Eaton Vance Tax-Managed Buy-Write Strategy Fund NPORTP (Mar 2021 report)

Eaton Vance

Tax-Managed Buy-Write Strategy Fund

March 31, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks— 100.8%


Security	Shares		Value
Aerospace & Defense— 0.7%
Boeing Co. (The)⁽¹⁾⁽²⁾		1,784	$	454,420
Huntington Ingalls Industries, Inc.⁽¹⁾		862		177,443
Textron, Inc.⁽¹⁾		1,970		110,478

			$	742,341

Air Freight & Logistics— 0.3%
C.H. Robinson Worldwide, Inc.⁽¹⁾		711	$	67,851
United Parcel Service, Inc., Class B⁽¹⁾		1,266		215,207

			$	283,058

Airlines— 0.5%
Alaska Air Group, Inc.⁽¹⁾⁽²⁾		3,244	$	224,517
United Airlines Holdings, Inc.⁽¹⁾⁽²⁾		6,073		349,441

			$	573,958

Auto Components— 0.1%
Aptiv PLC⁽¹⁾⁽²⁾		900	$	124,110

			$	124,110

Automobiles— 1.9%
General Motors Co.⁽¹⁾⁽²⁾		10,950	$	629,187
Tesla, Inc.⁽¹⁾⁽²⁾		2,130		1,422,691

			$	2,051,878

Banks— 2.0%
Citizens Financial Group, Inc.⁽¹⁾		2,920	$	128,918
Comerica, Inc.⁽¹⁾		1,757		126,047
JPMorgan Chase & Co.⁽¹⁾		3,790		576,952
KeyCorp⁽¹⁾		5,500		109,890
SVB Financial Group⁽¹⁾⁽²⁾		2,036		1,005,092
Zions Bancorp NA⁽¹⁾		3,012		165,539

			$	2,112,438

Beverages— 1.9%
Coca-Cola Co. (The)⁽¹⁾		2,104	$	110,902
PepsiCo, Inc.⁽¹⁾		13,207		1,868,130

			$	1,979,032

Biotechnology— 2.1%
Gilead Sciences, Inc.⁽¹⁾		9,883	$	638,738
Incyte Corp.⁽¹⁾⁽²⁾		8,444		686,244
Vertex Pharmaceuticals, Inc.⁽¹⁾⁽²⁾		4,459		958,195

			$	2,283,177


Security	Shares		Value
Building Products— 0.5%
Fortune Brands Home & Security, Inc.⁽¹⁾		6,049	$	579,615

			$	579,615

Capital Markets— 1.7%
Goldman Sachs Group, Inc. (The)⁽¹⁾		3,537	$	1,156,599
Moody’s Corp.⁽¹⁾		745		222,465
S&P Global, Inc.⁽¹⁾		1,352		477,080

			$	1,856,144

Chemicals— 1.0%
Ecolab, Inc.⁽¹⁾		1,705	$	364,989
Linde PLC⁽¹⁾		717		200,860
Sherwin-Williams Co. (The)⁽¹⁾		741		546,866

			$	1,112,715

Commercial Services & Supplies— 0.6%
Copart, Inc.⁽¹⁾⁽²⁾		1,078	$	117,082
Waste Management, Inc.⁽¹⁾		3,962		511,177

			$	628,259

Communications Equipment— 0.8%
Cisco Systems, Inc.⁽¹⁾		13,779	$	712,512
Motorola Solutions, Inc.⁽¹⁾		706		132,763

			$	845,275

Construction Materials— 0.3%
Martin Marietta Materials, Inc.⁽¹⁾		824	$	276,716

			$	276,716

Consumer Finance— 0.5%
Synchrony Financial⁽¹⁾		13,342	$	542,486

			$	542,486

Containers & Packaging— 0.7%
Avery Dennison Corp.⁽¹⁾		902	$	165,652
Ball Corp.⁽¹⁾		2,698		228,629
Packaging Corp. of America⁽¹⁾		2,800		376,544

			$	770,825

Diversified Financial Services— 0.4%
Berkshire Hathaway, Inc., Class B⁽¹⁾⁽²⁾		1,685	$	430,467

			$	430,467

Diversified Telecommunication Services— 1.3%
AT&T, Inc.⁽¹⁾		3,752	$	113,573
Liberty Global PLC, Class C⁽¹⁾⁽²⁾		15,038		384,070
Verizon Communications, Inc.⁽¹⁾		16,153		939,297

