Item 1. | Reports to Stockholders |
Fund (EOI)
% Average Annual Total Returns1 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 10/29/2004 | 13.21% | (6.35)% | 8.70% | 9.75% |
Fund at Market Price | — | 12.64 | (10.05) | 9.45 | 10.77 |
S&P 500® Index | — | 15.62% | (7.73)% | 11.18% | 12.23% |
Cboe S&P 500 BuyWrite IndexSM | — | 13.15 | (6.86) | 4.25 | 5.82 |
% Premium/Discount to NAV2 | |
As of period end | (2.31)% |
Distributions3 | |
Total Distributions per share for the period | $0.657 |
Distribution Rate at NAV | 8.43% |
Distribution Rate at Market Price | 8.63 |
Sector Allocation (% of total investments)1 |
Top 10 Holdings (% of total investments)1 | |
Microsoft Corp. | 8.1% |
Apple, Inc. | 7.6 |
Amazon.com, Inc. | 3.7 |
Mastercard, Inc., Class A | 2.8 |
Alphabet, Inc., Class C | 2.7 |
Meta Platforms, Inc., Class A | 2.6 |
PepsiCo, Inc. | 2.4 |
JPMorgan Chase & Co. | 2.2 |
Eli Lilly & Co. | 2.1 |
NVIDIA Corp. | 2.0 |
Total | 36.2% |
1 | Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents. |
1 | S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Cboe S&P 500 BuyWrite IndexSM 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. |
2 | The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
3 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
Fund profile subject to change due to active management. | |
Important Notice to Shareholders | |
On January 26, 2023, the Fund's Board of Trustees voted to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the Fund's By-Laws from the Control Share Provisions of the Fund's By-Laws. |
Common Stocks — 100.6%(1) |
Security | Shares | Value | |
Aerospace & Defense — 1.4% | |||
HEICO Corp. | 21,588 | $ 3,692,412 | |
Huntington Ingalls Industries, Inc. | 25,704 | 5,321,242 | |
$ 9,013,654 | |||
Automobile Components — 0.8% | |||
Aptiv PLC(2) | 47,547 | $ 5,334,298 | |
$ 5,334,298 | |||
Automobiles — 0.8% | |||
Tesla, Inc.(2) | 24,812 | $ 5,147,498 | |
$ 5,147,498 | |||
Banks — 5.3% | |||
Bank of America Corp. | 372,942 | $ 10,666,141 | |
JPMorgan Chase & Co. | 106,512 | 13,879,579 | |
M&T Bank Corp. | 27,818 | 3,326,198 | |
Wells Fargo & Co. | 148,343 | 5,545,061 | |
$ 33,416,979 | |||
Beverages — 2.4% | |||
PepsiCo, Inc. | 82,823 | $ 15,098,633 | |
$ 15,098,633 | |||
Biotechnology — 1.8% | |||
AbbVie, Inc. | 69,206 | $ 11,029,360 | |
$ 11,029,360 | |||
Broadline Retail — 3.8% | |||
Amazon.com, Inc.(2) | 230,534 | $ 23,811,857 | |
$ 23,811,857 | |||
Capital Markets — 1.9% | |||
Charles Schwab Corp. (The) | 83,879 | $ 4,393,582 | |
Intercontinental Exchange, Inc. | 72,439 | 7,554,663 | |
$ 11,948,245 | |||
Chemicals — 2.0% | |||
FMC Corp. | 31,683 | $ 3,869,445 | |
Linde PLC | 24,585 | 8,738,492 | |
$ 12,607,937 |
Security | Shares | Value | |
Commercial Services & Supplies — 0.9% | |||
Waste Management, Inc. | 36,666 | $ 5,982,791 | |
$ 5,982,791 | |||
Communications Equipment — 1.7% | |||
Cisco Systems, Inc. | 199,638 | $ 10,436,076 | |
$ 10,436,076 | |||
Containers & Packaging — 0.6% | |||
Packaging Corp. of America | 27,600 | $ 3,831,708 | |
$ 3,831,708 | |||
Diversified Telecommunication Services — 0.6% | |||
TELUS Corp. | 187,550 | $ 3,724,743 | |
$ 3,724,743 | |||
Electric Utilities — 1.8% | |||
Constellation Energy Corp. | 70,947 | $ 5,569,340 | |
NextEra Energy, Inc. | 76,365 | 5,886,214 | |
$ 11,455,554 | |||
Electrical Equipment — 3.3% | |||
AMETEK, Inc. | 68,789 | $ 9,997,105 | |
Eaton Corp. PLC | 64,106 | 10,983,922 | |
$ 20,981,027 | |||
Energy Equipment & Services — 0.7% | |||
Halliburton Co. | 137,050 | $ 4,336,262 | |
$ 4,336,262 | |||
