Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited)
Common Stocks — 103.0% |
Security | Shares | Value | |
Aerospace & Defense — 1.0% | |||
Boeing Co. (The)(1)(2) | 13,686 | $ 2,907,317 | |
L3Harris Technologies, Inc.(2) | 6,224 | 1,221,398 | |
Northrop Grumman Corp.(2) | 17,902 | 8,265,711 | |
Textron, Inc.(2) | 25,000 | 1,765,750 | |
$ 14,160,176 | |||
Air Freight & Logistics — 0.4% | |||
FedEx Corp.(2) | 25,598 | $ 5,848,887 | |
$ 5,848,887 | |||
Automobile Components — 0.3% | |||
Aptiv PLC(1)(2) | 35,597 | $ 3,993,627 | |
$ 3,993,627 | |||
Automobiles — 2.1% | |||
Ford Motor Co.(2) | 80,000 | $ 1,008,000 | |
Tesla, Inc.(1)(2) | 134,807 | 27,967,060 | |
$ 28,975,060 | |||
Banks — 1.9% | |||
Bank of America Corp.(2) | 130,000 | $ 3,718,000 | |
Fifth Third Bancorp(2) | 88,466 | 2,356,734 | |
Huntington Bancshares, Inc.(2) | 179,679 | 2,012,405 | |
JPMorgan Chase & Co.(2) | 78,928 | 10,285,108 | |
KeyCorp(2) | 112,564 | 1,409,301 | |
Regions Financial Corp.(2) | 254,924 | 4,731,389 | |
Truist Financial Corp.(2) | 41,626 | 1,419,447 | |
$ 25,932,384 | |||
Beverages — 1.9% | |||
Coca-Cola Co. (The)(2) | 153,082 | $ 9,495,676 | |
Constellation Brands, Inc., Class A(2) | 3,691 | 833,760 | |
PepsiCo, Inc.(2) | 89,296 | 16,278,661 | |
$ 26,608,097 | |||
Biotechnology — 2.9% | |||
AbbVie, Inc.(2) | 26,764 | $ 4,265,379 | |
Amgen, Inc.(2) | 59,770 | 14,449,397 | |
Biogen, Inc.(1)(2) | 15,031 | 4,179,069 | |
Gilead Sciences, Inc.(2) | 202,361 | 16,789,892 | |
$ 39,683,737 |
Security | Shares | Value | |
Broadline Retail — 5.3% | |||
Amazon.com, Inc.(1)(2) | 594,180 | $ 61,372,852 | |
Etsy, Inc.(1)(2) | 11,727 | 1,305,567 | |
MercadoLibre, Inc.(1)(2) | 5,488 | 7,233,513 | |
PDD Holdings, Inc. ADR(1)(2) | 42,023 | 3,189,546 | |
$ 73,101,478 | |||
Building Products — 0.7% | |||
Allegion PLC(2) | 10,516 | $ 1,122,373 | |
Johnson Controls International PLC(2) | 69,166 | 4,165,177 | |
Trane Technologies PLC(2) | 23,525 | 4,328,129 | |
$ 9,615,679 | |||
Capital Markets — 2.0% | |||
Charles Schwab Corp. (The)(2) | 20,445 | $ 1,070,909 | |
CME Group, Inc.(2) | 12,294 | 2,354,547 | |
Goldman Sachs Group, Inc. (The)(2) | 17,502 | 5,725,079 | |
Moody's Corp.(2) | 24,502 | 7,498,102 | |
S&P Global, Inc.(2) | 25,175 | 8,679,585 | |
State Street Corp.(2) | 18,513 | 1,401,249 | |
T. Rowe Price Group, Inc.(2) | 8,379 | 945,989 | |
$ 27,675,460 | |||
Chemicals — 1.6% | |||
Air Products and Chemicals, Inc.(2) | 13,083 | $ 3,757,568 | |
Corteva, Inc.(2) | 20,341 | 1,226,766 | |
Dow, Inc.(2) | 20,341 | 1,115,094 | |
DuPont de Nemours, Inc.(2) | 20,341 | 1,459,874 | |
Linde PLC(2) | 18,902 | 6,718,527 | |
PPG Industries, Inc.(2) | 59,416 | 7,936,789 | |
$ 22,214,618 | |||
Commercial Services & Supplies — 0.5% | |||
Copart, Inc.(1)(2) | 81,972 | $ 6,165,114 | |
Waste Management, Inc.(2) | 6,187 | 1,009,533 | |
$ 7,174,647 | |||
