NPORT-EX 2 NPORT_FH2K_2125164182.htm html

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

March 31, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 100.7%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 0.8%

 

Boeing Co. (The)(1)(2)

      13,686      $ 3,486,098  

L3Harris Technologies, Inc.(1)

      6,224        1,261,480  

Northrop Grumman Corp.(1)

      17,902        5,793,803  

Textron, Inc.(1)

      25,000        1,402,000  
     

 

 

  
   $ 11,943,381  
     

 

 

  

Airlines — 0.2%

 

Southwest Airlines Co.(1)(2)

      52,956      $ 3,233,493  
     

 

 

  
   $ 3,233,493  
     

 

 

  

Auto Components — 0.3%

 

Aptiv PLC(1)(2)

      30,791      $ 4,246,079  
     

 

 

  
   $ 4,246,079  
     

 

 

  

Automobiles — 2.8%

 

General Motors Co.(2)

      20,000      $ 1,149,200  

Tesla, Inc.(1)(2)

      57,240        38,232,313  
     

 

 

  
   $ 39,381,513  
     

 

 

  

Banks — 3.1%

 

Bank of America Corp.(1)

      130,000      $ 5,029,700  

Fifth Third Bancorp(1)

      88,466        3,313,052  

Huntington Bancshares, Inc.(1)

      179,679        2,824,554  

JPMorgan Chase & Co.(1)

      84,867        12,919,303  

KeyCorp(1)

      532,924        10,647,822  

Regions Financial Corp.(1)

      329,924        6,816,230  

Truist Financial Corp.(1)

      41,626        2,427,628  
     

 

 

  
   $ 43,978,289  
     

 

 

  

Beverages — 1.4%

 

Coca-Cola Co. (The)(1)

      153,082      $ 8,068,952  

Constellation Brands, Inc., Class A

      3,691        841,548  

PepsiCo, Inc.(1)

      76,282        10,790,089  
     

 

 

  
   $ 19,700,589  
     

 

 

  

Biotechnology — 2.3%

 

AbbVie, Inc.

      6,412      $ 693,907  

Amgen, Inc.(1)

      59,770        14,871,374  

Biogen, Inc.(1)(2)

      15,031        4,204,922  

Gilead Sciences, Inc.(1)

      202,361        13,078,591  
     

 

 

  
   $ 32,848,794  
     

 

 

  

Building Products — 0.5%

 

A.O. Smith Corp.(1)

      29,207      $ 1,974,685  

Allegion PLC(1)

      10,516        1,321,020  

Trane Technologies PLC(1)

      23,525        3,894,799  
     

 

 

  
   $ 7,190,504  
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Capital Markets — 2.2%

 

Charles Schwab Corp. (The)

      14,451      $ 941,916  

CME Group, Inc.(1)

      12,294        2,510,804  

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

      12,655        4,138,185  

Moody’s Corp.(1)

      28,831        8,609,225  

S&P Global, Inc.(1)

      33,507        11,823,615  

State Street Corp.(1)

      13,478        1,132,287  

T. Rowe Price Group, Inc.(1)

      13,079        2,244,356  
     

 

 

  
   $ 31,400,388  
     

 

 

  

Chemicals — 1.2%

 

Air Products and Chemicals, Inc.(1)

      13,083      $ 3,680,771  

Corteva, Inc.

      20,341        948,297  

Dow, Inc.(1)

      20,341        1,300,604  

DuPont de Nemours, Inc.(1)

      20,341        1,571,953  

FMC Corp.

      8,245        911,979  

PPG Industries, Inc.(1)

      61,416        9,228,368  
     

 

 

  
   $ 17,641,972  
     

 

 

  

Commercial Services & Supplies — 0.4%

 

Copart, Inc.(1)(2)

      40,986      $ 4,451,489  

Waste Management, Inc.

      6,187        798,247  
     

 

 

  
   $ 5,249,736  
     

 

 

  

Communications Equipment — 1.3%

 

Cisco Systems, Inc.(1)

      358,876      $ 18,557,478  
     

 

 

  
   $ 18,557,478  
     

 

 

  

Consumer Finance — 1.0%

 

American Express Co.(1)

      30,565      $ 4,323,114  

Capital One Financial Corp.