			$	1,436,940


Security	Shares		Value
Electric Utilities— 1.5%
Edison International⁽¹⁾		8,227	$	482,102
NextEra Energy, Inc.⁽¹⁾		15,176		1,147,458

			$	1,629,560

Electrical Equipment— 0.9%
Eaton Corp. PLC⁽¹⁾		6,734	$	931,177

			$	931,177

Energy Equipment & Services— 0.7%
Halliburton Co.⁽¹⁾		27,748	$	595,472
Helmerich & Payne, Inc.⁽¹⁾		4,130		111,345

			$	706,817

Entertainment— 1.6%
Netflix, Inc.⁽¹⁾⁽²⁾		3,300	$	1,721,478

			$	1,721,478

Equity Real Estate Investment Trusts (REITs)— 1.3%
Crown Castle International Corp.⁽¹⁾		759	$	130,647
Iron Mountain, Inc.⁽¹⁾		11,956		442,491
Mid-America Apartment Communities, Inc.⁽¹⁾		4,492		648,465
Public Storage⁽¹⁾		700		172,732

			$	1,394,335

Food & Staples Retailing— 1.1%
Kroger Co. (The)⁽¹⁾		4,976	$	179,086
Walgreens Boots Alliance, Inc.⁽¹⁾		1,500		82,350
Walmart, Inc.⁽¹⁾		6,370		865,237

			$	1,126,673

Food Products— 1.3%
Campbell Soup Co.⁽¹⁾		1,585	$	79,678
Conagra Brands, Inc.⁽¹⁾		2,493		93,737
General Mills, Inc.⁽¹⁾		9,693		594,375
Hershey Co. (The)⁽¹⁾		863		136,492
JM Smucker Co. (The)⁽¹⁾		1,072		135,640
Kellogg Co.⁽¹⁾		2,017		127,676
McCormick & Co., Inc.⁽¹⁾		1,814		161,736
Tyson Foods, Inc., Class A⁽¹⁾		953		70,808

			$	1,400,142

Health Care Equipment & Supplies— 3.6%
Abbott Laboratories⁽¹⁾		9,384	$	1,124,579
Baxter International, Inc.⁽¹⁾		3,147		265,418
Danaher Corp.⁽¹⁾		5,579		1,255,721
Medtronic PLC⁽¹⁾		8,169		965,004
ResMed, Inc.⁽¹⁾		1,173		227,585

			$	3,838,307


Security	Shares		Value
Health Care Providers & Services— 1.4%
Centene Corp.⁽¹⁾⁽²⁾		8,642	$	552,310
CVS Health Corp.⁽¹⁾		906		68,158
Quest Diagnostics, Inc.⁽¹⁾		1,243		159,527
UnitedHealth Group, Inc.⁽¹⁾		1,922		715,119

			$	1,495,114

Hotels, Restaurants & Leisure— 0.6%
McDonald’s Corp.⁽¹⁾		2,925	$	655,609

			$	655,609

Household Durables— 1.7%
D.R. Horton, Inc.⁽¹⁾		12,122	$	1,080,313
Garmin, Ltd.⁽¹⁾		1,245		164,153
Newell Brands, Inc.⁽¹⁾		19,813		530,592

			$	1,775,058

Household Products— 1.3%
Procter & Gamble Co. (The)⁽¹⁾		10,532	$	1,426,349

			$	1,426,349

Insurance— 2.8%
American International Group, Inc.⁽¹⁾		4,746	$	219,313
Lincoln National Corp.⁽¹⁾		16,270		1,013,133
Marsh & McLennan Cos., Inc.⁽¹⁾		2,901		353,342
Progressive Corp. (The)⁽¹⁾		3,776		361,023
Travelers Cos., Inc. (The)⁽¹⁾		5,133		772,003
Unum Group⁽¹⁾		10,200		283,866

			$	3,002,680

Interactive Media & Services— 9.2%
Alphabet, Inc., Class A⁽¹⁾⁽²⁾		1,282	$	2,644,151
Alphabet, Inc., Class C⁽¹⁾⁽²⁾		1,773		3,667,681
Facebook, Inc., Class A⁽¹⁾⁽²⁾		11,989		3,531,120

			$	9,842,952

Internet & Direct Marketing Retail— 6.6%
Amazon.com, Inc.⁽¹⁾⁽²⁾		2,270	$	7,023,562

