Eaton Vance Tax-Managed Buy-Write Opportunities Fu
 
 
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, 2010
Date of Reporting Period
 
 

 

 

Item 1. Schedule of Investments

 

 

Eaton Vance Tax-Managed Buy-Write Opportunities Fund as of September 30, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 102.9%
 
                 
Security   Shares     Value  
Aerospace & Defense — 1.5%
               
General Dynamics Corp. 
    45,538     $ 2,860,242  
Honeywell International, Inc. 
    85,223       3,744,698  
Northrop Grumman Corp. 
    42,963       2,604,847  
Rockwell Collins, Inc. 
    70,051       4,080,471  
                 
            $ 13,290,258  
                 
Air Freight & Logistics — 0.8%
               
CH Robinson Worldwide, Inc. 
    65,295     $ 4,565,426  
FedEx Corp. 
    25,782       2,204,361  
                 
            $ 6,769,787  
                 
Airlines — 0.2%
               
Southwest Airlines Co. 
    113,554     $ 1,484,151  
                 
            $ 1,484,151  
                 
Auto Components — 0.6%
               
Dana Holding Corp.(1)
    77,289     $ 952,200  
Johnson Controls, Inc. 
    141,080       4,302,940  
                 
            $ 5,255,140  
                 
Automobiles — 0.1%
               
Ford Motor Co.(1)
    96,775     $ 1,184,526  
                 
            $ 1,184,526  
                 
Beverages — 1.6%
               
Coca-Cola Co. (The)
    121,649     $ 7,118,899  
Coca-Cola Enterprises, Inc. 
    38,080       1,180,480  
Hansen Natural Corp.(1)
    12,788       596,177  
PepsiCo, Inc. 
    76,912       5,110,033  
                 
            $ 14,005,589  
                 
Biotechnology — 4.5%
               
Amgen, Inc.(1)
    158,315     $ 8,724,740  
Biogen Idec, Inc.(1)
    90,688       5,089,411  
BioMarin Pharmaceutical, Inc.(1)
    23,822       532,422  
Celgene Corp.(1)
    131,876       7,597,376  
Enzon Pharmaceuticals, Inc.(1)
    85,000       956,250  
Genzyme Corp.(1)
    65,140       4,611,261  
Gilead Sciences, Inc.(1)
    249,917       8,899,544  
Martek Biosciences Corp.(1)
    32,637       738,575  
Onyx Pharmaceuticals, Inc.(1)
    18,445       486,579  
Regeneron Pharmaceuticals, Inc.(1)
    35,018       959,493  
                 
            $ 38,595,651  
                 
Capital Markets — 1.8%
               
Affiliated Managers Group, Inc.(1)
    12,769     $ 996,110  
Artio Global Investors, Inc. 
    28,944       442,843  
Charles Schwab Corp. (The)
    82,868       1,151,865  
Franklin Resources, Inc. 
    26,622       2,845,892  
Goldman Sachs Group, Inc. (The) 
    28,754       4,157,253  
Invesco, Ltd. 
    78,614       1,668,975  
Morgan Stanley
    66,315       1,636,654  
T. Rowe Price Group, Inc. 
    50,995       2,553,065  
UBS AG(1)
    25,054       426,670  
                 
            $ 15,879,327  
                 
 
1

 

                 
Security   Shares     Value  
Chemicals — 1.1%
               
Air Products and Chemicals, Inc. 
    42,810     $ 3,545,524  
E.I. Du Pont de Nemours & Co. 
    63,024       2,812,131  
PPG Industries, Inc. 
    41,446       3,017,269  
                 
            $ 9,374,924  
                 
Commercial Banks — 2.0%
               
Banco Bilbao Vizcaya Argentaria SA ADR
    30,654     $ 413,216  
Banco Santander Central Hispano SA ADR
    79,716       1,009,205  
Fifth Third Bancorp
    100,126       1,204,516  
HSBC Holdings PLC ADR
    25,941       1,312,355  
Royal Bank of Canada
    42,829       2,232,676  
Toronto-Dominion Bank
    40,182       2,903,551  
Wells Fargo & Co. 
    329,450       8,279,078  
                 
