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 July 31, 2022, the value of the Fund's investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Liquidity Fund) and Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund) was $12,442,997, which represents 0.7% of the Fund's net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended July 31, 2022 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 | Units/Shares,
end of period |
| Short-Term Investments |
| Cash Reserves Fund | $25,003,342 | $198,861,951 | $(223,862,580) | $(2,713) | $ — | $ — | $7,683 | — |
| Liquidity Fund | — | 128,950,530 | (116,507,533) | — | — | 12,442,997 | 53,098 | 12,442,997 |
| Total | | | | $(2,713) | $ — | $12,442,997 | $60,781 | |
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.
At July 31, 2022, 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: | | | | |
| Communication Services | $ 122,456,581 | $ — | $ — | $ 122,456,581 |
| Consumer Discretionary | 238,771,619 | — | — | 238,771,619 |
| Consumer Staples | 126,694,246 | — | — | 126,694,246 |
| Energy | 95,657,981 | — | — | 95,657,981 |
| Financials | 192,954,838 | — | — | 192,954,838 |
| Health Care | 272,406,722 | — | — | 272,406,722 |
| Industrials | 164,156,656 | — | — | 164,156,656 |
| Information Technology | 541,041,898 | 17,562,216 | — | 558,604,114 |
| Materials | 58,432,992 | — | — | 58,432,992 |
| Real Estate | 42,029,812 | — | — | 42,029,812 |
| Utilities | 50,578,715 | — | — | 50,578,715 |
| Total Common Stocks | $1,905,182,060 | $17,562,216* | $ — | $1,922,744,276 |
