NPORT-EX 2 NPORT_255840007204280.htm HTML

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

September 30, 2020

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 101.3%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 0.8%

 

Boeing Co. (The)(1)

      13,686      $ 2,261,749  

L3Harris Technologies, Inc.(1)

      6,224        1,057,084  

Northrop Grumman Corp.(1)

      17,902        5,647,902  

Textron, Inc.(1)

      25,000        902,250  
     

 

 

  
   $ 9,868,985  
  

 

 

  

Airlines — 0.2%

 

Southwest Airlines Co.(1)

      52,956      $ 1,985,850  
     

 

 

  
   $ 1,985,850  
  

 

 

  

Auto Components — 0.2%

 

Aptiv PLC

      23,791      $ 2,181,159  
     

 

 

  
   $ 2,181,159  
  

 

 

  

Automobiles — 0.1%

 

General Motors Co.

      20,000      $ 591,800  
     

 

 

  
   $ 591,800  
  

 

 

  

Banks — 2.2%

 

Bank of America Corp.(1)

      130,000      $ 3,131,700  

Fifth Third Bancorp(1)

      88,466        1,886,095  

Huntington Bancshares, Inc.(1)

      179,679        1,647,657  

JPMorgan Chase & Co.(1)

      84,867        8,170,146  

KeyCorp(1)

      532,924        6,357,783  

Regions Financial Corp.(1)

      329,924        3,804,024  

Truist Financial Corp.(1)

      41,626        1,583,869  

Zions Bancorp NA

      22,517        657,947  
     

 

 

  
   $ 27,239,221  
  

 

 

  

Beverages — 1.6%

 

Coca-Cola Co. (The)(1)

      153,082      $ 7,557,658  

Constellation Brands, Inc., Class A

      3,691        699,482  

PepsiCo, Inc.(1)

      80,945        11,218,977  
     

 

 

  
   $ 19,476,117  
  

 

 

  

Biotechnology — 2.7%

 

AbbVie, Inc.

      6,412      $ 561,627  

Amgen, Inc.(1)

      59,770        15,191,143  

Biogen, Inc.(1)(2)

      15,031        4,263,994  

Gilead Sciences, Inc.(1)

      202,361        12,787,192  
     

 

 

  
   $ 32,803,956  
  

 

 

  

Building Products — 0.4%

 

A.O. Smith Corp.(1)

      29,207      $ 1,542,130  

Allegion PLC(1)

      10,516        1,040,137  

Trane Technologies PLC(1)

      23,525        2,852,406  
     

 

 

  
   $ 5,434,673  
  

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Capital Markets — 2.4%

 

CME Group, Inc.(1)

      12,294      $ 2,056,909  

Goldman Sachs Group, Inc. (The)(1)

      12,655        2,543,275  

Moody’s Corp.(1)

      28,831        8,356,665  

Morgan Stanley(1)

      43,096        2,083,692  

S&P Global, Inc.(1)

      33,507        12,082,624  

State Street Corp.(1)

      13,478        799,650  

T. Rowe Price Group, Inc.(1)

      13,079        1,676,990  
     

 

 

  
   $ 29,599,805  
  

 

 

  

Chemicals — 1.2%

 

Air Products and Chemicals, Inc.(1)

      13,083      $ 3,896,903  

Corteva, Inc.

      20,341        586,024  

Dow, Inc.(1)

      20,341        957,044  

DuPont de Nemours, Inc.(1)

      20,341        1,128,519  

FMC Corp.

      8,245        873,228  

PPG Industries, Inc.(1)

      61,416        7,497,665  
     

 

 

  
   $ 14,939,383  
  

 

 

  

Commercial Services & Supplies — 0.4%

 

Copart, Inc.(1)(2)

      40,986      $ 4,310,088  

Waste Management, Inc.

      6,187        700,183  
     

 

 

  
   $ 5,010,271  
  

 

 

  

Communications Equipment — 1.3%

 

Cisco Systems, Inc.(1)

      412,101      $ 16,232,658  
     

 

 

  
   $ 16,232,658  
  

 

 

  

Consumer Finance — 0.7%

 

American Express Co.(1)

      30,565      $ 3,064,141  

Capital One Financial Corp.