            $ 17,354,597  
                 
Commercial Services & Supplies — 0.6%
               
Avery Dennison Corp. 
    21,451     $ 796,261  
Waste Management, Inc. 
    125,065       4,469,823  
                 
            $ 5,266,084  
                 
Communications Equipment — 5.6%
               
Brocade Communications Systems, Inc.(1)
    237,983     $ 1,389,821  
Cisco Systems, Inc.(1)
    723,223       15,838,584  
QUALCOMM, Inc. 
    519,219       23,427,161  
Research In Motion, Ltd.(1)
    127,326       6,199,503  
Riverbed Technology, Inc.(1)
    34,776       1,585,090  
                 
            $ 48,440,159  
                 
Computers & Peripherals — 12.9%
               
Apple, Inc.(1)
    312,351     $ 88,629,596  
Dell, Inc.(1)
    374,415       4,852,418  
EMC Corp.(1)
    161,078       3,271,494  
Hewlett-Packard Co. 
    93,945       3,952,266  
International Business Machines Corp. 
    69,411       9,310,792  
SanDisk Corp.(1)
    57,135       2,093,998  
                 
            $ 112,110,564  
                 
Construction & Engineering — 0.1%
               
Fluor Corp. 
    24,176     $ 1,197,437  
                 
            $ 1,197,437  
                 
Consumer Finance — 0.8%
               
American Express Co. 
    79,374     $ 3,336,089  
Capital One Financial Corp. 
    27,938       1,104,948  
Discover Financial Services
    131,423       2,192,136  
                 
            $ 6,633,173  
                 
Distributors — 0.3%
               
Genuine Parts Co. 
    21,482     $ 957,882  
LKQ Corp.(1)
    63,061       1,311,669  
                 
            $ 2,269,551  
                 
Diversified Financial Services — 2.5%
               
Bank of America Corp. 
    365,187     $ 4,787,601  
Citigroup, Inc.(1)
    988,064       3,853,450  
CME Group, Inc. 
    7,734       2,014,320  
JPMorgan Chase & Co. 
    256,968       9,782,772  
Moody’s Corp. 
    58,952       1,472,621  
                 
            $ 21,910,764  
                 
Diversified Telecommunication Services — 1.9%
               
AT&T, Inc. 
    261,076     $ 7,466,774  
Frontier Communications Corp. 
    550,652       4,498,827  
 
2

 

                 
Security   Shares     Value  
Verizon Communications, Inc. 
    148,609     $ 4,843,167  
                 
            $ 16,808,768  
                 
Electric Utilities — 0.9%
               
American Electric Power Co., Inc. 
    39,722     $ 1,439,128  
Duke Energy Corp. 
    104,748       1,855,087  
Edison International
    59,878       2,059,204  
FirstEnergy Corp. 
    57,503       2,216,166  
                 
            $ 7,569,585  
                 
Electrical Equipment — 1.0%
               
Cooper Industries PLC, Class A
    9,642     $ 471,783  
Emerson Electric Co. 
    92,190       4,854,726  
First Solar, Inc.(1)
    21,906       3,227,849  
                 
            $ 8,554,358  
                 
Electronic Equipment, Instruments & Components — 0.2%
               
Corning, Inc. 
    109,195     $ 1,996,085  
                 
            $ 1,996,085  
                 
Energy Equipment & Services — 1.2%
               
Diamond Offshore Drilling, Inc. 
    13,909     $ 942,613  
Halliburton Co. 
    121,266       4,010,267  
Schlumberger, Ltd. 
    95,882       5,907,290  
                 
            $ 10,860,170  
                 
Food & Staples Retailing — 1.9%
               
CVS Caremark Corp. 
    216,770     $ 6,821,752  
Kroger Co. (The)
    70,237       1,521,333  
Wal-Mart Stores, Inc. 
    146,331       7,831,635  
                 
