N-Q 1 a05-20737_1nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

 

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)

Alan R. Dynner, Esq.
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

Date of Fiscal Year End:

 

December 31

Date of Reporting Period:

 

September 30, 2005

 

 



Item 1. Schedule of Investments



Eaton Vance Tax-Managed Buy-Write Opportunities Fund                                               as of September 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 101.1%

Security

 

Shares

 

Value

 

Aerospace & Defense — 0.8%

 

 

 

 

 

General Dynamics Corp.

 

41,479

 

$

4,958,814

 

Northrop Grumman Corp.

 

87,518

 

4,756,603

 

Rockwell Collins, Inc.

 

11,075

 

535,144

 

 

 

 

 

$

10,250,561

 

Apparel — 0.5%

 

 

 

 

 

Nike, Inc., Class B

 

32,906

 

2,687,762

 

Reebok International, Ltd.

 

64,528

 

3,650,349

 

 

 

 

 

$

6,338,111

 

Auto and Parts — 0.5%

 

 

 

 

 

Autozone Inc. (1)

 

5,768

 

480,186

 

Delphi Corp.

 

251,910

 

695,272

 

Goodyear Tire & Rubber Co. (1)

 

36,771

 

573,260

 

Johnson Controls, Inc.

 

62,060

 

3,850,823

 

Visteon Corp.

 

87,126

 

852,092

 

 

 

 

 

$

6,451,633

 

Beverages — 1.6%

 

 

 

 

 

Brown-Forman Corp., Class B

 

10,403

 

619,395

 

Coca-Cola Co.

 

117,208

 

5,062,214

 

Cott Corp. (1)

 

46,092

 

815,828

 

PepsiCo, Inc.

 

222,817

 

12,635,952

 

 

 

 

 

$

19,133,389

 

Biotechnology — 3.8%

 

 

 

 

 

Abgenix, Inc. (1)

 

95,025

 

1,204,917

 

Amgen, Inc. (1)

 

328,914

 

26,204,578

 

Biogen Idec, Inc. (1)

 

237,286

 

9,368,051

 

Genzyme Corp. (1)

 

117,069

 

8,386,823

 

Millipore Corp. (1)

 

9,704

 

610,285

 

Regeneron Pharmaceuticals, Inc. (1)

 

68,503

 

650,093

 

 

 

 

 

$

46,424,747

 

Building and Construction — 0.0%

 

 

 

 

 

KB HOME

 

7,273

 

532,384

 

 

 

 

 

$

532,384

 

Building Materials — 0.3%

 

 

 

 

 

Black & Decker Corp.

 

5,886

 

483,182

 

Stanley Works

 

56,752

 

2,649,183

 

Vulcan Materials Co.

 

8,263

 

613,197

 

 

 

 

 

$

3,745,562

 

1



 

 

 

Business Services — 1.6%

 

 

 

 

 

Automatic Data Processing, Inc.

 

123,626

 

$

5,320,863

 

Cintas Corp.

 

213,538

 

8,765,735

 

Fluor Corp.

 

9,092

 

585,343

 

Half (Robert) International, Inc.

 

21,611

 

769,135

 

Omnicom Group, Inc.

 

40,734

 

3,406,584

 

Symbol Technologies, Inc.

 

49,399

 

478,182

 

 

 

 

 

$

19,325,842

 

Chemicals and Plastics — 1.0%

 

 

 

 

 

Ashland, Inc.

 

7,433

 

410,599

 

Bemis Co., Inc.

 

19,722

 

487,133

 

Chemtura Corp.

 

37,565

 

466,557

 

Dow Chemical Co.

 

174,104

 

7,254,914

 

Eastman Chemical Co.

 

33,114

 

1,555,365

 

PPG Industries, Inc.

 

24,200

 

1,432,398

 

Rohm & Haas Co.

 

14,250

 

586,102

 

 

 

 

 

$

12,193,068

 

Commercial Banks — 4.3%

 

 

 

 

 

Bank of America Corp.

 

304,487

 

12,818,903

 

Bank of New York Co., Inc.

 

252,611

 

7,429,290

 

Comerica, Inc.

 

9,100

 

535,990

 

Commercial Capital Bancorp

 

31,525

 

535,925

 

Compass Bancshares, Inc.

 

11,751

 

538,548

 

First Horizon National Corp.

 

32,450

 

1,179,557

 

Hanmi Financial Corp.

 

38,058

 

683,141

 

Huntington Bancshares, Inc.

 

21,800

 

489,846

 

KeyCorp

 

20,967

 

676,186

 

Marshall & Ilsley Corp.

 

50,573

 

2,200,431

 

National City Corp.

 

208,604

 

6,975,718

 

North Fork Bancorporation, Inc.

 

163,917

 

4,179,883

 

PFF Bancorp, Inc.

 

20,589

 

623,023

 

Placer Sierra Bancshares

 

19,315

 

530,583

 

Regions Financial Corp.

 

55,048

 

1,713,094

 

Sterling Bancorp

 

23,534

 

529,750

 

Synovus Financial Corp.

