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, 2013

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

September 30, 2013

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 101.0%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 2.1%

      

Boeing Co. (The)

      26,140       $ 3,071,450   

General Dynamics Corp.

      14,099         1,233,944   

Honeywell International, Inc.

      77,664         6,449,219   

Northrop Grumman Corp.

      43,452         4,139,237   

Rockwell Collins, Inc.

      49,396         3,352,013   

Textron, Inc.

      15,478         427,348   
     

 

 

  
      $ 18,673,211   
     

 

 

  

Airlines — 0.1%

      

Southwest Airlines Co.

      60,023       $ 873,935   
     

 

 

  
      $ 873,935   
     

 

 

  

Auto Components — 0.5%

      

Dana Holding Corp.

      77,289       $ 1,765,281   

Johnson Controls, Inc.

      71,926         2,984,929   
     

 

 

  
      $ 4,750,210   
     

 

 

  

Automobiles — 0.2%

      

Ford Motor Co.

      41,101       $ 693,374   

General Motors Co.(1)

      20,000         719,400   
     

 

 

  
      $ 1,412,774   
     

 

 

  

Beverages — 1.6%

      

Coca-Cola Co. (The)

      243,298       $ 9,216,128   

Coca-Cola Enterprises, Inc.

      21,105         848,632   

PepsiCo, Inc.

      60,609         4,818,416   
     

 

 

  
      $ 14,883,176   
     

 

 

  

Biotechnology — 6.3%

      

Amgen, Inc.

      64,403       $ 7,209,272   

Biogen Idec, Inc.(1)

      43,516         10,476,912   

BioMarin Pharmaceutical, Inc.(1)

      23,822         1,720,425   

Celgene Corp.(1)

      101,120         15,565,402   

Gilead Sciences, Inc.(1)

      324,250         20,375,870   

Onyx Pharmaceuticals, Inc.(1)

      11,087         1,382,216   
     

 

 

  
      $ 56,730,097   
     

 

 

  

Capital Markets — 1.9%

      

Franklin Resources, Inc.

      50,559       $ 2,555,757   

Goldman Sachs Group, Inc. (The)

      23,436         3,707,810   

Invesco, Ltd.

      78,614         2,507,787   

Morgan Stanley

      53,096         1,430,937   

Northern Trust Corp.

      40,273         2,190,448   

State Street Corp.

      46,478         3,055,928   

T. Rowe Price Group, Inc.

      23,664         1,702,152   
     

 

 

  
      $ 17,150,819   
     

 

 

  

Chemicals — 1.5%

      

Air Products and Chemicals, Inc.

      26,339       $ 2,806,947   

Celanese Corp., Series A

      10,077         531,965   

E.I. du Pont de Nemours & Co.

      63,024         3,690,685   

PPG Industries, Inc.

      41,446         6,923,969   
     

 

 

  
      $ 13,953,566   
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Commercial Banks — 2.6%

      

BankUnited, Inc.

      21,449       $ 668,994   

Fifth Third Bancorp

      100,126         1,806,273   

First Horizon National Corp.

      34,427         378,353   

First Republic Bank

      21,771         1,015,182   

Huntington Bancshares, Inc.

      179,679         1,484,149   

KeyCorp

      38,413         437,908   

Regions Financial Corp.

      643,924         5,962,736   

SunTrust Banks, Inc.

      49,905         1,617,920   

Toronto-Dominion Bank (The)

      21,736         1,955,805   

U.S. Bancorp

      44,357         1,622,579   

Wells Fargo & Co.

      163,476         6,754,829   
     

 

 

  
      $ 23,704,728   
     

 

 

  

Commercial Services & Supplies — 0.2%

      

Waste Management, Inc.

      53,872       $ 2,221,681   
     

 

 

  
      $ 2,221,681   
     

 

 

  

Communications Equipment — 5.1%

      

Brocade Communications Systems, Inc.(1)

      321,783       $ 2,590,353   

Cisco Systems, Inc.

      879,620         20,600,700   

Harris Corp.

      6,224         369,083   

QUALCOMM, Inc.

      324,794         21,878,124   

Riverbed Technology, Inc.(1)

      26,232         382,725   
     

 

 

  
      $ 45,820,985   
     

 

 

  

Computers & Peripherals — 8.2%

      

Apple, Inc.

      142,900       $ 68,127,575   

Dell, Inc.

      318,288         4,382,826   

Hewlett-Packard Co.

      10,000         209,800   

NetApp, Inc.

