UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act File Number

 

811-21735

 

 

 

 

 

 

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

(Exact Name of Registrant as Specified in Charter)

 

 

 

The Eaton Vance Building,
255 State Street, Boston, Massachusetts

 

02109

(Address of Principal Executive Offices)

 

(Zip code)

 

 

 

Maureen A. Gemma

Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Service)

 

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

 

 

 

Date of Fiscal Year End:

 

December 31

 

 

 

Date of Reporting Period:

 

March 31, 2008

 

 


 

Item 1. Schedule of Investments

 


 

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

as of March 31, 2008

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

Common Stocks — 102.0%

 

Security

 

Shares

 

Value

 

Aerospace & Defense — 1.8%

 

 

 

 

 

General Dynamics Corp.

 

54,228

 

$

4,520,988

 

Honeywell International, Inc.

 

153,464

 

8,658,439

 

Northrop Grumman Corp.

 

80,479

 

6,262,071

 

 

 

 

 

$

19,441,498

 

Air Freight & Logistics — 0.9%

 

 

 

 

 

CH Robinson Worldwide, Inc.

 

60,653

 

$

3,299,523

 

FedEx Corp.

 

66,217

 

6,136,329

 

 

 

 

 

$

9,435,852

 

Auto Components — 0.5%

 

 

 

 

 

Johnson Controls, Inc.

 

163,752

 

$

5,534,818

 

 

 

 

 

$

5,534,818

 

Automobiles — 0.1%

 

 

 

 

 

Harley-Davidson, Inc.

 

32,153

 

$

1,205,738

 

 

 

 

 

$

1,205,738

 

Beverages — 1.5%

 

 

 

 

 

Brown-Forman Corp., Class B

 

10,403

 

$

688,887

 

Coca-Cola Co. (The)

 

117,208

 

7,134,451

 

PepsiCo, Inc.

 

119,822

 

8,651,148

 

 

 

 

 

$

16,474,486

 

Biotechnology — 5.4%

 

 

 

 

 

Amgen, Inc. (1)

 

194,330

 

$

8,119,107

 

Biogen Idec, Inc. (1)

 

156,386

 

9,647,452

 

Celgene Corp. (1)

 

103,649

 

6,352,647

 

Enzon Pharmaceuticals, Inc. (1)

 

85,000

 

782,850

 

Genzyme Corp. (1)

 

82,260

 

6,131,660

 

Gilead Sciences, Inc. (1)

 

508,830

 

26,220,010

 

Martek Biosciences Corp. (1)

 

20,000

 

611,400

 

Regeneron Pharmaceuticals, Inc. (1)

 

50,714

 

973,202

 

 

 

 

 

$

58,838,328

 

Capital Markets — 2.7%

 

 

 

 

 

Ameriprise Financial, Inc.

 

12,435

 

$

644,755

 

Bank of New York Mellon Corp. (The)

 

208,078

 

8,683,095

 

Charles Schwab Corp. (The)

 

97,584

 

1,837,507

 

E*Trade Financial Corp. (1)

 

164,281

 

634,125

 

Federated Investors, Inc., Class B

 

17,577

 

688,315

 

Franklin Resources, Inc.

 

64,918

 

6,296,397

 

Goldman Sachs Group, Inc.

 

35,062

 

5,798,904

 

Invesco, Ltd.

 

52,677

 

1,283,212

 

Merrill Lynch & Co., Inc.

 

71,209

 

2,901,055

 

T. Rowe Price Group, Inc.

 

21,876

 

1,093,800

 

 

 

 

 

$

29,861,165

 

Chemicals — 1.3%

 

 

 

 

 

Dow Chemical Co. (The)

 

137,985

 

$

5,084,747

 

E.I. Du Pont de Nemours & Co.

 

54,281

 

2,538,180

 

Monsanto Co.

 

24,614

 

2,744,461

 

Rohm and Haas Co.

 

68,445

 

3,701,506

 

 

 

 

 

$

14,068,894

 

 

1


 

Commercial Banks — 1.3%

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria SA ADR

 

13,246

 

$

291,280

 

Comerica, Inc.

 

9,100

 

319,228

 

Fifth Third Bancorp

 

60,398

 

1,263,526

 

KeyCorp

 

27,176

 

596,513

 

Marshall & Ilsley Corp.

 

42,370

 

982,984

 

Popular, Inc.

 

68,345

 

796,903

 

Synovus Financial Corp.