            $ 16,174,720  
                 
Food Products — 0.9%
               
ConAgra Foods, Inc. 
    139,244     $ 3,055,013  
Green Mountain Coffee Roasters, Inc.(1)
    36,611       1,141,897  
H.J. Heinz Co. 
    41,807       1,980,398  
Hershey Co. (The)
    26,751       1,273,080  
                 
            $ 7,450,388  
                 
Gas Utilities — 0.1%
               
Nicor, Inc. 
    11,705     $ 536,323  
                 
            $ 536,323  
                 
Health Care Equipment & Supplies — 1.9%
               
Baxter International, Inc. 
    91,373     $ 4,359,406  
Boston Scientific Corp.(1)
    168,731       1,034,321  
Covidien PLC
    25,801       1,036,942  
Edwards Lifesciences Corp.(1)
    12,474       836,382  
Immucor, Inc.(1)
    13,694       271,552  
Intuitive Surgical, Inc.(1)
    14,060       3,989,384  
Masimo Corp. 
    16,253       443,869  
Medtronic, Inc. 
    74,653       2,506,848  
Stryker Corp. 
    35,313       1,767,416  
                 
            $ 16,246,120  
                 
Health Care Providers & Services — 1.8%
               
AmerisourceBergen Corp. 
    66,130     $ 2,027,546  
CIGNA Corp. 
    61,755       2,209,594  
DaVita, Inc.(1)
    7,275       502,193  
Fresenius Medical Care AG & Co. KGaA ADR
    27,051       1,670,129  
LifePoint Hospitals, Inc.(1)
    48,989       1,717,554  
Lincare Holdings, Inc. 
    21,879       548,944  
McKesson Corp. 
    30,667       1,894,607  
Quest Diagnostics, Inc. 
    19,665       992,492  
 
3

 

                 
Security   Shares     Value  
Tenet Healthcare Corp.(1)
    60,215     $ 284,215  
UnitedHealth Group, Inc. 
    97,543       3,424,735  
VCA Antech, Inc.(1)
    11,686       246,458  
                 
            $ 15,518,467  
                 
Hotels, Restaurants & Leisure — 1.9%
               
International Game Technology
    56,626     $ 818,246  
Marriott International, Inc., Class A
    84,857       3,040,426  
McDonald’s Corp. 
    73,784       5,497,646  
Starwood Hotels & Resorts Worldwide, Inc. 
    39,775       2,090,176  
Wendy’s/Arby’s Group, Inc., Class A
    47,829       216,666  
Yum! Brands, Inc. 
    104,604       4,818,060  
                 
            $ 16,481,220  
                 
Household Durables — 0.7%
               
Pulte Group, Inc.(1)
    35,360     $ 309,754  
Stanley Black & Decker, Inc. 
    56,752       3,477,762  
Whirlpool Corp. 
    25,281       2,046,750  
                 
            $ 5,834,266  
                 
Household Products — 1.5%
               
Clorox Co. (The)
    41,339     $ 2,759,792  
Colgate-Palmolive Co. 
    45,762       3,517,267  
Procter & Gamble Co. 
    110,420       6,621,887  
                 
            $ 12,898,946  
                 
Industrial Conglomerates — 1.2%
               
3M Co. 
    70,389     $ 6,103,430  
General Electric Co. 
    290,528       4,721,080  
                 
            $ 10,824,510  
                 
Insurance — 2.4%
               
ACE, Ltd. 
    35,393     $ 2,061,642  
Aflac, Inc. 
    37,577       1,943,107  
AON Corp. 
    18,737       732,804  
Arthur J Gallagher & Co. 
    64,233       1,693,824  
AXA SA ADR
    26,846       466,584  
Berkshire Hathaway, Inc., Class B(1)
    37,000       3,059,160  
Marsh & McLennan Cos., Inc. 
    83,378       2,011,077  
MetLife, Inc. 
    39,437       1,516,353  
Travelers Companies, Inc. (The)
    95,770       4,989,617  
Unum Group
    81,297       1,800,729  
Willis Group Holdings PLC
    26,215       807,946  
                 
