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, 2011
Date of Reporting Period
 
 

 

 

Item 1. Schedule of Investments

 

 

Eaton Vance
Tax-Managed Buy-Write Opportunities Fund
September 30, 2011
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 101.2%
 
                 
Security   Shares     Value  
Aerospace & Defense — 1.4%
               
General Dynamics Corp. 
    24,734     $ 1,407,117  
Honeywell International, Inc. 
    77,664       3,410,226  
Huntington Ingalls Industries, Inc.(1)
    7,160       174,203  
Northrop Grumman Corp. 
    42,963       2,240,950  
Rockwell Collins, Inc. 
    57,076       3,011,330  
Textron, Inc. 
    25,518       450,138  
                 
            $ 10,693,964  
                 
Air Freight & Logistics — 0.8%
               
CH Robinson Worldwide, Inc. 
    65,295     $ 4,470,748  
FedEx Corp. 
    25,782       1,744,926  
                 
            $ 6,215,674  
                 
Airlines — 0.1%
               
Southwest Airlines Co. 
    113,554     $ 912,974  
                 
            $ 912,974  
                 
Auto Components — 0.5%
               
Dana Holding Corp.(1)
    77,289     $ 811,534  
Johnson Controls, Inc. 
    71,926       1,896,689  
Lear Corp. 
    21,697       930,801  
                 
            $ 3,639,024  
                 
Automobiles — 0.1%
               
Ford Motor Co.(1)
    106,785     $ 1,032,611  
                 
            $ 1,032,611  
                 
Beverages — 1.8%
               
Coca-Cola Co. (The)
    121,649     $ 8,218,606  
Coca-Cola Enterprises, Inc. 
    38,080       947,430  
Hansen Natural Corp.(1)
    12,788       1,116,265  
PepsiCo, Inc. 
    60,412       3,739,503  
                 
            $ 14,021,804  
                 
Biotechnology — 4.1%
               
Amgen, Inc. 
    160,289     $ 8,807,881  
Biogen Idec, Inc.(1)
    73,319       6,829,665  
BioMarin Pharmaceutical, Inc.(1)
    23,822       759,207  
Celgene Corp.(1)
    129,509       8,019,197  
Gilead Sciences, Inc.(1)
    169,625       6,581,450  
Onyx Pharmaceuticals, Inc.(1)
    18,445       553,535  
Regeneron Pharmaceuticals, Inc.(1)
    16,077       935,681  
                 
            $ 32,486,616  
                 
Capital Markets — 1.3%
               
Affiliated Managers Group, Inc.(1)
    12,769     $ 996,621  
Charles Schwab Corp. (The)
    82,868       933,922  
Franklin Resources, Inc. 
    16,853       1,611,821  
Goldman Sachs Group, Inc. (The)
    23,436       2,215,874  
Invesco, Ltd. 
    78,614       1,219,303  
Morgan Stanley
    75,054       1,013,229  
T. Rowe Price Group, Inc. 
    50,995       2,436,031  
                 
            $ 10,426,801  
                 
 
1

 

                 
Security   Shares     Value  
Chemicals — 1.2%
               
Air Products and Chemicals, Inc. 
    42,810     $ 3,269,400  
Celanese Corp., Class A
    16,343       531,638  
E.I. Du Pont de Nemours & Co. 
    63,024       2,519,069  
PPG Industries, Inc. 
    41,446       2,928,574  
                 
            $ 9,248,681  
                 
Commercial Banks — 2.3%
               
Banco Santander Central Hispano SA ADR
    79,716     $ 640,917  
Fifth Third Bancorp
    100,126       1,011,273  
First Horizon National Corp. 
    66,113       394,033  
First Republic Bank(1)
    19,744       457,271  
Huntington Bancshares, Inc. 
    179,679       862,459  
KeyCorp
    143,582       851,441  
Regions Financial Corp. 
    470,342       1,566,239  
Royal Bank of Canada
    38,716       1,770,096  
SunTrust Banks, Inc. 
    49,905       895,795  
Toronto-Dominion Bank
    21,736       1,542,169  
Wells Fargo & Co. 
    329,450       7,946,334  
                 