Communications Equipment — 1.8% | |||
Cisco Systems, Inc.(2) | 462,325 | $ 24,168,039 | |
$ 24,168,039 | |||
Consumer Finance — 0.9% | |||
American Express Co.(2) | 26,474 | $ 4,366,886 | |
Capital One Financial Corp.(2) | 10,757 | 1,034,393 | |
Discover Financial Services(2) | 68,245 | 6,745,336 | |
$ 12,146,615 |
1
Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Consumer Staples Distribution & Retail — 1.5% | |||
Dollar General Corp.(2) | 12,767 | $ 2,686,943 | |
Dollar Tree, Inc.(1)(2) | 22,132 | 3,177,049 | |
Kroger Co. (The)(2) | 75,174 | 3,711,340 | |
Target Corp.(2) | 13,193 | 2,185,156 | |
Walmart, Inc.(2) | 57,413 | 8,465,547 | |
$ 20,226,035 | |||
Containers & Packaging — 0.2% | |||
Packaging Corp. of America(2) | 11,617 | $ 1,612,788 | |
WestRock Co.(2) | 21,317 | 649,529 | |
$ 2,262,317 | |||
Distributors — 0.3% | |||
Genuine Parts Co.(2) | 13,533 | $ 2,264,206 | |
LKQ Corp.(2) | 28,101 | 1,595,013 | |
$ 3,859,219 | |||
Diversified Telecommunication Services — 0.4% | |||
AT&T, Inc. | 40,000 | $ 770,000 | |
Verizon Communications, Inc.(2) | 104,831 | 4,076,878 | |
$ 4,846,878 | |||
Electric Utilities — 1.2% | |||
Edison International(2) | 95,280 | $ 6,725,815 | |
NextEra Energy, Inc.(2) | 117,937 | 9,090,584 | |
NRG Energy, Inc.(2) | 23,696 | 812,536 | |
$ 16,628,935 | |||
Electrical Equipment — 0.2% | |||
Rockwell Automation, Inc.(2) | 8,828 | $ 2,590,577 | |
$ 2,590,577 | |||
Electronic Equipment, Instruments & Components — 0.1% | |||
Keysight Technologies, Inc.(1)(2) | 7,273 | $ 1,174,444 | |
$ 1,174,444 | |||
Entertainment — 2.1% | |||
Netflix, Inc.(1)(2) | 55,980 | $ 19,339,971 | |
Walt Disney Co. (The)(1)(2) | 100,149 | 10,027,919 | |
$ 29,367,890 | |||
Financial Services — 3.3% | |||
Berkshire Hathaway, Inc., Class B(1)(2) | 21,604 | $ 6,670,667 | |
Fidelity National Information Services, Inc.(2) | 62,742 | 3,408,773 | |
FleetCor Technologies, Inc.(1)(2) | 5,032 | 1,060,997 |
Security | Shares | Value | |
Financial Services (continued) | |||
Mastercard, Inc., Class A(2) | 29,276 | $ 10,639,191 | |
PayPal Holdings, Inc.(1)(2) | 95,962 | 7,287,354 | |
Visa, Inc., Class A(2) | 74,593 | 16,817,738 | |
$ 45,884,720 | |||
Food Products — 1.4% | |||
Hershey Co. (The)(2) | 5,163 | $ 1,313,519 | |
Hormel Foods Corp.(2) | 21,160 | 843,861 | |
Lamb Weston Holdings, Inc.(2) | 16,086 | 1,681,308 | |
Mondelez International, Inc., Class A(2) | 212,633 | 14,824,773 | |
$ 18,663,461 | |||
Ground Transportation — 0.8% | |||
Canadian Pacific Railway, Ltd.(2) | 13,396 | $ 1,030,688 | |
Norfolk Southern Corp.(2) | 9,503 | 2,014,636 | |
Union Pacific Corp.(2) | 37,756 | 7,598,773 | |
$ 10,644,097 | |||
Health Care Equipment & Supplies — 2.6% | |||
Abbott Laboratories(2) | 13,617 | $ 1,378,858 | |
Baxter International, Inc.(2) | 36,672 | 1,487,416 | |
Edwards Lifesciences Corp.(1)(2) | 66,378 | 5,491,452 | |
