
Expenses | ||||||
Investment adviser fee
|
$ | 4,528,040 | ||||
Trustees fees and expenses
|
19,475 | |||||
Custodian fee
|
199,604 | |||||
Transfer and dividend disbursing agent fees
|
10,253 | |||||
Legal and accounting services
|
27,796 | |||||
Printing and postage
|
80,670 | |||||
Miscellaneous
|
48,077 | |||||
Total expenses
|
$ | 4,913,915 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 914 | ||||
Total expense reductions
|
$ | 914 | ||||
Net expenses
|
$ | 4,913,001 | ||||
Net investment income
|
$ | 3,337,838 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | 20,694,657 | ||||
Written options
|
(17,785,601 | ) | ||||
Foreign currency transactions
|
(279 | ) | ||||
Net realized gain
|
$ | 2,908,777 | ||||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | 72,254,216 | ||||
Written options
|
(10,564,830 | ) | ||||
Foreign currency
|
(29 | ) | ||||
Net change in unrealized appreciation (depreciation)
|
$ | 61,689,357 | ||||
Net realized and unrealized gain
|
$ | 64,598,134 | ||||
Net increase in net assets from operations
|
$ | 67,935,972 | ||||
Six Months Ended |
||||||||||
June 30, 2012 |
Year Ended |
|||||||||
Increase (Decrease) in Net Assets | (Unaudited) | December 31, 2011 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 3,337,838 | $ | 6,017,158 | ||||||
Net realized gain from investment transactions, written options
and foreign currency transactions
|
2,908,777 | 7,507,846 | ||||||||
Net change in unrealized appreciation (depreciation) from
investments, written options and foreign currency
|
61,689,357 | 38,843,201 | ||||||||
Net increase in net assets from operations
|
$ | 67,935,972 | $ | 52,368,205 | ||||||
Distributions to shareholders
|
||||||||||
From net investment income
|
$ | (42,412,689 | )* | $ | (5,974,185 | ) | ||||
From net realized gain
|
| (12,908,523 | ) | |||||||
Tax return of capital
|
| (65,942,670 | ) | |||||||
Total distributions
|
$ | (42,412,689 | ) | $ | (84,825,378 | ) | ||||
Net increase (decrease) in net assets
|
$ | 25,523,283 | $ | (32,457,173 | ) | |||||
Net Assets | ||||||||||
At beginning of period
|
$ | 871,184,085 | $ | 903,641,258 | ||||||
At end of period
|
$ | 896,707,368 | $ | 871,184,085 | ||||||
Accumulated undistributed
(distributions in excess of) net investment income included in net assets |
||||||||||
At end of period
|
$ | (39,059,672 | ) | $ | 15,179 | |||||
* | 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, 2012 |
||||||||||||||||||||||||||
(Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||
Net asset value Beginning of period
|
$ | 13.650 | $ | 14.160 | $ | 14.510 | $ | 12.050 | $ | 19.090 | $ | 19.230 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.052 | $ | 0.094 | $ | 0.087 | $ | 0.114 | $ | 0.125 | $ | 0.101 | ||||||||||||||
Net realized and unrealized gain (loss)
|
1.013 | 0.725 | 1.095 | 4.246 | (5.265 | ) | 1.659 | |||||||||||||||||||
Total income (loss) from operations
|
$ | 1.065 | $ | 0.819 | $ | 1.182 | $ | 4.360 | $ | (5.140 | ) | $ | 1.760 | |||||||||||||
Less Distributions | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.665 | )* | $ | (0.094 | ) | $ | (0.086 | ) | $ | (0.172 | ) | $ | (0.125 | ) | $ | (0.101 | ) | ||||||||
From net realized gain
|
| (0.202 | ) | (0.033 | ) | | (0.179 | ) | (0.123 | ) | ||||||||||||||||
Tax return of capital
|
| (1.033 | ) | (1.413 | ) | (1.728 | ) | (1.596 | ) | (1.676 | ) | |||||||||||||||
Total distributions
|
$ | (0.665 | ) | $ | (1.329 | ) | $ | (1.532 | ) | $ | (1.900 | ) | $ | (1.900 | ) | $ | (1.900 | ) | ||||||||
Net asset value End of period
|
$ | 14.050 | $ | 13.650 | $ | 14.160 | $ | 14.510 | $ | 12.050 | $ | 19.090 | ||||||||||||||
Market value End of period
|
$ | 12.430 | $ | 11.720 | $ | 13.080 | $ | 15.050 | $ | 10.200 | $ | 16.940 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
8.40 | %(3) | 7.48 | % | 9.22 | % | 39.22 | % | (27.43 | )% | 9.83 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
11.69 | %(3) | (0.10 | )% | (2.73 | )% | 70.59 | % | (30.78 | )% | (7.98 | )% | ||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Net assets, end of period (000s omitted)
|
$ | 896,707 | $ | 871,184 | $ | 903,641 | $ | 921,312 | $ | 761,330 | $ | 1,206,207 | ||||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||||||
Expenses(4)
|
1.09 | %(5) | 1.09 | % | 1.07 | % | 1.08 | % | 1.07 | % | 1.06 | % | ||||||||||||||
Net investment income
|
0.74 | %(5) | 0.68 | % | 0.62 | % | 0.87 | % | 0.78 | % | 0.52 | % | ||||||||||||||
Portfolio Turnover
|
2 | %(3) | 20 | % | 11 | % | 16 | % | 36 | % | 15 | % | ||||||||||||||
(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) | Excludes the effect of custody fee credits, if any, of less than 0.005%. | |
(5) | Annualized. | |
* | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2. |
Aggregate cost
|
$ | 563,859,275 | ||||
Gross unrealized appreciation
|
$ | 351,512,668 | ||||
Gross unrealized depreciation
|
(4,142,504 | ) | ||||
Net unrealized appreciation
|
$ | 347,370,164 | ||||
Number of |
Premiums |
|||||||||
Contracts | Received | |||||||||
Outstanding, beginning of period
|
5,360 | $ | 15,986,915 | |||||||