      20,000         852,400   
     

 

 

  
      $ 73,572,601   
     

 

 

  

Construction & Engineering — 0.1%

      

Fluor Corp.

      8,525       $ 604,934   
     

 

 

  
      $ 604,934   
     

 

 

  

Consumer Finance — 1.2%

      

American Express Co.

      55,940       $ 4,224,589   

Capital One Financial Corp.

      10,757         739,436   

Discover Financial Services

      116,006         5,862,943   
     

 

 

  
      $ 10,826,968   
     

 

 

  

Containers & Packaging — 0.4%

      

Avery Dennison Corp.

      31,661       $ 1,377,887   

MeadWestvaco Corp.

      56,858         2,182,210   
     

 

 

  
      $ 3,560,097   
     

 

 

  

Distributors — 0.2%

      

Genuine Parts Co.

      19,047       $ 1,540,712   
     

 

 

  
      $ 1,540,712   
     

 

 

  

Diversified Financial Services — 2.6%

      

Bank of America Corp.

      165,000       $ 2,277,000   

Berkshire Hathaway, Inc., Class B(1)

      19,434         2,205,953   

Citigroup, Inc.

      15,000         727,650   

CME Group, Inc.

      29,587         2,185,888   

JPMorgan Chase & Co.

      151,347         7,823,126   

McGraw Hill Financial, Inc.

      57,011         3,739,352   

Moody’s Corp.

      58,952         4,146,094   
     

 

 

  
      $ 23,105,063   
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Diversified Telecommunication Services — 1.4%

      

AT&T, Inc.

      166,227       $ 5,621,797   

Frontier Communications Corp.

      154,158         642,839   

Verizon Communications, Inc.

      145,422         6,785,390   
     

 

 

  
      $ 13,050,026   
     

 

 

  

Electric Utilities — 0.4%

      

American Electric Power Co., Inc.

      16,075       $ 696,851   

Edison International

      62,309         2,869,953   
     

 

 

  
      $ 3,566,804   
     

 

 

  

Electrical Equipment — 0.6%

      

Emerson Electric Co.

      78,984       $ 5,110,265   
     

 

 

  
      $ 5,110,265   
     

 

 

  

Energy Equipment & Services — 1.2%

      

Halliburton Co.

      104,167       $ 5,015,641   

Schlumberger, Ltd.

      62,574         5,529,039   
     

 

 

  
      $ 10,544,680   
     

 

 

  

Food & Staples Retailing — 0.9%

      

CVS Caremark Corp.

      118,179       $ 6,706,658   

Kroger Co. (The)

      37,587         1,516,260   

Wal-Mart Stores, Inc.

      4,824         356,783   
     

 

 

  
      $ 8,579,701   
     

 

 

  

Food Products — 1.6%

      

ConAgra Foods, Inc.

      63,087       $ 1,914,060   

Hershey Co. (The)

      17,810         1,647,425   

Hormel Foods Corp.

      10,580         445,630   

Kraft Foods Group, Inc.

      49,708         2,606,687   

Mondelez International, Inc., Class A

      250,000         7,855,000   
     

 

 

  
      $ 14,468,802   
     

 

 

  

Health Care Equipment & Supplies — 1.7%

      

Abbott Laboratories

      91,000       $ 3,020,290   

Baxter International, Inc.

      46,730         3,069,694   

Covidien PLC

      25,801         1,572,313   

Edwards Lifesciences Corp.(1)

      11,063         770,316   

Intuitive Surgical, Inc.(1)

      12,611         4,745,141   

Stryker Corp.

      33,820         2,285,894   
     

 

 

  
      $ 15,463,648   
     

 

 

  

Health Care Providers & Services — 1.6%

      

Cigna Corp.

      36,534       $ 2,808,003   

DaVita HealthCare Partners, Inc.(1)

      14,550         827,895   

Express Scripts Holding Co.(1)

      30,000         1,853,400   

LifePoint Hospitals, Inc.(1)

      43,020         2,006,023   

McKesson Corp.

      7,813         1,002,408   

UnitedHealth Group, Inc.

      71,976         5,154,201   

WellPoint, Inc.

      9,477         792,372   
     

 

 

  
      $ 14,444,302   
     

 

 

  

Hotels, Restaurants & Leisure — 2.6%

      

Carnival Corp.

      83,532       $ 2,726,484   

International Game Technology

      56,626         1,071,930   

Marriott International, Inc., Class A

      92,128         3,874,904   

Marriott Vacations Worldwide Corp.(1)

      10,303         453,332   

McDonald’s Corp.