Intuitive Surgical, Inc.(1)(2) | 69,017 | 17,631,773 | |
Stryker Corp.(2) | 33,820 | 9,654,595 | |
$ 35,644,094 | |||
Health Care Providers & Services — 2.4% | |||
Cigna Group (The)(2) | 27,981 | $ 7,149,985 | |
CVS Health Corp.(2) | 52,381 | 3,892,432 | |
DaVita, Inc.(1)(2) | 11,550 | 936,820 | |
McKesson Corp.(2) | 7,813 | 2,781,819 | |
UnitedHealth Group, Inc.(2) | 39,546 | 18,689,044 | |
$ 33,450,100 | |||
Hotels, Restaurants & Leisure — 2.4% | |||
Caesars Entertainment, Inc.(1)(2) | 25,480 | $ 1,243,679 | |
Chipotle Mexican Grill, Inc.(1)(2) | 3,188 | 5,446,029 | |
Darden Restaurants, Inc.(2) | 21,181 | 3,286,444 | |
Marriott International, Inc., Class A(2) | 67,519 | 11,210,855 | |
McDonald's Corp.(2) | 35,561 | 9,943,211 | |
Yum! Brands, Inc.(2) | 14,466 | 1,910,669 | |
$ 33,040,887 | |||
Household Durables — 0.2% | |||
PulteGroup, Inc. | 21,021 | $ 1,225,104 |
2
Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Household Durables (continued) | |||
Whirlpool Corp.(2) | 8,566 | $ 1,130,883 | |
$ 2,355,987 | |||
Household Products — 0.5% | |||
Clorox Co. (The)(2) | 27,426 | $ 4,339,890 | |
Procter & Gamble Co. (The)(2) | 18,414 | 2,737,978 | |
$ 7,077,868 | |||
Industrial REITs — 0.2% | |||
ProLogis, Inc.(2) | 21,785 | $ 2,718,115 | |
$ 2,718,115 | |||
Insurance — 1.2% | |||
American International Group, Inc.(2) | 25,734 | $ 1,295,964 | |
Chubb, Ltd.(2) | 35,393 | 6,872,613 | |
Marsh & McLennan Cos., Inc.(2) | 15,767 | 2,625,994 | |
Travelers Cos., Inc. (The)(2) | 35,246 | 6,041,517 | |
$ 16,836,088 | |||
Interactive Media & Services — 8.6% | |||
Alphabet, Inc., Class A(1)(2) | 390,780 | $ 40,535,609 | |
Alphabet, Inc., Class C(1)(2) | 380,840 | 39,607,360 | |
Match Group, Inc.(1) | 26,569 | 1,019,984 | |
Meta Platforms, Inc., Class A(1)(2) | 173,450 | 36,760,993 | |
$ 117,923,946 | |||
IT Services — 0.3% | |||
EPAM Systems, Inc.(1)(2) | 7,329 | $ 2,191,371 | |
International Business Machines Corp.(2) | 12,000 | 1,573,080 | |
$ 3,764,451 | |||
Life Sciences Tools & Services — 1.0% | |||
Agilent Technologies, Inc.(2) | 31,117 | $ 4,304,726 | |
Danaher Corp.(2) | 4,728 | 1,191,645 | |
Illumina, Inc.(1)(2) | 12,000 | 2,790,600 | |
PerkinElmer, Inc.(2) | 23,065 | 3,073,642 | |
Thermo Fisher Scientific, Inc.(2) | 5,235 | 3,017,297 | |
$ 14,377,910 | |||
Machinery — 1.0% | |||
Caterpillar, Inc.(2) | 7,735 | $ 1,770,077 | |
Dover Corp.(2) | 25,606 | 3,890,576 | |
Ingersoll Rand, Inc.(2) | 20,758 | 1,207,700 |
Security | Shares | Value | |
Machinery (continued) | |||
Parker-Hannifin Corp.(2) | 12,287 | $ 4,129,784 | |
Stanley Black & Decker, Inc.(2) | 43,010 | 3,465,746 | |
$ 14,463,883 | |||
Media — 1.2% | |||
Comcast Corp., Class A(2) | 424,547 | $ 16,094,577 | |
Paramount Global, Class B(2) | 48,076 | 1,072,575 | |
$ 17,167,152 | |||
Metals & Mining — 0.4% | |||
Freeport-McMoRan, Inc.(2) | 94,914 | $ 3,882,932 | |
