NPORT-EX 2 NPORT_FH2K_18431647_0323.htm
Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited)

Common Stocks — 103.0%
Security Shares Value
Aerospace & Defense — 1.0%
Boeing Co. (The)(1)(2)      13,686 $    2,907,317
L3Harris Technologies, Inc.(2)       6,224     1,221,398
Northrop Grumman Corp.(2)      17,902     8,265,711
Textron, Inc.(2)      25,000     1,765,750
      $   14,160,176
Air Freight & Logistics — 0.4%
FedEx Corp.(2)      25,598 $    5,848,887
      $    5,848,887
Automobile Components — 0.3%
Aptiv PLC(1)(2)      35,597 $    3,993,627
      $    3,993,627
Automobiles — 2.1%
Ford Motor Co.(2)      80,000 $    1,008,000
Tesla, Inc.(1)(2)     134,807    27,967,060
      $   28,975,060
Banks — 1.9%
Bank of America Corp.(2)     130,000 $    3,718,000
Fifth Third Bancorp(2)      88,466     2,356,734
Huntington Bancshares, Inc.(2)     179,679     2,012,405
JPMorgan Chase & Co.(2)      78,928    10,285,108
KeyCorp(2)     112,564     1,409,301
Regions Financial Corp.(2)     254,924     4,731,389
Truist Financial Corp.(2)      41,626     1,419,447
      $   25,932,384
Beverages — 1.9%
Coca-Cola Co. (The)(2)     153,082 $    9,495,676
Constellation Brands, Inc., Class A(2)       3,691       833,760
PepsiCo, Inc.(2)      89,296    16,278,661
      $   26,608,097
Biotechnology — 2.9%
AbbVie, Inc.(2)      26,764 $    4,265,379
Amgen, Inc.(2)      59,770    14,449,397
Biogen, Inc.(1)(2)      15,031     4,179,069
Gilead Sciences, Inc.(2)     202,361    16,789,892
      $   39,683,737
Security Shares Value
Broadline Retail — 5.3%
Amazon.com, Inc.(1)(2)     594,180 $   61,372,852
Etsy, Inc.(1)(2)      11,727     1,305,567
MercadoLibre, Inc.(1)(2)       5,488     7,233,513
PDD Holdings, Inc. ADR(1)(2)      42,023     3,189,546
      $   73,101,478
Building Products — 0.7%
Allegion PLC(2)      10,516 $    1,122,373
Johnson Controls International PLC(2)      69,166     4,165,177
Trane Technologies PLC(2)      23,525     4,328,129
      $    9,615,679
Capital Markets — 2.0%
Charles Schwab Corp. (The)(2)      20,445 $    1,070,909
CME Group, Inc.(2)      12,294     2,354,547
Goldman Sachs Group, Inc. (The)(2)      17,502     5,725,079
Moody's Corp.(2)      24,502     7,498,102
S&P Global, Inc.(2)      25,175     8,679,585
State Street Corp.(2)      18,513     1,401,249
T. Rowe Price Group, Inc.(2)       8,379       945,989
      $   27,675,460
Chemicals — 1.6%
Air Products and Chemicals, Inc.(2)      13,083 $    3,757,568
Corteva, Inc.(2)      20,341     1,226,766
Dow, Inc.(2)      20,341     1,115,094
DuPont de Nemours, Inc.(2)      20,341     1,459,874
Linde PLC(2)      18,902     6,718,527
PPG Industries, Inc.(2)      59,416     7,936,789
      $   22,214,618
Commercial Services & Supplies — 0.5%
Copart, Inc.(1)(2)      81,972 $    6,165,114
Waste Management, Inc.(2)       6,187     1,009,533
      $    7,174,647
Communications Equipment — 1.8%
Cisco Systems, Inc.(2)     462,325 $   24,168,039
      $   24,168,039
Consumer Finance — 0.9%
American Express Co.(2)      26,474 $    4,366,886
Capital One Financial Corp.(2)      10,757     1,034,393
Discover Financial Services(2)      68,245     6,745,336
      $   12,146,615
 