            $ 17,938,027  
                 
Commercial Services & Supplies — 0.4%
               
Avery Dennison Corp. 
    21,451     $ 537,991  
Waste Management, Inc. 
    88,630       2,885,793  
                 
            $ 3,423,784  
                 
Communications Equipment — 4.9%
               
Brocade Communications Systems, Inc.(1)
    72,023     $ 311,139  
Cisco Systems, Inc. 
    1,050,584       16,273,546  
JDS Uniphase Corp.(1)
    57,919       577,452  
Juniper Networks, Inc.(1)
    50,819       877,136  
QUALCOMM, Inc. 
    418,415       20,347,522  
Tellabs, Inc. 
    96,672       414,723  
                 
            $ 38,801,518  
                 
Computers & Peripherals — 10.0%
               
Apple, Inc.(1)
    184,084     $ 70,169,139  
Dell, Inc.(1)
    359,969       5,093,562  
EMC Corp.(1)
    161,078       3,381,027  
                 
            $ 78,643,728  
                 
Construction & Engineering — 0.1%
               
Fluor Corp. 
    18,843     $ 877,142  
                 
            $ 877,142  
                 
Consumer Finance — 0.8%
               
American Express Co. 
    79,374     $ 3,563,893  
Capital One Financial Corp. 
    10,757       426,300  
Discover Financial Services
    111,831       2,565,403  
                 
            $ 6,555,596  
                 
Containers & Packaging — 0.1%
               
Owens-Illinois, Inc.(1)
    36,491     $ 551,744  
                 
            $ 551,744  
                 
Distributors — 0.1%
               
Genuine Parts Co. 
    21,482     $ 1,091,286  
                 
            $ 1,091,286  
                 
Diversified Financial Services — 1.5%
               
Citigroup, Inc. 
    17,821     $ 456,574  
CME Group, Inc. 
    7,734       1,905,658  
 
2

 

                 
Security   Shares     Value  
JPMorgan Chase & Co. 
    247,020     $ 7,440,242  
Moody’s Corp. 
    58,952       1,795,088  
                 
            $ 11,597,562  
                 
Diversified Telecommunication Services — 2.0%
               
AT&T, Inc. 
    261,076     $ 7,445,888  
Frontier Communications Corp. 
    273,969       1,673,951  
Verizon Communications, Inc. 
    148,609       5,468,811  
Windstream Corp. 
    71,431       832,885  
                 
            $ 15,421,535  
                 
Electric Utilities — 1.0%
               
American Electric Power Co., Inc. 
    39,722     $ 1,510,230  
Duke Energy Corp. 
    104,748       2,093,913  
Edison International
    59,878       2,290,333  
FirstEnergy Corp. 
    39,804       1,787,598  
                 
            $ 7,682,074  
                 
Electrical Equipment — 0.5%
               
Cooper Industries PLC, Class A
    9,642     $ 444,689  
Emerson Electric Co. 
    78,984       3,262,829  
                 
            $ 3,707,518  
                 
Electronic Equipment, Instruments & Components — 0.2%
               
Corning, Inc. 
    103,940     $ 1,284,698  
                 
            $ 1,284,698  
                 
Energy Equipment & Services — 1.2%
               
Baker Hughes, Inc. 
    16,471     $ 760,301  
Diamond Offshore Drilling, Inc. 
    7,438       407,156  
Halliburton Co. 
    104,167       3,179,177  
Nabors Industries, Ltd.(1)
    46,387       568,705  
Schlumberger, Ltd. 
    80,772       4,824,512  
                 
            $ 9,739,851  
                 
Food & Staples Retailing — 1.7%
               
CVS Caremark Corp. 
    135,890     $ 4,563,186  
Kroger Co. (The)
    80,038       1,757,634  
Wal-Mart Stores, Inc. 
    114,774       5,956,771  
Walgreen Co. 
    21,637       711,641  
                 