Newmont Corp.(2) | 25,563 | 1,253,098 | |
$ 5,136,030 | |||
Multi-Utilities — 0.8% | |||
CMS Energy Corp.(2) | 177,055 | $ 10,867,636 | |
Dominion Energy, Inc.(2) | 13,703 | 766,135 | |
$ 11,633,771 | |||
Oil, Gas & Consumable Fuels — 2.7% | |||
Chevron Corp.(2) | 69,284 | $ 11,304,377 | |
Devon Energy Corp.(2) | 56,024 | 2,835,375 | |
Diamondback Energy, Inc.(2) | 88,555 | 11,969,979 | |
Exxon Mobil Corp.(2) | 34,694 | 3,804,544 | |
ONEOK, Inc.(2) | 26,014 | 1,652,930 | |
Phillips 66(2) | 42,445 | 4,303,074 | |
Williams Cos., Inc. (The)(2) | 37,548 | 1,121,183 | |
$ 36,991,462 | |||
Passenger Airlines — 0.1% | |||
Southwest Airlines Co.(2) | 50,084 | $ 1,629,733 | |
$ 1,629,733 | |||
Personal Care Products — 0.5% | |||
Estee Lauder Cos., Inc. (The), Class A(2) | 29,712 | $ 7,322,820 | |
$ 7,322,820 | |||
Pharmaceuticals — 2.7% | |||
Bristol-Myers Squibb Co.(2) | 106,404 | $ 7,374,861 | |
Eli Lilly & Co.(2) | 12,396 | 4,257,034 | |
Johnson & Johnson(2) | 33,920 | 5,257,600 | |
Merck & Co., Inc.(2) | 111,665 | 11,880,040 | |
Pfizer, Inc.(2) | 220,239 | 8,985,751 | |
$ 37,755,286 |
3
Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Professional Services — 0.4% | |||
CoStar Group, Inc.(1)(2) | 12,783 | $ 880,110 | |
Equifax, Inc.(2) | 14,785 | 2,998,989 | |
Robert Half International, Inc.(2) | 12,784 | 1,030,007 | |
$ 4,909,106 | |||
Real Estate Management & Development — 0.1% | |||
CBRE Group, Inc., Class A(1)(2) | 14,698 | $ 1,070,161 | |
$ 1,070,161 | |||
Residential REITs — 0.4% | |||
Apartment Income REIT Corp.(2) | 34,427 | $ 1,232,831 | |
Apartment Investment and Management Co., Class A(2) | 27,957 | 214,990 | |
Mid-America Apartment Communities, Inc.(2) | 31,281 | 4,724,682 | |
$ 6,172,503 | |||
Semiconductors & Semiconductor Equipment — 10.0% | |||
Advanced Micro Devices, Inc.(1)(2) | 132,313 | $ 12,967,997 | |
Analog Devices, Inc.(2) | 88,911 | 17,535,028 | |
ASML Holding NV - NY Shares(2) | 12,644 | 8,606,897 | |
Enphase Energy, Inc.(1)(2) | 25,698 | 5,403,776 | |
First Solar, Inc.(1) | 5,700 | 1,239,750 | |
Intel Corp.(2) | 308,631 | 10,082,975 | |
Lam Research Corp.(2) | 21,444 | 11,367,893 | |
Microchip Technology, Inc.(2) | 127,489 | 10,681,029 | |
NXP Semiconductors NV(2) | 47,520 | 8,861,292 | |
ON Semiconductor Corp.(1)(2) | 110,775 | 9,118,998 | |
QUALCOMM, Inc.(2) | 125,742 | 16,042,164 | |
SolarEdge Technologies, Inc.(1)(2) | 1,892 | 575,073 | |
Texas Instruments, Inc.(2) | 134,023 | 24,929,618 | |
$ 137,412,490 | |||
Software — 14.3% | |||
Adobe, Inc.(1)(2) | 32,309 | $ 12,450,919 | |
Ceridian HCM Holding, Inc.(1)(2) | 113,119 | 8,282,573 | |
Fortinet, Inc.(1)(2) | 143,167 | 9,514,879 | |
Microsoft Corp.(2) | 447,480 | 129,008,484 | |
Oracle Corp.(2) | 111,415 | 10,352,682 | |
Paycom Software, Inc.(1)(2) | 23,397 | 7,112,922 | |
Salesforce, Inc.(1)(2) | 40,468 | 8,084,697 | |
