Eaton Vance Enhanced Equity Income Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-21614

Investment Company Act File Number

Eaton Vance Enhanced Equity Income Fund

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

September 30

Date of Fiscal Year End

June 30, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Enhanced Equity Income Fund

June 30, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 97.8%(1)

 

                                                 
Security    Shares        Value  

Aerospace & Defense — 2.1%

        

Boeing Co. (The)

      60,000         $ 7,633,800   

United Technologies Corp.

      37,552           4,335,378   
       

 

 

  
     $ 11,969,178   
       

 

 

  

Air Freight & Logistics — 1.8%

        

C.H. Robinson Worldwide, Inc.

      165,776         $ 10,574,851   
       

 

 

  
     $ 10,574,851   
       

 

 

  

Automobiles — 0.6%

        

Honda Motor Co., Ltd.

      93,744         $ 3,271,173   
       

 

 

  
     $ 3,271,173   
       

 

 

  

Banks — 8.6%

        

Bank of America Corp.

      643,827         $ 9,895,621   

Citigroup, Inc.

      200,222           9,430,456   

JPMorgan Chase & Co.

      207,577           11,960,587   

PNC Financial Services Group, Inc. (The)

      49,229           4,383,842   

Regions Financial Corp.

      665,795           7,070,743   

SunTrust Banks, Inc.

      174,946           7,008,337   
       

 

 

  
     $ 49,749,586   
       

 

 

  

Beverages — 1.5%

        

Constellation Brands, Inc., Class A(2)

      100,000         $ 8,813,000   
       

 

 

  
     $ 8,813,000   
       

 

 

  

Biotechnology — 4.6%

        

Biogen Idec, Inc.(2)

      16,657         $ 5,252,119   

Celgene Corp.(2)

      90,006           7,729,715   

Gilead Sciences, Inc.(2)

      167,077           13,852,354   
       

 

 

  
     $ 26,834,188   
       

 

 

  

Capital Markets — 0.6%

        

Charles Schwab Corp. (The)

      124,177         $ 3,344,087   
       

 

 

  
     $ 3,344,087   
       

 

 

  

Chemicals — 3.3%

        

LyondellBasell Industries NV, Class A

      66,610         $ 6,504,466   

Monsanto Co.

      51,013           6,363,362   

PPG Industries, Inc.

      30,326           6,373,009   
       

 

 

  
     $ 19,240,837   
       

 

 

  

Communications Equipment — 1.9%

        

QUALCOMM, Inc.

      70,000         $ 5,544,000   

Telefonaktiebolaget LM Ericsson, Class B

      450,000           5,436,335   
       

 

 

  
     $ 10,980,335   
       

 

 

  

Consumer Finance — 2.4%

        

American Express Co.

      47,889         $ 4,543,229   

Discover Financial Services

      154,403           9,569,898   
       

 

 

  
     $ 14,113,127   
       

 

 

  

Diversified Telecommunication Services — 2.0%

        

AT&T, Inc.

      120,000         $ 4,243,200   

Verizon Communications, Inc.

      150,000           7,339,500   
       

 

 

  
     $ 11,582,700   
       

 

 

  

Electric Utilities — 1.6%

        

NextEra Energy, Inc.

      88,183         $ 9,036,994   
       

 

 

  
     $ 9,036,994   
       

 

 

  

 

1

 

 

                                                 
Security    Shares        Value  

Electrical Equipment — 3.9%

        

Emerson Electric Co.

      165,838         $ 11,005,010   

Rockwell Automation, Inc.

      91,816           11,491,690   
       

 

 

  
     $ 22,496,700   
       

 

 

  

Electronic Equipment, Instruments & Components — 2.0%

        

Corning, Inc.

      535,000         $ 11,743,250   
       

 

 

  
     $ 11,743,250   
       

 

 

  

Energy Equipment & Services — 0.6%

        

FMC Technologies, Inc.(2)

      55,300         $ 3,377,171   
       

 

 

  
     $ 3,377,171   
       

 

 

  

Food & Staples Retailing — 1.4%

        

Costco Wholesale Corp.