            $ 21,082,843  
                 
Internet & Catalog Retail — 1.5%
               
Amazon.com, Inc.(1)
    82,179     $ 12,907,034  
                 
            $ 12,907,034  
                 
Internet Software & Services — 4.7%
               
Akamai Technologies, Inc.(1)
    38,264     $ 1,920,088  
eBay, Inc.(1)
    207,226       5,056,314  
Google, Inc., Class A(1)
    48,932       25,727,956  
VeriSign, Inc.(1)
    121,055       3,842,286  
Yahoo! Inc.(1)
    276,679       3,920,541  
                 
            $ 40,467,185  
                 
IT Services — 1.7%
               
Alliance Data Systems Corp.(1)
    15,553     $ 1,014,989  
Cognizant Technology Solutions Corp., Class A(1)
    125,804       8,110,584  
Fidelity National Information Services, Inc. 
    75,465       2,047,366  
 
4

 

                 
Security   Shares     Value  
MasterCard, Inc., Class A
    9,897     $ 2,216,928  
Visa, Inc., Class A
    17,917       1,330,516  
                 
            $ 14,720,383  
                 
Leisure Equipment & Products — 0.4%
               
Mattel, Inc. 
    146,985     $ 3,448,268  
                 
            $ 3,448,268  
                 
Life Sciences Tools & Services — 0.3%
               
Illumina, Inc.(1)
    37,347     $ 1,837,472  
PerkinElmer, Inc. 
    23,065       533,724  
                 
            $ 2,371,196  
                 
Machinery — 1.4%
               
Caterpillar, Inc. 
    42,387     $ 3,335,009  
Dover Corp. 
    40,339       2,106,099  
Eaton Corp. 
    26,969       2,224,673  
Ingersoll-Rand PLC
    27,231       972,419  
PACCAR, Inc. 
    52,767       2,540,731  
Titan International, Inc. 
    49,164       667,156  
                 
            $ 11,846,087  
                 
Media — 3.7%
               
CBS Corp., Class B
    222,271     $ 3,525,218  
Comcast Corp., Class A
    608,758       11,006,344  
DIRECTV, Class A(1)
    104,914       4,367,570  
McGraw-Hill Cos., Inc. (The)
    61,443       2,031,305  
Omnicom Group, Inc. 
    78,918       3,115,683  
Walt Disney Co. (The)
    254,597       8,429,707  
                 
            $ 32,475,827  
                 
Metals & Mining — 0.5%
               
Newmont Mining Corp. 
    39,318     $ 2,469,564  
Nucor Corp. 
    26,584       1,015,509  
United States Steel Corp. 
    24,579       1,077,543  
                 
            $ 4,562,616  
                 
Multi-Utilities — 1.3%
               
CMS Energy Corp. 
    357,857     $ 6,448,583  
Public Service Enterprise Group, Inc. 
    157,343       5,204,907  
                 
            $ 11,653,490  
                 
Multiline Retail — 1.4%
               
Dollar Tree, Inc.(1)
    25,030     $ 1,220,463  
Macy’s, Inc. 
    171,516       3,960,304  
Nordstrom, Inc. 
    50,105       1,863,906  
Target Corp. 
    92,542       4,945,445  
                 
            $ 11,990,118  
                 
Oil, Gas & Consumable Fuels — 5.7%
               
Alpha Natural Resources, Inc.(1)
    32,266     $ 1,327,746  
Chevron Corp. 
    126,045       10,215,947  
ConocoPhillips
    114,202       6,558,621  
EOG Resources, Inc. 
    16,208       1,506,858  
Exxon Mobil Corp. 
    254,400       15,719,376  
Hess Corp. 
    39,495       2,334,944  
Occidental Petroleum Corp. 
    56,364       4,413,301  
Patriot Coal Corp.(1)
    49,339       562,958  
Peabody Energy Corp. 
    37,062       1,816,408  
Petrohawk Energy Corp.(1)
    67,033       1,081,913  
Suncor Energy, Inc. 
    33,674       1,096,089  
Williams Cos., Inc. 
    150,563       2,877,259  
                 
