Company: ETV
Filing Date: 2025-04-29
Form Type: N-2ASR
Source: 0001193125-25-103160
Chunk: 156

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-04-29
Form: N-2ASR
Chunk 156
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 process. Specifically, consideration is given to one or more of the following factors, which can vary by portfolio management team and circumstances:

| • |     | Revenue and profitability of the business and/or each fund/account managed by the portfolio manager |

| • |     | Individual contribution and performance |

| • |     | Contribution to client objectives |

| • |     | Revenue and profitability of the firm |

| • |     | Return on equity and risk factors of both the business units and Morgan Stanley |

| • |     | Assets managed by the portfolio manager |

| • |     | External market conditions |

| • |     | New business development and business sustainability |

| • |     | Team, product and/or MSIM and its affiliates that are investment advisers performance |

Further, the firm’s Global Incentive Compensation Discretion Policy requires compensation managers to consider only legitimate, business related factors when exercising discretion in determining variable incentive compensation, including adherence to Morgan Stanley’s core values, conduct, disciplinary actions in the current performance year, risk management and risk outcomes. Compensation Structure for Parametric.Compensation of Parametric portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual equity-based compensation awards that are subject to a fixed vesting and distribution schedule. Stock-based compensation awards and adjustments in base salary and bonuses are typically paid and/or put into effect at or shortly after, the firm’s fiscal year-end,December 31. Method to Determine Compensation.Parametric seeks to compensate portfolio managers commensurate with their responsibilities and performance while remaining competitive with other firms within the investment management industry. In the case of investment strategies that are systematic, including the Fund’s, portfolio managers primarily are measured with respect to whether a strategy’s rules as implemented delivered on the strategy’s objectives. In evaluating the foregoing, Parametric evaluates the manner in which the strategy is implemented relative to strategy targets, rebalancing portfolio exposures consistent with pre-determinedtriggers, and judicious trade construction. Portfolio managers are also expected to monitor factors that may impact implementation of a strategy and to seek potential ways to address them as needed. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of Parametric and Morgan Stanley. While the salaries of Parametric portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate from year to year, based on changes in financial performance and other factors. Parametric participates in compensation surveys that benchmark salaries, total cash and total compensation against