Entertainment — 1.9% | |||
Netflix, Inc.(2) | 25,295 | $ 8,738,917 | |
Walt Disney Co. (The)(2) | 32,779 | 3,282,161 | |
$ 12,021,078 | |||
Financial Services — 3.4% | |||
Mastercard, Inc., Class A | 49,248 | $ 17,897,216 | |
Shift4 Payments, Inc., Class A(2) | 43,819 | 3,321,480 | |
$ 21,218,696 | |||
Food Products — 3.2% | |||
Hershey Co. (The) | 42,754 | $ 10,877,045 | |
Mondelez International, Inc., Class A | 129,885 | 9,055,582 | |
$ 19,932,627 |
Security | Shares | Value | |
Ground Transportation — 1.4% | |||
Uber Technologies, Inc.(2) | 280,520 | $ 8,892,484 | |
$ 8,892,484 | |||
Health Care Equipment & Supplies — 3.3% | |||
Boston Scientific Corp.(2) | 161,536 | $ 8,081,646 | |
Stryker Corp. | 17,382 | 4,962,040 | |
Zimmer Biomet Holdings, Inc. | 58,830 | 7,600,836 | |
$ 20,644,522 | |||
Health Care Providers & Services — 0.5% | |||
UnitedHealth Group, Inc. | 7,340 | $ 3,468,811 | |
$ 3,468,811 | |||
Hotels, Restaurants & Leisure — 2.5% | |||
Hilton Worldwide Holdings, Inc. | 43,510 | $ 6,129,254 | |
Starbucks Corp. | 89,857 | 9,356,809 | |
$ 15,486,063 | |||
Household Products — 1.9% | |||
Procter & Gamble Co. (The) | 79,280 | $ 11,788,143 | |
$ 11,788,143 | |||
Industrial REITs — 0.8% | |||
EastGroup Properties, Inc. | 30,235 | $ 4,998,450 | |
$ 4,998,450 | |||
Insurance — 1.9% | |||
Arch Capital Group, Ltd.(2) | 97,777 | $ 6,636,125 | |
Reinsurance Group of America, Inc. | 42,061 | 5,584,018 | |
$ 12,220,143 | |||
Interactive Media & Services — 5.3% | |||
Alphabet, Inc., Class C(2) | 161,549 | $ 16,801,096 | |
Meta Platforms, Inc., Class A(2) | 79,255 | 16,797,305 | |
$ 33,598,401 | |||
IT Services — 1.9% | |||
Accenture PLC, Class A | 41,755 | $ 11,933,997 | |
$ 11,933,997 | |||
Life Sciences Tools & Services — 2.9% | |||
Danaher Corp. | 37,361 | $ 9,416,466 | |
Thermo Fisher Scientific, Inc. | 14,943 | 8,612,697 | |
$ 18,029,163 |
Security | Shares | Value | |
Machinery — 1.2% | |||
Caterpillar, Inc. | 32,631 | $ 7,467,278 | |
$ 7,467,278 | |||
Multi-Utilities — 0.7% | |||
CMS Energy Corp. | 73,049 | $ 4,483,748 | |
$ 4,483,748 | |||
Oil, Gas & Consumable Fuels — 4.1% | |||
Chevron Corp. | 68,261 | $ 11,137,465 | |
ConocoPhillips | 65,196 | 6,468,095 | |
EOG Resources, Inc. | 43,298 | 4,963,250 | |
Pioneer Natural Resources Co. | 15,943 | 3,256,198 | |
$ 25,825,008 | |||
Pharmaceuticals — 6.3% | |||
Bristol-Myers Squibb Co. | 130,260 | $ 9,028,321 | |
Eli Lilly & Co. | 38,258 | 13,138,562 | |
Novo Nordisk A/S ADR | 38,233 | 6,084,400 | |
Sanofi | 43,583 | 4,727,828 | |
Zoetis, Inc. | 37,919 | 6,311,238 | |
$ 39,290,349 | |||
Residential REITs — 0.8% | |||
Mid-America Apartment Communities, Inc. | 31,457 | $ 4,751,265 | |
$ 4,751,265 | |||
Semiconductors & Semiconductor Equipment — 4.7% | |||
Analog Devices, Inc. | 50,442 | $ 9,948,171 | |
NVIDIA Corp. | 46,823 | 13,006,025 | |
Texas Instruments, Inc. | 33,993 | 6,323,038 | |
$ 29,277,234 | |||
Software — 11.0% | |||
Intuit, Inc. | 13,597 | $ 6,061,951 | |
Microsoft Corp. | 179,819 | 51,841,818 | |
Palo Alto Networks, Inc.(2) | 16,630 | 3,321,676 | |
Salesforce, Inc.(2) | 38,076 | 7,606,823 | |
$ 68,832,268 | |||
Specialty Retail — 0.7% | |||
O'Reilly Automotive, Inc.(2) | 4,939 | $ 4,193,112 | |
$ 4,193,112 |
Security | Shares | Value | |
Technology Hardware, Storage & Peripherals — 7.7% | |||
Apple, Inc. | 294,834 | $ 48,618,127 | |
$ 48,618,127 | |||
Textiles, Apparel & Luxury Goods — 1.7% | |||
NIKE, Inc., Class B | 86,338 | $ 10,588,492 | |
$ 10,588,492 | |||
Wireless Telecommunication Services — 1.0% | |||
T-Mobile US, Inc.(2) | 44,264 | $ 6,411,198 | |
