NPORT-EX 2 NPORT_FH2K_22522978_0921.htm HTML

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

September 30, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 100.0%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 0.9%

 

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

      13,686      $ 3,010,099  

L3Harris Technologies, Inc.(2)

      6,224        1,370,774  

Northrop Grumman Corp.(2)

      17,902        6,447,405  

Raytheon Technologies Corp.

      25,063        2,154,415  

Textron, Inc.(2)

      25,000        1,745,250  
     

 

 

  
   $ 14,727,943  
     

 

 

  

Airlines — 0.2%

 

Southwest Airlines Co.(1)(2)

      52,956      $ 2,723,527  
     

 

 

  
   $ 2,723,527  
     

 

 

  

Auto Components — 0.3%

 

Aptiv PLC(1)(2)

      30,791      $ 4,586,935  
     

 

 

  
   $ 4,586,935  
     

 

 

  

Automobiles — 2.7%

 

General Motors Co.(1)

      20,000      $ 1,054,200  

Tesla, Inc.(1)(2)

      52,816        40,957,752  
     

 

 

  
   $ 42,011,952  
     

 

 

  

Banks — 2.8%

 

Bank of America Corp.(2)

      130,000      $ 5,518,500  

Fifth Third Bancorp(2)

      88,466        3,754,497  

Huntington Bancshares, Inc.(2)

      179,679        2,777,837  

JPMorgan Chase & Co.(2)

      78,928        12,919,724  

KeyCorp(2)

      477,924        10,332,717  

Regions Financial Corp.(2)

      289,924        6,178,281  

Truist Financial Corp.(2)

      41,626        2,441,365  
     

 

 

  
   $ 43,922,921  
     

 

 

  

Beverages — 1.6%

 

Coca-Cola Co. (The)(2)

      153,082      $ 8,032,212  

Constellation Brands, Inc., Class A

      3,691        777,657  

PepsiCo, Inc.(2)

      103,082        15,504,564  
     

 

 

  
   $ 24,314,433  
     

 

 

  

Biotechnology — 2.2%

 

AbbVie, Inc.(2)

      25,216      $ 2,720,050  

Amgen, Inc.(2)

      59,770        12,710,090  

Biogen, Inc.(1)(2)

      15,031        4,253,623  

Gilead Sciences, Inc.(2)

      202,361        14,134,916  
     

 

 

  
   $ 33,818,679  
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Building Products — 0.5%

 

A.O. Smith Corp.(2)

      29,207      $ 1,783,672  

Allegion PLC(2)

      10,516        1,390,005  

Trane Technologies PLC(2)

      23,525        4,061,591  
     

 

 

  
   $ 7,235,268  
     

 

 

  

Capital Markets — 2.1%

 

Charles Schwab Corp. (The)

      26,678      $ 1,943,225  

CME Group, Inc.(2)

      12,294        2,377,414  

Goldman Sachs Group, Inc. (The)(2)

      12,655        4,783,970  

Moody’s Corp.(2)

      24,502        8,700,905  

S&P Global, Inc.(2)

      28,313        12,029,911  

State Street Corp.(2)

      13,478        1,141,856  

T. Rowe Price Group, Inc.(2)

      13,079        2,572,639  
     

 

 

  
   $ 33,549,920  
     

 

 

  

Chemicals — 1.0%

 

Air Products and Chemicals, Inc.(2)

      13,083      $ 3,350,687  

Corteva, Inc.

      20,341        855,949  

Dow, Inc.(2)

      20,341        1,170,828  

DuPont de Nemours, Inc.(2)

      20,341        1,382,985  

FMC Corp.

      8,245        754,912  

PPG Industries, Inc.(2)

      61,416        8,783,102  
     

 

 

  
   $ 16,298,463  
     

 

 

  

Commercial Services & Supplies — 0.4%

 

Copart, Inc.(1)(2)

      40,986      $ 5,685,578  

Waste Management, Inc.

      6,187        924,090  
     

 

 

  
   $ 6,609,668  
     

 

 

  

Communications Equipment — 1.3%

 

Cisco Systems, Inc.(2)

      358,876      $ 19,533,621  
     

 

 

  
   $ 19,533,621  
     

 

 

  

Consumer Finance — 1.0%

 

American Express Co.(2)

      30,565      $ 5,120,554  

Capital One Financial Corp.