      10,757        772,998  

Discover Financial Services(1)

      87,596        5,061,297  
     

 

 

  
   $ 8,898,436  
  

 

 

  

Containers & Packaging — 0.1%

 

WestRock Co.

      21,317      $ 740,553  
     

 

 

  
   $ 740,553  
  

 

 

  

Distributors — 0.1%

 

Genuine Parts Co.(1)

      9,927      $ 944,753  
     

 

 

  
   $ 944,753  
  

 

 

  

Diversified Financial Services — 0.3%

 

Berkshire Hathaway, Inc., Class B(1)(2)

      19,434      $ 4,138,276  
     

 

 

  
   $ 4,138,276  
  

 

 

  

Diversified Telecommunication Services — 0.7%

 

AT&T, Inc.(1)

      59,212      $ 1,688,134  

Verizon Communications, Inc.(1)

      121,829        7,247,607  
     

 

 

  
   $ 8,935,741  
  

 

 

  

Electric Utilities — 1.1%

 

American Electric Power Co., Inc.

      6,004      $ 490,707  

Edison International(1)

      59,878        3,044,197  

NextEra Energy, Inc.(1)

      20,000        5,551,200  

NRG Energy, Inc.(1)

      163,181        5,016,184  
     

 

 

  
   $ 14,102,288  
  

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Entertainment — 2.7%

 

Netflix, Inc.(1)(2)

      39,110      $ 19,556,173  

Walt Disney Co. (The)(1)

      105,884        13,138,087  
     

 

 

  
   $ 32,694,260  
  

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.1%

 

American Tower Corp.(1)

      17,730      $ 4,285,873  

Apartment Investment & Management Co., Class A(1)

      34,616        1,167,251  

Digital Realty Trust, Inc.

      5,247        770,050  

Duke Realty Corp.(1)

      20,602        760,214  

Iron Mountain, Inc.(1)

      30,000        803,700  

Mid-America Apartment Communities, Inc.(1)

      36,251        4,203,303  

ProLogis, Inc.(1)

      12,000        1,207,440  
     

 

 

  
   $ 13,197,831  
  

 

 

  

Food & Staples Retailing — 1.1%

 

Kroger Co. (The)(1)

      103,892      $ 3,522,978  

Walmart, Inc.(1)

      74,524        10,426,653  
     

 

 

  
   $ 13,949,631  
  

 

 

  

Food Products — 1.2%

 

Hershey Co. (The)

      5,163      $ 740,065  

Hormel Foods Corp.(1)

      21,160        1,034,512  

Lamb Weston Holdings, Inc.(1)

      16,086        1,066,019  

Mondelez International, Inc., Class A(1)

      212,633        12,215,766  
     

 

 

  
   $ 15,056,362  
  

 

 

  

Health Care Equipment & Supplies — 3.1%

 

Abbott Laboratories(1)

      15,787      $ 1,718,099  

Baxter International, Inc.(1)

      36,672        2,949,162  

Danaher Corp.(1)

      4,686        1,009,036  

Edwards Lifesciences Corp.(1)(2)

      66,378        5,298,292  

Intuitive Surgical, Inc.(1)(2)

      27,563        19,557,051  

Stryker Corp.(1)

      33,820        7,047,074  
     

 

 

  
   $ 37,578,714  
  

 

 

  

Health Care Providers & Services — 2.2%

 

Cigna Corp.(1)

      31,281      $ 5,299,314  

CVS Health Corp.(1)

      88,422        5,163,845  

DaVita, Inc.(1)(2)

      11,550        989,258  

McKesson Corp.(1)

      7,813        1,163,590  

UnitedHealth Group, Inc.(1)

      46,743        14,573,065  
     

 

 

  
   $ 27,189,072  
  

 

 

  

Hotels, Restaurants & Leisure — 1.8%

 

Chipotle Mexican Grill, Inc.(1)(2)

      3,300      $ 4,104,243  

Darden Restaurants, Inc.(1)

      21,181        2,133,774  

Marriott International, Inc., Class A(1)

      75,775        7,015,249  

McDonald’s Corp.(1)

      35,561        7,805,284  

Yum! Brands, Inc.(1)

      14,466        1,320,746  
     

 

 

  
   $ 22,379,296  
  

 

 

  