 

18,347

 

508,579

 

W Holding Co., Inc.

 

108,411

 

1,036,409

 

Wells Fargo & Co.

 

157,700

 

9,236,489

 

 

 

 

 

$

52,421,345

 

Commercial Services & Supplies — 0.6%

 

 

 

 

 

Acco Brands Corp. (1)

 

11,126

 

313,976

 

Avery Dennison Corp.

 

9,865

 

516,827

 

Cendant Corp.

 

149,236

 

3,080,231

 

2



 

 

 

Pitney Bowes, Inc.

 

46,997

 

$

1,961,655

 

Xerox Corp. (1)

 

98,889

 

1,349,835

 

 

 

 

 

$

7,222,524

 

Communications Equipment — 6.1%

 

 

 

 

 

Avaya, Inc. (1)

 

66,120

 

681,036

 

Cisco Systems, Inc. (1)

 

1,402,933

 

25,154,589

 

Corning, Inc. (1)

 

173,033

 

3,344,728

 

Novatel Wireless, Inc. (1)

 

45,024

 

651,497

 

QUALCOMM, Inc.

 

860,613

 

38,512,432

 

Research in Motion, Ltd. (1)

 

66,169

 

4,525,960

 

Scientific-Atlanta, Inc.

 

16,131

 

605,074

 

 

 

 

 

$

73,475,316

 

Computer Equipment — 0.3%

 

 

 

 

 

SanDisk Corp. (1)

 

70,457

 

3,399,550

 

 

 

 

 

$

3,399,550

 

Computer Services — 0.3%

 

 

 

 

 

NCR Corp. (1)

 

92,410

 

2,948,803

 

Unisys Corp. (1)

 

84,456

 

560,788

 

 

 

 

 

$

3,509,591

 

Computer Software — 9.0%

 

 

 

 

 

BMC Software, Inc. (1)

 

30,550

 

644,605

 

Computer Associates International, Inc.

 

61,504

 

1,710,426

 

Compuware Corp. (1)

 

76,330

 

725,135

 

Electronic Arts, Inc. (1)

 

141,465

 

8,047,944

 

Microsoft Corp.

 

2,245,456

 

57,775,583

 

Motorola, Inc.

 

254,178

 

5,614,792

 

Oracle Corp. (1)

 

1,395,748

 

17,293,318

 

Quest Software, Inc. (1)

 

83,459

 

1,257,727

 

Symantec Corp. (1)

 

684,291

 

15,506,034

 

Wind River Systems, Inc. (1)

 

65,170

 

842,648

 

 

 

 

 

$

109,418,212

 

Computers & Peripherals — 5.3%

 

 

 

 

 

Apple Computer, Inc. (1)

 

471,229

 

25,262,587

 

Dell, Inc. (1)

 

368,846

 

12,614,533

 

International Business Machines Corp.

 

180,610

 

14,488,534

 

Lexmark International, Inc., Class A (1)

 

43,126

 

2,632,842

 

McDATA Corp., Class A (1)

 

130,906

 

685,947

 

Network Appliance, Inc. (1)

 

157,181

 

3,731,477

 

NVIDIA Corp. (1)

 

23,761

 

814,527

 

Palm, Inc. (1)

 

104,683

 

2,965,669

 

Rockwell International Corp.

 

12,011

 

635,382

 

 

 

 

 

$

63,831,498

 

3



 

 

 

Distributors — 0.1%

 

 

 

 

 

Genuine Parts Co.

 

12,694

 

$

544,573

 

WW Grainger, Inc.

 

9,595

 

603,717

 

 

 

 

 

$

1,148,290

 

Diversified Telecommunication Services — 3.2%

 

 

 

 

 

AT&T Corp.

 

251,901

 

4,987,640

 

Citizens Communications Co.

 

475,740

 

6,446,277

 

NTL, Inc. (1)

 

81,695

 

5,457,226

 

Qwest Communications International, Inc. (1)

 

154,236

 

632,368

 

Sprint Nextel Corp.

 

434,104

 

10,322,993

 

Verizon Communications, Inc.

 

331,420

 

10,834,120

 

 

 

 

 

$

38,680,624

 

Electrical Equipment — 0.7%

 

 

 

 

 

Emerson Electric Co.

 

116,867

 

8,391,051

 

GrafTech International, Ltd. (1)

 

127,403

 

691,798

 

 

 

 

 

$

9,082,849

 

Electronic Equipment & Instruments — 1.3%

 

 

 

 

 

Agilent Technologies, Inc. (1)

 

169,301

 

5,544,608

 

Ameren Corp.

 

117,357

 

6,277,426

 

Applera Corp.-Applied Biosystems Group

 

62,139

 

1,444,110

 

Cymer, Inc. (1)

 

19,379

 

606,950

 

Fisher Scientific International, Inc. (1)

 

17,781

 

1,103,311

 

PerkinElmer, Inc.