            $ 12,989,232  
                 
Food Products — 1.3%
               
ConAgra Foods, Inc. 
    139,244     $ 3,372,490  
Green Mountain Coffee Roasters, Inc.(1)
    30,433       2,828,443  
H.J. Heinz Co. 
    41,807       2,110,417  
Hershey Co. (The)
    26,751       1,584,729  
                 
            $ 9,896,079  
                 
Gas Utilities — 0.1%
               
Nicor, Inc. 
    11,705     $ 643,892  
                 
            $ 643,892  
                 
Health Care Equipment & Supplies — 1.5%
               
Baxter International, Inc. 
    48,119     $ 2,701,401  
Boston Scientific Corp.(1)
    123,334       728,904  
Covidien PLC
    25,801       1,137,824  
Edwards Lifesciences Corp.(1)
    11,063       788,571  
Intuitive Surgical, Inc.(1)
    13,659       4,975,700  
Masimo Corp. 
    7,516       162,721  
Stryker Corp. 
    35,313       1,664,302  
                 
            $ 12,159,423  
                 
 
3

 

                 
Security   Shares     Value  
Health Care Providers & Services — 1.9%
               
Aetna, Inc. 
    17,426     $ 633,435  
AmerisourceBergen Corp. 
    66,130       2,464,665  
CIGNA Corp. 
    36,534       1,532,236  
DaVita, Inc.(1)
    7,275       455,924  
Fresenius Medical Care AG & Co. KGaA ADR
    27,051       1,826,754  
HCA Holdings, Inc.(1)
    27,977       564,016  
LifePoint Hospitals, Inc.(1)
    45,423       1,664,299  
Lincare Holdings, Inc. 
    21,879       492,278  
McKesson Corp. 
    7,813       568,005  
Quest Diagnostics, Inc. 
    19,665       970,664  
Team Health Holdings, Inc.(1)
    9,033       148,322  
Tenet Healthcare Corp.(1)
    60,215       248,688  
UnitedHealth Group, Inc. 
    79,007       3,643,803  
                 
            $ 15,213,089  
                 
Health Care Technology — 0.1%
               
Allscripts Healthcare Solutions, Inc.(1)
    40,727     $ 733,901  
                 
            $ 733,901  
                 
Hotels, Restaurants & Leisure — 2.2%
               
International Game Technology
    56,626     $ 822,776  
Marriott International, Inc., Class A
    103,036       2,806,700  
McDonald’s Corp. 
    73,784       6,479,711  
Six Flags Entertainment Corp. 
    16,012       443,853  
Starwood Hotels & Resorts Worldwide, Inc. 
    39,775       1,544,065  
Wyndham Worldwide Corp. 
    13,984       398,684  
Yum! Brands, Inc. 
    93,335       4,609,816  
                 
            $ 17,105,605  
                 
Household Durables — 0.2%
               
Whirlpool Corp. 
    25,281     $ 1,261,775  
                 
            $ 1,261,775  
                 
Household Products — 1.0%
               
Clorox Co. (The)
    41,339     $ 2,742,016  
Colgate-Palmolive Co. 
    15,796       1,400,789  
Procter & Gamble Co. 
    54,796       3,462,011  
                 
            $ 7,604,816  
                 
Industrial Conglomerates — 1.0%
               
3M Co. 
    60,746     $ 4,360,955  
General Electric Co. 
    231,353       3,525,820  
                 
            $ 7,886,775  
                 
Insurance — 2.0%
               
ACE, Ltd. 
    35,393     $ 2,144,816  
Aflac, Inc. 
    35,356       1,235,692  
AON Corp. 
    6,626       278,159  
Arthur J. Gallagher & Co. 
    57,247       1,505,596  
AXA SA ADR
    21,788       286,512  
Berkshire Hathaway, Inc., Class B(1)
    19,434       1,380,591  
Genworth Financial, Inc., Class A(1)
    74,552       427,929  
Hartford Financial Services Group, Inc. 
    25,311       408,520  
Marsh & McLennan Cos., Inc. 
    83,378       2,212,852  
MetLife, Inc. 
    35,375       990,854  
Travelers Companies, Inc. (The)
    59,566       2,902,651  
Unum Group
    81,297       1,703,985  
Willis Group Holdings PLC
    14,526       499,259  
                 