      72,822         $ 8,386,182   
       

 

 

  
     $ 8,386,182   
       

 

 

  

Food Products — 3.4%

        

Hershey Co. (The)

      115,940         $ 11,289,078   

Mondelez International, Inc., Class A

      225,281           8,472,818   
       

 

 

  
     $ 19,761,896   
       

 

 

  

Health Care Equipment & Supplies — 2.4%

        

Abbott Laboratories

      173,216         $ 7,084,534   

Covidien PLC

      73,671           6,643,651   
       

 

 

  
     $ 13,728,185   
       

 

 

  

Health Care Technology — 0.6%

  

Cerner Corp.(2)

      70,423         $ 3,632,418   
       

 

 

  
     $ 3,632,418   
       

 

 

  

Hotels, Restaurants & Leisure — 0.7%

        

Yum! Brands, Inc.

      47,839         $ 3,884,527   
       

 

 

  
     $ 3,884,527   
       

 

 

  

Household Durables — 0.7%

        

Mohawk Industries, Inc.(2)

      28,705         $ 3,971,050   
       

 

 

  
     $ 3,971,050   
       

 

 

  

Industrial Conglomerates — 1.5%

        

Danaher Corp.

      112,413         $ 8,850,276   
       

 

 

  
     $ 8,850,276   
       

 

 

  

Insurance — 2.9%

        

ACE, Ltd.

      55,229         $ 5,727,248   

Aflac, Inc.

      102,725           6,394,631   

MetLife, Inc.

      85,670           4,759,825   
       

 

 

  
     $ 16,881,704   
       

 

 

  

Internet & Catalog Retail — 1.3%

        

Amazon.com, Inc.(2)

      23,439         $ 7,612,518   
       

 

 

  
     $ 7,612,518   
       

 

 

  

Internet Software & Services — 5.3%

        

Facebook, Inc., Class A(2)

      121,805         $ 8,196,258   

Google, Inc., Class C(2)

      39,000           22,435,920   
       

 

 

  
     $ 30,632,178   
       

 

 

  

IT Services — 1.7%

        

Fiserv, Inc.(2)

      68,738         $ 4,146,276   

Visa, Inc., Class A

      28,085           5,917,791   
       

 

 

  
     $ 10,064,067   
       

 

 

  

Machinery — 2.0%

        

Caterpillar, Inc.

      106,543         $ 11,578,028   
       

 

 

  
     $ 11,578,028   
       

 

 

  

 

2

 

 

                                                 
Security    Shares        Value  

Media — 3.2%

        

Lions Gate Entertainment Corp.

      106,662         $ 3,048,400   

Live Nation Entertainment, Inc.(2)

      179,847           4,440,422   

Walt Disney Co. (The)

      131,342           11,261,263   
       

 

 

  
     $ 18,750,085   
       

 

 

  

Metals & Mining — 0.8%

  

Freeport-McMoRan Copper & Gold, Inc.

      119,266         $ 4,353,209   
       

 

 

  
     $ 4,353,209   
       

 

 

  

Multi-Utilities — 1.6%

        

Sempra Energy

      85,881         $ 8,992,600   
       

 

 

  
     $ 8,992,600   
       

 

 

  

Multiline Retail — 2.3%

        

Dollar General Corp.(2)

      105,014         $ 6,023,603   

Macy’s, Inc.

      127,697           7,408,980   
       

 

 

  
     $ 13,432,583   
       

 

 

  

Oil, Gas & Consumable Fuels — 8.4%

        

Anadarko Petroleum Corp.

      28,195         $ 3,086,507   

Chevron Corp.

      96,354           12,579,015   

Devon Energy Corp.

      126,097           10,012,102   

EOG Resources, Inc.

      27,038           3,159,661   

Exxon Mobil Corp.

      96,861           9,751,965   

Occidental Petroleum Corp.

      57,785           5,930,474   

Range Resources Corp.

      48,019           4,175,252   
       

 

 

  
     $ 48,694,976   
       

 

 

  

Pharmaceuticals — 7.1%

        

Johnson & Johnson

      45,716         $ 4,782,808   

Merck & Co., Inc.

      245,861           14,223,059   

Pfizer, Inc.

      194,685           5,778,251   

Roche Holding AG PC

      15,605           4,649,616   

Shire PLC ADR

      48,584           11,441,046   
       

 

 

  
     $ 40,874,780   
       

 

 

  

Real Estate Investment Trusts (REITs) — 1.7%

        

AvalonBay Communities, Inc.

      34,565         $ 4,914,798   

Simon Property Group, Inc.