ServiceNow, Inc.(1)(2) | 13,840 | 6,431,725 | |
Splunk, Inc.(1)(2) | 12,000 | 1,150,560 | |
Synopsys, Inc.(1)(2) | 12,576 | 4,857,480 | |
$ 197,246,921 | |||
Specialized REITs — 0.4% | |||
American Tower Corp.(2) | 17,730 | $ 3,622,948 |
Security | Shares | Value | |
Specialized REITs (continued) | |||
Digital Realty Trust, Inc.(2) | 7,402 | $ 727,691 | |
Iron Mountain, Inc.(2) | 30,000 | 1,587,300 | |
$ 5,937,939 | |||
Specialty Retail — 1.5% | |||
Advance Auto Parts, Inc.(2) | 23,636 | $ 2,874,374 | |
Best Buy Co., Inc.(2) | 28,506 | 2,231,164 | |
Home Depot, Inc. (The)(2) | 44,182 | 13,038,992 | |
Ross Stores, Inc.(2) | 26,000 | 2,759,380 | |
$ 20,903,910 | |||
Technology Hardware, Storage & Peripherals — 10.7% | |||
Apple, Inc.(2) | 896,402 | $ 147,816,690 | |
$ 147,816,690 | |||
Textiles, Apparel & Luxury Goods — 0.8% | |||
NIKE, Inc., Class B(2) | 87,185 | $ 10,692,368 | |
$ 10,692,368 | |||
Tobacco — 0.2% | |||
Altria Group, Inc.(2) | 33,058 | $ 1,475,048 | |
Philip Morris International, Inc.(2) | 16,505 | 1,605,111 | |
$ 3,080,159 | |||
Trading Companies & Distributors — 0.6% | |||
Fastenal Co.(2) | 158,488 | $ 8,548,843 | |
$ 8,548,843 | |||
Total Common Stocks (identified cost $383,460,915) | $1,420,527,750 |
4
Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Short-Term Investments — 0.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.73%(3) | 3,434,728 | $ 3,434,728 | |
Total Short-Term Investments (identified cost $3,434,728) | $ 3,434,728 | ||
Total Investments — 103.2% (identified cost $386,895,643) | $1,423,962,478 | ||
Total Written Call Options — (3.1)% (premiums received $19,002,113) | $ (43,227,825) | ||
Other Assets, Less Liabilities — (0.1)% | $ (1,461,123) | ||
Net Assets — 100.0% | $1,379,273,530 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Security (or a portion thereof) has been pledged as collateral for written options. |
(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 Call Options (Exchange-Traded) — (3.1)% | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
NASDAQ 100 Index | 34 | $44,816,590 | $12,600 | 4/3/23 | $ (1,968,940) | ||
NASDAQ 100 Index | 34 | 44,816,590 | 12,500 | 4/5/23 | (2,342,770) | ||
NASDAQ 100 Index | 34 | 44,816,590 | 12,200 | 4/6/23 | (3,367,360) | ||
NASDAQ 100 Index | 35 | 46,134,725 | 12,200 | 4/10/23 | (3,486,525) | ||
NASDAQ 100 Index | 34 | 44,816,590 | 12,400 | 4/12/23 | (2,785,280) | ||
NASDAQ 100 Index | 34 | 44,816,590 | 12,900 | 4/14/23 | (1,390,600) | ||
NASDAQ 100 Index | 34 | 44,816,590 | 12,800 | 4/17/23 | (1,685,210) | ||
NASDAQ 100 Index | 34 | 44,816,590 | 13,100 | 4/19/23 | (1,029,520) | ||
NASDAQ 100 Index | 34 | 44,816,590 | 13,000 | 4/21/23 | (1,304,580) | ||
NASDAQ 100 Index | 34 | 44,816,590 | 13,100 | 4/24/23 | (1,134,920) | ||
NASDAQ 100 Index | 34 | 44,816,590 | 13,100 | 4/26/23 | (1,211,760) | ||