      10,757        1,742,311  

Discover Financial Services(2)

      72,596        8,918,419  
     

 

 

  
   $ 15,781,284  
     

 

 

  

Containers & Packaging — 0.1%

 

WestRock Co.

      21,317      $ 1,062,226  
     

 

 

  
   $ 1,062,226  
     

 

 

  

Distributors — 0.1%

 

Genuine Parts Co.(2)

      9,927      $ 1,203,450  
     

 

 

  
   $ 1,203,450  
     

 

 

  

Diversified Financial Services — 0.4%

 

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

      20,762      $ 5,666,780  
     

 

 

  
   $ 5,666,780  
     

 

 

  

Diversified Telecommunication Services — 0.6%

 

Verizon Communications, Inc.(2)

      187,280      $ 10,114,993  
     

 

 

  
   $ 10,114,993  
     

 

 

  

Electric Utilities — 1.1%

 

Edison International(2)

      98,963      $ 5,489,478  

 

2

 

 

                                                 
Security    Shares      Value  

NextEra Energy, Inc.(2)

      80,000      $ 6,281,600  

NRG Energy, Inc.(2)

      116,156        4,742,649  
     

 

 

  
   $ 16,513,727  
     

 

 

  

Electrical Equipment — 0.1%

 

Eaton Corp. PLC

      11,000      $ 1,642,410  
     

 

 

  
   $ 1,642,410  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.2%

 

Zebra Technologies Corp., Class A(1)(2)

      5,499      $ 2,834,295  
     

 

 

  
   $ 2,834,295  
     

 

 

  

Entertainment — 2.6%

 

Netflix, Inc.(1)(2)

      39,110      $ 23,870,398  

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

      100,149        16,942,206  
     

 

 

  
   $ 40,812,604  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.1%

 

American Tower Corp.(2)

      17,730      $ 4,705,719  

Apartment Income REIT Corp.(2)

      34,427        1,680,382  

Apartment Investment and Management Co., Class A(2)

      34,427        235,825  

Digital Realty Trust, Inc.

      5,247        757,929  

Duke Realty Corp.(2)

      20,602        986,218  

Iron Mountain, Inc.(2)

      30,000        1,303,500  

Mid-America Apartment Communities, Inc.(2)

      31,281        5,841,727  

ProLogis, Inc.(2)

      12,000        1,505,160  
     

 

 

  
   $ 17,016,460  
     

 

 

  

Food & Staples Retailing — 0.9%

 

Kroger Co. (The)(2)

      103,892      $ 4,200,354  

Walmart, Inc.(2)

      74,524        10,387,155  
     

 

 

  
   $ 14,587,509  
     

 

 

  

Food Products — 1.0%

 

Hershey Co. (The)

      5,163      $ 873,838  

Hormel Foods Corp.(2)

      21,160        867,560  

Lamb Weston Holdings, Inc.(2)

      16,086        987,198  

Mondelez International, Inc., Class A(2)

      212,633        12,370,988  
     

 

 

  
   $ 15,099,584  
     

 

 

  

Health Care Equipment & Supplies — 3.1%

 

Abbott Laboratories(2)

      15,787      $ 1,864,918  

Baxter International, Inc.(2)

      36,672        2,949,529  

Danaher Corp.(2)

      4,686        1,426,606  

Edwards Lifesciences Corp.(1)(2)

      66,378        7,514,653  

Intuitive Surgical, Inc.(1)(2)

      25,537        25,387,609  

Stryker Corp.(2)

      33,820        8,919,011  
     

 

 

  
   $ 48,062,326  
     

 

 

  

Health Care Providers & Services — 1.9%

 

Cigna Corp.(2)

      31,281      $ 6,261,205  

CVS Health Corp.(2)

      52,381        4,445,052  

DaVita, Inc.(1)(2)

      11,550        1,342,803  

McKesson Corp.(2)

      7,813        1,557,756  

UnitedHealth Group, Inc.(2)

      42,638        16,660,372  
     

 

 

  
   $ 30,267,188  
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Hotels, Restaurants & Leisure — 2.1%

 

Caesars Entertainment, Inc.(1)

      6,957      $ 781,132  

Carnival Corp.(1)

      31,864        796,919  

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

      3,300        5,997,816  

Darden Restaurants, Inc.(2)