      29,097           4,838,249   
       

 

 

  
     $ 9,753,047   
       

 

 

  

Semiconductors & Semiconductor Equipment — 1.6%

        

NXP Semiconductors NV(2)

      141,567         $ 9,368,904   
       

 

 

  
     $ 9,368,904   
       

 

 

  

Software — 1.0%

        

Microsoft Corp.

      141,236         $ 5,889,541   
       

 

 

  
     $ 5,889,541   
       

 

 

  

Specialty Retail — 2.8%

        

AutoNation, Inc.(2)

      109,332         $ 6,524,934   

Home Depot, Inc. (The)

      68,505           5,546,165   

TJX Cos., Inc. (The)

      81,358           4,324,177   
       

 

 

  
        $ 16,395,276   
       

 

 

  

Technology Hardware, Storage & Peripherals — 3.6%

        

Apple, Inc.

      224,000         $ 20,816,320   
       

 

 

  
        $ 20,816,320   
       

 

 

  

Textiles, Apparel & Luxury Goods — 0.6%

        

NIKE, Inc., Class B

      41,004         $ 3,179,860   
       

 

 

  
        $ 3,179,860   
       

 

 

  

Thrifts & Mortgage Finance — 0.2%

        

Federal National Mortgage Association(2)

      329,510         $ 1,288,384   
       

 

 

  
        $ 1,288,384   
       

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Tobacco — 1.5%

      

Altria Group, Inc.

      209,474       $ 8,785,340   
     

 

 

  
      $ 8,785,340   
     

 

 

  

Total Common Stocks
(identified cost $493,934,898)

       $ 566,685,111   
     

 

 

  

Short-Term Investments — 2.6%

      
Description    Interest
(000’s omitted)		      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.12%(3)

    $ 15,233       $ 15,232,879   
     

 

 

  

Total Short-Term Investments
(identified cost $15,232,879)

       $ 15,232,879   
     

 

 

  

Total Investments — 100.4%
(identified cost $509,167,777)

       $ 581,917,990   
     

 

 

  

Covered Call Options Written — (0.4)%

 

                                                                                                   
Security    Number of
Contracts		      Strike
Price		      Expiration
Date		      Value  

Abbott Laboratories

      865       $ 42.00         8/16/14       $ (41,520 ) 

Aflac, Inc.

      510         65.00         8/16/14         (17,340 ) 

Altria Group, Inc.

      1,045         44.00         8/16/14         (22,468 ) 

Amazon.com, Inc.

      115         350.00         7/19/14         (11,442 ) 

American Express Co.

      235         97.50         7/19/14         (9,517 ) 

Anadarko Petroleum Corp.

      140         120.00         8/16/14         (25,410 ) 

Apple, Inc.

      1,120         100.00         8/16/14         (127,120 ) 

AT&T, Inc.

      600         36.00         8/16/14         (12,900 ) 

AutoNation, Inc.

      545         60.00         7/19/14         (62,675 ) 

AvalonBay Communities, Inc.

      170         145.00         7/19/14         (6,375 ) 

Bank of America Corp.

      3,215         16.00         7/19/14         (27,328 ) 

Biogen Idec, Inc.

      60         335.00         7/19/14         (6,600 ) 

Boeing Co. (The)

      300         140.00         7/19/14         (1,800 ) 

C.H. Robinson Worldwide, Inc.

      825         67.50         8/16/14         (49,500 ) 

Caterpillar, Inc.

      530         115.00         8/16/14         (33,390 ) 

Cerner Corp.

      350         55.00         8/16/14         (20,125 ) 

Chevron Corp.

      480         135.00         8/16/14         (44,400 ) 

Citigroup, Inc.

      1,000         49.00         8/16/14         (50,500 ) 

Constellation Brands, Inc., Class A

      500         92.50         8/16/14         (61,250 ) 

Corning, Inc.

      2,675         22.00         7/19/14         (82,925 ) 

Costco Wholesale Corp.

      360         120.00         8/16/14         (15,840 ) 

Covidien PLC

      365         97.50         8/16/14         (10,950 ) 

Danaher Corp.

      385         82.50         7/19/14         (10,587 ) 

Devon Energy Corp.

      630         82.50         7/19/14         (24,255 ) 

Discover Financial Services

      630         65.00         7/19/14         (6,300 ) 

Dollar General Corp.

      525         70.00         8/16/14         (6,562 ) 

Emerson Electric Co.