Household Durables — 0.2%

 

PulteGroup, Inc.(1)

      26,224      $ 1,213,909  

Whirlpool Corp.(1)

      8,566        1,575,202  
     

 

 

  
   $ 2,789,111  
  

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Household Products — 0.9%

 

Clorox Co. (The)(1)

      33,390      $ 7,017,576  

Procter & Gamble Co. (The)(1)

      27,664        3,845,020  
     

 

 

  
   $ 10,862,596  
  

 

 

  

Industrial Conglomerates — 0.5%

 

3M Co.(1)

      11,474      $ 1,837,905  

Honeywell International, Inc.(1)

      26,647        4,386,363  
     

 

 

  
   $ 6,224,268  
  

 

 

  

Insurance — 0.9%

 

American International Group, Inc.

      70,241      $ 1,933,735  

Chubb, Ltd.(1)

      35,393        4,109,835  

Marsh & McLennan Cos., Inc.(1)

      15,767        1,808,475  

Travelers Cos., Inc. (The)(1)

      35,246        3,813,265  
     

 

 

  
   $ 11,665,310  
  

 

 

  

Interactive Media & Services — 9.4%

 

Alphabet, Inc., Class A(1)(2)

      25,952      $ 38,035,251  

Alphabet, Inc., Class C(1)(2)

      19,752        29,027,539  

Facebook, Inc., Class A(1)(2)

      185,243        48,515,142  
     

 

 

  
   $ 115,577,932  
  

 

 

  

Internet & Direct Marketing Retail — 8.2%

 

Amazon.com, Inc.(1)(2)

      32,144      $ 101,212,777  
     

 

 

  
   $ 101,212,777  
  

 

 

  

IT Services — 3.9%

 

Cognizant Technology Solutions Corp., Class A(1)

      95,346      $ 6,618,919  

Fidelity National Information Services, Inc.(1)

      62,742        9,236,250  

Mastercard, Inc., Class A(1)

      35,125        11,878,221  

PayPal Holdings, Inc.(2)

      24,000        4,728,720  

VeriSign, Inc.(1)(2)

      11,056        2,264,822  

Visa, Inc., Class A(1)

      63,696        12,737,289  
     

 

 

  
   $ 47,464,221  
  

 

 

  

Life Sciences Tools & Services — 1.0%

 

Agilent Technologies, Inc.(1)

      65,000      $ 6,561,100  

IQVIA Holdings, Inc.(2)

      5,328        839,853  

PerkinElmer, Inc.(1)

      23,065        2,894,888  

Thermo Fisher Scientific, Inc.(1)

      3,471        1,532,516  
     

 

 

  
   $ 11,828,357  
  

 

 

  

Machinery — 1.2%

 

Caterpillar, Inc.

      5,735      $ 855,375  

Dover Corp.(1)

      29,870        3,236,116  

Ingersoll Rand, Inc.(1)(2)

      20,758        738,985  

Parker-Hannifin Corp.(1)

      14,287        2,890,831  

Stanley Black & Decker, Inc.(1)

      46,905        7,607,991  
     

 

 

  
   $ 15,329,298  
  

 

 

  

Media — 2.3%

 

Comcast Corp., Class A(1)

      528,921      $ 24,467,885  

DISH Network Corp., Class A(1)(2)

      30,564        887,273  

ViacomCBS, Inc., Class B(1)

      88,076        2,467,009  
     

 

 

  
   $ 27,822,167  
  

 

 

  

 

4

 

 

                                                 
Security    Shares      Value  

Metals & Mining — 0.3%

 

Freeport-McMoRan, Inc.(1)

      94,914      $ 1,484,455  

Newmont Corp.(1)

      25,563        1,621,972  

Nucor Corp.(1)

      22,035        988,490  
     

 

 

  
   $ 4,094,917  
  

 

 

  

Multi-Utilities — 1.1%

 

CMS Energy Corp.(1)

      177,055      $ 10,872,947  

Dominion Energy, Inc.(1)

      36,763        2,901,704  
     

 

 

  
   $ 13,774,651  
  

 

 

  

Multiline Retail — 0.1%

 

Target Corp.(1)

      8,193      $ 1,289,742  
     

 

 

  
   $ 1,289,742  
     

 

 

  

Oil, Gas & Consumable Fuels — 1.3%

 

Chevron Corp.(1)

      85,114      $ 6,128,208  

Diamondback Energy, Inc.(1)

      158,729        4,780,917  

EOG Resources, Inc.(1)

      18,147        652,203  

ONEOK, Inc.

