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

December 31, 2012

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Enhanced Equity Income Fund

December 31, 2012

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 100.9%(1)

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 2.6%

      

Boeing Co. (The)

      100,424       $ 7,567,952   

United Technologies Corp.

      62,084         5,091,509   
     

 

 

  
      $ 12,659,461   
     

 

 

  

Automobiles — 0.7%

      

Bayerische Motoren Werke AG

      33,647       $ 3,274,222   
     

 

 

  
      $ 3,274,222   
     

 

 

  

Beverages — 2.1%

      

Beam, Inc.

      46,337       $ 2,830,727   

Coca-Cola Co. (The)

      203,434         7,374,483   
     

 

 

  
      $ 10,205,210   
     

 

 

  

Biotechnology — 3.7%

      

Celgene Corp.(2)

      91,976       $ 7,240,351   

Gilead Sciences, Inc.(2)

      144,153         10,588,038   
     

 

 

  
      $ 17,828,389   
     

 

 

  

Capital Markets — 0.8%

      

Goldman Sachs Group, Inc. (The)

      32,134       $ 4,099,013   
     

 

 

  
      $ 4,099,013   
     

 

 

  

Chemicals — 3.3%

      

LyondellBasell Industries NV, Class A

      81,847       $ 4,672,645   

Monsanto Co.

      110,206         10,430,998   

PPG Industries, Inc.

      7,983         1,080,499   
     

 

 

  
      $ 16,184,142   
     

 

 

  

Commercial Banks — 4.4%

      

PNC Financial Services Group, Inc.

      85,996       $ 5,014,427   

Regions Financial Corp.

      558,835         3,978,905   

Wells Fargo & Co.

      368,604         12,598,885   
     

 

 

  
      $ 21,592,217   
     

 

 

  

Communications Equipment — 0.8%

      

QUALCOMM, Inc.

      59,830       $ 3,710,657   
     

 

 

  
      $ 3,710,657   
     

 

 

  

Computers & Peripherals — 4.5%

      

Apple, Inc.

      33,812       $ 18,022,810   

EMC Corp.(2)

      148,849         3,765,880   
     

 

 

  
      $ 21,788,690   
     

 

 

  

Consumer Finance — 1.0%

      

American Express Co.

      84,975       $ 4,884,363   
     

 

 

  
      $ 4,884,363   
     

 

 

  

Diversified Financial Services — 5.3%

      

Bank of America Corp.

      774,630       $ 8,985,708   

Citigroup, Inc.

      198,157         7,839,091   

JPMorgan Chase & Co.

      199,214         8,759,440   
     

 

 

  
      $ 25,584,239   
     

 

 

  

Diversified Telecommunication Services — 2.3%

      

AT&T, Inc.

      218,784       $ 7,375,209   

CenturyLink, Inc.

      95,477         3,735,060   
     

 

 

  
      $ 11,110,269   
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Electric Utilities — 2.9%

      

American Electric Power Co., Inc.

      75,093       $ 3,204,969   

Duke Energy Corp.

      40,651         2,593,534   

Edison International

      61,046         2,758,669   

PPL Corp.

      105,792         3,028,825   

Southern Co. (The)

      58,119         2,488,074   
     

 

 

  
      $ 14,074,071   
     

 

 

  

Electrical Equipment — 1.6%

      

Emerson Electric Co.

      142,798       $ 7,562,582   
     

 

 

  
      $ 7,562,582   
     

 

 

  

Energy Equipment & Services — 2.1%

      

Halliburton Co.

      177,957       $ 6,173,328   

National Oilwell Varco, Inc.

      60,533         4,137,431   
     

 

 

  
      $ 10,310,759   
     

 

 

  

Food & Staples Retailing — 2.0%

      

Costco Wholesale Corp.

      98,308       $ 9,709,881   
     

 

 

  
      $ 9,709,881   
     

 

 

  

Food Products — 2.3%

      

Hershey Co. (The)

      51,174       $ 3,695,786   

Kraft Foods Group, Inc.

