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

March 31, 2013

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

March 31, 2013

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 101.2%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 1.9%

      

Boeing Co. (The)

      26,140       $ 2,244,119   

General Dynamics Corp.

      24,734         1,743,994   

Honeywell International, Inc.

      77,664         5,851,982   

Northrop Grumman Corp.

      44,683         3,134,513   

Rockwell Collins, Inc.

      49,396         3,117,876   

Textron, Inc.

      31,025         924,855   
     

 

 

  
      $ 17,017,339   
     

 

 

  

Airlines — 0.1%

      

Southwest Airlines Co.

      60,023       $ 809,110   
     

 

 

  
      $ 809,110   
     

 

 

  

Auto Components — 0.4%

      

Dana Holding Corp.

      77,289       $ 1,378,063   

Johnson Controls, Inc.

      71,926         2,522,445   
     

 

 

  
      $ 3,900,508   
     

 

 

  

Automobiles — 0.1%

      

Ford Motor Co.

      41,101       $ 540,478   
     

 

 

  
      $ 540,478   
     

 

 

  

Beverages — 1.8%

      

Coca-Cola Co. (The)

      243,298       $ 9,838,971   

Coca-Cola Enterprises, Inc.

      38,080         1,405,914   

PepsiCo, Inc.

      60,609         4,794,778   
     

 

 

  
      $ 16,039,663   
     

 

 

  

Biotechnology — 5.2%

      

Amgen, Inc.

      68,442       $ 7,015,989   

Biogen Idec, Inc.(1)

      43,516         8,394,672   

BioMarin Pharmaceutical, Inc.(1)

      23,822         1,483,158   

Celgene Corp.(1)

      107,120         12,416,279   

Gilead Sciences, Inc.(1)

      348,656         17,059,738   

Onyx Pharmaceuticals, Inc.(1)

      11,087         985,191   
     

 

 

  
      $ 47,355,027   
     

 

 

  

Capital Markets — 1.8%

      

Franklin Resources, Inc.

      16,853       $ 2,541,601   

Goldman Sachs Group, Inc. (The)

      23,436         3,448,607   

Invesco, Ltd.

      78,614         2,276,662   

Morgan Stanley

      53,096         1,167,050   

Northern Trust Corp.

      46,379         2,530,438   

State Street Corp.

      46,478         2,746,385   

T. Rowe Price Group, Inc.

      23,664         1,771,724   
     

 

 

  
      $ 16,482,467   
     

 

 

  

Chemicals — 1.4%

      

Air Products and Chemicals, Inc.

      42,810       $ 3,729,607   

Celanese Corp., Series A

      10,077         443,892   

E.I. du Pont de Nemours & Co.

      63,024         3,098,260   

PPG Industries, Inc.

      41,446         5,551,277   
     

 

 

  
      $ 12,823,036   
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Commercial Banks — 2.8%

      

BankUnited, Inc.

      21,449       $ 549,523   

Fifth Third Bancorp

      100,126         1,633,055   

First Horizon National Corp.

      34,427         367,680   

First Republic Bank

      21,771         840,796   

Huntington Bancshares, Inc.

      179,679         1,327,828   

KeyCorp

      38,413         382,593   

Regions Financial Corp.

      757,705         6,205,604   

Royal Bank of Canada

      38,716         2,334,575   

SunTrust Banks, Inc.

      49,905         1,437,763   

Toronto-Dominion Bank (The)

      21,736         1,809,957   

U.S. Bancorp

      66,093         2,242,536   

Wells Fargo & Co.

      163,476         6,046,977   
     

 

 

  
      $ 25,178,887   
     

 

 

  

Commercial Services & Supplies — 0.4%

      

Avery Dennison Corp.

      31,690       $ 1,364,888   

Waste Management, Inc.