      22,014        571,924  

Phillips 66(1)

      57,101        2,960,116  

Williams Cos., Inc. (The)

      37,548        737,818  
     

 

 

  
   $ 15,831,186  
  

 

 

  

Personal Products — 0.6%

 

Estee Lauder Cos., Inc. (The), Class A(1)

      36,419      $ 7,948,447  
     

 

 

  
   $ 7,948,447  
  

 

 

  

Pharmaceuticals — 2.9%

 

Bristol-Myers Squibb Co.(1)

      165,585      $ 9,983,119  

Eli Lilly & Co.(1)

      12,046        1,783,049  

Johnson & Johnson(1)

      43,189        6,429,978  

Merck & Co., Inc.(1)

      111,665        9,262,612  

Pfizer, Inc.(1)

      242,074        8,884,116  
     

 

 

  
   $ 36,342,874  
  

 

 

  

Professional Services — 0.2%

 

Equifax, Inc.(1)

      14,785      $ 2,319,766  

Robert Half International, Inc.(1)

      12,784        676,785  
     

 

 

  
   $ 2,996,551  
  

 

 

  

Real Estate Management & Development — 0.1%

 

CBRE Group, Inc., Class A(2)

      14,698      $ 690,365  
     

 

 

  
   $ 690,365  
  

 

 

  

Road & Rail — 0.9%

 

Kansas City Southern(1)

      5,885      $ 1,064,184  

Norfolk Southern Corp.(1)

      9,503        2,033,547  

Union Pacific Corp.(1)

      37,756        7,433,024  
     

 

 

  
   $ 10,530,755  
  

 

 

  

Semiconductors & Semiconductor Equipment — 7.4%

 

Advanced Micro Devices, Inc.(1)(2)

      132,313      $ 10,848,343  

Analog Devices, Inc.(1)

      56,522        6,598,378  

ASML Holding NV - NY Shares(1)

      20,394        7,530,892  

Intel Corp.(1)

      285,158        14,765,481  

Microchip Technology, Inc.(1)

      53,000        5,446,280  

NXP Semiconductors NV(1)

      47,520        5,930,971  

ON Semiconductor Corp.(1)(2)

      99,333        2,154,533  

 

5

 

 

                                                 
Security    Shares      Value  

Qorvo, Inc.(1)(2)

      15,654      $ 2,019,523  

QUALCOMM, Inc.(1)

      140,545        16,539,336  

Texas Instruments, Inc.(1)

      140,016        19,992,885  
     

 

 

  
   $ 91,826,622  
  

 

 

  

Software — 13.7%

 

Adobe, Inc.(1)(2)

      40,500      $ 19,862,415  

Fortinet, Inc.(1)(2)

      48,262        5,685,746  

Microsoft Corp.(1)

      522,843        109,969,568  

Oracle Corp.(1)

      246,551        14,719,095  

Paycom Software, Inc.(2)

      4,241        1,320,223  

salesforce.com, inc.(1)(2)

      62,922        15,813,557  

ServiceNow, Inc.(2)

      3,002        1,455,970  
     

 

 

  
   $ 168,826,574  
  

 

 

  

 

                                                 

Specialty Retail — 2.1%

 

Advance Auto Parts, Inc.(1)

      26,636      $ 4,088,626  

Best Buy Co., Inc.(1)

      28,506        3,172,433  

Home Depot, Inc. (The)(1)

      56,895        15,800,310  

Tiffany & Co.(1)

      28,579        3,310,877  
     

 

 

  
   $ 26,372,246  
  

 

 

  

Technology Hardware, Storage & Peripherals — 10.6%

 

Apple, Inc.(1)

      1,129,928      $ 130,856,962  
     

 

 

  
   $ 130,856,962  
  

 

 

  

Textiles, Apparel & Luxury Goods — 1.0%

 

NIKE, Inc., Class B(1)

      96,062      $ 12,059,624  
     

 

 

  
   $ 12,059,624  
  

 