NASDAQ 100 Index | 34 | 44,816,590 | 13,300 | 4/28/23 | (922,250) | ||
S&P 500 Index | 160 | 65,748,960 | 4,100 | 4/3/23 | (324,800) | ||
S&P 500 Index | 160 | 65,748,960 | 4,060 | 4/5/23 | (955,200) | ||
S&P 500 Index | 160 | 65,748,960 | 3,970 | 4/6/23 | (2,276,000) | ||
S&P 500 Index | 162 | 66,570,822 | 3,950 | 4/10/23 | (2,665,710) | ||
S&P 500 Index | 163 | 66,981,753 | 3,950 | 4/12/23 | (2,777,520) | ||
S&P 500 Index | 163 | 66,981,753 | 4,025 | 4/14/23 | (1,833,750) | ||
S&P 500 Index | 163 | 66,981,753 | 4,010 | 4/17/23 | (2,068,470) |
5
Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Written Call Options (Exchange-Traded) (continued) | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
S&P 500 Index | 163 | $66,981,753 | $ 4,075 | 4/19/23 | $ (1,357,790) | ||
S&P 500 Index | 164 | 67,392,684 | 4,010 | 4/21/23 | (2,239,420) | ||
S&P 500 Index | 163 | 66,981,753 | 4,075 | 4/24/23 | (1,487,375) | ||
S&P 500 Index | 163 | 66,981,753 | 4,075 | 4/26/23 | (1,555,835) | ||
S&P 500 Index | 162 | 66,570,822 | 4,135 | 4/28/23 | (1,056,240) | ||
Total | $(43,227,825) |
Abbreviations: | |
ADR | – American Depositary Receipt |
REITs | – Real Estate Investment Trusts |
At March 31, 2023, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the value of the underlying index decline.
Affiliated Investments
At March 31, 2023, the value of the Fund's investment in funds that may be deemed to be affiliated was $3,434,728, which represents 0.2% of the Fund's net assets. Transactions in such funds by the Fund for the fiscal year to date ended March 31, 2023 were as follows:
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, Institutional Class(1) | $5,154,137 | $59,930,845 | $(61,650,254) | $ — | $ — | $3,434,728 | $88,513 | 3,434,728 |
(1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
Fair Value Measurements
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.
6
Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued
At March 31, 2023, 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 | $1,420,527,750* | $ — | $ — | $1,420,527,750 |
Short-Term Investments | 3,434,728 | — | — | 3,434,728 |
Total Investments | $1,423,962,478 | $ — | $ — | $1,423,962,478 |
Liability Description | ||||
Written Call Options | $ (43,227,825) | $ — | $ — | $ (43,227,825) |
Total | $ (43,227,825) | $ — | $ — | $ (43,227,825) |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
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.
Subsequent Event
At the close of the New York Stock Exchange on April 14, 2023, the merger of the Eaton Vance Tax-Managed Buy-Write Strategy Fund (Buy-Write Strategy Fund) into the Fund was completed. The merger was affected pursuant to an Agreement and Plan of Reorganization that was approved by the shareholders of Buy-Write Strategy Fund on March 16, 2023.
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