1

Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued

Security Shares Value
Consumer Staples Distribution & Retail — 1.5%
Dollar General Corp.(2)      12,767 $    2,686,943
Dollar Tree, Inc.(1)(2)      22,132     3,177,049
Kroger Co. (The)(2)      75,174     3,711,340
Target Corp.(2)      13,193     2,185,156
Walmart, Inc.(2)      57,413     8,465,547
      $   20,226,035
Containers & Packaging — 0.2%
Packaging Corp. of America(2)      11,617 $    1,612,788
WestRock Co.(2)      21,317       649,529
      $    2,262,317
Distributors — 0.3%
Genuine Parts Co.(2)      13,533 $    2,264,206
LKQ Corp.(2)      28,101     1,595,013
      $    3,859,219
Diversified Telecommunication Services — 0.4%
AT&T, Inc.      40,000 $      770,000
Verizon Communications, Inc.(2)     104,831     4,076,878
      $    4,846,878
Electric Utilities — 1.2%
Edison International(2)      95,280 $    6,725,815
NextEra Energy, Inc.(2)     117,937     9,090,584
NRG Energy, Inc.(2)      23,696       812,536
      $   16,628,935
Electrical Equipment — 0.2%
Rockwell Automation, Inc.(2)       8,828 $    2,590,577
      $    2,590,577
Electronic Equipment, Instruments & Components — 0.1%
Keysight Technologies, Inc.(1)(2)       7,273 $    1,174,444
      $    1,174,444
Entertainment — 2.1%
Netflix, Inc.(1)(2)      55,980 $   19,339,971
Walt Disney Co. (The)(1)(2)     100,149    10,027,919
      $   29,367,890
Financial Services — 3.3%
Berkshire Hathaway, Inc., Class B(1)(2)      21,604 $    6,670,667
Fidelity National Information Services, Inc.(2)      62,742     3,408,773
FleetCor Technologies, Inc.(1)(2)       5,032      1,060,997
Security Shares Value
Financial Services (continued)
Mastercard, Inc., Class A(2)      29,276 $   10,639,191
PayPal Holdings, Inc.(1)(2)      95,962     7,287,354
Visa, Inc., Class A(2)      74,593    16,817,738
      $   45,884,720
Food Products — 1.4%
Hershey Co. (The)(2)       5,163 $    1,313,519
Hormel Foods Corp.(2)      21,160       843,861
Lamb Weston Holdings, Inc.(2)      16,086     1,681,308
Mondelez International, Inc., Class A(2)     212,633    14,824,773
      $   18,663,461
Ground Transportation — 0.8%
Canadian Pacific Railway, Ltd.(2)      13,396 $    1,030,688
Norfolk Southern Corp.(2)       9,503     2,014,636
Union Pacific Corp.(2)      37,756     7,598,773
      $   10,644,097
Health Care Equipment & Supplies — 2.6%
Abbott Laboratories(2)      13,617 $    1,378,858
Baxter International, Inc.(2)      36,672     1,487,416
Edwards Lifesciences Corp.(1)(2)      66,378     5,491,452
Intuitive Surgical, Inc.(1)(2)      69,017    17,631,773
Stryker Corp.(2)      33,820     9,654,595
      $   35,644,094
Health Care Providers & Services — 2.4%
Cigna Group (The)(2)      27,981 $    7,149,985
CVS Health Corp.(2)      52,381     3,892,432
DaVita, Inc.(1)(2)      11,550       936,820
McKesson Corp.(2)       7,813     2,781,819
UnitedHealth Group, Inc.(2)      39,546    18,689,044
      $   33,450,100
Hotels, Restaurants & Leisure — 2.4%
Caesars Entertainment, Inc.(1)(2)      25,480 $    1,243,679
Chipotle Mexican Grill, Inc.(1)(2)       3,188     5,446,029
Darden Restaurants, Inc.(2)      21,181     3,286,444
Marriott International, Inc., Class A(2)      67,519    11,210,855
McDonald's Corp.(2)      35,561     9,943,211
Yum! Brands, Inc.(2)      14,466     1,910,669
      $   33,040,887
Household Durables — 0.2%
PulteGroup, Inc.      21,021 $    1,225,104
 