      53,872         2,112,321   
     

 

 

  
      $ 3,477,209   
     

 

 

  

Communications Equipment — 4.9%

      

Acme Packet, Inc.(1)

      35,000       $ 1,022,700   

Brocade Communications Systems, Inc.(1)

      321,783         1,856,688   

Cisco Systems, Inc.

      879,620         18,392,854   

Harris Corp.

      6,224         288,420   

QUALCOMM, Inc.

      338,870         22,687,347   

Riverbed Technology, Inc.(1)

      50,997         760,365   
     

 

 

  
      $ 45,008,374   
     

 

 

  

Computers & Peripherals — 8.5%

      

Apple, Inc.

      154,282       $ 68,289,842   

Dell, Inc.

      325,779         4,668,413   

EMC Corp.(1)

      161,361         3,854,914   
     

 

 

  
      $ 76,813,169   
     

 

 

  

Construction & Engineering — 0.1%

      

Fluor Corp.

      8,525       $ 565,463   
     

 

 

  
      $ 565,463   
     

 

 

  

Consumer Finance — 1.2%

      

American Express Co.

      79,374       $ 5,354,570   

Capital One Financial Corp.

      10,757         591,097   

Discover Financial Services

      116,006         5,201,709   
     

 

 

  
      $ 11,147,376   
     

 

 

  

Containers & Packaging — 0.2%

      

MeadWestvaco Corp.

      56,858       $ 2,063,945   
     

 

 

  
      $ 2,063,945   
     

 

 

  

Distributors — 0.2%

      

Genuine Parts Co.

      19,047       $ 1,485,666   
     

 

 

  
      $ 1,485,666   
     

 

 

  

Diversified Financial Services — 1.7%

      

CME Group, Inc.

      38,670       $ 2,373,951   

JPMorgan Chase & Co.

      151,347         7,182,929   

McGraw-Hill Cos., Inc. (The)

      57,011         2,969,133   

Moody’s Corp.

      58,952         3,143,321   
     

 

 

  
      $ 15,669,334   
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Diversified Telecommunication Services — 2.1%

      

AT&T, Inc.

      278,014       $ 10,200,334   

Frontier Communications Corp.

      154,158         613,549   

Verizon Communications, Inc.

      145,422         7,147,491   

Windstream Corp.

      146,950         1,168,252   
     

 

 

  
      $ 19,129,626   
     

 

 

  

Electric Utilities — 0.6%

      

American Electric Power Co., Inc.

      39,722       $ 1,931,681   

Edison International

      62,309         3,135,389   
     

 

 

  
      $ 5,067,070   
     

 

 

  

Electrical Equipment — 0.5%

      

Emerson Electric Co.

      78,984       $ 4,412,836   
     

 

 

  
      $ 4,412,836   
     

 

 

  

Electronic Equipment, Instruments & Components — 0.0%(2)

      

Amphenol Corp., Class A

      4,647       $ 346,899   
     

 

 

  
      $ 346,899   
     

 

 

  

Energy Equipment & Services — 1.0%

      

Halliburton Co.

      104,167       $ 4,209,389   

Schlumberger, Ltd.

      68,972         5,165,313   
     

 

 

  
      $ 9,374,702   
     

 

 

  

Food & Staples Retailing — 1.0%

      

CVS Caremark Corp.

      138,327       $ 7,606,602   

Kroger Co. (The)

      37,587         1,245,633   

Wal-Mart Stores, Inc.

      4,824         360,980   
     

 

 

  
      $ 9,213,215   
     

 

 

  

Food Products — 1.9%

      

ConAgra Foods, Inc.

      99,885       $ 3,576,882   

H.J. Heinz Co.

      41,807         3,021,392   

Hershey Co. (The)

      17,810         1,558,909   

Hormel Foods Corp.

      14,141         584,306   

Kraft Foods Group, Inc.

      9,708         500,253   

Mondelez International, Inc., Class A

      250,000         7,652,500   
     

 

 

  
      $ 16,894,242   
     

 

 

  

Health Care Equipment & Supplies — 2.0%

      

Abbott Laboratories

      91,000       $ 3,214,120   

Baxter International, Inc.