$ 6,411,198 | |||
Total Common Stocks (identified cost $412,109,767) | $632,127,279 |
Short-Term Investments — 0.9% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.73%(3) | 5,644,983 | $ 5,644,983 | |
Total Short-Term Investments (identified cost $5,644,983) | $ 5,644,983 | ||
Total Investments — 101.5% (identified cost $417,754,750) | $637,772,262 | ||
Total Written Covered Call Options — (0.9)% (premiums received $4,341,685) | $ (5,350,617) | ||
Other Assets, Less Liabilities — (0.6)% | $ (4,050,801) | ||
Net Assets — 100.0% | $628,370,844 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | All or a portion of each applicable common stock for which a written call option is outstanding at March 31, 2023 has been pledged as collateral for such written option. |
(2) | Non-income producing security. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2023. |
Written Covered Call Options (Exchange-Traded) — (0.9)% | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
AbbVie, Inc. | 345 | $ 5,498,265 | $165 | 5/5/23 | $ (44,881) | ||
Accenture PLC, Class A | 205 | 5,859,105 | 295 | 5/5/23 | (71,358) | ||
Alphabet, Inc., Class C | 805 | 8,372,000 | 110 | 4/21/23 | (58,363) | ||
Amazon.com, Inc. | 1,150 | 11,878,350 | 106 | 4/28/23 | (434,125) | ||
AMETEK, Inc. | 340 | 4,941,220 | 150 | 5/19/23 | (87,750) | ||
Analog Devices, Inc. | 250 | 4,930,500 | 195 | 4/14/23 | (128,750) | ||
Apple, Inc. | 1,470 | 24,240,300 | 168 | 4/28/23 | (452,760) | ||
Aptiv PLC | 235 | 2,636,465 | 115 | 4/21/23 | (48,175) | ||
Bank of America Corp. | 1,565 | 4,475,900 | 31 | 4/14/23 | (9,390) | ||
Boston Scientific Corp. | 805 | 4,027,415 | 50 | 4/21/23 | (70,437) |
Written Covered Call Options (Exchange-Traded) (continued) | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
Bristol-Myers Squibb Co. | 650 | $ 4,505,150 | $ 69 | 4/14/23 | $ (60,775) | ||
Caterpillar, Inc. | 160 | 3,661,440 | 232 | 4/21/23 | (60,000) | ||
Charles Schwab Corp. (The) | 415 | 2,173,770 | 61 | 4/28/23 | (22,618) | ||
Chevron Corp. | 340 | 5,547,440 | 160 | 4/21/23 | (198,050) | ||
Cisco Systems, Inc. | 995 | 5,201,363 | 53 | 5/5/23 | (58,745) | ||
ConocoPhillips | 325 | 3,224,325 | 102 | 4/28/23 | (79,950) | ||
Constellation Energy Corp. | 350 | 2,747,500 | 85 | 4/21/23 | (9,625) | ||
Danaher Corp. | 185 | 4,662,740 | 257 | 4/21/23 | (58,275) | ||
Eaton Corp. PLC | 320 | 5,482,880 | 170 | 4/21/23 | (145,600) | ||
Eli Lilly & Co. | 190 | 6,524,980 | 350 | 4/28/23 | (150,100) | ||
EOG Resources, Inc. | 215 | 2,464,545 | 112 | 4/28/23 | (113,950) | ||
FMC Corp. | 155 | 1,893,015 | 120 | 4/21/23 | (65,100) | ||
Halliburton Co. | 685 | 2,167,340 | 33 | 4/21/23 | (46,923) | ||
HEICO Corp. | 105 | 1,795,920 | 175 | 4/21/23 | (20,213) | ||
Hershey Co. (The) | 210 | 5,342,610 | 260 | 4/28/23 | (60,900) | ||
Hilton Worldwide Holdings, Inc. | 215 | 3,028,705 | 145 | 4/21/23 | (33,863) | ||
Huntington Ingalls Industries, Inc. | 125 | 2,587,750 | 210 | 4/21/23 | (39,063) | ||
Intercontinental Exchange, Inc. | 360 | 3,754,440 | 105 | 4/21/23 | (63,900) | ||
Intuit, Inc. | 65 | 2,897,895 | 470 | 5/5/23 | (52,070) | ||
JPMorgan Chase & Co. | 370 | 4,821,470 | 141 | 4/14/23 | (7,215) | ||
Linde PLC | 120 | 4,265,280 | 375 | 4/21/23 | (9,600) | ||
M&T Bank Corp. | 135 | 1,614,195 | 140 | 4/21/23 | (5,400) | ||
Mastercard, Inc., Class A | 240 | 8,721,840 | 367 | 4/21/23 | (122,400) | ||
Meta Platforms, Inc., Class A | 435 | 9,219,390 | 215 | 4/21/23 | (250,125) | ||
Microsoft Corp. | 895 | 25,802,850 | 290 | 4/21/23 | (532,525) | ||