 

80,482

 

890,131

 

Wells Fargo & Co.

 

288,882

 

8,406,466

 

Zions Bancorporation

 

12,002

 

546,691

 

 

 

 

 

$

14,093,722

 

Commercial Services & Supplies — 1.0%

 

 

 

 

 

Avery Dennison Corp.

 

75,103

 

$

3,698,823

 

Equifax, Inc.

 

17,858

 

615,744

 

Half (Robert) International, Inc.

 

15,046

 

387,284

 

Manpower, Inc.

 

16,012

 

900,835

 

Pitney Bowes, Inc.

 

21,262

 

744,595

 

RR Donnelley & Sons Co.

 

85,009

 

2,576,623

 

Waste Management, Inc.

 

51,869

 

1,740,724

 

 

 

 

 

$

10,664,628

 

Communications Equipment — 7.8%

 

 

 

 

 

Aruba Networks, Inc. (1)

 

51,453

 

$

268,070

 

Ciena Corp. (1)

 

14,234

 

438,834

 

Cisco Systems, Inc. (1)

 

1,102,836

 

26,567,319

 

Corning, Inc.

 

173,033

 

4,159,713

 

QUALCOMM, Inc.

 

747,694

 

30,655,454

 

Research In Motion, Ltd. (1)

 

206,958

 

23,226,896

 

 

 

 

 

$

85,316,286

 

Computer Peripherals — 8.4%

 

 

 

 

 

Apple, Inc. (1)

 

429,908

 

$

61,691,798

 

Brocade Communications Systems, Inc. (1)

 

98,179

 

716,707

 

Dell, Inc. (1)

 

278,732

 

5,552,341

 

Hewlett-Packard Co.

 

96,168

 

4,391,031

 

International Business Machines Corp.

 

84,281

 

9,704,114

 

NetApp, Inc.

 

210,327

 

4,217,056

 

Palm, Inc.

 

143,682

 

718,410

 

SanDisk Corp. (1)

 

91,718

 

2,070,075

 

Seagate Technology

 

110,461

 

2,313,053

 

 

 

 

 

$

91,374,585

 

Construction Materials — 0.4%

 

 

 

 

 

Cemex SAB de CV ADR (1)

 

47,034

 

$

1,228,528

 

Vulcan Materials Co.

 

42,073

 

2,793,647

 

 

 

 

 

$

4,022,175

 

Consumer Finance — 0.0%

 

 

 

 

 

Student Loan Corp.

 

4,670

 

$

461,863

 

 

 

 

 

$

461,863

 

Containers & Packaging — 0.0%

 

 

 

 

 

Bemis Co., Inc.

 

19,722

 

$

501,530

 

 

 

 

 

$

501,530

 

Distributors — 0.0%

 

 

 

 

 

Genuine Parts Co.

 

12,694

 

$

510,553

 

 

 

 

 

$

510,553

 

Diversified Financial Services — 2.0%

 

 

 

 

 

Bank of America Corp.

 

303,078

 

$

11,489,687

 

ING Groep NV ADR

 

73,940

 

2,763,138

 

JPMorgan Chase & Co.

 

141,291

 

6,068,448

 

Moody’s Corp.

 

31,486

 

1,096,657

 

 

 

 

 

$

21,417,930

 

 

2


 

Diversified Telecommunication Services — 2.4%

 

 

 

 

 

AT&T, Inc.

 

312,381

 

$

11,964,192

 

Citizens Communications Co.

 

355,057

 

3,724,548

 

Verizon Communications, Inc.

 

251,832

 

9,179,276

 

Windstream Corp.

 

87,135

 

1,041,263

 

 

 

 

 

$

25,909,279

 

Electric Utilities — 0.5%

 

 

 

 

 

Duke Energy Corp.

 

294,363

 

$

5,254,380

 

 

 

 

 

$

5,254,380

 

Electrical Equipment — 0.7%

 

 

 

 

 

Cooper Industries, Ltd., Class A

 

30,288

 

$

1,216,063

 

Emerson Electric Co.

 

119,418

 

6,145,250

 

 

 

 

 

$

7,361,313

 

Energy Equipment & Services — 1.8%

 

 

 

 

 

Diamond Offshore Drilling, Inc.

 

41,269

 

$

4,803,712

 

Halliburton Co.

 

247,660

 

9,740,468

 

Noble Corp.

 

18,939

 

940,700

 

Schlumberger, Ltd.