      21,181        3,208,286  

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

      75,775        11,221,520  

McDonald’s Corp.(2)

      35,561        8,574,113  

Yum! Brands, Inc.(2)

      14,466        1,769,336  
     

 

 

  
   $ 32,349,122  
     

 

 

  

Household Durables — 0.2%

 

PulteGroup, Inc.(2)

      26,224      $ 1,204,206  

Whirlpool Corp.(2)

      8,566        1,746,265  
     

 

 

  
   $ 2,950,471  
     

 

 

  

Household Products — 0.6%

 

Clorox Co. (The)(2)

      27,426      $ 4,542,020  

Procter & Gamble Co. (The)(2)

      36,664        5,125,627  
     

 

 

  
   $ 9,667,647  
     

 

 

  

Industrial Conglomerates — 0.5%

 

3M Co.(2)

      11,474      $ 2,012,769  

Honeywell International, Inc.(2)

      26,647        5,656,625  
     

 

 

  
   $ 7,669,394  
     

 

 

  

Insurance — 1.1%

 

American International Group, Inc.(2)

      70,241      $ 3,855,528  

Chubb, Ltd.(2)

      35,393        6,139,978  

Marsh & McLennan Cos., Inc.(2)

      15,767        2,387,597  

Travelers Cos., Inc. (The)(2)

      35,246        5,357,744  
     

 

 

  
   $ 17,740,847  
     

 

 

  

Interactive Media & Services — 10.4%

 

Alphabet, Inc., Class A(1)(2)

      20,589      $ 55,045,103  

Alphabet, Inc., Class C(1)(2)

      19,192        51,152,630  

Facebook, Inc., Class A(1)(2)

      165,005        56,001,047  

Twitter, Inc.(1)

      16,742        1,011,049  
     

 

 

  
   $ 163,209,829  
     

 

 

  

Internet & Direct Marketing Retail — 6.2%

 

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

      29,709      $ 97,595,253  
     

 

 

  
   $ 97,595,253  
     

 

 

  

IT Services — 3.5%

 

Cognizant Technology Solutions Corp., Class A(2)

      61,346      $ 4,552,487  

Fidelity National Information Services, Inc.(2)

      62,742        7,634,446  

Mastercard, Inc., Class A(2)

      27,000        9,387,360  

PayPal Holdings, Inc.(1)(2)

      70,600        18,370,826  

Visa, Inc., Class A(2)

      63,696        14,188,284  
     

 

 

  
   $ 54,133,403  
     

 

 

  

Life Sciences Tools & Services — 1.3%

 

Agilent Technologies, Inc.(2)

      65,000      $ 10,239,450  

IQVIA Holdings, Inc.(1)

      5,328        1,276,269  

PerkinElmer, Inc.(2)

      23,065        3,996,934  

Thermo Fisher Scientific, Inc.(2)

      7,871        4,496,938  
     

 

 

  
   $ 20,009,591  
     

 

 

  

 

4

 

 

                                                 
Security    Shares      Value  

Machinery — 1.2%

 

Caterpillar, Inc.

      7,735      $ 1,484,888  

Dover Corp.(2)

      27,606        4,292,733  

Ingersoll Rand, Inc.(1)(2)

      20,758        1,046,411  

Parker-Hannifin Corp.(2)

      14,287        3,994,931  

Stanley Black & Decker, Inc.(2)

      46,905        8,222,915  
     

 

 

  
   $ 19,041,878  
     

 

 

  

Media — 1.9%

 

Comcast Corp., Class A(2)

      447,547      $ 25,031,304  

DISH Network Corp., Class A(1)(2)

      30,564        1,328,311  

ViacomCBS, Inc., Class B(2)

      88,076        3,479,883  
     

 

 

  
   $ 29,839,498  
     

 

 

  

Metals & Mining — 0.3%

 

Freeport-McMoRan, Inc.(2)

      94,914      $ 3,087,552  

Newmont Corp.(2)

      25,563        1,388,071  
     

 

 

  
   $ 4,475,623  
     

 

 

  

Multi-Utilities — 0.8%

 

CMS Energy Corp.(2)

      177,055      $ 10,575,495  

Dominion Energy, Inc.(2)

      36,763        2,684,434  
     

 

 

  
   $ 13,259,929  
     

 

 

  

Multiline Retail — 0.1%

 

Target Corp.(2)

      8,193      $ 1,874,313  
     

 

 

  
   $ 1,874,313  
     

 

 

  

Oil, Gas & Consumable Fuels — 1.8%

 

Chevron Corp.(2)

      52,902      $ 5,366,908  

Diamondback Energy, Inc.(2)

      150,036        14,203,908  

Exxon Mobil Corp.