Mid-America Apartment Communities, Inc. | 155 | 2,341,120 | 155 | 4/21/23 | (17,825) | ||
Mondelez International, Inc., Class A | 645 | 4,496,940 | 72 | 4/28/23 | (37,088) | ||
Netflix, Inc. | 125 | 4,318,500 | 335 | 4/14/23 | (208,437) | ||
NextEra Energy, Inc. | 380 | 2,929,040 | 80 | 4/21/23 | (28,500) | ||
NIKE, Inc., Class B | 430 | 5,273,520 | 126 | 4/28/23 | (84,065) | ||
Novo Nordisk A/S ADR | 190 | 3,023,660 | 160 | 5/19/23 | (114,950) | ||
NVIDIA Corp. | 230 | 6,388,710 | 300 | 4/28/23 | (100,625) | ||
Packaging Corp. of America | 135 | 1,874,205 | 135 | 4/21/23 | (85,050) | ||
Palo Alto Networks, Inc. | 80 | 1,597,920 | 200 | 4/14/23 | (32,400) | ||
PepsiCo, Inc. | 410 | 7,474,300 | 190 | 5/5/23 | (33,657) | ||
Pioneer Natural Resources Co. | 75 | 1,531,800 | 205 | 4/28/23 | (54,750) | ||
Procter & Gamble Co. (The) | 395 | 5,873,255 | 150 | 4/28/23 | (81,567) | ||
Salesforce, Inc. | 190 | 3,795,820 | 200 | 4/6/23 | (48,165) | ||
Starbucks Corp. | 445 | 4,633,785 | 102 | 4/28/23 | (174,662) | ||
Tesla, Inc. | 120 | 2,489,520 | 205 | 4/14/23 | (128,700) | ||
Texas Instruments, Inc. | 165 | 3,069,165 | 185 | 4/14/23 | (68,062) | ||
Thermo Fisher Scientific, Inc. | 60 | 3,458,220 | 590 | 4/6/23 | (9,000) |
Written Covered Call Options (Exchange-Traded) (continued) | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
T-Mobile US, Inc. | 220 | $ 3,186,480 | $147 | 4/6/23 | $ (9,240) | ||
Uber Technologies, Inc. | 1,400 | 4,438,000 | 33 | 4/28/23 | (144,900) | ||
UnitedHealth Group, Inc. | 35 | 1,654,065 | 495 | 4/28/23 | (16,625) | ||
Walt Disney Co. (The) | 160 | 4,032,640 | 100 | 4/14/23 | (34,880) | ||
Waste Management, Inc. | 180 | 2,937,060 | 165 | 5/5/23 | (58,950) | ||
Wells Fargo & Co. | 740 | 2,766,120 | 42 | 4/21/23 | (13,320) | ||
Zimmer Biomet Holdings, Inc. | 290 | 3,746,800 | 130 | 4/21/23 | (58,000) | ||
Zoetis, Inc. | 185 | 3,079,140 | 170 | 4/21/23 | (34,225) | ||
Total | $(5,350,617) |
Abbreviations: | |
ADR | – American Depositary Receipt |
REITs | – Real Estate Investment Trusts |
March 31, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $412,109,767) | $632,127,279 |
Affiliated investment, at value (identified cost $5,644,983) | 5,644,983 |
Dividends receivable | 316,724 |
Dividends receivable from affiliated investment | 27,552 |
Receivable for investments sold | 4,611,515 |
Receivable for premiums on written options | 386,278 |
Tax reclaims receivable | 41,358 |
Total assets | $643,155,689 |
Liabilities | |
Written options outstanding, at value (premiums received $4,341,685) | $5,350,617 |
Payable for investments purchased | 8,015,801 |
Payable for closed written options | 537,509 |
Due to custodian | 37,816 |
Payable to affiliate: | |
Investment adviser fee | 516,786 |
Accrued expenses | 326,316 |
Total liabilities | $14,784,845 |
Net Assets | $628,370,844 |
Sources of Net Assets | |
Common shares, $0.01 par value, unlimited number of shares authorized | $403,200 |
Additional paid-in capital | 416,342,886 |
Distributable earnings | 211,624,758 |
Net Assets | $628,370,844 |
Common Shares Issued and Outstanding | 40,319,975 |
Net Asset Value Per Common Share | |
Net assets ÷ common shares issued and outstanding | $15.58 |
Six Months Ended | |
March 31, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $12,726) | $4,698,507 |
Dividend income from affiliated investment | 100,837 |
Total investment income | $4,799,344 |
Expenses | |
Investment adviser fee | $3,055,919 |
Trustees’ fees and expenses | 20,114 |
Custodian fee | 103,611 |
Transfer and dividend disbursing agent fees | 9,128 |