Options written
|
31,020 | 81,863,069 | ||||||||
Options terminated in closing purchase transactions
|
(28,445 | ) | (76,706,107 | ) | ||||||
Options expired
|
(2,915 | ) | (7,426,505 | ) | ||||||
Outstanding, end of period
|
5,020 | $ | 13,717,372 | |||||||
Fair Value | ||||||||||
Derivative | Asset Derivative | Liability Derivative | ||||||||
Written options
|
$ | | $ | (16,941,575 | )(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 |
|||||||||
Derivative | in Income | Derivatives Recognized in Income | ||||||||
Written options
|
$ | (17,785,601 | )(1) | $ | (10,564,830 | )(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
|
$ | 911,229,439 | * | $ | | $ | | $ | 911,229,439 | |||||||||
Total Investments
|
$ | 911,229,439 | $ | | $ | | $ | 911,229,439 | ||||||||||
Liability Description
|
||||||||||||||||||
Call Options Written
|
$ | (16,941,575 | ) | $ | | $ | | $ | (16,941,575 | ) | ||||||||
Total
|
$ | (16,941,575 | ) | $ | | $ | | $ | (16,941,575 | ) | ||||||||
* | 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 | ||||||||
Scott E. Eston
|
58,147,519 | 1,646,806 | ||||||||
Benjamin C. Esty
|
58,243,671 | 1,550,564 | ||||||||
Thomas E. Faust Jr.
|
58,305,152 | 1,489,173 | ||||||||
Allen R. Freedman
|
57,917,207 | 1,877,118 | ||||||||
Harriett Tee Taggart
|
58,101,420 | 1,692,905 |
| 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, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods; | |
| Data regarding investment performance in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds; | |
| For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment 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 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; | |
| Information about each advisers processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading; |
| 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, including with respect to regulatory and compliance issues, investment management and other matters; |
| 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 Opportunities 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 Opportunities Fund | ||
Ralph F. Verni
Chairman Scott E. Eston Benjamin C. Esty Thomas E. Faust Jr.* Allen R. Freedman |
William H. Park
Ronald A. Pearlman Helen Frame Peters Lynn A. Stout Harriett Tee Taggart |
* | 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. |
2551-8/12 | CE-TMBWOFSRC |
(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 | ||||
Date:
|
August 8, 2012 |
By:
|
/s/ Barbara E. Campbell
|
|||
Barbara E. Campbell | ||||
Treasurer | ||||
Date:
|
August 8, 2012 | |||
By:
|
/s/ Walter A. Row, III
|
|||
Walter A. Row, III | ||||
President | ||||
Date:
|
August 8, 2012 |
/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, 2012 (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 |
||
Date: August 8, 2012 |
||
/s/ Walter A. Row, III
|
||
Walter A. Row, III |
||
President |
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 |
$ | 0.0249 | 7.5 | % | $ | 0.0249 | 7.5 | % | ||||||||
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) |
$ | 0.3074 | 92.5 | % | $ | 0.3074 | 92.5 | % | ||||||||
Total per common share |
$ | 0.3323 | 100.0 | % | $ | 0.3323 | 100.0 | % |
1 | The Funds fiscal year is January 1, 2012 to December 31, 2012 |
Average annual total return at NAV for the 5-year period ended on February 29, 20121 |
8.75 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of February 29, 20122 |
9.12 | % | ||
Cumulative total return at NAV for the fiscal year through February 29, 20123 |
6.74 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of February 29, 20124 |
0.00 | % |
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 February 29, 2012. | |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of February 29, 2012. | |
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 February 29, 2012 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 February 29, 2012 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of February 29, 2012. |
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 |
$ | 0.0269 | 8.1 | % | $ | 0.0518 | 7.8 | % | ||||||||
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) |
$ | 0.3054 | 91.9 | % | $ | 0.6128 | 92.2 | % | ||||||||
Total per common share |
$ | 0.3323 | 100.0 | % | $ | 0.6646 | 100.0 | % |
1 | The Funds fiscal year is January 1, 2012 to December 31, 2012 |
Average annual total return at NAV for the 5-year period ended on May 31, 20121 |
6.94 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of May 31, 20122 |
9.55 | % | ||
Cumulative total return at NAV for the fiscal year through May 31, 20123 |
4.60 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of May 31, 20124 |
2.39 | % |
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, 2012. | |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of May 31, 2012. | |
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, 2012 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, 2012 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of May 31, 2012. |
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