      825         70.00         8/16/14         (30,938 ) 

EOG Resources, Inc.

      135         120.00         7/19/14         (17,280 ) 

Exxon Mobil Corp.

      480         105.00         7/19/14         (11,520 ) 

Facebook, Inc., Class A

      605         72.50         8/16/14         (114,950 ) 

FMC Technologies, Inc.

      275         65.00         8/16/14         (17,187 ) 

Freeport-McMoRan Copper & Gold, Inc.

      595         37.00         8/16/14         (44,625 ) 

Gilead Sciences, Inc.

      835         87.50         8/16/14         (100,618 ) 

Google, Inc., Class C

      100         595.00         7/19/14         (61,500 ) 

Hershey Co. (The)

      580         105.00         8/16/14         (17,980 ) 

 

4

 

 

                                                                                                   
Security    Number of
Contracts		      Strike
Price		      Expiration
Date		      Value  

Home Depot, Inc. (The)

      340       $ 85.00         8/16/14       $ (11,220 ) 

Johnson & Johnson

      225         105.00         7/19/14         (21,938 ) 

JPMorgan Chase & Co.

      1,035         57.50         7/19/14         (75,555 ) 

Lions Gate Entertainment Corp.

      530         28.00         7/19/14         (53,000 ) 

LyondellBasell Industries NV, Class A

      330         105.00         8/16/14         (16,500 ) 

Macy’s, Inc.

      635         62.50         8/16/14         (23,813 ) 

Merck & Co., Inc.

      1,000         60.00         7/19/14         (10,500 ) 

MetLife, Inc.

      425         57.50         7/19/14         (9,350 ) 

Microsoft Corp.

      705         44.00         8/16/14         (25,733 ) 

Mohawk Industries, Inc.

      140         145.00         8/16/14         (31,850 ) 

Mondelez International, Inc., Class A

      1,125         39.00         8/16/14         (39,938 ) 

Monsanto Co.

      255         130.00         8/16/14         (20,655 ) 

NextEra Energy, Inc.

      440         105.00         8/16/14         (70,400 ) 

NIKE, Inc., Class B

      205         77.50         7/19/14         (21,320 ) 

NXP Semiconductors NV

      705         72.50         8/16/14         (72,263 ) 

Occidental Petroleum Corp.

      285         110.00         8/16/14         (21,233 ) 

PNC Financial Services Group, Inc. (The)

      175         90.00         8/16/14         (21,350 ) 

PPG Industries, Inc.

      150         220.00         8/16/14         (30,375 ) 

QUALCOMM, Inc.

      350         82.50         7/19/14         (4,200 ) 

Range Resources Corp.

      240         92.50         8/16/14         (26,400 ) 

Regions Financial Corp.

      3,325         11.00         8/16/14         (66,500 ) 

Rockwell Automation, Inc.

      335         135.00         7/19/14         (2,512 ) 

Simon Property Group, Inc.

      145         170.00         7/19/14         (7,902 ) 

SunTrust Banks, Inc.

      875         40.00         7/19/14         (53,375 ) 

TJX Cos., Inc. (The)

      405         62.50         7/19/14         (1,012 ) 

United Technologies Corp.

      185         120.00         8/16/14         (12,117 ) 

Visa, Inc., Class A

      140         220.00         8/16/14         (31,150 ) 

Walt Disney Co. (The)

      655         87.50         8/16/14         (98,250 ) 

Yum! Brands, Inc.

      235         82.50         7/19/14         (23,735 ) 
           

 

 

  

Total Covered Call Options Written
(premiums received $2,572,571)

             $ (2,109,823 ) 
           

 

 

  

Other Assets, Less Liabilities — (0.0)%(4)

             $ (278,253 ) 
           

 

 

  

Net Assets — 100.0%

             $ 579,529,914   
           

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

ADR

   -   American Depositary Receipt

PC

   -     Participation Certificate

 

(1) A portion of each applicable common stock for which a written call option is outstanding at June 30, 2014 has been pledged as collateral for such written option.

 

(2) Non-income producing security.

 

(3) Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended June 30, 2014 was $7,350.

 

(4) Amount is less than (0.05)%.

