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Enhanced S&P 500 Covered Call Fund
Ticker Symbol: BEO* CUSIP: 29332W107 Exchange: NYSE
* NOTE: This security is no longer trading as of 5/24/2010
Company's Online Profile
FUND DESCRIPTION: Enhanced S&P 500 Covered Call Fund Inc. is an exchange-traded closed-end fund or a closed-end ETF which is officially described in its prospectus as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund’s investment objective is to seek leveraged returns on the CBOE S&P 500 BuyWrite Index (the BXM Index), less fees and expenses. FUND STRATEGY: The Fund will conduct its investment operations and exist for a fixed term of approximately five years. The Fund has an interval fund structure pursuant to which the Fund will conduct annual repurchase offers for between 5% and 25% of the Fund’s outstanding shares. The Fund will seek to employ leverage to increase the volatility of the Fund’s investment portfolio to approximate the volatility of the S&P 500 Index, subject to the limitation that the amount of leverage employed by the Fund is not expected to exceed 60% of the Fund’s net assets. The BXM Index is a passive, total return index that is based on buying the common stocks of all of the companies included in the S&P 500 Index, weighted in the same proportions as the S&P 500 Index, and writing (selling) one-month call options on the S&P 500 Index. The Fund will pursue its investment objective principally through a two part strategy. First, the Fund will use the proceeds of this offering to (i) purchase all of the common stocks included in the S&P 500 Index weighted in the same proportions as the S&P 500 Index and/or other investments that have economic characteristics similar to the securities that comprise the Index, and (ii) write (sell) one-month call options on the S&P 500 Index each calendar month during the term of the Fund. Second, on an approximately annual basis the Fund will enter into swap contracts on the BXM Index that are intended to provide the Fund with leveraged exposure to the return of the BXM Index. FUND MANAGEMENT: IQ Investment Advisors LLC, an indirect subsidiary of Merrill Lynch & Co. Inc., is the Investment Adviser of the fund and provides investment advisory, management and administrative services to the Fund.
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Notes: May 24, 2010 – Enhanced S&P 500® Covered Call Fund Inc. (the “Fund”) has announced its final Net Asset Value as of May 21, 2010 in the amount of $8.039734. On May 24, 2010 the Fund will pay its liquidating distribution of the above amount to shareholders as of record on the close of business May 21, 2010. The Fund is a closed-end, diversified management investment company, which ceased all trading on May 21, 2010. The Fund’s investment adviser is IQ Investment Advisors LLC. Prior to liquidation the shares were quoted on the New York Stock Exchange under the symbol “BEO” with the CUSIP number 29332W107.
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IPO - 9/28/2005 - 9.25 Million Shares @ $20.00/share.
Link to IPO Prospectus
Small Cap Stock -
Market Value $182.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Address and Phone Numbers |
| Address: 800 Scudders Mill Road, Plainsboro, NJ 08536 |
| Main Phone Number |
609-282-1212 |
| Fax Number |
Not Available |
| PRS - Michell M. Cox |
TRS - Donald C. Burke |
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