2

Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued

Security Shares Value
Household Durables (continued)
Whirlpool Corp.(2)       8,566 $    1,130,883
      $    2,355,987
Household Products — 0.5%
Clorox Co. (The)(2)      27,426 $    4,339,890
Procter & Gamble Co. (The)(2)      18,414     2,737,978
      $    7,077,868
Industrial REITs — 0.2%
ProLogis, Inc.(2)      21,785 $    2,718,115
      $    2,718,115
Insurance — 1.2%
American International Group, Inc.(2)      25,734 $    1,295,964
Chubb, Ltd.(2)      35,393     6,872,613
Marsh & McLennan Cos., Inc.(2)      15,767     2,625,994
Travelers Cos., Inc. (The)(2)      35,246     6,041,517
      $   16,836,088
Interactive Media & Services — 8.6%
Alphabet, Inc., Class A(1)(2)     390,780 $   40,535,609
Alphabet, Inc., Class C(1)(2)     380,840    39,607,360
Match Group, Inc.(1)      26,569     1,019,984
Meta Platforms, Inc., Class A(1)(2)     173,450    36,760,993
      $  117,923,946
IT Services — 0.3%
EPAM Systems, Inc.(1)(2)       7,329 $    2,191,371
International Business Machines Corp.(2)      12,000     1,573,080
      $    3,764,451
Life Sciences Tools & Services — 1.0%
Agilent Technologies, Inc.(2)      31,117 $    4,304,726
Danaher Corp.(2)       4,728     1,191,645
Illumina, Inc.(1)(2)      12,000     2,790,600
PerkinElmer, Inc.(2)      23,065     3,073,642
Thermo Fisher Scientific, Inc.(2)       5,235     3,017,297
      $   14,377,910
Machinery — 1.0%
Caterpillar, Inc.(2)       7,735 $    1,770,077
Dover Corp.(2)      25,606     3,890,576
Ingersoll Rand, Inc.(2)      20,758      1,207,700
Security Shares Value
Machinery (continued)
Parker-Hannifin Corp.(2)      12,287 $    4,129,784
Stanley Black & Decker, Inc.(2)      43,010     3,465,746
      $   14,463,883
Media — 1.2%
Comcast Corp., Class A(2)     424,547 $   16,094,577
Paramount Global, Class B(2)      48,076     1,072,575
      $   17,167,152
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.(2)      94,914 $    3,882,932
Newmont Corp.(2)      25,563     1,253,098
      $    5,136,030
Multi-Utilities — 0.8%
CMS Energy Corp.(2)     177,055 $   10,867,636
Dominion Energy, Inc.(2)      13,703       766,135
      $   11,633,771
Oil, Gas & Consumable Fuels — 2.7%
Chevron Corp.(2)      69,284 $   11,304,377
Devon Energy Corp.(2)      56,024     2,835,375
Diamondback Energy, Inc.(2)      88,555    11,969,979
Exxon Mobil Corp.(2)      34,694     3,804,544
ONEOK, Inc.(2)      26,014     1,652,930
Phillips 66(2)      42,445     4,303,074
Williams Cos., Inc. (The)(2)      37,548     1,121,183
      $   36,991,462
Passenger Airlines — 0.1%
Southwest Airlines Co.(2)      50,084 $    1,629,733
      $    1,629,733
Personal Care Products — 0.5%
Estee Lauder Cos., Inc. (The), Class A(2)      29,712 $    7,322,820
      $    7,322,820
Pharmaceuticals — 2.7%
Bristol-Myers Squibb Co.(2)     106,404 $    7,374,861
Eli Lilly & Co.(2)      12,396     4,257,034
Johnson & Johnson(2)      33,920     5,257,600
Merck & Co., Inc.(2)     111,665    11,880,040
Pfizer, Inc.(2)     220,239     8,985,751
      $   37,755,286
 