      48,119         3,495,364   

Covidien PLC

      25,801         1,750,340   

Edwards Lifesciences Corp.(1)

      11,063         908,936   

Intuitive Surgical, Inc.(1)

      12,611         6,194,397   

Stryker Corp.

      35,313         2,303,820   
     

 

 

  
      $ 17,866,977   
     

 

 

  

Health Care Providers & Services — 1.8%

      

AmerisourceBergen Corp.

      42,759       $ 2,199,951   

Cigna Corp.

      36,534         2,278,626   

DaVita HealthCare Partners, Inc.(1)

      7,275         862,742   

Fresenius Medical Care AG & Co. KGaA ADR

      54,102         1,831,894   

LifePoint Hospitals, Inc.(1)

      43,020         2,084,749   

McKesson Corp.

      7,813         843,491   

Quest Diagnostics, Inc.

      14,558         821,799   

UnitedHealth Group, Inc.

      79,007         4,519,990   

WellPoint, Inc.

      17,000         1,125,910   
     

 

 

  
      $ 16,569,152   
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Hotels, Restaurants & Leisure — 2.6%

      

Carnival Corp.

      89,081       $ 3,055,478   

International Game Technology

      56,626         934,329   

Marriott International, Inc., Class A

      92,128         3,890,565   

Marriott Vacations Worldwide Corp.(1)

      10,303         442,102   

McDonald’s Corp.

      73,784         7,355,527   

Starwood Hotels & Resorts Worldwide, Inc.

      39,775         2,534,861   

Yum! Brands, Inc.

      80,115         5,763,473   
     

 

 

  
      $ 23,976,335   
     

 

 

  

Household Durables — 0.4%

      

Whirlpool Corp.

      29,270       $ 3,467,324   
     

 

 

  
      $ 3,467,324   
     

 

 

  

Household Products — 1.1%

      

Clorox Co. (The)

      41,339       $ 3,659,741   

Colgate-Palmolive Co.

      15,796         1,864,402   

Procter & Gamble Co.

      54,796         4,222,580   
     

 

 

  
      $ 9,746,723   
     

 

 

  

Independent Power Producers & Energy Traders — 0.2%

      

AES Corp. (The)

      119,531       $ 1,502,505   
     

 

 

  
      $ 1,502,505   
     

 

 

  

Industrial Conglomerates — 1.4%

      

3M Co.

      37,754       $ 4,013,628   

General Electric Co.

      372,271         8,606,905   
     

 

 

  
      $ 12,620,533   
     

 

 

  

Insurance — 1.8%

      

ACE, Ltd.

      35,393       $ 3,148,915   

Aflac, Inc.

      17,703         920,910   

American International Group, Inc.(1)

      31,832         1,235,718   

Aon PLC

      4,957         304,856   

Berkshire Hathaway, Inc., Class B(1)

      19,434         2,025,023   

Genworth Financial, Inc., Class A(1)

      74,552         745,520   

Marsh & McLennan Cos., Inc.

      26,628         1,011,065   

Travelers Companies, Inc. (The)

      59,566         5,014,862   

Unum Group

      70,698         1,997,218   
     

 

 

  
      $ 16,404,087   
     

 

 

  

Internet & Catalog Retail — 2.3%

      

Amazon.com, Inc.(1)

      73,659       $ 19,629,387   

Shutterfly, Inc.(1)

      27,478         1,213,703   
     

 

 

  
      $ 20,843,090   
     

 

 

  

Internet Software & Services — 6.2%

      

eBay, Inc.(1)

      206,613       $ 11,202,557   

Facebook, Inc., Class A(1)

      90,000         2,302,200   

Google, Inc., Class A(1)

      47,020         37,335,290   

LinkedIn Corp., Class A(1)

      4,433         780,474   

VeriSign, Inc.(1)

      107,988         5,105,673   
     

 

 

  
      $ 56,726,194   
     

 

 

  

IT Services — 2.9%

      

Alliance Data Systems Corp.(1)

      7,945       $ 1,286,216   

Cognizant Technology Solutions Corp., Class A(1)

      97,645         7,480,584   

Fidelity National Information Services, Inc.