            $ 15,977,416  
                 
 
4

 

                 
Security   Shares     Value  
Internet & Catalog Retail — 2.2%
               
Amazon.com, Inc.(1)
    80,346     $ 17,373,216  
                 
            $ 17,373,216  
                 
Internet Software & Services — 4.9%
               
eBay, Inc.(1)
    258,449     $ 7,621,661  
Google, Inc., Class A(1)
    52,059       26,778,108  
Monster Worldwide, Inc.(1)
    41,462       297,697  
VeriSign, Inc. 
    132,711       3,796,862  
                 
            $ 38,494,328  
                 
IT Services — 2.8%
               
Alliance Data Systems Corp.(1)
    15,553     $ 1,441,763  
Cognizant Technology Solutions Corp., Class A(1)
    97,645       6,122,342  
Computer Sciences Corp. 
    31,200       837,720  
Fidelity National Information Services, Inc. 
    75,465       1,835,309  
International Business Machines Corp. 
    49,724       8,703,192  
MasterCard, Inc., Class A
    4,808       1,524,905  
Visa, Inc., Class A
    16,517       1,415,837  
                 
            $ 21,881,068  
                 
Life Sciences Tools & Services — 0.1%
               
PerkinElmer, Inc. 
    23,065     $ 443,079  
                 
            $ 443,079  
                 
Machinery — 1.7%
               
Caterpillar, Inc. 
    42,387     $ 3,129,856  
Dover Corp. 
    40,339       1,879,797  
Eaton Corp. 
    53,938       1,914,799  
Ingersoll-Rand PLC
    31,550       886,240  
Parker Hannifin Corp. 
    34,400       2,171,672  
Stanley Black & Decker, Inc. 
    56,752       2,786,523  
Titan International, Inc. 
    49,164       737,460  
                 
            $ 13,506,347  
                 
Marine — 0.3%
               
Kirby Corp.(1)
    46,133     $ 2,428,441  
                 
            $ 2,428,441  
                 
Media — 4.0%
               
CBS Corp., Class B
    151,072     $ 3,078,847  
Comcast Corp., Class A
    524,155       10,954,840  
DIRECTV, Class A(1)
    109,489       4,625,910  
McGraw-Hill Cos., Inc. (The)
    61,443       2,519,163  
Omnicom Group, Inc. 
    65,134       2,399,537  
Viacom, Inc., Class B
    22,572       874,439  
Walt Disney Co. (The)
    229,137       6,910,772  
                 
            $ 31,363,508  
                 
Metals & Mining — 0.5%
               
AK Steel Holding Corp. 
    52,106     $ 340,773  
Newmont Mining Corp. 
    32,920       2,070,668  
Nucor Corp. 
    23,005       727,878  
United States Steel Corp. 
    48,788       1,073,824  
                 
            $ 4,213,143  
                 
Multi-Utilities — 1.2%
               
CMS Energy Corp. 
    217,119     $ 4,296,785  
Public Service Enterprise Group, Inc. 
    157,343       5,250,536  
                 
            $ 9,547,321  
                 
Multiline Retail — 1.4%
               
Kohl’s Corp. 
    18,342     $ 900,592  
Macy’s, Inc. 
    171,516       4,514,301  
 
5

 

                 
Security   Shares     Value  
Nordstrom, Inc. 
    28,152     $ 1,285,983  
Target Corp. 
    92,542       4,538,260  
                 
            $ 11,239,136  
                 
Oil, Gas & Consumable Fuels — 6.1%
               
Alpha Natural Resources, Inc.(1)
    31,929     $ 564,824  
Chesapeake Energy Corp. 
    5,484       140,116  
Chevron Corp. 
    106,575       9,860,319  
ConocoPhillips
    114,202       7,231,271  
Denbury Resources, Inc.(1)
    25,822       296,953  
EOG Resources, Inc. 
    18,166       1,289,968  
Exxon Mobil Corp. 
    237,302       17,235,244  
Hess Corp. 
    39,495       2,071,908  
Occidental Petroleum Corp. 
    53,519       3,826,608  
Patriot Coal Corp.(1)
    24,299       205,569  
Peabody Energy Corp. 
    37,062       1,255,661  
Suncor Energy, Inc. 
    33,674       856,667  
Williams Cos., Inc. 
    124,031       3,018,914  
                 