			$	7,023,562

IT Services— 5.0%
Accenture PLC, Class A⁽¹⁾		1,265	$	349,456
Akamai Technologies, Inc.⁽¹⁾⁽²⁾		501		51,052
Broadridge Financial Solutions, Inc.⁽¹⁾		1,241		189,997
Cognizant Technology Solutions Corp., Class A⁽¹⁾		5,632		439,972
Fidelity National Information Services, Inc.⁽¹⁾		3,931		552,738
Global Payments, Inc.⁽¹⁾		1,575		317,489
Mastercard, Inc., Class A⁽¹⁾		2,275		810,014
PayPal Holdings, Inc.⁽¹⁾⁽²⁾		5,350		1,299,194
Visa, Inc., Class A⁽¹⁾		6,021		1,274,826

			$	5,284,738


Security	Shares		Value
Life Sciences Tools & Services— 0.8%
Agilent Technologies, Inc.⁽¹⁾		6,652	$	845,735

			$	845,735

Machinery— 0.5%
Caterpillar, Inc.⁽¹⁾		772	$	179,004
Flowserve Corp.⁽¹⁾		4,274		165,874
Parker-Hannifin Corp.⁽¹⁾		680		214,492

			$	559,370

Media— 1.8%
Comcast Corp., Class A⁽¹⁾		34,097	$	1,844,989
Interpublic Group of Cos., Inc. (The)⁽¹⁾		4,476		130,699

			$	1,975,688

Multi-Utilities— 1.0%
CMS Energy Corp.⁽¹⁾		9,671	$	592,059
Sempra Energy⁽¹⁾		3,649		483,784

			$	1,075,843

Multiline Retail— 0.3%
Target Corp.⁽¹⁾		1,444	$	286,013

			$	286,013

Oil, Gas & Consumable Fuels— 1.8%
Cabot Oil & Gas Corp.⁽¹⁾		13,335	$	250,431
Chevron Corp.		3,700		387,723
Marathon Oil Corp.⁽¹⁾		64,323		686,970
Occidental Petroleum Corp.⁽¹⁾		8,462		225,258
ONEOK, Inc.⁽¹⁾		1,500		75,990
Williams Cos., Inc. (The)⁽¹⁾		11,095		262,841

			$	1,889,213

Pharmaceuticals— 2.7%
Bristol-Myers Squibb Co.⁽¹⁾		12,551	$	792,345
Johnson & Johnson⁽¹⁾		8,372		1,375,938
Merck & Co., Inc.⁽¹⁾		7,706		594,056
Zoetis, Inc.⁽¹⁾		626		98,582

			$	2,860,921

Real Estate Management & Development— 0.2%
CBRE Group, Inc., Class A⁽¹⁾⁽²⁾		2,381	$	188,361

			$	188,361

Road & Rail— 1.8%
CSX Corp.⁽¹⁾		15,384	$	1,483,325
Norfolk Southern Corp.⁽¹⁾		1,458		391,502

			$	1,874,827


Security	Shares		Value
Semiconductors & Semiconductor Equipment— 8.6%
Advanced Micro Devices, Inc.⁽¹⁾⁽²⁾		7,011	$	550,364
Analog Devices, Inc.⁽¹⁾		5,679		880,699
Intel Corp.⁽¹⁾		17,229		1,102,656
Lam Research Corp.⁽¹⁾		2,575		1,532,743
Micron Technology, Inc.⁽¹⁾⁽²⁾		9,956		878,219
NVIDIA Corp.⁽¹⁾		5,050		2,696,346
Qorvo, Inc.⁽¹⁾⁽²⁾		382		69,791
QUALCOMM, Inc.⁽¹⁾		10,708		1,419,774

			$	9,130,592

Software— 11.4%
Adobe, Inc.⁽¹⁾⁽²⁾		4,674	$	2,221,879
Microsoft Corp.⁽¹⁾		35,901		8,464,379
Oracle Corp.⁽¹⁾		7,003		491,400
salesforce.com, inc.⁽¹⁾⁽²⁾		4,619		978,628

			$	12,156,286

Specialty Retail— 2.5%
Best Buy Co., Inc.⁽¹⁾		1,823	$	209,298
Gap, Inc. (The)⁽¹⁾⁽²⁾		10,841		322,845
Home Depot, Inc. (The)⁽¹⁾		5,107		1,558,912
TJX Cos., Inc. (The)⁽¹⁾		5,474		362,105
Tractor Supply Co.⁽¹⁾		1,174		207,892