Legal and accounting services | 41,478 |
Printing and postage | 155,266 |
Miscellaneous | 24,923 |
Total expenses | $3,410,439 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $4,156 |
Total expense reductions | $4,156 |
Net expenses | $3,406,283 |
Net investment income | $1,393,061 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $19,092,915 |
Written options | (2,317,317) |
Foreign currency transactions | (4,038) |
Net realized gain | $16,771,560 |
Change in unrealized appreciation (depreciation): | |
Investments | $61,246,303 |
Written options | (3,875,707) |
Foreign currency | 3,879 |
Net change in unrealized appreciation (depreciation) | $57,374,475 |
Net realized and unrealized gain | $74,146,035 |
Net increase in net assets from operations | $75,539,096 |
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $1,393,061 | $2,860,839 |
Net realized gain | 16,771,560 | 50,831,651 |
Net change in unrealized appreciation (depreciation) | 57,374,475 | (155,185,242) |
Net increase (decrease) in net assets from operations | $75,539,096 | $(101,492,752) |
Distributions to shareholders | $(26,423,024)* | $(52,372,375) |
Capital share transactions: | ||
Proceeds from shelf offering, net of offering costs (see Note 5) | $2,134,843 | $13,192,291 |
Reinvestment of distributions | 1,015,972 | 1,278,308 |
Net increase in net assets from capital share transactions | $3,150,815 | $14,470,599 |
Net increase (decrease) in net assets | $52,266,887 | $(139,394,528) |
Net Assets | ||
At beginning of period | $576,103,957 | $715,498,485 |
At end of period | $628,370,844 | $576,103,957 |
* | A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2. |
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $14.360 | $18.180 | $15.680 | $15.060 | $15.880 | $14.470 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.035 | $0.072 | $0.074 | $0.127 | $0.102 | $0.091 |
Net realized and unrealized gain (loss) | 1.841 | (2.585) | 3.543 | 1.571 | 0.145 | 2.356 |
Total income (loss) from operations | $1.876 | $(2.513) | $3.617 | $1.698 | $0.247 | $2.447 |
Less Distributions | ||||||
From net investment income | $(0.657)* | $(0.070) | $(0.075) | $(0.129) | $(0.100) | $(0.089) |
From net realized gain | — | (1.244) | (1.008) | — | (0.967) | (0.848) |
Tax return of capital | — | — | (0.034) | (0.949) | — | (0.100) |
Total distributions | $(0.657) | $(1.314) | $(1.117) | $(1.078) | $(1.067) | $(1.037) |
Premium from common shares sold through shelf offering (see Note 5)(1) | $0.001 | $0.007 | $0.000(2) | $0.000(2) | $0.000(2) | $— |
Net asset value — End of period | $15.580 | $14.360 | $18.180 | $15.680 | $15.060 | $15.880 |
Market value — End of period | $15.220 | $14.100 | $17.900 | $14.640 | $15.140 | $16.010 |
Total Investment Return on Net Asset Value(3) | 13.21%(4) | (14.72)% | 23.70% | 12.08% | 2.11% | 17.69% |
Total Investment Return on Market Value(3) | 12.64%(4) | (14.95)% | 30.45% | 4.09% | 1.81% | 22.46% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $628,371 | $576,104 | $715,498 | $616,526 | $591,013 | $622,888 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 1.11%(5)(6) | 1.10%(6) | 1.10% | 1.11% | 1.11% | 1.11% |
Net investment income | 0.46%(5) | 0.41% | 0.42% | 0.84% | 0.69% | 0.60% |
Portfolio Turnover | 27%(4) | 50% | 35% | 41% | 55% | 46% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $0.0005. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2023 and the year ended September 30, 2022). |
* | A portion of the distributions may be deemed from net realized gain or a tax return of capital at year-end. See Note 2. |
