Regulatory Filings • Nov 24, 2010
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Download Source FileN-Q 1 b83360a1nvq.htm EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND Eaton Vance Tax-Managed Buy-Write Opportunities Fu PAGEBREAK
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
(Registrants Telephone Number, Including Area Code)
December 31
Date of Fiscal Year End
September 30, 2010
Date of Reporting Period
Folio /Folio
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Item 1. Schedule of Investments
Folio /Folio
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Eaton Vance Tax-Managed Buy-Write Opportunities Fund as of September 30, 2010
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks 102.9%
| Security | 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 |
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| Security | 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 |
| Moodys 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 |
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| Security | 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 |
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| Security | 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 |
| McDonalds Corp. | 73,784 | 5,497,646 |
| Starwood Hotels & Resorts Worldwide, Inc. | 39,775 | 2,090,176 |
| Wendys/Arbys 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 |
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| Security | 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 |
| Macys, 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 |
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| Security | 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 |
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| Security | 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 |
| Lowes 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)%
| Description | Number — of Contracts | Strike — Price | Expiration — 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. |
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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 | $ | |
|---|---|---|
| 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:
| 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 funds 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 Funds 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 Funds policy regarding the valuation of investments and other significant accounting policies, please refer to the Funds most recent financial statements included in its semiannual or annual report to shareholders.
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Item 2. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions 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 registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants internal control over financial reporting.
Folio /Folio
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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: |
|---|
| Duncan W. Richardson |
| President |
Date: November 24, 2010
| By: |
|---|
| Barbara E. Campbell |
| Treasurer |
Date: November 24, 2010
Folio /Folio
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