            $ 47,854,022  
                 
Paper & Forest Products — 0.2%
               
MeadWestvaco Corp. 
    56,858     $ 1,396,433  
                 
            $ 1,396,433  
                 
Personal Products — 0.6%
               
Estee Lauder Cos., Inc. (The), Class A
    51,118     $ 4,490,205  
                 
            $ 4,490,205  
                 
Pharmaceuticals — 4.3%
               
Abbott Laboratories
    111,733     $ 5,714,026  
Bristol-Myers Squibb Co. 
    172,466       5,411,983  
Eli Lilly & Co. 
    31,684       1,171,357  
Johnson & Johnson
    113,779       7,248,860  
Merck & Co., Inc. 
    158,250       5,176,357  
Pfizer, Inc. 
    396,195       7,004,728  
Shire PLC ADR
    26,421       2,481,725  
                 
            $ 34,209,036  
                 
Professional Services — 0.3%
               
Equifax, Inc. 
    17,082     $ 525,101  
Robert Half International, Inc. 
    97,492       2,068,780  
                 
            $ 2,593,881  
                 
Real Estate Investment Trusts (REITs) — 0.8%
               
Apartment Investment & Management Co., Class A
    35,696     $ 789,596  
AvalonBay Communities, Inc. 
    2,209       251,936  
Plum Creek Timber Co., Inc. 
    14,401       499,859  
ProLogis, Inc. 
    13,995       339,379  
Simon Property Group, Inc. 
    39,276       4,319,574  
                 
            $ 6,200,344  
                 
Real Estate Management & Development — 0.1%
               
CB Richard Ellis Group, Inc., Class A(1)
    31,177     $ 419,642  
                 
            $ 419,642  
                 
Road & Rail — 0.7%
               
CSX Corp. 
    34,587     $ 645,739  
Kansas City Southern(1)
    38,916       1,944,243  
Norfolk Southern Corp. 
    17,633       1,075,966  
Ryder System, Inc. 
    12,392       464,824  
Union Pacific Corp. 
    20,249       1,653,736  
                 
            $ 5,784,508  
                 
 
6

 

                 
Security   Shares     Value  
Semiconductors & Semiconductor Equipment — 4.8%
               
Advanced Micro Devices, Inc.(1)
    68,339     $ 347,162  
Analog Devices, Inc. 
    56,522       1,766,312  
ASML Holding NV ADR
    34,278       1,183,962  
Cirrus Logic, Inc.(1)
    144,051       2,123,312  
Cypress Semiconductor Corp.(1)
    135,761       2,032,342  
Intel Corp. 
    1,051,948       22,438,051  
MEMC Electronic Materials, Inc.(1)
    199,376       1,044,730  
ON Semiconductor Corp.(1)
    149,333       1,070,718  
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
    95,083       1,086,799  
Tessera Technologies, Inc.(1)
    50,120       598,433  
Texas Instruments, Inc. 
    160,811       4,285,613  
                 
            $ 37,977,434  
                 
Software — 10.6%
               
Check Point Software Technologies, Ltd.(1)
    83,107     $ 4,384,725  
Concur Technologies, Inc.(1)
    69,247       2,577,374  
Electronic Arts, Inc.(1)
    122,973       2,514,798  
Microsoft Corp. 
    1,625,056       40,447,644  
Nuance Communications, Inc.(1)
    23,800       484,568  
Oracle Corp. 
    936,136       26,904,549  
Red Hat, Inc.(1)
    57,959       2,449,347  
Symantec Corp.(1)
    207,251       3,378,191  
TiVo, Inc.(1)
    42,923       400,901  
                 
            $ 83,542,097  
                 
Specialty Retail — 1.0%
               
Advance Auto Parts, Inc. 
    40,120     $ 2,330,972  
American Eagle Outfitters, Inc. 
    34,396       403,121  
Gap, Inc. (The)
    81,861       1,329,423  
Home Depot, Inc. 
    40,201       1,321,407  
Staples, Inc. 
    26,796       356,387  
Tiffany & Co. 
    39,926       2,428,299  
                 