      30,000        1,764,600  

ONEOK, Inc.

      26,014        1,508,552  

Phillips 66(2)

      57,101        3,998,783  

Williams Cos., Inc. (The)

      37,548        973,995  
     

 

 

  
   $ 27,816,746  
     

 

 

  

Personal Products — 0.6%

 

Estee Lauder Cos., Inc. (The), Class A(2)

      32,008      $ 9,600,159  
     

 

 

  
   $ 9,600,159  
     

 

 

  

Pharmaceuticals — 2.3%

 

Bristol-Myers Squibb Co.(2)

      122,017      $ 7,219,746  

Eli Lilly & Co.(2)

      12,046        2,783,228  

Johnson & Johnson(2)

      43,189        6,975,024  

Merck & Co., Inc.(2)

      111,665        8,387,158  

Organon & Co.(2)

      11,166        366,133  

Pfizer, Inc.(2)

      220,239        9,472,479  

Viatris, Inc.(2)

      30,036        406,988  
     

 

 

  
   $ 35,610,756  
     

 

 

  

Professional Services — 0.3%

 

Equifax, Inc.(2)

      14,785      $ 3,746,814  

Robert Half International, Inc.(2)

      12,784        1,282,619  
     

 

 

  
   $ 5,029,433  
     

 

 

  

 

5

 

 

                                                 
Security    Shares      Value  

Real Estate Management & Development — 0.1%

 

CBRE Group, Inc., Class A(1)

      14,698      $ 1,430,997  
     

 

 

  
   $ 1,430,997  
     

 

 

  

Road & Rail — 0.7%

 

Kansas City Southern(2)

      5,885      $ 1,592,716  

Norfolk Southern Corp.(2)

      9,503        2,273,593  

Union Pacific Corp.(2)

      37,756        7,400,554  
     

 

 

  
   $ 11,266,863  
     

 

 

  

Semiconductors & Semiconductor Equipment — 8.5%

 

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

      136,255      $ 14,020,640  

Analog Devices, Inc.(2)

      56,522        9,466,305  

ASML Holding NV — NY Shares(2)

      17,623        13,131,074  

Enphase Energy, Inc.(1)(2)

      49,540        7,429,514  

Intel Corp.(2)

      319,158        17,004,738  

Microchip Technology, Inc.(2)

      53,000        8,134,970  

NXP Semiconductors NV(2)

      47,520        9,307,742  

ON Semiconductor Corp.(1)(2)

      99,333        4,546,471  

Qorvo, Inc.(1)(2)

      15,654        2,617,192  

QUALCOMM, Inc.(2)

      140,545        18,127,494  

Teradyne, Inc.(2)

      27,000        2,947,590  

Texas Instruments, Inc.(2)

      140,016        26,912,475  
     

 

 

  
   $ 133,646,205  
     

 

 

  

Software — 13.1%

 

Adobe, Inc.(1)(2)

      42,521      $ 24,480,190  

Fortinet, Inc.(1)(2)

      29,859        8,720,022  

Microsoft Corp.(2)

      463,980        130,805,242  

Oracle Corp.(2)

      187,080        16,300,280  

Paycom Software, Inc.(1)

      4,241        2,102,476  

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

      62,922        17,065,705  

ServiceNow, Inc.(1)

      3,002        1,868,055  

Zoom Video Communications, Inc., Class A(1)

      14,405        3,766,907  
     

 

 

  
   $ 205,108,877  
     

 

 

  

Specialty Retail — 1.7%

 

Advance Auto Parts, Inc.(2)

      26,636      $ 5,563,994  

Best Buy Co., Inc.(2)

      28,506        3,013,369  

Home Depot, Inc. (The)(2)

      53,182        17,457,524  
     

 

 

  
   $ 26,034,887  
     

 

 

  

Technology Hardware, Storage & Peripherals — 8.9%

 

Apple, Inc.(2)

      988,519      $ 139,875,439  
     

 

