Eaton Vance Tax-Managed Buy-Write Strategy Fund (EXD) NPORT-P Eaton Vance Tax-Managed Buy-Write Strategy Fund (Mar 2020 report)

Eaton Vance

Tax-ManagedBuy-Write Strategy Fund

March 31, 2020

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 101.9%

Security	Shares		Value
Aerospace & Defense — 1.4%
Boeing Co. (The)(1)		4,934	$	735,857
Huntington Ingalls Industries, Inc.(1)		2,517		458,622
			$	1,194,479
Air Freight & Logistics — 0.2%
C.H. Robinson Worldwide, Inc.		711	$	47,068
United Parcel Service, Inc., Class B		1,266		118,270
			$	165,338
Airlines — 0.3%
Alaska Air Group, Inc.		3,244	$	92,357
United Airlines Holdings, Inc.(2)		6,073		191,603
			$	283,960
Automobiles — 0.3%
General Motors Co.(1)		10,950	$	227,541
			$	227,541
Banks — 1.8%
JPMorgan Chase & Co.(1)		4,790	$	431,243
People’s United Financial, Inc.		3,416		37,747
PNC Financial Services Group, Inc. (The)(1)		5,422		518,994
SVB Financial Group(1)(2)		2,438		368,333
Zions Bancorp NA(1)		5,651		151,221
			$	1,507,538
Beverages — 3.0%
Coca-Cola Co. (The)(1)		15,985	$	707,336
PepsiCo, Inc.(1)		14,711		1,766,791
			$	2,474,127
Biotechnology — 3.7%
Biogen, Inc.(2)		300	$	94,914
Gilead Sciences, Inc.(1)		16,878		1,261,799
Incyte Corp.(1)(2)		8,226		602,390
Vertex Pharmaceuticals, Inc.(1)(2)		4,567		1,086,718
			$	3,045,821
Building Products — 0.3%
Fortune Brands Home & Security, Inc.(1)		6,049	$	261,619
			$	261,619

1

Security	Shares		Value
Capital Markets — 2.1%
Goldman Sachs Group, Inc. (The)(1)		3,956	$	611,558
Invesco Ltd.		18,416		167,217
Moody’s Corp.(1)		745		157,567
Raymond James Financial, Inc.(1)		6,980		441,136
S&P Global, Inc.(1)		1,352		331,308
			$	1,708,786
Chemicals — 1.1%
CF Industries Holdings, Inc.		6,435	$	175,032
Ecolab, Inc.(1)		2,004		312,283
Linde PLC		717		124,041
Sherwin-Williams Co. (The)(1)		741		340,505
			$	951,861
Commercial Services & Supplies — 0.7%
Copart, Inc.(2)		1,078	$	73,864
Waste Management, Inc.(1)		5,846		541,106
			$	614,970
Communications Equipment — 1.9%
Cisco Systems, Inc.(1)		36,959	$	1,452,858
Motorola Solutions, Inc.		706		93,842
			$	1,546,700
Construction Materials — 0.2%
Martin Marietta Materials, Inc.		824	$	155,926
			$	155,926
Containers & Packaging — 0.8%
Avery Dennison Corp.		902	$	91,887
Ball Corp.		2,698		174,453
Packaging Corp. of America(1)		4,923		427,464
			$	693,804
Diversified Financial Services — 0.5%
Berkshire Hathaway, Inc., Class B(1)(2)		2,329	$	425,811
			$	425,811
Diversified Telecommunication Services — 1.9%
AT&T, Inc.(1)		19,000	$	553,850
CenturyLink, Inc.		4,578		43,308
Verizon Communications, Inc.(1)		17,834		958,221
			$	1,555,379
Electric Utilities — 1.6%
Edison International(1)		7,614	$	417,171
NextEra Energy, Inc.(1)		3,794		912,912
			$	1,330,083
Electrical Equipment — 0.6%
Eaton Corp. PLC(1)		6,734	$	523,164
			$	523,164

2

Security	Shares		Value
Energy Equipment & Services — 0.5%
Halliburton Co.		27,748	$	190,074
Helmerich & Payne, Inc.		4,130		64,634
National Oilwell Varco, Inc.		3,802		37,374
TechnipFMC PLC		15,298		103,109
			$	395,191
Entertainment — 1.5%
Netflix, Inc.(1)(2)		3,200	$	1,201,600
Walt Disney Co. (The)(1)		419		40,475
			$	1,242,075
Equity Real Estate Investment Trusts (REITs) — 1.3%
Crown Castle International Corp.		1,116	$	161,150
Iron Mountain, Inc.(1)		12,580		299,404
Mid-America Apartment Communities, Inc.(1)		4,492		462,811
Public Storage		700		139,027
			$	1,062,392
Food & Staples Retailing — 1.4%
Kroger Co. (The)		8,645	$	260,387
Walgreens Boots Alliance, Inc.		4,000		183,000
Walmart, Inc.(1)		6,370		723,760
			$	1,167,147
Food Products — 1.5%
Campbell Soup Co.		1,585	$	73,164
Conagra Brands, Inc.		2,493		73,145
General Mills, Inc.(1)		9,734		513,663
Hershey Co. (The)		1,057		140,052
JM Smucker Co. (The)		1,072		118,992
Kellogg Co.		2,017		121,000
McCormick & Co., Inc.		907		128,077
Tyson Foods, Inc., Class A		953		55,150
			$	1,223,243
Health Care Equipment & Supplies — 3.6%
Abbott Laboratories(1)		9,384	$	740,492
Baxter International, Inc.(1)		6,628		538,127
Danaher Corp.(1)		5,883		814,266
Medtronic PLC(1)		8,169		736,680
ResMed, Inc.		1,173		172,771
			$	3,002,336
Health Care Providers & Services — 1.4%
Centene Corp.(1)(2)		8,642	$	513,421
CVS Health Corp.		906		53,753
Quest Diagnostics, Inc.		1,243		99,813
UnitedHealth Group, Inc.(1)		1,922		479,308
			$	1,146,295