      10,757        1,368,613  

Discover Financial Services(1)

      87,596        8,320,744  
     

 

 

  
   $ 14,012,471  
     

 

 

  

Containers & Packaging — 0.1%

 

WestRock Co.

      21,317      $ 1,109,550  
     

 

 

  
   $ 1,109,550  
     

 

 

  

Distributors — 0.1%

 

Genuine Parts Co.(1)

      9,927      $ 1,147,462  
     

 

 

  
   $ 1,147,462  
     

 

 

  

Diversified Financial Services — 0.4%

 

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

      19,434      $ 4,964,804  
     

 

 

  
   $ 4,964,804  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Diversified Telecommunication Services — 0.5%

 

Verizon Communications, Inc.(1)

      121,829      $ 7,084,356  
     

 

 

  
   $ 7,084,356  
     

 

 

  

Electric Utilities — 1.1%

 

American Electric Power Co., Inc.(1)

      6,004      $ 508,539  

Edison International(1)

      77,790        4,558,494  

NextEra Energy, Inc.(1)

      80,000        6,048,800  

NRG Energy, Inc.(1)

      116,156        4,382,566  
     

 

 

  
   $ 15,498,399  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.1%

 

Zebra Technologies Corp., Class A(2)

      3,655      $ 1,773,333  
     

 

 

  
   $ 1,773,333  
     

 

 

  

Entertainment — 2.8%

 

Netflix, Inc.(1)(2)

      39,110      $ 20,402,123  

Walt Disney Co. (The)(1)(2)

      100,149        18,479,493  
     

 

 

  
   $ 38,881,616  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.0%

 

American Tower Corp.(1)

      17,730      $ 4,238,534  

Apartment Income REIT Corp.

      34,427        1,472,099  

Apartment Investment and Management Co., Class A

      34,427        211,382  

Digital Realty Trust, Inc.

      5,247        738,987  

Duke Realty Corp.(1)

      20,602        863,842  

Iron Mountain, Inc.(1)

      30,000        1,110,300  

Mid-America Apartment Communities, Inc.(1)

      31,281        4,515,725  

ProLogis, Inc.(1)

      12,000        1,272,000  
     

 

 

  
   $ 14,422,869  
     

 

 

  

Food & Staples Retailing — 1.0%

 

Kroger Co. (The)(1)

      103,892      $ 3,739,073  

Walmart, Inc.(1)

      74,524        10,122,595  
     

 

 

  
   $ 13,861,668  
     

 

 

  

Food Products — 1.1%

 

Hershey Co. (The)

      5,163      $ 816,580  

Hormel Foods Corp.(1)

      21,160        1,011,025  

Lamb Weston Holdings, Inc.(1)

      16,086        1,246,343  

Mondelez International, Inc., Class A(1)

      212,633        12,445,410  
     

 

 

  
   $ 15,519,358  
     

 

 

  

Health Care Equipment & Supplies — 2.8%

 

Abbott Laboratories(1)

      15,787      $ 1,891,914  

Baxter International, Inc.(1)

      36,672        3,092,916  

Danaher Corp.(1)

      4,686        1,054,725  

Edwards Lifesciences Corp.(1)(2)

      66,378        5,551,856  

Intuitive Surgical, Inc.(1)(2)

      26,858        19,846,450  

Stryker Corp.(1)

      33,820        8,237,876  
     

 

 

  
   $ 39,675,737  
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Health Care Providers & Services — 2.2%

 

Cigna Corp.(1)

      31,281      $ 7,561,869  

CVS Health Corp.(1)

      52,381        3,940,623  

DaVita, Inc.(1)(2)

      11,550        1,244,743  

McKesson Corp.(1)

      7,813        1,523,848  

UnitedHealth Group, Inc.(1)

      46,743        17,391,668  
     

 

 

  
   $ 31,662,751  
     

 

 

  

Hotels, Restaurants & Leisure — 2.0%

 

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

      3,300      $ 4,688,706  

Darden Restaurants, Inc.(1)

      21,181        3,007,702  

Marriott International, Inc., Class A(1)(2)

      75,775        11,223,035  

McDonald’s Corp.(1)