3

Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued

Security Shares Value
Professional Services — 0.4%
CoStar Group, Inc.(1)(2)      12,783 $      880,110
Equifax, Inc.(2)      14,785     2,998,989
Robert Half International, Inc.(2)      12,784     1,030,007
      $    4,909,106
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(1)(2)      14,698 $    1,070,161
      $    1,070,161
Residential REITs — 0.4%
Apartment Income REIT Corp.(2)      34,427 $    1,232,831
Apartment Investment and Management Co., Class A(2)      27,957       214,990
Mid-America Apartment Communities, Inc.(2)      31,281     4,724,682
      $    6,172,503
Semiconductors & Semiconductor Equipment — 10.0%
Advanced Micro Devices, Inc.(1)(2)     132,313 $   12,967,997
Analog Devices, Inc.(2)      88,911    17,535,028
ASML Holding NV - NY Shares(2)      12,644     8,606,897
Enphase Energy, Inc.(1)(2)      25,698     5,403,776
First Solar, Inc.(1)       5,700     1,239,750
Intel Corp.(2)     308,631    10,082,975
Lam Research Corp.(2)      21,444    11,367,893
Microchip Technology, Inc.(2)     127,489    10,681,029
NXP Semiconductors NV(2)      47,520     8,861,292
ON Semiconductor Corp.(1)(2)     110,775     9,118,998
QUALCOMM, Inc.(2)     125,742    16,042,164
SolarEdge Technologies, Inc.(1)(2)       1,892       575,073
Texas Instruments, Inc.(2)     134,023    24,929,618
      $  137,412,490
Software — 14.3%
Adobe, Inc.(1)(2)      32,309 $   12,450,919
Ceridian HCM Holding, Inc.(1)(2)     113,119     8,282,573
Fortinet, Inc.(1)(2)     143,167     9,514,879
Microsoft Corp.(2)     447,480   129,008,484
Oracle Corp.(2)     111,415    10,352,682
Paycom Software, Inc.(1)(2)      23,397     7,112,922
Salesforce, Inc.(1)(2)      40,468     8,084,697
ServiceNow, Inc.(1)(2)      13,840     6,431,725
Splunk, Inc.(1)(2)      12,000     1,150,560
Synopsys, Inc.(1)(2)      12,576     4,857,480
      $  197,246,921
Specialized REITs — 0.4%
American Tower Corp.(2)      17,730 $    3,622,948
Security Shares Value
Specialized REITs (continued)
Digital Realty Trust, Inc.(2)       7,402 $      727,691
Iron Mountain, Inc.(2)      30,000     1,587,300
      $    5,937,939
Specialty Retail — 1.5%
Advance Auto Parts, Inc.(2)      23,636 $    2,874,374
Best Buy Co., Inc.(2)      28,506     2,231,164
Home Depot, Inc. (The)(2)      44,182    13,038,992
Ross Stores, Inc.(2)      26,000     2,759,380
      $   20,903,910
Technology Hardware, Storage & Peripherals — 10.7%
Apple, Inc.(2)     896,402 $  147,816,690
      $  147,816,690
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B(2)      87,185 $   10,692,368
      $   10,692,368
Tobacco — 0.2%
Altria Group, Inc.(2)      33,058 $    1,475,048
Philip Morris International, Inc.(2)      16,505     1,605,111
      $    3,080,159
Trading Companies & Distributors — 0.6%
Fastenal Co.(2)     158,488 $    8,548,843
      $    8,548,843
Total Common Stocks
(identified cost $383,460,915)
    $1,420,527,750
    
