Eaton Vance Tax-Managed Buy-Write Opportunities Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-21735

Investment Company Act File Number

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

December 31

Date of Fiscal Year End

September 30, 2012

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

September 30, 2012

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 100.2%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 1.7%

      

Boeing Co. (The)

      31,022       $ 2,159,752   

General Dynamics Corp.

      24,734         1,635,412   

Honeywell International, Inc.

      77,664         4,640,424   

Northrop Grumman Corp.

      44,683         2,968,292   

Rockwell Collins, Inc.

      57,076         3,061,556   

Textron, Inc.

      31,025         811,924   
     

 

 

  
      $ 15,277,360   
     

 

 

  

Air Freight & Logistics — 0.3%

      

FedEx Corp.

      36,782       $ 3,112,493   
     

 

 

  
      $ 3,112,493   
     

 

 

  

Airlines — 0.1%

      

Southwest Airlines Co.

      125,240       $ 1,098,355   
     

 

 

  
      $ 1,098,355   
     

 

 

  

Auto Components — 0.3%

      

Dana Holding Corp.

      77,289       $ 950,655   

Johnson Controls, Inc.

      71,926         1,970,772   
     

 

 

  
      $ 2,921,427   
     

 

 

  

Beverages — 1.6%

      

Coca-Cola Co. (The)

      243,298       $ 9,228,293   

Coca-Cola Enterprises, Inc.

      38,080         1,190,762   

PepsiCo, Inc.

      62,724         4,438,977   
     

 

 

  
      $ 14,858,032   
     

 

 

  

Biotechnology — 3.8%

      

Amgen, Inc.

      68,442       $ 5,771,029   

Biogen Idec, Inc.(1)

      43,516         6,493,893   

BioMarin Pharmaceutical, Inc.(1)

      23,822         959,312   

Celgene Corp.(1)

      116,678         8,914,199   

Gilead Sciences, Inc.(1)

      174,328         11,563,176   

Onyx Pharmaceuticals, Inc.(1)

      11,087         936,852   
     

 

 

  
      $ 34,638,461   
     

 

 

  

Capital Markets — 1.6%

      

Franklin Resources, Inc.

      16,853       $ 2,107,805   

Goldman Sachs Group, Inc. (The)

      23,436         2,664,204   

Invesco, Ltd.

      78,614         1,964,564   

Morgan Stanley

      75,054         1,256,404   

Northern Trust Corp.

      49,066         2,277,398   

State Street Corp.

      48,378         2,029,941   

T. Rowe Price Group, Inc.

      34,640         2,192,712   
     

 

 

  
      $ 14,493,028   
     

 

 

  

Chemicals — 1.3%

      

Air Products and Chemicals, Inc.

      42,810       $ 3,540,387   

Celanese Corp., Series A

      16,343         619,563   

E.I. du Pont de Nemours & Co.

      63,024         3,168,216   

 

1

 

 

                                                 
Security    Shares      Value  

PPG Industries, Inc.

      41,446       $ 4,759,659   
     

 

 

  
      $ 12,087,825   
     

 

 

  

Commercial Banks — 2.8%

      

Banco Santander Central Hispano SA ADR

      79,716       $ 594,682   

BankUnited, Inc.

      21,449         527,860   

Fifth Third Bancorp

      100,126         1,552,954   

First Horizon National Corp.

      66,113         636,668   

First Republic Bank

      21,771         750,229   

Huntington Bancshares, Inc.

      179,679         1,239,785   

KeyCorp

      143,582         1,254,907   

Regions Financial Corp.

      757,705         5,463,053   

Royal Bank of Canada

      38,716         2,222,686   

SunTrust Banks, Inc.

      49,905         1,410,814   

Toronto-Dominion Bank (The)

      21,736         1,811,478   

U.S. Bancorp

      78,667         2,698,278   

Wells Fargo & Co.