      73,784         7,098,759   

Starwood Hotels & Resorts Worldwide, Inc.

      39,775         2,643,049   

Yum! Brands, Inc.

      72,349         5,164,995   
     

 

 

  
      $ 23,033,453   
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Household Durables — 0.5%

      

Whirlpool Corp.

      29,270       $ 4,286,299   
     

 

 

  
      $ 4,286,299   
     

 

 

  

Household Products — 0.9%

      

Clorox Co. (The)

      39,829       $ 3,254,826   

Colgate-Palmolive Co.

      31,592         1,873,405   

Procter & Gamble Co.

      44,342         3,351,812   
     

 

 

  
      $ 8,480,043   
     

 

 

  

Independent Power Producers & Energy Traders — 0.2%

      

AES Corp. (The)

      103,235       $ 1,371,993   
     

 

 

  
      $ 1,371,993   
     

 

 

  

Industrial Conglomerates — 1.2%

      

3M Co.

      28,082       $ 3,353,271   

General Electric Co.

      326,711         7,805,126   
     

 

 

  
      $ 11,158,397   
     

 

 

  

Insurance — 1.6%

      

ACE, Ltd.

      35,393       $ 3,311,369   

Aflac, Inc.

      17,703         1,097,409   

American International Group, Inc.

      17,099         831,525   

Aon PLC

      4,957         368,999   

Genworth Financial, Inc., Class A(1)

      74,552         953,520   

Marsh & McLennan Cos., Inc.

      24,157         1,052,037   

Travelers Companies, Inc. (The)

      59,566         5,049,410   

Unum Group

      70,698         2,152,047   
     

 

 

  
      $ 14,816,316   
     

 

 

  

Internet & Catalog Retail — 2.8%

      

Amazon.com, Inc.(1)

      72,170       $ 22,563,229   

Netflix, Inc.(1)

      5,000         1,546,050   

Shutterfly, Inc.(1)

      27,478         1,535,470   
     

 

 

  
      $ 25,644,749   
     

 

 

  

Internet Software & Services — 6.9%

      

eBay, Inc.(1)

      206,613       $ 11,526,939   

Facebook, Inc., Class A(1)

      136,456         6,855,549   

Google, Inc., Class A(1)

      43,533         38,130,990   

LinkedIn Corp., Class A(1)

      4,433         1,090,784   

VeriSign, Inc.(1)

      94,613         4,814,856   
     

 

 

  
      $ 62,419,118   
     

 

 

  

IT Services — 2.8%

      

Alliance Data Systems Corp.(1)

      7,945       $ 1,680,129   

Cognizant Technology Solutions Corp., Class A(1)

      97,645         8,018,608   

Fidelity National Information Services, Inc.

      79,262         3,680,927   

International Business Machines Corp.

      35,984         6,663,517   

MasterCard, Inc., Class A

      3,808         2,561,946   

Visa, Inc., Class A

      15,924         3,043,077   
     

 

 

  
      $ 25,648,204   
     

 

 

  

Life Sciences Tools & Services — 0.2%

      

Bruker Corp.(1)

      57,399       $ 1,185,289   

PerkinElmer, Inc.

      23,065         870,704   
     

 

 

  
      $ 2,055,993   
     

 

 

  

Machinery — 1.6%

      

Caterpillar, Inc.

      27,518       $ 2,294,176   

Dover Corp.

      40,339         3,623,653   

Ingersoll-Rand PLC

      31,550         2,048,857   

 

4

 

 

                                                 
Security    Shares      Value  

Parker Hannifin Corp.

      16,981       $ 1,846,174   

Stanley Black & Decker, Inc.

      54,390         4,926,102   
     

 

 

  
      $ 14,738,962   
     

 

 

  

Marine — 0.2%

      

Kirby Corp.(1)

      17,666       $ 1,528,992   
     

 

 

  
      $ 1,528,992   
     

 

 

  

Media — 5.2%

      

CBS Corp., Class B

      140,515       $ 7,750,808   

Comcast Corp., Class A

      476,426         21,510,634   

Omnicom Group, Inc.

      22,345         1,417,567   

Sirius XM Radio, Inc.

      340,529         1,317,847   

Time Warner, Inc.

      17,000         1,118,770   

Twenty-First Century Fox, Inc., Class A

      80,000         2,680,000   

Walt Disney Co. (The)

      165,411         10,667,355   
     

 

 

  
      $ 46,462,981   
     

 

 

  

Metals & Mining — 0.2%

      

Freeport-McMoRan Copper & Gold, Inc.