3

Security	Shares		Value
Hotels, Restaurants & Leisure — 0.6%
McDonald’s Corp.(1)		2,783	$	460,169
			$	460,169
Household Durables — 1.0%
D.R. Horton, Inc.(1)		13,772	$	468,248
Garmin, Ltd.		1,245		93,325
Newell Brands, Inc.(1)		19,813		263,117
			$	824,690
Household Products — 1.4%
Procter & Gamble Co. (The)(1)		10,532	$	1,158,520
			$	1,158,520
Insurance — 2.0%
Everest Re Group, Ltd.		246	$	47,335
Lincoln National Corp.(1)		15,104		397,537
Marsh & McLennan Cos., Inc.(1)		2,901		250,821
Progressive Corp. (The)(1)		6,124		452,196
Travelers Cos., Inc. (The)(1)		5,133		509,964
			$	1,657,853
Interactive Media & Services — 8.9%
Alphabet, Inc., Class A(1)(2)		1,686	$	1,959,048
Alphabet, Inc., Class C(1)(2)		2,359		2,743,069
Facebook, Inc., Class A(1)(2)		16,324		2,722,843
			$	7,424,960
Internet & Direct Marketing Retail — 7.5%
Amazon.com, Inc.(1)(2)		3,195	$	6,229,355
			$	6,229,355
IT Services — 4.6%
Accenture PLC, Class A		1,265	$	206,524
Akamai Technologies, Inc.(2)		832		76,120
Broadridge Financial Solutions, Inc.		1,719		163,013
Cognizant Technology Solutions Corp., Class A(1)		8,969		416,789
Fidelity National Information Services, Inc.(1)		4,158		505,779
FleetCor Technologies, Inc.(2)		172		32,085
Global Payments, Inc.(1)		1,668		240,576
Jack Henry & Associates, Inc.		838		130,091
Mastercard, Inc., Class A(1)		2,579		622,983
Visa, Inc., Class A(1)		7,416		1,194,866
Western Union Co. (The)(1)		11,929		216,273
			$	3,805,099
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.(1)		6,652	$	476,416
Mettler-Toledo International, Inc.(2)		175		120,840
			$	597,256

4

Security	Shares		Value
Machinery — 0.2%
Caterpillar, Inc.		772	$	89,583
Flowserve Corp.		4,274		102,106
			$	191,689
Media — 2.0%
Comcast Corp., Class A(1)		34,097	$	1,172,255
Interpublic Group of Cos., Inc. (The)		4,476		72,466
Liberty Global PLC, Class A(2)		11,480		189,535
Liberty Global PLC, Class C(1)(2)		15,038		236,247
			$	1,670,503
Multi-Utilities — 1.3%
CMS Energy Corp.(1)		9,671	$	568,171
Sempra Energy(1)		4,658		526,308
			$	1,094,479
Multiline Retail — 0.2%
Target Corp.		1,444	$	134,249
			$	134,249
Oil, Gas & Consumable Fuels — 0.8%
Cabot Oil & Gas Corp.(1)		13,335	$	229,229
Marathon Oil Corp.(1)		64,323		211,623
Occidental Petroleum Corp.		8,462		97,990
Williams Cos., Inc. (The)		11,095		156,994
			$	695,836
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.(1)		12,551	$	699,593
Johnson & Johnson(1)		9,133		1,197,610
Merck & Co., Inc.(1)		9,153		704,232
Zoetis, Inc.(1)		2,324		273,511
			$	2,874,946
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(2)		2,381	$	89,788
			$	89,788
Road & Rail — 1.3%
CSX Corp.(1)		15,111	$	865,860
Norfolk Southern Corp.(1)		1,458		212,868
			$	1,078,728
Semiconductors & Semiconductor Equipment — 7.9%
Advanced Micro Devices, Inc.(1)(2)		7,748	$	352,379
Analog Devices, Inc.(1)		5,820		521,763
Intel Corp.(1)		21,570		1,167,369
Lam Research Corp.(1)		3,799		911,760
Micron Technology, Inc.(1)(2)		9,956		418,749
NVIDIA Corp.(1)		7,842		2,067,151
Qorvo, Inc.(2)		467		37,654
QUALCOMM, Inc.(1)		16,126		1,090,924
			$	6,567,749