      79,262         3,140,360   

International Business Machines Corp.

      46,647         9,949,805   

MasterCard, Inc., Class A

      3,808         2,060,623   

Visa, Inc., Class A

      15,924         2,704,532   
     

 

 

  
      $ 26,622,120   
     

 

 

  

 

4

 

 

                                                 
Security    Shares      Value  

Life Sciences Tools & Services — 0.2%

      

Bruker Corp.(1)

      57,399       $ 1,096,321   

PerkinElmer, Inc.

      23,065         775,907   
     

 

 

  
      $ 1,872,228   
     

 

 

  

Machinery — 1.7%

      

Caterpillar, Inc.

      30,022       $ 2,611,013   

Dover Corp.

      40,339         2,939,906   

Ingersoll-Rand PLC

      31,550         1,735,566   

Parker Hannifin Corp.

      28,359         2,597,117   

Stanley Black & Decker, Inc.

      54,390         4,403,958   

Titan International, Inc.

      40,134         846,025   
     

 

 

  
      $ 15,133,585   
     

 

 

  

Marine — 0.1%

      

Kirby Corp.(1)

      17,666       $ 1,356,749   
     

 

 

  
      $ 1,356,749   
     

 

 

  

Media — 4.4%

      

CBS Corp., Class B

      140,515       $ 6,560,646   

Comcast Corp., Class A

      491,426         20,644,806   

Omnicom Group, Inc.

      29,750         1,752,275   

Sirius XM Radio, Inc.

      240,529         740,829   

Walt Disney Co. (The)

      177,304         10,070,867   
     

 

 

  
      $ 39,769,423   
     

 

 

  

Metals & Mining — 0.1%

      

Nucor Corp.

      23,005       $ 1,061,681   
     

 

 

  
      $ 1,061,681   
     

 

 

  

Multi-Utilities — 1.0%

      

CMS Energy Corp.

      217,119       $ 6,066,305   

Public Service Enterprise Group, Inc.

      90,364         3,103,100   
     

 

 

  
      $ 9,169,405   
     

 

 

  

Multiline Retail — 1.6%

      

Kohl’s Corp.

      18,342       $ 846,117   

Macy’s, Inc.

      130,674         5,467,400   

Nordstrom, Inc.

      28,152         1,554,835   

Target Corp.

      94,476         6,466,882   
     

 

 

  
      $ 14,335,234   
     

 

 

  

Oil, Gas & Consumable Fuels — 6.3%

      

Chevron Corp.

      103,880       $ 12,343,022   

ConocoPhillips

      114,202         6,863,540   

Denbury Resources, Inc.(1)

      25,661         478,578   

EOG Resources, Inc.

      16,450         2,106,751   

Exxon Mobil Corp.

      198,735         17,908,011   

Hess Corp.

      37,645         2,695,758   

Occidental Petroleum Corp.

      54,596         4,278,689   

Peabody Energy Corp.

      36,462         771,171   

Phillips 66

      57,101         3,995,357   

Spectra Energy Corp.

      16,118         495,629   

Suncor Energy, Inc.

      33,674         1,010,557   

Williams Cos., Inc.

      94,888         3,554,504   

WPX Energy, Inc.(1)

      41,343         662,315   
     

 

 

  
      $ 57,163,882   
     

 

 

  

Personal Products — 0.5%

      

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

      77,774       $ 4,979,869   
     

 

 

  
      $ 4,979,869   
     

 

 

  

 

5

 

 

                                                 
Security    Shares      Value  

Pharmaceuticals — 3.7%

      

AbbVie, Inc.