      163,476         5,644,826   
     

 

 

  
      $ 25,808,220   
     

 

 

  

Commercial Services & Supplies — 0.3%

      

Avery Dennison Corp.

      31,690       $ 1,008,376   

Waste Management, Inc.

      59,482         1,908,182   
     

 

 

  
      $ 2,916,558   
     

 

 

  

Communications Equipment — 4.6%

      

Brocade Communications Systems, Inc.(1)

      321,783       $ 1,903,347   

Cisco Systems, Inc.

      879,620         16,791,946   

Harris Corp.

      12,438         637,074   

JDS Uniphase Corp.(1)

      31,557         390,833   

Juniper Networks, Inc.(1)

      55,707         953,147   

QUALCOMM, Inc.

      342,876         21,426,321   
     

 

 

  
      $ 42,102,668   
     

 

 

  

Computers & Peripherals — 12.0%

      

Apple, Inc.

      154,282       $ 102,946,207   

EMC Corp.(1)

      161,361         4,400,315   

Hewlett-Packard Co.

      155,164         2,647,098   
     

 

 

  
      $ 109,993,620   
     

 

 

  

Construction & Engineering — 0.1%

      

Fluor Corp.

      18,843       $ 1,060,484   
     

 

 

  
      $ 1,060,484   
     

 

 

  

Consumer Finance — 1.1%

      

American Express Co.

      79,374       $ 4,513,206   

Capital One Financial Corp.

      10,757         613,257   

Discover Financial Services

      116,006         4,608,918   
     

 

 

  
      $ 9,735,381   
     

 

 

  

Containers & Packaging — 0.1%

      

Owens-Illinois, Inc.(1)

      36,491       $ 684,571   
     

 

 

  
      $ 684,571   
     

 

 

  

Distributors — 0.1%

      

Genuine Parts Co.

      19,047       $ 1,162,438   
     

 

 

  
      $ 1,162,438   
     

 

 

  

Diversified Financial Services — 1.2%

      

CME Group, Inc.

      38,670       $ 2,215,791   

JPMorgan Chase & Co.

      151,347         6,126,526   

Moody’s Corp.

      58,952         2,603,910   
     

 

 

  
      $ 10,946,227   
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Diversified Telecommunication Services — 2.1%

      

AT&T, Inc.

      278,014       $ 10,481,128   

Frontier Communications Corp.

      154,158         755,374   

Verizon Communications, Inc.

      145,422         6,626,881   

Windstream Corp.

      146,950         1,485,664   
     

 

 

  
      $ 19,349,047   
     

 

 

  

Electric Utilities — 0.5%

      

American Electric Power Co., Inc.

      39,722       $ 1,745,385   

Edison International

      62,309         2,846,898   
     

 

 

  
      $ 4,592,283   
     

 

 

  

Electrical Equipment — 0.4%

      

Emerson Electric Co.

      78,984       $ 3,812,558   
     

 

 

  
      $ 3,812,558   
     

 

 

  

Electronic Equipment, Instruments & Components — 0.1%

      

Amphenol Corp., Class A

      9,096       $ 535,573   

TE Connectivity, Ltd.

      23,806         809,642   
     

 

 

  
      $ 1,345,215   
     

 

 

  

Energy Equipment & Services — 0.9%

      

Halliburton Co.

      104,167       $ 3,509,386   

Schlumberger, Ltd.

      68,972         4,988,745   
     

 

 

  
      $ 8,498,131   
     

 

 

  

Food & Staples Retailing — 1.2%

      

CVS Caremark Corp.

      138,327       $ 6,697,793   

Kroger Co. (The)

      50,910         1,198,421   

Safeway, Inc.

      73,801         1,187,458   

Wal-Mart Stores, Inc.

      32,593         2,405,364   
     

 

 

  
      $ 11,489,036   
     

 

 

  

Food Products — 2.0%

      

ConAgra Foods, Inc.

      139,244       $ 3,841,742   

H.J. Heinz Co.