			$	2,661,052

Technology Hardware, Storage & Peripherals— 8.8%
Apple, Inc.⁽¹⁾		76,890	$	9,392,113

			$	9,392,113

Textiles, Apparel & Luxury Goods— 0.5%
NIKE, Inc., Class B⁽¹⁾		3,892	$	517,208

			$	517,208

Tobacco— 0.2%
Altria Group, Inc.⁽¹⁾		4,598	$	235,234

			$	235,234


Total Common Stocks — 100.8% (identified cost $60,893,520)			$	107,532,441


Short-Term Investments — 0.2%

Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽³⁾		204,879	$	204,879


Total Short-Term Investments — 0.2% (identified cost $204,879)			$	204,879


Description	Value

Total Investments — 101.0% (identified cost $61,098,399)	$	107,737,320


Total Written Call Options — (0.9)% (premiums received $1,092,784)	$	(977,665	)


Other Assets, Less Liabilities — (0.1)%	$	(115,083	)


Net Assets — 100.0%	$	106,644,572

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 annualized seven-day yield as of March 31, 2021.

Written Call Options — (0.9)%

Exchange-Traded Options— (0.9)%


Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
NASDAQ 100 Index		3	$	3,927,432	$	13,100		4/1/21	$	(19,380	)
NASDAQ 100 Index		3		3,927,432		13,200		4/5/21		(16,845	)
NASDAQ 100 Index		3		3,927,432		13,400		4/7/21		(9,015	)
NASDAQ 100 Index		3		3,927,432		13,500		4/9/21		(9,390	)
NASDAQ 100 Index		3		3,927,432		13,500		4/12/21		(12,270	)
NASDAQ 100 Index		3		3,927,432		13,500		4/14/21		(17,145	)
NASDAQ 100 Index		3		3,927,432		13,500		4/16/21		(20,940	)
NASDAQ 100 Index		2		2,618,288		13,350		4/19/21		(25,640	)
NASDAQ 100 Index		2		2,618,288		13,400		4/21/21		(25,570	)
NASDAQ 100 Index		2		2,618,288		13,300		4/23/21		(36,550	)
NASDAQ 100 Index		2		2,618,288		13,300		4/26/21		(38,400	)
NASDAQ 100 Index		2		2,618,288		13,400		4/28/21		(33,600	)
S&P 500 Index		13		5,164,757		3,900		4/1/21		(104,650	)
S&P 500 Index		13		5,164,757		3,925		4/5/21		(76,960	)
S&P 500 Index		13		5,164,757		3,950		4/7/21		(58,240	)
S&P 500 Index		13		5,164,757		4,000		4/9/21		(26,260	)
S&P 500 Index		13		5,164,757		4,000		4/12/21		(31,200	)
S&P 500 Index		13		5,164,757		4,020		4/14/21		(26,195	)
S&P 500 Index		13		5,164,757		4,010		4/16/21		(37,960	)
S&P 500 Index		13		5,164,757		3,980		4/19/21		(61,685	)
S&P 500 Index		13		5,164,757		3,970		4/21/21		(75,140	)
S&P 500 Index		13		5,164,757		3,960		4/23/21		(88,010	)
S&P 500 Index		13		5,164,757		4,000		4/26/21		(60,775	)
S&P 500 Index		13		5,164,757		4,000		4/28/21		(65,845	)

Total									$	(977,665	)

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 price of the underlying index decline.

At March 31, 2021, the value of the Fund’s investment in affiliated funds was $204,879, which represents 0.2% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended March 31, 2021 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	$	166,955	$	4,005,215	$	(3,967,291	)	$	—	$	—	$	204,879	$	99		204,879

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, 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	$	107,532,441	*	$	—	$	—	$	107,532,441
Short-Term Investments		—			204,879		—		204,879
Total Investments	$	107,532,441		$	204,879	$	—	$	107,737,320

Liability Description
Written Call Options	$	(977,665	)	$	—	$	—	$	(977,665	)
Total	$	(977,665	)	$	—	$	—	$	(977,665	)

*	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.

Eaton Vance Tax-Managed Buy-Write Strategy Fund (EXD) NPORT-PEaton Vance Tax-Managed Buy-Write Strategy Fund (Mar 2021 report)