      50,181       $ 2,046,381   

Bristol-Myers Squibb Co.

      169,579         6,984,959   

Eli Lilly & Co.

      29,870         1,696,317   

Johnson & Johnson

      52,940         4,316,198   

Merck & Co., Inc.

      158,250         6,999,398   

Pfizer, Inc.

      396,195         11,434,188   
     

 

 

  
      $ 33,477,441   
     

 

 

  

Professional Services — 0.5%

      

Equifax, Inc.

      17,082       $ 983,752   

Nielsen Holdings NV

      25,050         897,291   

Robert Half International, Inc.

      81,945         3,075,396   
     

 

 

  
      $ 4,956,439   
     

 

 

  

Real Estate Investment Trusts (REITs) — 1.1%

      

American Tower Corp.

      21,743       $ 1,672,472   

Apartment Investment & Management Co., Class A

      35,696         1,094,439   

Host Hotels & Resorts, Inc.

      28,981         506,878   

Plum Creek Timber Co., Inc.

      14,401         751,732   

Simon Property Group, Inc.

      39,276         6,227,602   
     

 

 

  
      $ 10,253,123   
     

 

 

  

Real Estate Management & Development — 0.1%

      

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

      24,669       $ 622,892   
     

 

 

  
      $ 622,892   
     

 

 

  

Road & Rail — 0.8%

      

CSX Corp.

      34,587       $ 851,878   

Kansas City Southern

      15,641         1,734,587   

Norfolk Southern Corp.

      17,633         1,359,152   

Ryder System, Inc.

      12,392         740,422   

Union Pacific Corp.

      20,249         2,883,660   
     

 

 

  
      $ 7,569,699   
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.2%

      

Analog Devices, Inc.

      56,522       $ 2,627,708   

ASML Holding NV - NY Shares

      26,394         1,795,056   

Cirrus Logic, Inc.(1)

      14,318         325,735   

Cypress Semiconductor Corp.(1)

      245,589         2,708,847   

Intel Corp.

      839,170         18,335,864   

Microchip Technology, Inc.

      30,000         1,102,800   

NXP Semiconductors NV(1)

      14,000         423,640   

ON Semiconductor Corp.(1)

      149,333         1,236,477   

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

      85,964         1,477,721   

Tessera Technologies, Inc.

      50,120         939,750   

Texas Instruments, Inc.

      199,048         7,062,223   
     

 

 

  
      $ 38,035,821   
     

 

 

  

Software — 8.3%

      

Compuware Corp.(1)

      97,123       $ 1,214,037   

Concur Technologies, Inc.(1)

      50,163         3,444,192   

Microsoft Corp.

      1,453,973         41,598,167   

Oracle Corp.

      829,008         26,810,119   

Red Hat, Inc.(1)

      34,973         1,768,235   

TiVo, Inc.(1)

      42,923         531,816   
     

 

 

  
      $ 75,366,566   
     

 

 

  

 

6

 

 

                                                 
Security    Shares      Value  

Specialty Retail — 1.3%

      

Advance Auto Parts, Inc.

      40,120       $ 3,315,918   

Best Buy Co., Inc.

      28,506         631,408   

Gap, Inc. (The)

      35,268         1,248,487   

Home Depot, Inc. (The)

      58,008         4,047,798   

Tiffany & Co.

      39,926         2,776,454   
     

 

 

  
      $ 12,020,065   
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.5%

      

NIKE, Inc., Class B

      73,632       $ 4,345,024   
     

 

 

  
      $ 4,345,024   
     

 

 

  

Thrifts & Mortgage Finance — 0.2%

      

Hudson City Bancorp, Inc.

      180,579       $ 1,560,203   
     

 

 

  
      $ 1,560,203   
     

 

 

  

Tobacco — 1.3%

      

Altria Group, Inc.

      27,194       $ 935,202   

Philip Morris International, Inc.