      41,807         2,339,102   

Hershey Co. (The)

      17,810         1,262,551   

Hormel Foods Corp.

      31,064         908,311   

Kraft Foods, Inc., Class A

      250,000         10,337,500   
     

 

 

  
      $ 18,689,206   
     

 

 

  

Health Care Equipment & Supplies — 1.5%

      

Baxter International, Inc.

      48,119       $ 2,899,651   

Covidien PLC

      25,801         1,533,095   

Edwards Lifesciences Corp.(1)

      11,063         1,187,834   

Intuitive Surgical, Inc.(1)

      12,611         6,250,390   

Stryker Corp.

      35,313         1,965,522   
     

 

 

  
      $ 13,836,492   
     

 

 

  

Health Care Providers & Services — 1.7%

      

AmerisourceBergen Corp.

      42,759       $ 1,655,201   

Cigna Corp.

      36,534         1,723,309   

DaVita, Inc.(1)

      7,275         753,763   

Fresenius Medical Care AG & Co. KGaA ADR

      27,051         1,985,543   

LifePoint Hospitals, Inc.(1)

      43,020         1,840,396   

McKesson Corp.

      7,813         672,152   

Quest Diagnostics, Inc.

      19,665         1,247,351   

UnitedHealth Group, Inc.

      79,007         4,377,778   

WellPoint, Inc.

      17,000         986,170   
     

 

 

  
      $ 15,241,663   
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Hotels, Restaurants & Leisure — 2.4%

      

Carnival Corp.

      89,081       $ 3,246,112   

International Game Technology

      56,626         741,234   

Marriott International, Inc., Class A

      92,128         3,602,205   

Marriott Vacations Worldwide Corp.(1)

      10,303         371,114   

McDonald’s Corp.

      73,784         6,769,682   

Starwood Hotels & Resorts Worldwide, Inc.

      39,775         2,305,359   

Yum! Brands, Inc.

      80,115         5,314,829   
     

 

 

  
      $ 22,350,535   
     

 

 

  

Household Durables — 0.3%

      

Whirlpool Corp.

      29,270       $ 2,426,776   
     

 

 

  
      $ 2,426,776   
     

 

 

  

Household Products — 0.9%

      

Clorox Co. (The)

      41,339       $ 2,978,475   

Colgate-Palmolive Co.

      15,796         1,693,647   

Procter & Gamble Co.

      54,796         3,800,651   
     

 

 

  
      $ 8,472,773   
     

 

 

  

Independent Power Producers & Energy Traders — 0.1%

      

AES Corp. (The)(1)

      119,531       $ 1,311,255   
     

 

 

  
      $ 1,311,255   
     

 

 

  

Industrial Conglomerates — 1.3%

      

3M Co.

      37,754       $ 3,489,225   

General Electric Co.

      376,600         8,552,586   
     

 

 

  
      $ 12,041,811   
     

 

 

  

Insurance — 1.8%

      

ACE, Ltd.

      35,393       $ 2,675,711   

Aflac, Inc.

      17,703         847,620   

American International Group, Inc.(1)

      41,406         1,357,703   

Aon PLC

      6,626         346,473   

Berkshire Hathaway, Inc., Class B(1)

      19,434         1,714,079   

Genworth Financial, Inc., Class A(1)

      74,552         389,907   

Hartford Financial Services Group, Inc.

      25,311         492,046   

Marsh & McLennan Cos., Inc.

      83,378         2,829,015   

Travelers Companies, Inc. (The)

      59,566         4,065,975   

Unum Group

      81,297         1,562,528   
     

 

 

  
      $ 16,281,057   
     

 

 

  

Internet & Catalog Retail — 2.2%

      

Amazon.com, Inc.(1)

      78,794       $ 20,038,890   

Shutterfly, Inc.(1)

      10,000         311,200   
     

 

 

  
      $ 20,350,090   
     

 

 

  

Internet Software & Services — 5.8%

      

eBay, Inc.(1)

      206,613       $ 10,002,135   

Google, Inc., Class A(1)

      49,897         37,647,287   

VeriSign, Inc.(1)

      107,988         5,257,936   
     

 

 

  
      $ 52,907,358   
     

 

 

  

IT Services — 2.7%

      

Alliance Data Systems Corp.(1)

      7,945       $ 1,127,793   

Cognizant Technology Solutions Corp., Class A(1)

      97,645         6,827,338   

Fidelity National Information Services, Inc.