      35,561        7,970,643  

Yum! Brands, Inc.(1)

      14,466        1,564,932  
     

 

 

  
   $ 28,455,018  
     

 

 

  

Household Durables — 0.2%

 

PulteGroup, Inc.(1)

      26,224      $ 1,375,187  

Whirlpool Corp.(1)

      8,566        1,887,518  
     

 

 

  
   $ 3,262,705  
     

 

 

  

Household Products — 0.8%

 

Clorox Co. (The)(1)

      33,390      $ 6,440,263  

Procter & Gamble Co. (The)(1)

      36,664        4,965,406  
     

 

 

  
   $ 11,405,669  
     

 

 

  

Industrial Conglomerates — 0.6%

 

3M Co.(1)

      11,474      $ 2,210,811  

Honeywell International, Inc.(1)

      26,647        5,784,264  
     

 

 

  
   $ 7,995,075  
     

 

 

  

Insurance — 1.1%

 

American International Group, Inc.(1)

      70,241      $ 3,245,837  

Chubb, Ltd.(1)

      35,393        5,591,032  

Marsh & McLennan Cos., Inc.(1)

      15,767        1,920,421  

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

      35,246        5,300,998  
     

 

 

  
   $ 16,058,288  
     

 

 

  

Interactive Media & Services — 9.5%

 

Alphabet, Inc., Class A(1)(2)

      20,789      $ 42,877,728  

Alphabet, Inc., Class C(1)(2)

      19,392        40,114,873  

Facebook, Inc., Class A(1)(2)

      167,505        49,335,248  

Twitter, Inc.(2)

      25,000        1,590,750  
     

 

 

  
   $ 133,918,599  
     

 

 

  

 

4

 

 

                                                 
Security    Shares      Value  

Internet & Direct Marketing Retail — 6.5%

 

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

      29,809      $ 92,231,431  
     

 

 

  
   $ 92,231,431  
     

 

 

  

IT Services — 4.0%

 

Cognizant Technology Solutions Corp., Class A(1)

      95,346      $ 7,448,429  

Fidelity National Information Services, Inc.(1)

      62,742        8,822,153  

Mastercard, Inc., Class A(1)

      27,000        9,613,350  

PayPal Holdings, Inc.(1)(2)

      70,600        17,144,504  

Visa, Inc., Class A(1)

      63,696        13,486,354  
     

 

 

  
   $ 56,514,790  
     

 

 

  

Life Sciences Tools & Services — 1.0%

 

Agilent Technologies, Inc.(1)

      65,000      $ 8,264,100  

IQVIA Holdings, Inc.(2)

      5,328        1,029,050  

PerkinElmer, Inc.(1)

      23,065        2,959,009  

Thermo Fisher Scientific, Inc.(1)

      3,471        1,584,095  
     

 

 

  
   $ 13,836,254  
     

 

 

  

Machinery — 1.5%

 

Caterpillar, Inc.

      7,735      $ 1,793,515  

Dover Corp.(1)

      29,870        4,096,073  

Ingersoll Rand, Inc.(1)(2)

      20,758        1,021,501  

Parker-Hannifin Corp.(1)

      14,287        4,506,548  

Stanley Black & Decker, Inc.(1)

      46,905        9,365,521  
     

 

 

  
   $ 20,783,158  
     

 

 

  

Media — 2.3%

 

Comcast Corp., Class A(1)

      512,138      $ 27,711,787  

DISH Network Corp., Class A(1)(2)

      30,564        1,106,417  

ViacomCBS, Inc., Class B(1)

      88,076        3,972,227  
     

 

 

  
   $ 32,790,431  
     

 

 

  

Metals & Mining — 0.3%

 

Freeport-McMoRan, Inc.(1)

      94,914      $ 3,125,518  

Newmont Corp.(1)

      25,563        1,540,682  
     

 

 

  
   $ 4,666,200  
     

 

 

  

Multi-Utilities — 1.0%

 

CMS Energy Corp.(1)

      177,055      $ 10,839,307  

Dominion Energy, Inc.(1)

      36,763        2,792,517  
     

 

 

  
   $ 13,631,824  
     

 

 

  

Multiline Retail — 0.1%

 

Target Corp.(1)

      8,193      $ 1,622,787  
     

 

 

  
   $ 1,622,787  
     

 

 

  

 

5

 

 

                                                 
Security    Shares      Value  

Oil, Gas & Consumable Fuels — 1.7%

 

Chevron Corp.(1)

      52,902      $ 5,543,601  

Diamondback Energy, Inc.(1)

      150,036        11,026,146  

ONEOK, Inc.