 

35,743

 

3,109,641

 

Transocean, Inc. (1)

 

10,559

 

1,427,577

 

 

 

 

 

$

20,022,098

 

Food & Staples Retailing — 3.0%

 

 

 

 

 

CVS Caremark Corp.

 

287,018

 

$

11,627,099

 

Kroger Co. (The)

 

42,808

 

1,087,323

 

Safeway, Inc.

 

182,171

 

5,346,719

 

SUPERVALU, Inc.

 

15,863

 

475,573

 

Wal-Mart Stores, Inc.

 

260,261

 

13,710,549

 

 

 

 

 

$

32,247,263

 

Food Products — 0.9%

 

 

 

 

 

ConAgra Foods, Inc.

 

156,193

 

$

3,740,822

 

H.J. Heinz Co.

 

18,409

 

864,671

 

Hershey Co. (The)

 

42,578

 

1,603,913

 

Kraft Foods, Inc., Class A

 

48,129

 

1,492,480

 

McCormick & Co., Inc.

 

15,743

 

582,019

 

Sara Lee Corp.

 

140,854

 

1,969,139

 

 

 

 

 

$

10,253,044

 

Gas Utilities — 0.1%

 

 

 

 

 

Nicor, Inc.

 

28,999

 

$

971,756

 

 

 

 

 

$

971,756

 

Health Care Equipment & Supplies — 2.1%

 

 

 

 

 

Bard (C.R.), Inc.

 

8,005

 

$

771,682

 

Baxter International, Inc.

 

53,182

 

3,074,983

 

Cooper Cos., Inc. (The)

 

24,000

 

826,320

 

Covidien, Ltd.

 

32,091

 

1,420,027

 

Gen-Probe, Inc. (1)

 

20,000

 

964,000

 

Hospira, Inc. (1)

 

13,496

 

577,224

 

Intuitive Surgical, Inc. (1)

 

13,918

 

4,514,303

 

Medtronic, Inc.

 

115,235

 

5,573,917

 

Stryker Corp.

 

66,366

 

4,317,108

 

Zimmer Holdings, Inc. (1)

 

11,520

 

896,947

 

 

 

 

 

$

22,936,511

 

Health Care Providers & Services — 1.2%

 

 

 

 

 

DaVita, Inc. (1)

 

20,004

 

$

955,391

 

Humana, Inc. (1)

 

24,940

 

1,118,808

 

LifePoint Hospitals, Inc. (1)

 

84,000

 

2,307,480

 

Lincare Holdings, Inc. (1)

 

86,800

 

2,439,948

 

McKesson Corp.

 

88,022

 

4,609,712

 

Quest Diagnostics, Inc.

 

31,290

 

1,416,498

 

VCA Antech, Inc. (1)

 

25,000

 

683,750

 

 

 

 

 

$

13,531,587

 

 

3


 

Hotels, Restaurants & Leisure — 1.5%

 

 

 

 

 

Carnival Corp., Unit

 

19,600

 

$

793,408

 

Cheesecake Factory, Inc. (1)

 

26,641

 

580,507

 

CKE Restaurants, Inc.

 

21,073

 

236,439

 

International Game Technology

 

18,708

 

752,249

 

Marriott International, Inc., Class A

 

55,557

 

1,908,939

 

McDonald’s Corp.

 

33,849

 

1,887,759

 

Starbucks Corp. (1)

 

415,096

 

7,264,180

 

Starwood Hotels & Resorts Worldwide, Inc.

 

32,575

 

1,685,756

 

Tim Hortons, Inc.

 

15,241

 

518,956

 

Wendy’s International, Inc.

 

11,254

 

259,517

 

 

 

 

 

$

15,887,710

 

Household Durables — 0.8%

 

 

 

 

 

D.R. Horton, Inc.

 

47,795

 

$

752,771

 

Fortune Brands, Inc.

 

40,476

 

2,813,082

 

Pulte Homes, Inc.

 

129,147

 

1,879,089

 

Ryland Group, Inc.

 

10,962

 

360,540

 

Stanley Works

 

56,752

 

2,702,530

 

 

 

 

 

$

8,508,012

 

Household Products — 1.3%

 

 

 

 

 

Colgate-Palmolive Co.

 

7,774

 

$

605,672

 

Procter & Gamble Co.