      15,665       $ 518,198   

Nucor Corp.

      23,005         1,127,705   
     

 

 

  
      $ 1,645,903   
     

 

 

  

Multi-Utilities — 1.0%

      

CMS Energy Corp.

      217,119       $ 5,714,572   

Public Service Enterprise Group, Inc.

      87,366         2,876,962   
     

 

 

  
      $ 8,591,534   
     

 

 

  

Multiline Retail — 1.4%

      

Macy’s, Inc.

      112,087       $ 4,850,005   

Nordstrom, Inc.

      28,152         1,582,142   

Target Corp.

      92,542         5,920,837   
     

 

 

  
      $ 12,352,984   
     

 

 

  

Oil, Gas & Consumable Fuels — 5.6%

      

Chevron Corp.

      103,880       $ 12,621,420   

ConocoPhillips

      104,007         7,229,526   

Denbury Resources, Inc.(1)

      25,661         472,419   

EOG Resources, Inc.

      16,450         2,784,656   

Exxon Mobil Corp.

      167,791         14,436,738   

Hess Corp.

      28,844         2,230,795   

Occidental Petroleum Corp.

      34,959         3,270,065   

Phillips 66

      57,101         3,301,580   

Spectra Energy Corp.

      16,118         551,719   

Suncor Energy, Inc.

      33,674         1,204,856   

Williams Cos., Inc.

      48,359         1,758,333   

WPX Energy, Inc.(1)

      41,343         796,266   
     

 

 

  
      $ 50,658,373   
     

 

 

  

Personal Products — 0.6%

      

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

      77,774       $ 5,436,403   
     

 

 

  
      $ 5,436,403   
     

 

 

  

Pharmaceuticals — 3.7%

      

AbbVie, Inc.

      6,412       $ 286,809   

Bristol-Myers Squibb Co.

      169,579         7,848,116   

Eli Lilly & Co.

      29,870         1,503,357   

Johnson & Johnson

      51,777         4,488,548   

Mallinckrodt PLC(1)

      3,225         142,190   

Merck & Co., Inc.

      158,250         7,534,283   

Pfizer, Inc.

      396,195         11,374,758   
     

 

 

  
      $ 33,178,061   
     

 

 

  

 

5

 

 

                                                 
Security    Shares      Value  

Professional Services — 0.6%

      

Equifax, Inc.

      17,082       $ 1,022,358   

Nielsen Holdings NV

      25,050         913,073   

Robert Half International, Inc.

      81,945         3,198,313   
     

 

 

  
      $ 5,133,744   
     

 

 

  

Real Estate Investment Trusts (REITs) — 0.9%

      

American Tower Corp.

      17,730       $ 1,314,325   

Apartment Investment & Management Co., Class A

      35,696         997,346   

Host Hotels & Resorts, Inc.

      28,981         512,094   

Simon Property Group, Inc.

      38,580         5,718,714   
     

 

 

  
      $ 8,542,479   
     

 

 

  

Real Estate Management & Development — 0.1%

      

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

      24,669       $ 570,594   
     

 

 

  
      $ 570,594   
     

 

 

  

Road & Rail — 0.8%

      

CSX Corp.

      34,587       $ 890,269   

Kansas City Southern

      15,641         1,710,500   

Norfolk Southern Corp.

      10,785         834,220   

Ryder System, Inc.

      12,392         739,802   

Union Pacific Corp.

      20,249         3,145,480   
     

 

 

  
      $ 7,320,271   
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.1%

      

Analog Devices, Inc.

      56,522       $ 2,659,360   

ASML Holding NV - NY Shares

      26,394         2,606,672   

Cypress Semiconductor Corp.(1)

      245,589         2,293,801   

Intel Corp.

      758,775         17,391,123   

Microchip Technology, Inc.

      30,000         1,208,700   

NXP Semiconductors NV(1)

      29,000         1,079,090   

ON Semiconductor Corp.(1)

      149,333         1,090,131   

Tessera Technologies, Inc.

      50,120         969,822   

Texas Instruments, Inc.

      199,048         8,015,663   
     

 

 

  
      $ 37,314,362   
     

 

 

  

Software — 6.8%

      

Compuware Corp.

      97,123       $ 1,087,778   

Concur Technologies, Inc.(1)

      50,163         5,543,011   

Microsoft Corp.

      1,248,099         41,574,178   

Oracle Corp.