      26,014        1,317,869  

Phillips 66(1)

      57,101        4,656,015  

Williams Cos., Inc. (The)

      37,548        889,512  
     

 

 

  
      $ 23,433,143  
     

 

 

  

Personal Products — 0.7%

      

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

      36,419      $ 10,592,466  
     

 

 

  
      $ 10,592,466  
     

 

 

  

Pharmaceuticals — 2.7%

      

Bristol-Myers Squibb Co.(1)

      165,585      $ 10,453,381  

Eli Lilly & Co.(1)

      12,046        2,250,434  

Johnson & Johnson(1)

      43,189        7,098,112  

Merck & Co., Inc.(1)

      111,665        8,608,255  

Pfizer, Inc.(1)

      242,074        8,770,341  

Viatris, Inc.(1)(2)

      30,036        419,603  
     

 

 

  
      $ 37,600,126  
     

 

 

  

Professional Services — 0.3%

      

Equifax, Inc.(1)

      14,785      $ 2,678,007  

Robert Half International, Inc.(1)

      12,784        998,047  
     

 

 

  
      $ 3,676,054  
     

 

 

  

Real Estate Management & Development — 0.1%

      

CBRE Group, Inc., Class A(2)

      14,698      $ 1,162,759  
     

 

 

  
      $ 1,162,759  
     

 

 

  

Road & Rail — 0.9%

      

Kansas City Southern(1)

      5,885      $ 1,553,169  

Norfolk Southern Corp.(1)

      9,503        2,551,746  

Union Pacific Corp.(1)

      37,756        8,321,800  
     

 

 

  
      $ 12,426,715  
     

 

 

  

Semiconductors & Semiconductor Equipment — 8.5%

      

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

      132,313      $ 10,386,570  

Analog Devices, Inc.(1)

      56,522        8,765,432  

ASML Holding NV - NY Shares(1)

      17,623        10,879,735  

Enphase Energy, Inc.(2)

      7,774        1,260,632  

Intel Corp.(1)

      285,158        18,250,112  

Microchip Technology, Inc.(1)

      53,000        8,226,660  

NXP Semiconductors NV(1)

      47,520        9,567,677  

ON Semiconductor Corp.(1)(2)

      99,333        4,133,246  

Qorvo, Inc.(1)(2)

      15,654        2,859,986  

QUALCOMM, Inc.(1)

      140,545        18,634,861  

Texas Instruments, Inc.(1)

      140,016        26,461,624  
     

 

 

  
      $ 119,426,535  
     

 

 

  

 

6

 

 

                                                 
Security    Shares      Value  

Software — 12.0%

 

Adobe, Inc.(1)(2)

      42,521      $ 20,213,208  

Fortinet, Inc.(1)(2)

      29,859        5,506,597  

Microsoft Corp.(1)

      470,480        110,925,069  

Oracle Corp.(1)

      234,080        16,425,394  

Paycom Software, Inc.(2)

      4,241        1,569,424  

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

      62,922        13,331,284  

ServiceNow, Inc.(2)

      3,002        1,501,330  
     

 

 

  
   $ 169,472,306  
     

 

 

  

Specialty Retail — 1.8%

 

Advance Auto Parts, Inc.(1)

      26,636      $ 4,887,439  

Best Buy Co., Inc.(1)

      28,506        3,272,774  

Home Depot, Inc. (The)(1)

      56,895        17,367,199  
     

 

 

  
   $ 25,527,412  
     

 

 

  

Technology Hardware, Storage & Peripherals — 8.7%

 

Apple, Inc.(1)

      1,006,492      $ 122,942,998  
     

 

 

  
   $ 122,942,998  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.9%

 

NIKE, Inc., Class B(1)