      79,262         2,474,559   

International Business Machines Corp.

      49,724         10,315,244   

MasterCard, Inc., Class A

      3,808         1,719,236   

Visa, Inc., Class A

      16,517         2,217,903   
     

 

 

  
      $ 24,682,073   
     

 

 

  

 

4

 

 

                                                 
Security    Shares      Value  

Life Sciences Tools & Services — 0.2%

      

Bruker Corp.(1)

      75,000       $ 981,750   

PerkinElmer, Inc.

      23,065         679,726   
     

 

 

  
      $ 1,661,476   
     

 

 

  

Machinery — 1.9%

      

Caterpillar, Inc.

      40,176       $ 3,456,743   

Dover Corp.

      40,339         2,399,767   

Eaton Corp.

      53,938         2,549,110   

Ingersoll-Rand PLC

      31,550         1,414,071   

Parker Hannifin Corp.

      34,400         2,875,152   

Stanley Black & Decker, Inc.

      54,390         4,147,238   

Titan International, Inc.

      40,134         708,766   
     

 

 

  
      $ 17,550,847   
     

 

 

  

Marine — 0.1%

      

Kirby Corp.(1)

      17,666       $ 976,576   
     

 

 

  
      $ 976,576   
     

 

 

  

Media — 4.4%

      

CBS Corp., Class B

      151,072       $ 5,488,446   

Comcast Corp., Class A

      520,426         18,615,638   

McGraw-Hill Cos., Inc. (The)

      61,443         3,354,173   

Omnicom Group, Inc.

      65,134         3,358,309   

Walt Disney Co. (The)

      177,304         9,269,453   
     

 

 

  
      $ 40,086,019   
     

 

 

  

Metals & Mining — 0.5%

      

BHP Billiton, Ltd. ADR

      21,215       $ 1,455,561   

Cliffs Natural Resources, Inc.

      7,966         311,710   

Newmont Mining Corp.

      30,866         1,728,805   

Nucor Corp.

      23,005         880,171   
     

 

 

  
      $ 4,376,247   
     

 

 

  

Multi-Utilities — 1.1%

      

CMS Energy Corp.

      217,119       $ 5,113,152   

Public Service Enterprise Group, Inc.

      145,820         4,692,488   
     

 

 

  
      $ 9,805,640   
     

 

 

  

Multiline Retail — 1.6%

      

Kohl’s Corp.

      18,342       $ 939,477   

Macy’s, Inc.

      154,364         5,807,174   

Nordstrom, Inc.

      28,152         1,553,427   

Target Corp.

      94,476         5,996,392   
     

 

 

  
      $ 14,296,470   
     

 

 

  

Oil, Gas & Consumable Fuels — 6.3%

      

Apache Corp.

      14,136       $ 1,222,340   

Chevron Corp.

      103,880         12,108,253   

ConocoPhillips

      114,202         6,530,070   

Denbury Resources, Inc.(1)

      31,083         502,301   

EOG Resources, Inc.

      18,166         2,035,500   

Exxon Mobil Corp.

      205,433         18,786,848   

Hess Corp.

      39,495         2,121,672   

Occidental Petroleum Corp.

      54,596         4,698,532   

Peabody Energy Corp.

      36,462         812,738   

Phillips 66

      57,101         2,647,773   

Spectra Energy Corp.

      33,858         994,071   

Suncor Energy, Inc.

      33,674         1,106,191   

Williams Cos., Inc.