 

5

 

 

A summary of open financial instruments at June 30, 2014 is as follows:

Forward Foreign Currency Exchange Contracts

 

Settlement
Date		     

Deliver

   

In Exchange For

   

Counterparty

    Unrealized
Appreciation		      Unrealized
(Depreciation)		     Net Unrealized
(Depreciation)		  
7/31/14      Euro
3,379,000		   

United States Dollar

4,600,272

    State Street Bank and Trust Co.    $ —       $ (27,099 )    $ (27,099 ) 
7/31/14      Japanese Yen
167,681,000		    United States Dollar
1,651,354		    Credit Suisse International      —         (4,213 )      (4,213 ) 
7/31/14      Japanese Yen
168,160,000		    United States Dollar
1,656,096		    State Street Bank and Trust Co.      —         (4,200 )      (4,200 ) 
             

 

 

     

 

 

    

 

 

  
   $     —       $     (35,512 )    $     (35,512 ) 
             

 

 

     

 

 

    

 

 

  

Written options activity for the fiscal year to date ended June 30, 2014 was as follows:

 

     Number of
Contracts		     Premiums
Received		  

Outstanding, beginning of period

      46,795      $ 3,478,123   

Options written

      238,724        19,175,070   

Options terminated in closing purchase transactions

      (126,021 )      (10,777,547 ) 

Options exercised

      (434 )      (23,852 ) 

Options expired

      (120,864 )      (9,279,223 ) 
  

 

 

    

 

 

  

Outstanding, end of period

      38,200      $     2,572,571   
  

 

 

    

 

 

  

At June 30, 2014, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objectives, the Fund is subject to the following risks:

Equity Price Risk: The Fund writes covered call options on individual stocks above the current value of the stock to generate premium income. In writing call options on individual stocks, the Fund in effect, sells potential appreciation in the value of the applicable stock above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying stock decline.

Foreign Exchange Risk: Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund enters into forward foreign currency exchange contracts.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at June 30, 2014 was as follows:

 

          Fair Value  

Risk

   

Derivative

    Asset
Derivative		      Liability
Derivative		  
Equity Price    Written options    $ —       $     (2,109,823 ) 
Foreign Exchange    Forward foreign currency exchange contracts      —         (35,512 ) 
     

 

 

     

 

 

  

Total

       $ —       $ (2,145,335 ) 
     

 

 

     

 

 

  

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     509,361,633   
  

 

 

  

Gross unrealized appreciation

    $ 75,717,740   

Gross unrealized depreciation

      (3,161,383 ) 
  

 

 

  

Net unrealized appreciation

    $ 72,556,357   
  

 

 

  

 

6

 

 

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

•  

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At June 30, 2014, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

 

                      
Asset Description    Level 1     Level 2     Level 3      Total  
Common Stocks       

Consumer Discretionary

    $ 67,225,899      $ 3,271,173      $ —       $ 70,497,072   

Consumer Staples

      45,746,418        —        —         45,746,418   

Energy

      52,072,147        —        —         52,072,147   

Financials

      95,129,935        —        —         95,129,935   

Health Care

      80,419,955        4,649,616        —         85,069,571   

Industrials

      65,469,033        —        —         65,469,033   

Information Technology

      94,058,260        5,436,335        —         99,494,595   

Materials

      23,594,046        —        —         23,594,046   

Telecommunication Services

      11,582,700        —        —         11,582,700   

Utilities

      18,029,594        —        —         18,029,594   

Total Common Stocks

    $     553,327,987      $     13,357,124 *    $ —       $     566,685,111   

Short-Term Investments

    $ —      $ 15,232,879      $ —       $ 15,232,879   

Total Investments

    $ 553,327,987      $ 28,590,003      $ —       $ 581,917,990   
Liability Description                              

Covered Call Options Written

    $ (2,109,823 )    $ —      $ —       $ (2,109,823 ) 

Forward Foreign Currency Exchange Contracts

      —        (35,512 )      —         (35,512 ) 

Total

    $ (2,109,823 )    $ (35,512 )    $ —       $ (2,145,335 ) 

 

* 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.

The Fund held no investments or other financial instruments as of September 30, 2013 whose fair value was determined using Level 3 inputs. At June 30, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

7

 

 

Item 2. 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 on this Form N-Q 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 on this Form N-Q 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 fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

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/ Walter A. Row, III
  Walter A. Row, III
  President
Date:   August 25, 2014

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/ Walter A. Row, III
  Walter A. Row, III
  President
Date:   August 25, 2014

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 25, 2014