Aggregate cost | $414,096,412 |
Gross unrealized appreciation | $224,842,657 |
Gross unrealized depreciation | (6,517,424) |
Net unrealized appreciation | $218,325,233 |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative(1) |
Written options | $ — | $(5,350,617) |
(1) | Statement of Assets and Liabilities location: Written options outstanding, at value. |
Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
Written options | $(2,317,317) | $(3,875,707) |
(1) | Statement of Operations location: Net realized gain (loss): Written options. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Written options. |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $2,642,607 | $80,358,350 | $(77,355,974) | $ — | $ — | $5,644,983 | $100,837 | 5,644,983 |
• | 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 fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Communication Services | $ 55,755,420 | $ — | $ — | $ 55,755,420 |
Consumer Discretionary | 64,561,320 | — | — | 64,561,320 |
Consumer Staples | 46,819,403 | — | — | 46,819,403 |
Energy | 30,161,270 | — | — | 30,161,270 |
Financials | 78,804,063 | — | — | 78,804,063 |
Health Care | 87,734,377 | 4,727,828 | — | 92,462,205 |
Industrials | 52,337,234 | — | — | 52,337,234 |
Information Technology | 169,097,702 | — | — | 169,097,702 |
Materials | 16,439,645 | — | — | 16,439,645 |
Real Estate | 9,749,715 | — | — | 9,749,715 |
Utilities | 15,939,302 | — | — | 15,939,302 |
Total Common Stocks | $627,399,451 | $4,727,828* | $ — | $632,127,279 |
Short-Term Investments | $ 5,644,983 | $ — | $ — | $ 5,644,983 |
Total Investments | $633,044,434 | $ 4,727,828 | $ — | $637,772,262 |
Liability Description | ||||
Written Covered Call Options | $ (5,350,617) | $ — | $ — | $ (5,350,617) |
Total | $ (5,350,617) | $ — | $ — | $ (5,350,617) |
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Officers | |
R. Kelly Williams, Jr. President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser(1) | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Anchal Pachnanda*(2) | |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Mr. Bowser began serving as Trustee effective January 4, 2023. |
(2) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
One Congress Street, Suite 1
Boston, MA 02114-2016
6201 15th Avenue
Brooklyn, NY 11219
Boston, MA 02110
Item 2. | Code of Ethics |
Not required in this filing.
Item 3. | Audit Committee Financial Expert |
Not required in this filing.
Item 4. | Principal Accountant Fees and Services |
Not required in this filing.
Item 5. | Audit Committee of Listed Registrants |
Not required in this filing.
Item 6. | Schedule of Investments |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not required in this filing.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not required in this filing.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
No such purchases this period.
Item 10. | Submission of Matters to a Vote of Security Holders |
No material changes.
Item 11. | Controls and Procedures |
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
No activity to report for the registrant’s most recent fiscal year end.
Item 13. | Exhibits |
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. | |
(c) | Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Enhanced Equity Income Fund
By: | /s/ R. Kelly Williams | |
R. Kelly Williams | ||
President | ||
Date: | May 22, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | May 22, 2023 |
By: | /s/ R. Kelly Williams | |
R. Kelly Williams | ||
President | ||
Date: | May 22, 2023 |