 
4

Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued

Short-Term Investments — 0.2%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.73%(3)   3,434,728 $    3,434,728
Total Short-Term Investments
(identified cost $3,434,728)
    $    3,434,728
Total Investments — 103.2%
(identified cost $386,895,643)
    $1,423,962,478
Total Written Call Options — (3.1)%
(premiums received $19,002,113)
    $  (43,227,825)
Other Assets, Less Liabilities — (0.1)%     $   (1,461,123)
Net Assets — 100.0%     $1,379,273,530
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.
(3) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2023.
Written Call Options (Exchange-Traded) — (3.1)%              
Description Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
NASDAQ 100 Index  34   $44,816,590   $12,600  4/3/23 $ (1,968,940)
NASDAQ 100 Index  34   44,816,590   12,500  4/5/23  (2,342,770)
NASDAQ 100 Index  34   44,816,590   12,200  4/6/23  (3,367,360)
NASDAQ 100 Index  35   46,134,725   12,200 4/10/23  (3,486,525)
NASDAQ 100 Index  34   44,816,590   12,400 4/12/23  (2,785,280)
NASDAQ 100 Index  34   44,816,590   12,900 4/14/23  (1,390,600)
NASDAQ 100 Index  34   44,816,590   12,800 4/17/23  (1,685,210)
NASDAQ 100 Index  34   44,816,590   13,100 4/19/23  (1,029,520)
NASDAQ 100 Index  34   44,816,590   13,000 4/21/23  (1,304,580)
NASDAQ 100 Index  34   44,816,590   13,100 4/24/23  (1,134,920)
NASDAQ 100 Index  34   44,816,590   13,100 4/26/23  (1,211,760)
NASDAQ 100 Index  34   44,816,590   13,300 4/28/23    (922,250)
S&P 500 Index 160   65,748,960    4,100  4/3/23    (324,800)
S&P 500 Index 160   65,748,960    4,060  4/5/23    (955,200)
S&P 500 Index 160   65,748,960    3,970  4/6/23  (2,276,000)
S&P 500 Index 162   66,570,822    3,950 4/10/23  (2,665,710)
S&P 500 Index 163   66,981,753    3,950 4/12/23  (2,777,520)
S&P 500 Index 163   66,981,753    4,025 4/14/23  (1,833,750)
S&P 500 Index 163   66,981,753     4,010 4/17/23  (2,068,470)
5

Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued

Written Call Options (Exchange-Traded)(continued)              
Description Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
S&P 500 Index 163   $66,981,753   $ 4,075 4/19/23 $ (1,357,790)
S&P 500 Index 164   67,392,684    4,010 4/21/23  (2,239,420)
S&P 500 Index 163   66,981,753    4,075 4/24/23  (1,487,375)
S&P 500 Index 163   66,981,753    4,075 4/26/23  (1,555,835)
S&P 500 Index 162   66,570,822    4,135 4/28/23  (1,056,240)
Total             $(43,227,825)
Abbreviations:
ADR – American Depositary Receipt
REITs – Real Estate Investment Trusts
At March 31, 2023, 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.
Affiliated Investments
At March 31, 2023, the value of the Fund's investment in funds that may be deemed to be affiliated was $3,434,728, which represents 0.2% of the Fund's net assets. Transactions in such funds by the Fund for the fiscal year to date ended March 31, 2023 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
Shares,
end of period
Short-Term Investments
Liquidity Fund, Institutional Class(1) $5,154,137 $59,930,845 $(61,650,254) $ — $ — $3,434,728 $88,513 3,434,728
(1) Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.
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.
6

Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
March 31, 2023
Portfolio of Investments (Unaudited) — continued

At March 31, 2023, 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 $1,420,527,750* $    — $    — $1,420,527,750
Short-Term Investments     3,434,728     —     —     3,434,728
Total Investments $1,423,962,478 $    — $    — $1,423,962,478
Liability Description         
Written Call Options $  (43,227,825) $    — $    — $  (43,227,825)
Total $  (43,227,825) $    — $    — $  (43,227,825)
* 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.
Subsequent Event
At the close of the New York Stock Exchange on April 14, 2023, the merger of the Eaton Vance Tax-Managed Buy-Write Strategy Fund (Buy-Write Strategy Fund) into the Fund was completed. The merger was affected pursuant to an Agreement and Plan of Reorganization that was approved by the shareholders of Buy-Write Strategy Fund on March 16, 2023.
7