 

  
   $ 139,875,439  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.9%

 

NIKE, Inc., Class B(2)

      96,062      $ 13,951,084  
     

 

 

  
   $ 13,951,084  
     

 

 

  

Tobacco — 0.2%

 

Altria Group, Inc.(2)

      25,875      $ 1,177,830  

Philip Morris International, Inc.(2)

      24,163        2,290,411  
     

 

 

  
   $ 3,468,241  
     

 

 

  

 

6

 

 

                                                 
Security    Shares      Value  

Trading Companies & Distributors — 0.5%

 

Fastenal Co.(2)

      158,488      $ 8,179,566  
     

 

 

  
   $ 8,179,566  
     

 

 

  

Total Common Stocks — 100.0%
(identified cost $362,258,702)

 

    $ 1,564,834,217  
     

 

 

  

Total Written Call Options — (0.2)%
(premiums received $17,930,557)

 

    $ (3,262,508 ) 
     

 

 

  

Other Assets, Less Liabilities — 0.2%

 

    $ 3,137,558  
     

 

 

  

Net Assets — 100.0%

 

    $ 1,564,709,267  
     

 

 

  

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.

Written Call Options — (0.2)%

Exchange-Traded Options — (0.2)%

 

                                                                                                                            
Description   

Number of

Contracts

     

Notional

Amount

     

Exercise

Price

     

Expiration

Date

      Value  

NASDAQ 100 Index

      33      $ 48,475,746      $ 15,750        10/1/21      $ (5,115 ) 

NASDAQ 100 Index

      33        48,475,746        15,800        10/4/21        (2,062 ) 

NASDAQ 100 Index

      33        48,475,746        15,800        10/6/21        (4,785 ) 

NASDAQ 100 Index

      33        48,475,746        15,825        10/8/21        (8,333 ) 

NASDAQ 100 Index

      33        48,475,746        15,600        10/11/21        (18,480 ) 

NASDAQ 100 Index

      34        49,944,708        15,500        10/13/21        (40,120 ) 

NASDAQ 100 Index

      34        49,944,708        15,525        10/15/21        (43,860 ) 

NASDAQ 100 Index

      34        49,944,708        15,300        10/18/21        (154,530 ) 

NASDAQ 100 Index

      33        48,475,746        15,300        10/20/21        (191,565 ) 

NASDAQ 100 Index

      34        49,944,708        15,400        10/22/21        (164,900 ) 

NASDAQ 100 Index

      34        49,944,708        15,300        10/25/21        (268,430 ) 

NASDAQ 100 Index

      34        49,944,708        15,100        10/27/21        (568,310 ) 

S&P 500 Index

      170        73,228,180        4,560        10/1/21        (850 ) 

S&P 500 Index

      170        73,228,180        4,550        10/4/21        (2,550 ) 

S&P 500 Index

      171        73,658,934        4,550        10/6/21        (4,703 ) 

S&P 500 Index

      170        73,228,180        4,535        10/8/21        (11,475 ) 

S&P 500 Index

      170        73,228,180        4,510        10/11/21        (21,250 ) 

S&P 500 Index

      172        74,089,688        4,480        10/13/21        (61,920 ) 

S&P 500 Index

      173        74,520,442        4,490        10/15/21        (67,470 ) 

S&P 500 Index

      175        75,381,950        4,410        10/18/21        (402,500 ) 

S&P 500 Index

      172        74,089,688        4,425        10/20/21        (357,760 ) 

S&P 500 Index

      173        74,520,442        4,480        10/22/21        (153,970 ) 

S&P 500 Index

      173        74,520,442        4,475        10/25/21        (193,760 ) 

S&P 500 Index

      173        74,520,442        4,425        10/27/21        (513,810 ) 
              

 

 

  

Total

 

    $ (3,262,508 ) 
              

 

 

  

 

7

 

 

At September 30, 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.

At September 30, 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

    $ 1,564,834,217 *     $ —      $ —      $ 1,564,834,217  

Total Investments

    $     1,564,834,217      $ —      $ —      $     1,564,834,217  
Liability Description                          

Written Call Options

    $ (3,262,508 )     $ —      $ —      $ (3,262,508 ) 

Total

    $ (3,262,508 )     $ —      $ —      $ (3,262,508 ) 

 

*

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.

 

8