            $ 49,511,420  
                 
 
5

 

                 
Security   Shares     Value  
Paper & Forest Products — 0.2%
               
MeadWestvaco Corp. 
    56,858     $ 1,386,198  
                 
            $ 1,386,198  
                 
Personal Products — 0.4%
               
Estee Lauder Cos., Inc., Class A
    61,733     $ 3,903,378  
                 
            $ 3,903,378  
                 
Pharmaceuticals — 4.5%
               
Abbott Laboratories
    122,167     $ 6,382,004  
Bristol-Myers Squibb Co. 
    206,217       5,590,543  
Eli Lilly & Co. 
    31,684       1,157,416  
Johnson & Johnson
    113,779       7,049,747  
Merck & Co., Inc. 
    205,376       7,559,891  
Pfizer, Inc. 
    493,935       8,480,864  
Shire PLC ADR
    36,934       2,484,919  
                 
            $ 38,705,384  
                 
Professional Services — 0.4%
               
Equifax, Inc. 
    17,082     $ 532,958  
Robert Half International, Inc. 
    97,492       2,534,792  
                 
            $ 3,067,750  
                 
Real Estate Investment Trusts (REITs) — 0.6%
               
Apartment Investment & Management Co., Class A
    35,696     $ 763,181  
AvalonBay Communities, Inc. 
    2,209       229,581  
Plum Creek Timber Co., Inc. 
    14,401       508,355  
ProLogis
    31,352       369,327  
Simon Property Group, Inc. 
    39,276       3,642,456  
                 
            $ 5,512,900  
                 
Road & Rail — 0.8%
               
CSX Corp. 
    11,529     $ 637,784  
Kansas City Southern(1)
    34,036       1,273,287  
Norfolk Southern Corp. 
    25,252       1,502,746  
Ryder System, Inc. 
    12,392       530,006  
Union Pacific Corp. 
    33,301       2,724,022  
                 
            $ 6,667,845  
                 
Semiconductors & Semiconductor Equipment — 4.3%
               
Applied Materials, Inc. 
    254,460     $ 2,972,093  
ASML Holding NV ADR
    59,749       1,776,338  
Atheros Communications, Inc.(1)
    76,210       2,008,133  
Cirrus Logic, Inc.(1)
    144,051       2,569,870  
Cree, Inc.(1)
    44,440       2,412,647  
Cypress Semiconductor Corp.(1)
    135,761       1,707,873  
Intel Corp. 
    810,927       15,594,126  
KLA-Tencor Corp. 
    43,060       1,517,004  
Maxim Integrated Products, Inc. 
    33,635       622,584  
Microchip Technology, Inc. 
    25,015       786,722  
Micron Technology, Inc.(1)
    193,704       1,396,606  
National Semiconductor Corp. 
    30,874       394,261  
ON Semiconductor Corp.(1)
    149,333       1,076,691  
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
    111,037       1,125,915  
Tessera Technologies, Inc.(1)
    50,120       927,220  
                 
            $ 36,888,083  
                 
Software — 8.0%
               
Adobe Systems, Inc.(1)
    200,938     $ 5,254,529  
Ariba, Inc.(1)
    26,123       493,725  
Check Point Software Technologies, Ltd.(1)
    69,443       2,564,530  
Concur Technologies, Inc.(1)
    98,427       4,866,231  
Electronic Arts, Inc.(1)
    153,547       2,522,777  
Microsoft Corp. 
    1,115,624       27,321,632  
 
6

 

                 
Security   Shares     Value  
Oracle Corp. 
    703,108     $ 18,878,450  
Red Hat, Inc.(1)
    57,959       2,376,319  
Symantec Corp.(1)
    316,103       4,795,282  
TiVo, Inc.(1)
    53,923       488,542  
                 