      113,441         10,517,115   
     

 

 

  
      $ 11,452,317   
     

 

 

  

Trading Companies & Distributors — 0.6%

      

Fastenal Co.

      111,850       $ 5,743,498   
     

 

 

  
      $ 5,743,498   
     

 

 

  

Wireless Telecommunication Services — 0.2%

      

Rogers Communications, Inc., Class B

      26,731       $ 1,364,885   

Sprint Nextel Corp.(1)

      71,020         441,034   
     

 

 

  
      $ 1,805,919   
     

 

 

  

Total Common Stocks — 101.2%
(identified cost $490,146,228)

       $ 919,211,744   
     

 

 

  
                                                                                                   

Call Options Written — (1.4)%

            
Description    Number of
Contracts		      Strike
Price		      Expiration
Date		      Value  

NASDAQ 100 Index

      300       $ 2,815         4/20/13       $ (987,000 ) 

NASDAQ 100 Index FLEX

      330         2,745         4/5/13         (2,508,039 ) 

NASDAQ 100 Index FLEX

      300         2,795         4/12/13         (1,239,939 ) 

NASDAQ 100 Index FLEX

      310         2,810         4/26/13         (1,326,308 ) 

S&P 500 Index

      860         1,550         4/5/13         (1,831,800 ) 

S&P 500 Index

      790         1,555         4/12/13         (1,655,050 ) 

S&P 500 Index

      810         1,565         4/20/13         (1,417,500 ) 

S&P 500 Index

      885         1,565         4/26/13         (1,770,000 ) 
           

 

 

  

Total Call Options Written
(premiums received $10,557,353)

             $ (12,735,636 ) 
           

 

 

  

Other Assets, Less Liabilities — 0.2%

             $ 1,821,882   
           

 

 

  

Net Assets — 100.0%

             $ 908,297,990   
           

 

 

  

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

 

ADR

   -   American Depositary Receipt

FLEX

   -   FLexible EXchange traded option, representing a customized option contract with negotiated contract terms.

 

(1) Non-income producing security.

 

(2) Amount is less than 0.05%.

 

7

 

 

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     490,102,947   
  

 

 

  

Gross unrealized appreciation

    $ 430,043,735   

Gross unrealized depreciation

      (934,938 ) 
  

 

 

  

Net unrealized appreciation

    $ 429,108,797   
  

 

 

  

Written options activity for the fiscal year to date ended March 31, 2013 was as follows:

 

     Number of
Contracts		     Premiums
Received		  
Outstanding, beginning of period      4,785      $     10,518,526   
Options written      15,140        35,002,836   
Options terminated in closing purchase transactions      (15,025 )      (33,889,283 ) 
Options expired      (315 )      (1,074,726 ) 
  

 

 

    

 

 

  
Outstanding, end of period      4,585      $ 10,557,353   
  

 

 

    

 

 

  

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent.

At March 31, 2013, 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 March 31, 2013, 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 $12,735,636.

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, 2013, 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

    $     919,211,744 *    $ —      $     —       $ 919,211,744   

Total Investments

    $ 919,211,744      $ —      $ —       $     919,211,744   
Liability Description                              

Call Options Written

    $ (7,661,350 )    $ (5,074,286 )    $ —       $ (12,735,636 ) 

Total

    $ (7,661,350 )    $     (5,074,286 )    $ —       $ (12,735,636 ) 

 

* 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, 2012 whose fair value was determined using Level 3 inputs. At March 31, 2013, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

Exchange-traded options (other than FLexible EXchange traded options) are valued at the mean between the bid and asked prices at valuation time as reported by the Options Price Reporting Authority for U.S. listed options or by the relevant exchange or board of trade for non-U.S. listed options. Over-the-counter options and FLexible EXchange traded options traded at the Chicago Board Options Exchange are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration.

For additional 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: May 24, 2013

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: May 24, 2013

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer

Date: May 24, 2013