 

200,625

 

14,057,794

 

 

 

 

 

$

14,663,466

 

Independent Power Producers & Energy Traders — 0.3%

 

 

 

 

 

AES Corp. (The) (1)

 

129,521

 

$

2,159,115

 

Mirant Corp. (1)

 

32,088

 

1,167,682

 

 

 

 

 

$

3,326,797

 

Industrial Conglomerates — 2.7%

 

 

 

 

 

General Electric Co.

 

761,087

 

$

28,167,830

 

Textron, Inc.

 

14,000

 

775,880

 

 

 

 

 

$

28,943,710

 

Insurance — 2.8%

 

 

 

 

 

ACE, Ltd.

 

68,766

 

$

3,786,256

 

American International Group, Inc.

 

156,261

 

6,758,288

 

AON Corp.

 

21,504

 

864,461

 

Arthur J. Gallagher & Co.

 

108,901

 

2,572,242

 

Cincinnati Financial Corp.

 

13,382

 

509,051

 

Lincoln National Corp.

 

38,287

 

1,990,924

 

Marsh & McLennan Cos., Inc.

 

110,850

 

2,699,198

 

Prudential Financial, Inc.

 

44,972

 

3,519,059

 

RenaissanceRe Holdings, Ltd.

 

18,818

 

976,842

 

St. Paul Travelers Companies, Inc. (The)

 

139,548

 

6,677,372

 

W. R. Berkley Corp.

 

19,029

 

526,913

 

 

 

 

 

$

30,880,606

 

Internet Software & Services — 5.1%

 

 

 

 

 

Akamai Technologies, Inc. (1)

 

99,453

 

$

2,800,596

 

Ariba, Inc. (1)

 

87,982

 

849,906

 

Baidu.com, Inc. ADR (1)

 

5,820

 

1,394,647

 

eBay, Inc. (1)

 

492,306

 

14,690,411

 

Google, Inc., Class A (1)

 

65,383

 

28,799,250

 

Yahoo!, Inc. (1)

 

260,944

 

7,549,110

 

 

 

 

 

$

56,083,920

 

 

4


 

IT Services — 2.2%

 

 

 

 

 

Cognizant Technology Solutions Corp. (1)

 

119,155

 

$

3,435,239

 

Fidelity National Information Services, Inc.

 

118,808

 

4,531,337

 

Infosys Technologies, Ltd. ADR

 

73,468

 

2,627,950

 

MasterCard, Inc., Class A

 

9,897

 

2,206,932

 

Metavante Technologies, Inc. (1)

 

14,123

 

282,319

 

Paychex, Inc.

 

218,890

 

7,499,171

 

Satyam Computer Services, Ltd. ADR

 

106,132

 

2,397,522

 

Total System Services, Inc.

 

38,946

 

921,462

 

 

 

 

 

$

23,901,932

 

Leisure Equipment & Products — 0.2%

 

 

 

 

 

Eastman Kodak Co.

 

19,707

 

$

348,223

 

Mattel, Inc.

 

64,723

 

1,287,988

 

 

 

 

 

$

1,636,211

 

Life Sciences Tools & Services — 0.1%

 

 

 

 

 

PerkinElmer, Inc.

 

15,895

 

$

385,454

 

Waters Corp. (1)

 

13,273

 

739,306

 

 

 

 

 

$

1,124,760

 

Machinery — 2.1%

 

 

 

 

 

AGCO Corp. (1)

 

37,966

 

$

2,273,404

 

Caterpillar, Inc.

 

110,370

 

8,640,867

 

Danaher Corp.

 

39,155

 

2,976,955

 

Eaton Corp.

 

58,699

 

4,676,549

 

Joy Global, Inc.

 

15,000

 

977,400

 

Oshkosh Truck Corp.

 

33,835

 

1,227,534

 

Terex Corp. (1)

 

29,582

 

1,848,875

 

 

 

 

 

$

22,621,584

 

Media — 3.5%

 

 

 

 

 

CBS Corp., Class B

 

58,977

 

$

1,302,212

 

Central European Media Enterprises, Ltd., Class A (1)

 

8,441

 

719,426

 

Comcast Corp., Class A

 

635,247

 

12,285,677

 

Idearc, Inc.

 

43

 

157

 

Meredith Corp.

 

10,785

 

412,526

 

Omnicom Group, Inc.

 

81,468

 

3,599,256

 

Sirius Satellite Radio, Inc. (1)

 

728,642

 

2,083,916

 

Time Warner, Inc.