            $ 69,562,017  
                 
Specialty Retail — 1.7%
               
Advance Auto Parts, Inc. 
    42,479     $ 2,492,668  
American Eagle Outfitters, Inc. 
    47,505       710,675  
Best Buy Co., Inc. 
    42,452       1,733,315  
Gap, Inc. (The)
    81,861       1,525,889  
Lowe’s Companies, Inc. 
    61,537       1,371,660  
Staples, Inc. 
    249,970       5,229,372  
Tiffany & Co. 
    39,926       1,876,123  
                 
            $ 14,939,702  
                 
Textiles, Apparel & Luxury Goods — 0.4%
               
Hanesbrands, Inc.(1)
    33,949     $ 877,921  
NIKE, Inc., Class B
    36,816       2,950,434  
                 
            $ 3,828,355  
                 
Tobacco — 1.1%
               
Altria Group, Inc. 
    97,908     $ 2,351,750  
Philip Morris International, Inc. 
    114,950       6,439,499  
Reynolds American, Inc. 
    6,181       367,090  
                 
            $ 9,158,339  
                 
Trading Companies & Distributors — 0.4%
               
Fastenal Co. 
    63,331     $ 3,368,576  
                 
            $ 3,368,576  
                 
Wireless Telecommunication Services — 1.0%
               
Millicom International Cellular SA
    35,756     $ 3,430,788  
Rogers Communications, Inc., Class B
    58,958       2,206,798  
Vodafone Group PLC ADR
    114,218       2,833,749  
                 
            $ 8,471,335  
                 
                 
Total Common Stocks — 102.9%
(identified cost $696,500,779)
          $ 891,271,937  
                 
 
Call Options Written — (3.2)%
 
                             
    Number
 		  Strike
 		    Expiration
 		     
Description   of Contracts   Price     Date   Value  
NASDAQ 100 Index
    925     $ 1,925     10/16/10   $ (8,089,125 )
NASDAQ 100 Index
    895       1,950     10/16/10     (6,032,300 )
S&P 500 Index
    3,660       1,120     10/16/10     (11,510,700 )
S&P 500 Index
    910       1,130     10/16/10     (2,224,950 )
                         
         
Total Call Options Written
(premiums received $18,976,639)
 
$ 		(27,857,075 )
         
         
Other Assets, Less Liabilities — 0.3%
  $ 3,062,430  
         
         
Net Assets — 100.0%
  $ 866,477,292  
         
 
             
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, 2010, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 696,497,557  
         
Gross unrealized appreciation
  $ 219,702,070  
Gross unrealized depreciation
    (24,927,690 )
         
Net unrealized appreciation
  $ 194,774,380  
         
 
Written call options activity for the fiscal year to date ended September 30, 2010 was as follows:
 
                 
    Number
 		    Premiums
 		 
    of Contracts     Received  
Outstanding, beginning of period
    6,929     $ 11,298,538  
Options written
    59,203       136,726,849  
Options terminated in closing purchase transactions
    (52,152 )     (103,541,457 )
Options expired
    (7,590 )     (25,507,291 )
                 
Outstanding, end of period
    6,390     $ 18,976,639  
                 
 
All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At September 30, 2010, 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 generally intends to write 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, 2010, the aggregate fair value of 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 $27,857,075.
 
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)
 
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, 2010, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
 		                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total  
   
Common Stocks
  $ 891,271,937     $ —     $ —     $ 891,271,937  
 
 
Total Investments
  $ 891,271,937     $ —     $ —     $ 891,271,937  
 
 
                                 
Liability Description                        
   
Call Options Written
  $ (27,857,075 )   $ —     $ —     $ (27,857,075 )
 
 
Total
  $ (27,857,075 )   $ —     $ —     $ (27,857,075 )
 
 
 
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, 2009 whose fair value was determined using Level 3 inputs.
 
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/ Duncan W. Richardson      
  Duncan W. Richardson     
  President     
Date: November 24, 2010
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/ Duncan W. Richardson      
  Duncan W. Richardson     
  President     
Date: November 24, 2010
         
     
By:   /s/ Barbara E. Campbell      
  Barbara E. Campbell     
  Treasurer     
Date: November 24, 2010