      330,790         10,972,304   

Red Hat, Inc.(1)

      28,914         1,334,092   

TiVo, Inc.(1)

      42,923         533,962   
     

 

 

  
      $ 61,045,325   
     

 

 

  

Specialty Retail — 1.5%

      

Advance Auto Parts, Inc.

      40,120       $ 3,317,122   

Best Buy Co., Inc.

      28,506         1,068,975   

Gap, Inc. (The)

      35,268         1,420,595   

Home Depot, Inc. (The)

      58,008         4,399,907   

Tiffany & Co.

      39,926         3,059,130   
     

 

 

  
      $ 13,265,729   
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.6%

      

NIKE, Inc., Class B

      73,632       $ 5,348,628   
     

 

 

  
      $ 5,348,628   
     

 

 

  

Thrifts & Mortgage Finance — 0.2%

      

Hudson City Bancorp, Inc.

      180,579       $ 1,634,240   
     

 

 

  
      $ 1,634,240   
     

 

 

  

 

6

 

 

                                                 
Security    Shares      Value  

Tobacco — 1.3%

      

Altria Group, Inc.

      27,194       $ 934,114   

Lorillard, Inc.

      17,939         803,308   

Philip Morris International, Inc.

      113,441         9,822,856   
     

 

 

  
      $ 11,560,278   
     

 

 

  

Trading Companies & Distributors — 0.6%

      

Fastenal Co.

      111,850       $ 5,620,462   
     

 

 

  
      $ 5,620,462   
     

 

 

  

Wireless Telecommunication Services — 0.1%

      

Rogers Communications, Inc., Class B

      26,731       $ 1,149,700   
     

 

 

  
      $ 1,149,700   
     

 

 

  

Total Common Stocks — 101.0%
(identified cost $445,769,639)

       $ 910,628,355   
     

 

 

  

Call Options Written — (1.0)%

      

 

                                                                                                   
Description    Number of
Contracts		      Strike
Price		      Expiration
Date		      Value  

NASDAQ 100 Index

      275       $ 3,150         10/4/13       $ (2,135,375 ) 

NASDAQ 100 Index

      285         3,200         10/11/13         (1,358,025 ) 

NASDAQ 100 Index

      295         3,250         10/19/13         (826,000 ) 

NASDAQ 100 Index

      220         3,240         10/25/13         (902,000 ) 

S&P 500 Index

      760         1,665         10/4/13         (1,831,600 ) 

S&P 500 Index

      795         1,695         10/11/13         (874,500 ) 

S&P 500 Index

      780         1,725         10/19/13         (319,800 ) 

S&P 500 Index

      735         1,700         10/25/13         (1,168,650 ) 
           

 

 

  

Total Call Options Written
(premiums received $9,948,735)

             $ (9,415,950 ) 
           

 

 

  

Other Assets, Less Liabilities — 0.0%(2)

             $ 191,317   
           

 

 

  

Net Assets — 100.0%

             $ 901,403,722   
           

 

 

  

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

 

(1) Non-income producing security.

 

(2) Amount is less than 0.05%.

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     445,726,358   
  

 

 

  

Gross unrealized appreciation

    $  465,214,840   

Gross unrealized depreciation

      (312,843 ) 
  

 

 

  

Net unrealized appreciation

    $ 464,901,997   
  

 

 

  

Written options activity for the fiscal year to date ended September 30, 2013 was as follows:

 

     Number of
Contracts		     Premiums
Received		  

Outstanding, beginning of period

      4,785      $ 10,518,526   

Options written

      43,035        100,302,009   

Options terminated in closing purchase transactions

      (36,745 )      (85,856,142 ) 

Options expired

      (6,930 )      (15,015,658 ) 
  

 

 

    

 

 

  

Outstanding, end of period

      4,145      $ 9,948,735   
  

 

 

    

 

 

  

 

7

 

 

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At September 30, 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 September 30, 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 $9,415,950.

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, 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

    $ 910,628,355 *    $ —       $ —       $ 910,628,355   

Total Investments

    $     910,628,355      $ —       $ —       $     910,628,355   
Liability Description                               

Call Options Written

    $ (9,415,950 )    $ —       $ —       $ (9,415,950 ) 

Total

    $ (9,415,950 )    $ —       $ —       $ (9,415,950 ) 

 

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

The Fund held no investments or other financial instruments as of December 31, 2012 whose fair value was determined using Level 3 inputs. At September 30, 2013, 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.

 

8

 

 

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 25, 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:   November 25, 2013

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   November 25, 2013