 

422,666

 

5,925,777

 

Viacom, Inc., Class B (1)

 

30,748

 

1,218,236

 

Walt Disney Co.

 

326,386

 

10,241,993

 

 

 

 

 

$

37,789,176

 

Metals & Mining — 1.1%

 

 

 

 

 

Alcoa, Inc.

 

25,000

 

$

901,500

 

Barrick Gold Corp.

 

37,627

 

1,634,893

 

Companhia Vale do Rio Doce ADR

 

40,000

 

1,385,600

 

Freeport-McMoRan Copper & Gold, Inc., Class B

 

15,988

 

1,538,365

 

Newmont Mining Corp.

 

25,000

 

1,132,500

 

Nucor Corp.

 

54,975

 

3,724,007

 

Teck Cominco, Ltd., Class B

 

34,000

 

1,392,640

 

 

 

 

 

$

11,709,505

 

 

5


 

Multiline Retail — 0.6%

 

 

 

 

 

JC Penney Company, Inc.

 

30,850

 

$

1,163,354

 

Kohl’s Corp. (1)

 

13,030

 

558,857

 

Nordstrom, Inc.

 

57,531

 

1,875,511

 

Sears Holdings Corp. (1)

 

32,108

 

3,277,906

 

 

 

 

 

$

6,875,628

 

Multi-Utilities — 1.8%

 

 

 

 

 

Ameren Corp.

 

117,357

 

$

5,168,402

 

CMS Energy Corp.

 

26,762

 

362,357

 

Dominion Resources, Inc.

 

87,480

 

3,572,683

 

NiSource, Inc.

 

233,391

 

4,023,661

 

PG&E Corp.

 

6,785

 

249,824

 

Public Service Enterprise Group, Inc.

 

155,910

 

6,266,023

 

 

 

 

 

$

19,642,950

 

Office Electronics — 0.1%

 

 

 

 

 

Xerox Corp.

 

98,889

 

$

1,480,368

 

 

 

 

 

$

1,480,368

 

Oil, Gas & Consumable Fuels — 5.5%

 

 

 

 

 

Chevron Corp.

 

71,781

 

$

6,127,226

 

ConocoPhillips

 

180,588

 

13,762,611

 

EOG Resources, Inc.

 

29,584

 

3,550,080

 

Exxon Mobil Corp.

 

255,320

 

21,594,966

 

Marathon Oil Corp.

 

22,070

 

1,006,392

 

Petrohawk Energy Corp. (1)

 

198,904

 

4,011,894

 

Suncor Energy, Inc.

 

28,491

 

2,745,108

 

Sunoco, Inc.

 

8,264

 

433,612

 

Valero Energy Corp.

 

20,153

 

989,714

 

XTO Energy, Inc.

 

96,251

 

5,954,087

 

 

 

 

 

$

60,175,690

 

Paper and Forest Products — 0.2%

 

 

 

 

 

Louisiana-Pacific Corp.

 

148,776

 

$

1,365,764

 

MeadWestvaco Corp.

 

45,728

 

1,244,716

 

 

 

 

 

$

2,610,480

 

Personal Products — 0.1%

 

 

 

 

 

Herbalife, Ltd.

 

28,374

 

$

1,347,765

 

 

 

 

 

$

1,347,765

 

Pharmaceuticals — 3.8%

 

 

 

 

 

Abbott Laboratories

 

122,167

 

$

6,737,510

 

Allergan, Inc.

 

12,256

 

691,116

 

Bristol-Myers Squibb Co.

 

272,401

 

5,802,141

 

Cardiome Pharma Corp. (1)

 

32,639

 

274,168

 

Eli Lilly & Co.

 

92,218

 

4,757,527

 

Endo Pharmaceuticals Holdings, Inc. (1)

 

114,655

 

2,744,841

 

Johnson & Johnson

 

65,017

 

4,217,653

 

Merck & Co., Inc.

 

78,798

 

2,990,384

 

Pfizer, Inc.

 

319,649

 

6,690,254

 

Schering-Plough Corp.

 

70,543

 

1,016,525

 

Sepracor, Inc. (1)

 

12,997

 

253,701

 

Wyeth

 

135,856

 

5,673,347

 

 

 

 

 

$

41,849,167

 

Real Estate Investment Trusts (REITs) — 0.3%

 

 

 

 

 

Host Hotels & Resorts, Inc.

 

19,942

 

$

317,477

 

Plum Creek Timber Co., Inc.