      108,259         3,785,817   

 

5

 

 

                                                 
Security    Shares      Value  

WPX Energy, Inc.(1)

      41,343       $ 685,880   
     

 

 

  
      $ 58,037,986   
     

 

 

  

Paper & Forest Products — 0.2%

      

MeadWestvaco Corp.

      56,858       $ 1,739,855   
     

 

 

  
      $ 1,739,855   
     

 

 

  

Personal Products — 0.5%

      

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

      77,774       $ 4,788,545   
     

 

 

  
      $ 4,788,545   
     

 

 

  

Pharmaceuticals — 4.2%

      

Abbott Laboratories

      91,000       $ 6,238,960   

Bristol-Myers Squibb Co.

      172,466         5,820,728   

Eli Lilly & Co.

      31,684         1,502,138   

Johnson & Johnson

      115,301         7,945,392   

Merck & Co., Inc.

      158,250         7,137,075   

Pfizer, Inc.

      396,195         9,845,446   

Sanofi ADR

      13,288         572,181   
     

 

 

  
      $ 39,061,920   
     

 

 

  

Professional Services — 0.4%

      

Equifax, Inc.

      17,082       $ 795,680   

Nielsen Holdings NV(1)

      25,050         750,999   

Robert Half International, Inc.

      86,521         2,304,054   
     

 

 

  
      $ 3,850,733   
     

 

 

  

Real Estate Investment Trusts (REITs) — 1.0%

      

American Tower Corp.

      21,743       $ 1,552,233   

Apartment Investment & Management Co., Class A

      35,696         927,739   

Host Hotels & Resorts, Inc.

      28,981         465,145   

Plum Creek Timber Co., Inc.

      14,401         631,340   

Simon Property Group, Inc.

      39,276         5,962,489   
     

 

 

  
      $ 9,538,946   
     

 

 

  

Real Estate Management & Development — 0.1%

      

CB Richard Ellis Group, Inc., Class A(1)

      37,957       $ 698,788   
     

 

 

  
      $ 698,788   
     

 

 

  

Road & Rail — 0.6%

      

CSX Corp.

      34,587       $ 717,680   

Kansas City Southern

      15,641         1,185,275   

Norfolk Southern Corp.

      17,633         1,121,988   

Ryder System, Inc.

      12,392         484,032   

Union Pacific Corp.

      20,249         2,403,556   
     

 

 

  
      $ 5,912,531   
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.0%

      

Analog Devices, Inc.

      56,522       $ 2,215,097   

ASML Holding NV — NY Shares

      34,278         1,840,043   

Cypress Semiconductor Corp.

      135,761         1,455,358   

Intel Corp.

      992,102         22,500,873   

NXP Semiconductors NV(1)

      14,000         350,140   

ON Semiconductor Corp.(1)

      149,333         921,385   

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

      95,083         1,504,213   

Tessera Technologies, Inc.

      50,120         685,642   

Texas Instruments, Inc.

      193,433         5,329,079   
     

 

 

  
      $ 36,801,830   
     

 

 

  

Software — 8.5%

      

Compuware Corp.(1)

      97,123       $ 962,489   

Concur Technologies, Inc.(1)

      50,163         3,698,518   

 

6

 

 

                                                 
Security    Shares      Value  

Microsoft Corp.

      1,499,973       $ 44,669,196   

Oracle Corp.

      837,569         26,375,048   

Red Hat, Inc.(1)

      34,973         1,991,362   

TiVo, Inc.(1)

      42,923         447,687   
     

 

 

  
      $ 78,144,300   
     

 

 

  

Specialty Retail — 1.1%

      

Advance Auto Parts, Inc.

      40,120       $ 2,745,813   

Gap, Inc. (The)

      35,268         1,261,889   

Home Depot, Inc. (The)

      58,008         3,501,943   

Tiffany & Co.