5

Security	Shares		Value
Software — 12.8%
Adobe, Inc.(1)(2)		5,531	$	1,760,185
Microsoft Corp.(1)		49,851		7,862,001
Oracle Corp.(1)		7,003		338,455
salesforce.com, inc.(1)(2)		4,619		665,044
			$	10,625,685
Specialty Retail — 2.0%
Best Buy Co., Inc.		1,823	$	103,911
Gap, Inc. (The)		10,841		76,321
Home Depot, Inc. (The)(1)		5,518		1,030,266
Tiffany & Co.		851		110,204
TJX Cos., Inc. (The)(1)		5,693		272,182
Tractor Supply Co.		1,174		99,262
			$	1,692,146
Technology Hardware, Storage & Peripherals — 8.6%
Apple, Inc.(1)		28,036	$	7,129,274
			$	7,129,274
Textiles, Apparel & Luxury Goods — 0.6%
NIKE, Inc., Class B(1)		3,994	$	330,463
Ralph Lauren Corp.		2,508		167,610
			$	498,073
Tobacco — 0.3%
Altria Group, Inc.(1)		6,220	$	240,527
			$	240,527
Total Common Stocks — 101.9% (identified cost $74,524,857)			$	84,647,160
Short-Term Investments — 0.6%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.69%(3)		458,729	$	458,546
Total Short-Term Investments — 0.6% (identified cost $458,527)			$	458,546
Total Investments — 102.5% (identified cost $74,983,384)			$	85,105,706
Total Written Call Options — (2.1)% (premiums received $2,017,397)			$	(1,785,212	)
Other Assets, Less Liabilities — (0.4)%			$	(292,407	)
Net Assets — 100.0%			$	83,028,087

6

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.

(3) Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualizedseven-day yield as of March 31, 2020.

7

Written Call Options — (2.1)%
Exchange-Traded Options— (2.1)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
NASDAQ 100 Index		4	$	3,125,400	$	9,000		4/3/20	$	(380	)
NASDAQ 100 Index		4		3,125,400		8,800		4/6/20		(840	)
NASDAQ 100 Index		3		2,344,050		8,750		4/8/20		(1,522	)
NASDAQ 100 Index		3		2,344,050		8,100		4/9/20		(33,810	)
NASDAQ 100 Index		4		3,125,400		7,800		4/13/20		(111,900	)
NASDAQ 100 Index		4		3,125,400		7,900		4/15/20		(96,600	)
NASDAQ 100 Index		3		2,344,050		7,800		4/17/20		(94,485	)
NASDAQ 100 Index		3		2,344,050		7,600		4/20/20		(138,600	)
NASDAQ 100 Index		3		2,344,050		7,900		4/22/20		(88,785	)
NASDAQ 100 Index		3		2,344,050		8,000		4/24/20		(78,180	)
NASDAQ 100 Index		3		2,344,050		8,100		4/27/20		(64,995	)
NASDAQ 100 Index		3		2,344,050		8,300		4/29/20		(45,645	)
S&P 500 Index		16		4,135,344		3,025		4/6/20		(320	)
S&P 500 Index		16		4,135,344		3,000		4/8/20		(560	)
S&P 500 Index		15		3,876,885		2,850		4/9/20		(3,825	)
S&P 500 Index		17		4,393,803		2,700		4/13/20		(52,700	)
S&P 500 Index		16		4,135,344		2,600		4/15/20		(136,560	)
S&P 500 Index		15		3,876,885		2,600		4/17/20		(139,200	)
S&P 500 Index		15		3,876,885		2,525		4/20/20		(216,000	)
S&P 500 Index		16		4,135,344		2,525		4/22/20		(241,280	)
S&P 500 Index		15		3,876,885		2,700		4/24/20		(85,500	)
S&P 500 Index		15		3,876,885		2,700		4/27/20		(90,600	)
S&P 500 Index		15		3,876,885		2,750		4/29/20		(62,925	)
Total									$	(1,785,212	)

8

At March 31, 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 price of the underlying index decline.

At March 31, 2020, the value of the Fund’s investment in affiliated funds was $458,546, which represents 0.6% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended March 31, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	234,453	$	4,846,821	$	(4,622,463	)	$	(283	)	$	18	$	458,546	$	1,650		458,729

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 March 31, 2020, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	84,647,160	*	$	—	$	—	$	84,647,160
Short-Term Investments		—			458,546		—		458,546
Total Investments	$	84,647,160		$	458,546	$	—	$	85,105,706
Liability Description
Written Call Options	$	(1,785,212	)	$	—	$	—	$	(1,785,212	)
Total	$	(1,785,212	)	$	—	$	—	$	(1,785,212	)

* 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.

9