      96,062      $ 12,765,679  
     

 

 

  
   $ 12,765,679  
     

 

 

  

Tobacco — 0.2%

 

Altria Group, Inc.(1)

      25,875      $ 1,323,765  

Philip Morris International, Inc.(1)

      24,163        2,144,225  
     

 

 

  
   $ 3,467,990  
     

 

 

  

Trading Companies & Distributors — 0.6%

 

Fastenal Co.(1)

      158,488      $ 7,968,777  
     

 

 

  
   $ 7,968,777  
     

 

 

  

Total Common Stocks — 100.7%
(identified cost $335,691,783)

 

    $ 1,422,621,779  
     

 

 

  

Total Written Call Options — (0.9)%
(premiums received $14,385,566)

 

    $ (13,215,350 ) 
     

 

 

  

Other Assets, Less Liabilities — 0.2%

 

    $ 2,811,717  
     

 

 

  

Net Assets — 100.0%

 

    $ 1,412,218,146  
     

 

 

  

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.

 

7

 

 

Written Call Options — (0.9)%

Exchange-Traded Options — (0.9)%

 

                                                                                                                            
Description   

Number of

Contracts

     

Notional

Amount

     

Exercise

Price

     

Expiration

Date

      Value  

NASDAQ 100 Index

      34      $ 44,510,896      $ 13,100        4/1/21      $ (219,640 ) 

NASDAQ 100 Index

      34        44,510,896        13,200        4/5/21        (190,910 ) 

NASDAQ 100 Index

      34        44,510,896        13,400        4/7/21        (102,170 ) 

NASDAQ 100 Index

      34        44,510,896        13,500        4/9/21        (106,420 ) 

NASDAQ 100 Index

      34        44,510,896        13,500        4/12/21        (139,060 ) 

NASDAQ 100 Index

      34        44,510,896        13,500        4/14/21        (194,310 ) 

NASDAQ 100 Index

      34        44,510,896        13,500        4/16/21        (237,320 ) 

NASDAQ 100 Index

      34        44,510,896        13,350        4/19/21        (435,880 ) 

NASDAQ 100 Index

      34        44,510,896        13,400        4/21/21        (434,690 ) 

NASDAQ 100 Index

      35        45,820,040        13,300        4/23/21        (639,625 ) 

NASDAQ 100 Index

      35        45,820,040        13,300        4/26/21        (672,000 ) 

NASDAQ 100 Index

      34        44,510,896        13,400        4/28/21        (571,200 ) 

S&P 500 Index

      168        66,744,552        3,900        4/1/21        (1,352,400 ) 

S&P 500 Index

      168        66,744,552        3,925        4/5/21        (994,560 ) 

S&P 500 Index

      168        66,744,552        3,950        4/7/21        (752,640 ) 

S&P 500 Index

      168        66,744,552        4,000        4/9/21        (339,360 ) 

S&P 500 Index

      168        66,744,552        4,000        4/12/21        (403,200 ) 

S&P 500 Index

      169        67,141,841        4,020        4/14/21        (340,535 ) 

S&P 500 Index

      169        67,141,841        4,010        4/16/21        (493,480 ) 

S&P 500 Index

      170        67,539,130        3,980        4/19/21        (806,650 ) 

S&P 500 Index

      170        67,539,130        3,970        4/21/21        (982,600 ) 

S&P 500 Index

      170        67,539,130        3,960        4/23/21        (1,150,900 ) 

S&P 500 Index

      170        67,539,130        4,000        4/26/21        (794,750 ) 

S&P 500 Index

      170        67,539,130        4,000        4/28/21        (861,050 ) 
              

 

 

  

Total

 

    $ (13,215,350 ) 
              

 

 

  

 

8

 

 

At March 31, 2021, 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 March 31, 2021, 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

    $ 1,422,621,779 *     $ —      $ —      $ 1,422,621,779  

Total Investments

    $     1,422,621,779      $ —      $ —      $     1,422,621,779  
Liability Description                                

Written Call Options

    $ (13,215,350 )     $ —      $ —      $ (13,215,350 ) 

Total

    $ (13,215,350 )     $     —      $     —      $ (13,215,350 ) 

 

*

The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

 

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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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