      39,926         2,470,621   
     

 

 

  
      $ 9,980,266   
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.4%

      

NIKE, Inc., Class B

      36,816       $ 3,494,207   
     

 

 

  
      $ 3,494,207   
     

 

 

  

Thrifts & Mortgage Finance — 0.2%

      

Hudson City Bancorp, Inc.

      180,579       $ 1,437,409   
     

 

 

  
      $ 1,437,409   
     

 

 

  

Tobacco — 1.3%

      

Altria Group, Inc.

      62,538       $ 2,088,144   

Philip Morris International, Inc.

      113,441         10,202,883   
     

 

 

  
      $ 12,291,027   
     

 

 

  

Trading Companies & Distributors — 0.5%

      

Fastenal Co.

      111,850       $ 4,808,431   
     

 

 

  
      $ 4,808,431   
     

 

 

  

Wireless Telecommunication Services — 0.2%

      

Rogers Communications, Inc., Class B

      34,594       $ 1,397,598   

Sprint Nextel Corp.(1)

      112,760         622,435   
     

 

 

  
      $ 2,020,033   
     

 

 

  

Total Common Stocks — 100.2%
(identified cost $534,331,547)

       $ 921,934,589   
     

 

 

  

Call Options Written — (0.4)%

 

                                                                                                   
Description    Number of
Contracts		     

Strike

Price

     

Expiration

Date

      Value  

NASDAQ 100 Index

      1,230       $ 2,875         10/20/12       $ (1,156,200 ) 

S&P 500 Index

      1,455         1,460         10/20/12         (1,185,825 ) 

S&P 500 Index

      1,910         1,465         10/20/12         (1,231,950 ) 

S&P 500 Index

      235         1,470         10/20/12         (117,500 ) 
           

 

 

  

Total Call Options Written
(premiums received $11,715,540)

             $ (3,691,475 ) 
           

 

 

  

Other Assets, Less Liabilities — 0.2%

             $ 1,989,443   
           

 

 

  

Net Assets — 100.0%

             $ 920,232,557   
           

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

ADR

   -   American Depositary Receipt

 

(1) Non-income producing security.

 

7

 

 

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2012, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $ 534,316,163   
  

 

 

  

Gross unrealized appreciation

    $ 390,140,692   

Gross unrealized depreciation

      (2,522,266 ) 
  

 

 

  

Net unrealized appreciation

    $ 387,618,426   
  

 

 

  

Written options activity for the fiscal year to date ended September 30, 2012 was as follows:

 

     Number of
Contracts		     Premiums
Received		  
Outstanding, beginning of period      5,360      $ 15,986,915   
Options written      46,250        118,740,983   
Options terminated in closing purchase transactions      (43,865 )      (115,586,175 ) 
Options expired      (2,915 )      (7,426,183 ) 
  

 

 

    

 

 

  
Outstanding, end of period      4,830      $ 11,715,540   
  

 

 

    

 

 

  

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At September 30, 2012, the Fund had sufficient cash and/or securities to cover commitments under these 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 September 30, 2012, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is equity price risk was $3,691,475.

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, 2012, 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

    $     921,934,589 *    $ —       $  —       $     921,934,589   

Total Investments

    $ 921,934,589      $ —       $ —       $ 921,934,589   
Liability Description                               

Call Options Written

    $ (3,691,475 )    $ —       $  —       $ (3,691,475 ) 

Total

    $ (3,691,475 )    $ —       $  —       $ (3,691,475 ) 

 

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

 

8

 

 

The Fund held no investments or other financial instruments as of December 31, 2011 whose fair value was determined using Level 3 inputs. At September 30, 2012, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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

 

 

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this

Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

 

By:   /s/ Walter A. Row, III
  Walter A. Row, III
  President
Date:   November 26, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ Walter A. Row, III
  Walter A. Row, III
  President
Date:   November 26, 2012

 

By:   /s/ Barbara E. Campbell
  Barbara E. Campbell
  Treasurer
Date:   November 26, 2012