      81,461         3,704,032   

Mondelez International, Inc., Class A

      146,579         3,733,367   
     

 

 

  
      $ 11,133,185   
     

 

 

  

Health Care Equipment & Supplies — 2.4%

      

Abbott Laboratories

      102,372       $ 6,705,366   

Covidien PLC

      87,021         5,024,593   
     

 

 

  
      $ 11,729,959   
     

 

 

  

Health Care Providers & Services — 0.9%

      

Express Scripts Holding Co.(2)

      77,827       $ 4,202,658   
     

 

 

  
      $ 4,202,658   
     

 

 

  

Hotels, Restaurants & Leisure — 1.5%

      

McDonald’s Corp.

      85,076       $ 7,504,554   
     

 

 

  
      $ 7,504,554   
     

 

 

  

Household Products — 3.1%

      

Colgate-Palmolive Co.

      68,757       $ 7,187,857   

Procter & Gamble Co.

      119,787         8,132,339   
     

 

 

  
      $ 15,320,196   
     

 

 

  

Industrial Conglomerates — 3.6%

      

Danaher Corp.

      157,075       $ 8,780,493   

General Electric Co.

      428,588         8,996,062   
     

 

 

  
      $ 17,776,555   
     

 

 

  

Insurance — 1.8%

      

ACE, Ltd.

      55,291       $ 4,412,222   

Aflac, Inc.

      79,368         4,216,028   
     

 

 

  
      $ 8,628,250   
     

 

 

  

Internet & Catalog Retail — 2.2%

      

Amazon.com, Inc.(2)

      43,392       $ 10,897,467   
     

 

 

  
      $ 10,897,467   
     

 

 

  

Internet Software & Services — 4.5%

      

eBay, Inc.(2)

      181,817       $ 9,276,303   

Google, Inc., Class A(2)

      17,965         12,743,832   
     

 

 

  
      $ 22,020,135   
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

IT Services — 6.5%

      

Accenture PLC, Class A

      144,170       $ 9,587,305   

International Business Machines Corp.

      67,277         12,886,909   

Teradata Corp.(2)

      28,214         1,746,165   

Visa, Inc., Class A

      50,265         7,619,169   
     

 

 

  
      $ 31,839,548   
     

 

 

  

Machinery — 1.1%

      

Deere & Co.

      64,524       $ 5,576,164   
     

 

 

  
      $ 5,576,164   
     

 

 

  

Media — 3.9%

      

Comcast Corp., Class A

      233,836       $ 8,740,790   

Virgin Media, Inc.

      36,322         1,334,833   

Walt Disney Co. (The)

      175,911         8,758,609   
     

 

 

  
      $ 18,834,232   
     

 

 

  

Metals & Mining — 0.3%

      

Freeport-McMoRan Copper & Gold, Inc.

      39,423       $ 1,348,267   
     

 

 

  
      $ 1,348,267   
     

 

 

  

Multi-Utilities — 0.6%

      

Sempra Energy

      44,598       $ 3,163,782   
     

 

 

  
      $ 3,163,782   
     

 

 

  

Multiline Retail — 1.8%

      

Dollar General Corp.(2)

      132,738       $ 5,852,418   

Macy’s, Inc.

      79,293         3,094,013   
     

 

 

  
      $ 8,946,431   
     

 

 

  

Oil, Gas & Consumable Fuels — 9.4%

      

Anadarko Petroleum Corp.

      76,106       $ 5,655,437   

Apache Corp.

      61,589         4,834,736   

Chevron Corp.

      23,671         2,559,782   

ConocoPhillips

      144,937         8,404,897   

Exxon Mobil Corp.

      181,249         15,687,101   

Occidental Petroleum Corp.

      62,446         4,783,988   

Phillips 66

      72,468         3,848,051   
     

 

 

  
      $ 45,773,992   
     

 

 

  

Pharmaceuticals — 4.7%

      

Allergan, Inc.

      69,485       $ 6,373,859   

Johnson & Johnson

      89,921         6,303,462   

Pfizer, Inc.

      399,553         10,020,789   
     

 

 

  
      $ 22,698,110   
     

 

 

  

Real Estate Investment Trusts (REITs) — 1.5%

      

AvalonBay Communities, Inc.

      26,090       $ 3,537,543   

Boston Properties, Inc.