 

14,401

 

586,121

 

Simon Property Group, Inc.

 

19,298

 

1,792,977

 

 

 

 

 

$

2,696,575

 

 

6


 

Real Estate Management & Development — 0.0%

 

 

 

 

 

Forestar Real Estate Group, Inc. (1)

 

10,207

 

$

254,256

 

 

 

 

 

$

254,256

 

Road & Rail — 0.7%

 

 

 

 

 

CSX Corp.

 

24,910

 

$

1,396,704

 

JB Hunt Transport Services, Inc.

 

99,371

 

3,123,231

 

Norfolk Southern Corp.

 

25,252

 

1,371,689

 

Ryder System, Inc.

 

10,708

 

652,224

 

Union Pacific Corp.

 

10,611

 

1,330,407

 

 

 

 

 

$

7,874,255

 

Semiconductors & Semiconductor Equipment — 5.0%

 

 

 

 

 

Applied Materials, Inc.

 

669,505

 

$

13,062,043

 

Atheros Communications, Inc. (1)

 

76,210

 

1,588,216

 

Intel Corp.

 

880,849

 

18,656,382

 

Intersil Corp., Class A

 

53,271

 

1,367,467

 

Marvell Technology Group, Ltd. (1)

 

256,537

 

2,791,123

 

MEMC Electronic Materials, Inc. (1)

 

79,127

 

5,610,104

 

Micron Technology, Inc. (1)

 

278,047

 

1,659,941

 

National Semiconductor Corp.

 

25,302

 

463,533

 

Nvidia Corp. (1)

 

307,677

 

6,088,928

 

STMicroelectronics N.V. - NY Shares

 

85,975

 

916,494

 

Teradyne, Inc. (1)

 

127,301

 

1,581,078

 

Tessera Technologies, Inc. (1)

 

20,133

 

418,766

 

 

 

 

 

$

54,204,075

 

Software — 8.2%

 

 

 

 

 

Adobe Systems, Inc. (1)

 

255,331

 

$

9,087,230

 

BMC Software, Inc. (1)

 

15,015

 

488,288

 

Compuware Corp. (1)

 

87,217

 

640,173

 

Electronic Arts, Inc. (1)

 

125,357

 

6,257,821

 

i2 Technologies, Inc. (1)

 

88,398

 

995,361

 

Microsoft Corp.

 

1,473,136

 

41,807,600

 

NAVTEQ Corp. (1)

 

54,574

 

3,711,032

 

Oracle Corp. (1)

 

1,192,845

 

23,332,048

 

TiVo, Inc. (1)

 

326,806

 

2,862,821

 

Wind River Systems, Inc. (1)

 

63,851

 

494,207

 

 

 

 

 

$

89,676,581

 

Specialty Retail — 2.0%

 

 

 

 

 

Best Buy Co., Inc.

 

87,871

 

$

3,643,132

 

Gap, Inc. (The)

 

143,865

 

2,831,263

 

Home Depot, Inc.

 

77,807

 

2,176,262

 

Limited Brands, Inc.

 

26,688

 

456,365

 

Lowe’s Companies, Inc.

 

136,794

 

3,138,054

 

Men’s Wearhouse, Inc. (The)

 

19,320

 

449,576

 

Office Depot, Inc. (1)

 

40,871

 

451,625

 

Staples, Inc.

 

229,575

 

5,075,903

 

Tiffany & Co.

 

12,130

 

507,519

 

TJX Companies, Inc. (The)

 

84,338

 

2,789,058

 

 

 

 

 

$

21,518,757

 

Textiles, Apparel & Luxury Goods — 0.4%

 

 

 

 

 

Coach, Inc. (1)

 

22,579

 

$

680,757

 

Nike, Inc., Class B

 

56,788

 

3,861,584

 

 

 

 

 

$

4,542,341

 

 

7


 

Thrifts & Mortgage Finance — 0.5%

 

 

 

 

 

Countrywide Financial Corp.

 

266,662

 

$

1,466,641

 

Downey Financial Corp.

 

19,939

 

366,479

 

Federal National Mortgage Association

 

27,755

 

730,512

 

Guaranty Financial Group, Inc. (1)

 

10,207

 

108,398

 

MGIC Investment Corp.

 

83,706

 

881,424

 

Sovereign Bancorp, Inc.

 

173,060

 

1,612,919

 

 

 

 

 

$

5,166,373

 

Tobacco — 1.1%

 

 

 

 

 

Altria Group, Inc.