 

  

Tobacco — 0.2%

 

Altria Group, Inc.(1)

      25,875      $ 999,810  

Philip Morris International, Inc.(1)

      24,163        1,811,983  
     

 

 

  
   $ 2,811,793  
  

 

 

  

Trading Companies & Distributors — 0.6%

 

Fastenal Co.(1)

      158,488      $ 7,146,224  
     

 

 

  
   $ 7,146,224  
  

 

 

  

Total Common Stocks — 101.3%
(identified cost $292,158,550)

 

    $ 1,249,344,661  
     

 

 

  

Total Written Call Options — (1.5)%
(premiums received $25,444,612)

 

    $ (18,323,566 ) 
     

 

 

  

Other Assets, Less Liabilities — 0.2%

 

    $ 2,472,741  
     

 

 

  

Net Assets — 100.0%

 

    $ 1,233,493,836  
     

 

 

  

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

 

(1)

Security (or a portion thereof) has been pledged as collateral for written options.

 

(2)

Non-income producing security.

 

6

 

 

                                                                                                                            

Written Call Options — (1.5)%

 

Exchange-Traded Options — (1.5)%

 

Description    Number of
Contracts		      Notional
Amount		      Exercise
Price		      Expiration
Date		      Value  

NASDAQ 100 Index

      33      $ 37,679,598      $ 12,800        10/2/20      $ (3,052 ) 

NASDAQ 100 Index

      33        37,679,598        12,000        10/5/20        (8,745 ) 

NASDAQ 100 Index

      35        39,963,210        11,400        10/7/20        (628,775 ) 

NASDAQ 100 Index

      35        39,963,210        11,500        10/9/20        (547,750 ) 

NASDAQ 100 Index

      34        38,821,404        11,600        10/12/20        (429,930 ) 

NASDAQ 100 Index

      34        38,821,404        11,500        10/14/20        (692,580 ) 

NASDAQ 100 Index

      35        39,963,210        11,300        10/16/20        (1,166,200 ) 

NASDAQ 100 Index

      35        39,963,210        11,200        10/19/20        (1,474,900 ) 

NASDAQ 100 Index

      35        39,963,210        11,450        10/21/20        (1,022,000 ) 

NASDAQ 100 Index

      35        39,963,210        11,200        10/23/20        (1,638,700 ) 

NASDAQ 100 Index

      35        39,963,210        11,675        10/26/20        (769,300 ) 

NASDAQ 100 Index

      35        39,963,210        11,750        10/28/20        (676,041 ) 

S&P 500 Index

      174        58,516,200        3,450        10/2/20        (36,105 ) 

S&P 500 Index

      170        57,171,000        3,450        10/5/20        (74,800 ) 

S&P 500 Index

      172        57,843,600        3,400        10/7/20        (391,300 ) 

S&P 500 Index

      173        58,179,900        3,380        10/9/20        (642,695 ) 

S&P 500 Index

      174        58,516,200        3,400        10/12/20        (557,670 ) 

S&P 500 Index

      174        58,516,200        3,425        10/14/20        (468,060 ) 

S&P 500 Index

      173        58,179,900        3,375        10/16/20        (946,310 ) 

S&P 500 Index

      173        58,179,900        3,300        10/19/20        (1,798,335 ) 

S&P 500 Index

      175        58,852,500        3,375        10/21/20        (1,089,375 ) 

S&P 500 Index

      176        59,188,800        3,350        10/23/20        (1,414,160 ) 

S&P 500 Index

      176        59,188,800        3,400        10/26/20        (952,160 ) 

S&P 500 Index

      176        59,188,800        3,410        10/28/20        (894,623 ) 
              

 

 

  

Total

 

    $     (18,323,566 ) 
              

 

 

  

At September 30, 2020, 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.

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.

 

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At September 30, 2020, 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

    $ 1,249,344,661 *     $ —      $ —      $ 1,249,344,661  

Total Investments

    $     1,249,344,661      $     —      $     —      $     1,249,344,661  
Liability Description                          

Written Call Options

    $ (18,323,566 )     $ —      $ —      $ (18,323,566 ) 

Total

    $ (18,323,566 )     $ —      $ —      $ (18,323,566 ) 

 

*

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.

 

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