      34,888         3,691,499   
     

 

 

  
      $ 7,229,042   
     

 

 

  

Road & Rail — 1.6%

      

Union Pacific Corp.

      61,209       $ 7,695,195   
     

 

 

  
      $ 7,695,195   
     

 

 

  

Semiconductors & Semiconductor Equipment — 0.3%

      

Broadcom Corp., Class A

      37,754       $ 1,253,810   
     

 

 

  
      $ 1,253,810   
     

 

 

  

Software — 3.4%

      

Microsoft Corp.

      328,590       $ 8,783,211   

Oracle Corp.

      229,111         7,633,978   
     

 

 

  
      $ 16,417,189   
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Specialty Retail — 0.8%

      

Home Depot, Inc. (The)

      65,099       $ 4,026,373   
     

 

 

  
      $ 4,026,373   
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.1%

      

NIKE, Inc., Class B

      101,274       $ 5,225,738   
     

 

 

  
      $ 5,225,738   
     

 

 

  

Tobacco — 1.0%

      

Philip Morris International, Inc.

      58,444       $ 4,888,256   
     

 

 

  
      $ 4,888,256   
     

 

 

  

Wireless Telecommunication Services — 0.5%

      

Rogers Communications, Inc., Class B

      55,834       $ 2,541,564   
     

 

 

  
      $ 2,541,564   
     

 

 

  

Total Common Stocks
(identified cost $392,751,533)

       $ 491,248,817   
     

 

 

  

Short-Term Investments — 0.7%

      
Description    Interest
(000’s omitted)		      Value  

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

    $ 3,631       $ 3,630,596   
     

 

 

  

Total Short-Term Investments
(identified cost $3,630,596)

       $ 3,630,596   
     

 

 

  

Total Investments — 101.6%
(identified cost $396,382,129)

       $ 494,879,413   
     

 

 

  

Covered Call Options Written — (1.5)%

  

 

                                                                                                   
Security    Number of
Contracts		      Strike
Price		      Expiration
Date		      Value  

Accenture PLC, Class A

      865       $ 72.50         1/19/13       $ (4,325 ) 

ACE, Ltd.

      335         82.50         2/16/13         (35,175 ) 

Aflac, Inc.

      400         52.50         1/19/13         (61,400 ) 

Allergan, Inc.

      420         95.00         1/19/13         (12,600 ) 

Amazon.com, Inc.

      130         255.00         1/19/13         (59,150 ) 

Amazon.com, Inc.

      130         260.00         1/19/13         (34,970 ) 

American Electric Power Co., Inc.

      600         42.00         1/19/13         (60,000 ) 

American Express Co.

      425         57.50         1/19/13         (50,150 ) 

Anadarko Petroleum Corp.

      460         75.00         1/19/13         (78,200 ) 

Apache Corp.

      370         82.50         2/16/13         (51,615 ) 

Apple, Inc.

      205         530.00         2/16/13         (632,938 ) 

Apple, Inc.

      100         550.00         2/16/13         (218,750 ) 

AT&T, Inc.

      555         35.00         1/19/13         (3,052 ) 

AT&T, Inc.

      1,415         35.00         2/16/13         (31,837 ) 

Bank of America Corp.

      1,550         10.00         1/19/13         (254,975 ) 

Bank of America Corp.

      5,425         12.00         2/16/13         (254,975 ) 

Boeing Co. (The)

      215         75.00         1/19/13         (35,368 ) 

Boeing Co. (The)

      390         77.50         2/16/13         (50,700 ) 

Boston Properties, Inc.

      175         110.00         1/19/13         (3,500 ) 

Broadcom Corp., Class A

      230         34.00         2/16/13         (29,670 ) 

Celgene Corp.

      735         80.00         1/19/13         (88,200 ) 

CenturyLink, Inc.

      954         39.00         1/19/13         (57,240 ) 

Citigroup, Inc.

      1,190         41.00         2/16/13         (156,485 ) 

Coca-Cola Co. (The)

      2,034         37.50         1/19/13         (31,527 ) 

Colgate-Palmolive Co.