 

102,975

 

$

2,286,045

 

Philip Morris International, Inc.

 

102,975

 

5,208,476

 

Reynolds American, Inc.

 

71,312

 

4,209,547

 

 

 

 

 

$

11,704,068

 

Wireless Telecommunication Services — 0.2%

 

 

 

 

 

Rogers Communications, Inc., Class B

 

33,000

 

$

1,185,360

 

Sprint Nextel Corp.

 

206,919

 

1,384,288

 

 

 

 

 

$

2,569,648

 

Total Common Stocks
(identified cost $970,951,422)

 

 

 

$

1,112,977,648

 

Total Investments — 102.0%
(identified cost $970,951,422)

 

 

 

$

1,112,977,648

 

 

Covered Call Options Written — (2.3%)

 

 

 

Number

 

Strike

 

Expiration

 

 

 

Description

 

of Contracts

 

Price

 

Date

 

Value

 

Nasdaq 100 Index

 

1,010

 

$

1,775

 

4/19/08

 

$

(4,666,200

)

Nasdaq 100 Index

 

575

 

1,825

 

4/19/08

 

(1,322,500

)

Nasdaq 100 Index

 

905

 

1,750

 

4/19/08

 

(5,991,100

)

S&P 500 Index

 

867

 

1,315

 

4/19/08

 

(3,121,200

)

S&P 500 Index

 

2,478

 

1,325

 

4/19/08

 

(6,343,680

)

S&P 500 Index

 

1,525

 

1,340

 

4/19/08

 

(3,050,000

)

S&P 500 Index

 

128

 

1,345

 

4/19/08

 

(260,224

)

Total Covered Call Options Written
(premiums received $19,460,642)

 

 

 

 

 

 

 

$

(24,754,904

)

Other Assets, Less Liabilities — 0.3%

 

 

 

 

 

 

 

$

3,043,299

 

Net Assets — 100.0%

 

 

 

 

 

 

 

$

1,091,266,043

 

 

ADR

—

American Depository Receipt

(1)

 

Non-income producing security.

 

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2008, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

 

$

970,955,963

 

Gross unrealized appreciation

 

$

200,388,081

 

Gross unrealized depreciation

 

(58,366,396

)

Net unrealized appreciation

 

$

142,021,685

 

 

8


 

Written call option activity for the period ended March 31, 2008 was as follows:

 

 

 

Number of
Contracts

 

Premiums
Received

 

Outstanding, beginning of period

 

7,159

 

$

19,687,944

 

Options written

 

22,194

 

55,189,188

 

Options terminated in closing purchase transactions

 

(21,865

)

(55,416,490

)

Outstanding, end of period

 

7,488

 

$

19,460,642

 

 

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At March 31, 2008, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

 

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective January 1, 2008.  FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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)

 

At March 31, 2008, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

 

 

Valuation Inputs

 

Investments in
Securities

 

Other Financial
Instruments*

 

Level 1

 

Quoted Prices

 

$

1,112,977,648

 

$

(24,754,904

)

Level 2

 

Other Significant Observable Inputs

 

—

 

—

 

Level 3

 

Significant Unobservable Inputs

 

—

 

—

 

Total

 

 

 

$

1,112,977,648

 

$

(24,754,904

)

 

*Other financial instruments include written call options, which are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Fund held no investments or other financial instruments as of December 31, 2007 whose fair value was determined using Level 3 inputs.

 

Equity securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Exchange-traded options are valued at the last sale price for the day of valuation as quoted on the principal exchange or board of trade on which the options are traded or, in the absence of sales on such date, at the mean between the latest bid and asked prices therefore. Over-the-counter options are valued based on broker quotations. Short-term debt securities with a remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service. Other fixed income and debt securities, including listed securities and securities for which price quotations are available, will normally be valued on the basis of valuations furnished by a pricing service. Valuations for debt obligations are derived from the pricing vendors’ proprietary pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach which considers information regarding securities with similar characteristics in order to determine the valuation for a security. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. The independent service uses a proprietary model to determine the exchange rate.  Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair valued securities. Investments for which valuations or market quotations are not readily available are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund considering relevant factors, data and information including the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded.

 

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/ Duncan W. Richardson

 

 

Duncan W. Richardson

 

 

President

 

 

 

Date:

 

May 21, 2008

 

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:

 

May 21, 2008

 

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer

 

 

 

Date:

 

May 21, 2008