            $ 8,169,609  
                 
Textiles, Apparel & Luxury Goods — 0.5%
               
Hanesbrands, Inc.(1)
    33,949     $ 849,064  
NIKE, Inc., Class B
    36,816       3,148,136  
Warnaco Group, Inc. (The)(1)
    3,397       156,568  
                 
            $ 4,153,768  
                 
Thrifts & Mortgage Finance — 0.2%
               
BankUnited, Inc. 
    21,449     $ 445,281  
Hudson City Bancorp, Inc. 
    180,579       1,022,077  
                 
            $ 1,467,358  
                 
Tobacco — 1.1%
               
Altria Group, Inc. 
    69,562     $ 1,864,957  
Philip Morris International, Inc. 
    114,950       7,170,581  
                 
            $ 9,035,538  
                 
Trading Companies & Distributors — 0.5%
               
Fastenal Co. 
    126,662     $ 4,215,311  
                 
            $ 4,215,311  
                 
Wireless Telecommunication Services — 0.9%
               
American Tower Corp., Class A(1)
    21,743     $ 1,169,773  
MetroPCS Communications, Inc.(1)
    35,278       307,271  
Rogers Communications, Inc., Class B
    34,594       1,183,461  
 
7

 

                 
Security   Shares     Value  
Sprint Nextel Corp.(1)
    282,041     $ 857,405  
Vodafone Group PLC ADR
    135,428       3,473,728  
                 
            $ 6,991,638  
                 
                 
Total Common Stocks — 101.2%
(identified cost $617,450,295)
          $ 796,456,626  
                 
 
Call Options Written — (1.5)%
 
                             
    Number of
 		  Strike
 		    Expiration
 		     
Description   Contracts   Price     Date   Value  
NASDAQ 100 Index
    710     $ 2,175     10/22/11   $ (4,845,750 )
NASDAQ 100 Index
    680       2,325     10/22/11     (1,064,200 )
S&P 500 Index
    1,940       1,175     10/22/11     (4,248,600 )
S&P 500 Index
    1,990       1,225     10/22/11     (1,333,300 )
                         
         
Total Call Options Written
(Premiums received $22,769,396)
 
$ 		(11,491,850 )
         
         
Other Assets, Less Liabilities — 0.3%
  $ 2,011,126  
         
         
Net Assets — 100.0%
  $ 786,975,902  
         
 
             
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.
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2011, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 617,398,870  
         
Gross unrealized appreciation
  $ 200,009,940  
Gross unrealized depreciation
    (20,952,184 )
         
Net unrealized appreciation
  $ 179,057,756  
         
 
Written call options activity for the fiscal year to date ended September 30, 2011 was as follows:
 
             
    Number of
 		  Premiums
 		 
    Contracts   Received  
Outstanding, beginning of period
  5,865   $ 13,595,873  
Options written
  48,980     113,900,095  
Options terminated in closing purchase transactions
  (41,775)     (86,684,279 )
Options expired
  (7,750)     (18,042,293 )
             
Outstanding, end of period
  5,320   $ 22,769,396  
             
 
All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At September 30, 2011, 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, 2011, 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 $11,491,850.
 
8

 

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, 2011, 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
  $ 796,456,626     $ —     $ —     $ 796,456,626  
 
 
Total Investments
  $ 796,456,626     $ —     $ —     $ 796,456,626  
 
 
                                 
Liability Description                        
   
Call Options Written
  $ (11,491,850 )   $ —     $ —     $ (11,491,850 )
 
 
Total
  $ (11,491,850 )   $ —     $ —     $ (11,491,850 )
 
 
 
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, 2010 whose fair value was determined using Level 3 inputs. At September 30, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the fiscal year to date then ended was not significant.
 
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 23, 2011
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 23, 2011
         
  By:   /s/ Barbara E. Campbell    
    Barbara E. Campbell   
    Treasurer   
Date: November 23, 2011