      445         110.00         1/19/13         (3,560 ) 

Comcast Corp., Class A

      800         38.00         1/19/13         (32,400 ) 

Comcast Corp., Class A

      1,305       $ 38.00         2/16/13       $ (119,408 ) 

ConocoPhillips

      1,160         57.50         1/19/13         (149,640 ) 

Costco Wholesale Corp.

      590         100.00         2/16/13         (121,835 ) 

Covidien PLC

      390         57.50         1/19/13         (40,950 ) 

 

4

 

 

                                                                                                   
Security    Number of
Contracts		      Strike
Price		      Expiration
Date		      Value  

Danaher Corp.

      1,570       $ 55.00         1/19/13       $ (239,425 ) 

Deere & Co.

      390         87.50         1/19/13         (44,265 ) 

Dollar General Corp.

      400         50.00         2/16/13         (7,000 ) 

Duke Energy Corp.

      205         65.00         1/19/13         (6,662 ) 

eBay, Inc.

      1,095         52.50         1/19/13         (122,640 ) 

eBay, Inc.

      545         55.00         2/16/13         (48,505 ) 

Edison International

      490         45.00         1/19/13         (36,750 ) 

EMC Corp.

      895         26.00         2/16/13         (60,860 ) 

Emerson Electric Co.

      860         55.00         2/16/13         (66,650 ) 

Express Scripts Holding Co.

      310         52.50         1/19/13         (65,410 ) 

Exxon Mobil Corp.

      360         90.00         1/19/13         (9,360 ) 

Exxon Mobil Corp.

      1,090         95.00         1/19/13         (2,180 ) 

Freeport-McMoRan Copper & Gold, Inc.

      315         39.00         1/19/13         (1,102 ) 

General Electric Co.

      3,430         21.00         1/19/13         (164,640 ) 

Gilead Sciences, Inc.

      1,155         77.50         1/19/13         (54,863 ) 

Goldman Sachs Group, Inc. (The)

      195         130.00         2/16/13         (86,288 ) 

Google, Inc., Class A

      100         675.00         1/19/13         (410,500 ) 

Halliburton Co.

      535         32.00         1/19/13         (157,825 ) 

Halliburton Co.

      1,070         36.00         2/16/13         (99,510 ) 

Hershey Co. (The)

      255         75.00         2/16/13         (16,320 ) 

Home Depot, Inc. (The)

      390         62.50         1/19/13         (37,635 ) 

Home Depot, Inc. (The)

      130         65.00         1/19/13         (3,250 ) 

International Business Machines Corp.

      540         195.00         1/19/13         (83,700 ) 

Johnson & Johnson

      540         72.50         1/19/13         (2,970 ) 

JPMorgan Chase & Co.

      1,595         45.00         2/16/13         (183,425 ) 

LyondellBasell Industries NV, Class A

      330         49.75         1/19/13         (247,500 ) 

LyondellBasell Industries NV, Class A

      165         57.50         2/16/13         (36,713 ) 

Macy’s, Inc.

      475         42.00         1/19/13         (9,262 ) 

McDonald’s Corp.

      510         90.00         2/16/13         (65,280 ) 

Microsoft Corp.

      1,385         29.00         1/19/13         (6,232 ) 

Microsoft Corp.

      825         28.00         2/16/13         (31,762 ) 

Monsanto Co.

      330         95.00         1/19/13         (64,020 ) 

Monsanto Co.

      665         97.50         2/16/13         (117,040 ) 

National Oilwell Varco, Inc.

      305         75.00         1/19/13         (4,117 ) 

NIKE, Inc., Class B

      610         47.50         1/19/13         (265,350 ) 

NIKE, Inc., Class B

      400         48.75         1/19/13         (128,000 ) 

Occidental Petroleum Corp.

      315         85.00         1/19/13         (2,047 ) 

Oracle Corp.

      1,055         31.00         1/19/13         (257,948 ) 

Oracle Corp.

      1,010         35.00         2/16/13         (36,360 ) 

Pfizer, Inc.

      2,400         26.00         2/16/13         (45,600 ) 

Philip Morris International, Inc.

      350         85.00         2/16/13         (58,975 ) 

Phillips 66

      215         50.00         1/19/13         (77,400 ) 

Phillips 66

      220         55.00         1/19/13         (19,250 ) 

PNC Financial Services Group, Inc.

      430         60.00         1/19/13         (26,875 ) 

PPL Corp.

      530         30.00         1/19/13         (1,325 ) 

Procter & Gamble Co.

      960         70.00         1/19/13         (18,720 ) 

QUALCOMM, Inc.

      598         65.00         1/19/13         (23,023 ) 

Regions Financial Corp.

      3,355         7.00         2/16/13         (132,523 ) 

Sempra Energy

      270         72.50         2/16/13         (20,925 ) 

Southern Co. (The)

      350         47.00         1/19/13         (350 ) 

Union Pacific Corp.

      370         125.00         1/19/13         (103,600 ) 

United Technologies Corp.

      500         77.50         1/19/13         (247,500 ) 

Visa, Inc., Class A

      305         155.00         2/16/13         (100,650 ) 

Walt Disney Co. (The)

      1,055         50.00         2/16/13         (162,998 ) 

 

5

 

 

                                                                                                   
Security    Number of
Contracts		      Strike
Price		      Expiration
Date		      Value  

Wells Fargo & Co.

      1,105       $ 33.00         1/19/13       $ (179,563 ) 

Wells Fargo & Co.

      2,215         35.00         2/16/13         (168,340 ) 
           

 

 

  

Total Covered Call Options Written
(premiums received $6,995,095)

             $ (7,435,578 ) 
           

 

 

  

Other Assets, Less Liabilities — (0.1)%

             $ (526,501 ) 
           

 

 

  

Net Assets — 100.0%

             $ 486,917,334   
           

 

 

  

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

 

(1) A portion of each applicable common stock for which a written call option is outstanding at December 31, 2012 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 December 31, 2012. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended December 31, 2012 was $2,480.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2012, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     397,207,233   
  

 

 

  

Gross unrealized appreciation

    $ 102,690,324   

Gross unrealized depreciation

      (5,018,144 ) 
  

 

 

  

Net unrealized appreciation

    $ 97,672,180   
  

 

 

  

Written call options activity for the fiscal year to date ended December 31, 2012 was as follows:

 

     Number of
Contracts		     Premiums
Received		  
Outstanding, beginning of period      56,565      $ 7,419,707   
Options written      106,355        11,048,289   
Options terminated in closing purchase transactions      (53,925 )      (6,723,823 ) 
Options exercised      (442 )      (67,928 ) 
Options expired      (42,487 )      (4,681,150 ) 
  

 

 

    

 

 

  
Outstanding, end of period      66,066      $     6,995,095   
  

 

 

    

 

 

  

At December 31, 2012, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. 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.

At December 31, 2012, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is equity price risk was $7,435,578.

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

 

6

 

 

  •  

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 December 31, 2012, 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

    $ 55,434,795      $ 3,274,222      $ —       $ 58,709,017   

Consumer Staples

      51,256,728        —        —         51,256,728   

Energy

      56,084,751        —        —         56,084,751   

Financials

      72,017,124        —        —         72,017,124   

Health Care

      56,459,116        —        —         56,459,116   

Industrials

      51,269,957        —        —         51,269,957   

Information Technology

      97,030,029        —        —         97,030,029   

Materials

      17,532,409        —        —         17,532,409   

Telecommunication Services

      13,651,833        —        —         13,651,833   

Utilities

      17,237,853        —        —         17,237,853   

Total Common Stocks

    $ 487,974,595      $ 3,274,222 *    $ —       $ 491,248,817   

Short-Term Investments

    $ —      $ 3,630,596      $ —       $ 3,630,596   

Total Investments

    $     487,974,595      $     6,904,818      $ —       $     494,879,413   
Liability Description                              

Covered Call Options Written

    $ (7,435,578 )    $ —      $ —       $ (7,435,578 ) 

Total

    $     (7,435,578 )    $ —      $ —       $ (7,435,578 ) 

 

* 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, 2012 whose fair value was determined using Level 3 inputs. At December 31, 2012, 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:   February 22, 2013

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:   February 22, 2013
By:   /s/ Barbara E. Campbell
  Barbara E. Campbell
  Treasurer
Date:   February 22, 2013