 

28,152

 

573,456

 

Waters Corp. (1)

 

13,273

 

552,157

 

 

 

 

 

$

16,102,018

 

Entertainment — 0.5%

 

 

 

 

 

Carnival Corp.

 

112,779

 

5,636,694

 

 

 

 

 

$

5,636,694

 

Financial Services — 5.4%

 

 

 

 

 

Accredited Home Lenders (1)

 

12,096

 

425,295

 

CIT Group, Inc.

 

12,621

 

570,217

 

Citigroup, Inc.

 

476,855

 

21,706,440

 

Equifax, Inc.

 

15,004

 

524,240

 

Euronet Worldwide, Inc. (1)

 

18,399

 

544,426

 

Fannie Mae

 

69,060

 

3,095,269

 

Federated Investors, Inc.

 

17,577

 

584,084

 

Franklin Resources, Inc.

 

73,904

 

6,204,980

 

Goldman Sachs Group, Inc.

 

45,588

 

5,542,589

 

H&R Block, Inc.

 

99,514

 

2,386,346

 

JPMorgan Chase & Co.

 

147,672

 

5,010,511

 

MBIA, Inc.

 

8,966

 

543,519

 

MBNA Corp.

 

274,187

 

6,755,968

 

MoneyGram International, Inc.

 

45,266

 

982,725

 

4



 

 

 

Moody’s Corp.

 

11,727

 

$

599,015

 

Paychex, Inc.

 

233,284

 

8,650,171

 

Schwab (Charles) Corp.

 

51,695

 

745,959

 

T. Rowe Price Group, Inc.

 

10,938

 

714,251

 

 

 

 

 

$

65,586,005

 

Food-Wholesale / Distribution — 1.2%

 

 

 

 

 

Archer-Daniels-Midland Co.

 

63,431

 

1,564,208

 

Campbell Soup Co.

 

16,880

 

502,180

 

ConAgra Foods, Inc.

 

156,193

 

3,865,777

 

Hershey Co.

 

10,759

 

605,839

 

HJ Heinz Co.

 

18,409

 

672,665

 

Monsanto Co.

 

77,725

 

4,877,244

 

Sara Lee Corp.

 

140,854

 

2,669,183

 

 

 

 

 

$

14,757,096

 

Health Services — 3.0%

 

 

 

 

 

AmerisourceBergen Corp.

 

7,809

 

603,636

 

Amylin Pharmaceuticals, Inc. (1)

 

28,519

 

992,176

 

Genesis HealthCare Corp. (1)

 

28,165

 

1,135,613

 

Gilead Sciences, Inc. (1)

 

213,291

 

10,400,069

 

Health Management Associates, Inc., Class A

 

25,251

 

592,641

 

Hospira, Inc. (1)

 

13,496

 

552,931

 

Humana, Inc. (1)

 

45,775

 

2,191,707

 

Kinetic Concepts, Inc. (1)

 

42,025

 

2,387,020

 

Laboratory Corporation of America Holdings (1)

 

50,251

 

2,447,726

 

Manor Care, Inc.

 

34,326

 

1,318,462

 

McKesson Corp.

 

110,351

 

5,236,155

 

MGI Pharma, Inc. (1)

 

76,666

 

1,787,084

 

Quest Diagnostics, Inc.

 

123,961

 

6,264,989

 

 

 

 

 

$

35,910,209

 

Household Durables — 0.2%

 

 

 

 

 

Whirlpool Corp.

 

23,719

 

1,797,189

 

 

 

 

 

$

1,797,189

 

Industrial Conglomerates — 5.2%

 

 

 

 

 

Altria Group, Inc.

 

102,975

 

7,590,287

 

Cooper Industries Ltd., Class A

 

55,811

 

3,858,773

 

Danaher Corp.

 

58,451

 

3,146,417

 

Eaton Corp.

 

58,699

 

3,730,321

 

General Electric Co.

 

761,087

 

25,625,799

 

Honeywell International, Inc.

 

153,464

 

5,754,900

 

Parker-Hannifin Corp.

 

18,618

 

1,197,324

 

Reynolds American, Inc.

 

57,741

 

4,793,658

 

 

5



 

 

Textron, Inc.

 

7,000

 

$

502,040

 

Tyco International, Ltd.

 

164,456

 

4,580,100

 

UST, Inc.

 

71,090

 

2,975,827

 

 

 

 

 

$

63,755,446

 

Insurance — 2.4%

 

 

 

 

 

Ace Ltd.

 

24,792

 

1,166,959

 

American International Group, Inc.

 

144,883

 

8,976,951

 

AON Corp.

 

21,504

 

689,848

 

Arthur J. Gallagher & Co.

 

115,781

 

3,335,651

 

Cincinnati Financial Corp.

 

13,382

 

560,572

 

Jefferson-Pilot Corp.

 

10,400

 

532,168

 

Lincoln National Corp.

 

13,523

 

703,466

 

Marsh & McLennan Cos., Inc.

 

110,850

 

3,368,731

 

MGIC Investment Corp.

 

8,152

 

523,358

 

PMI Group, Inc.

 

74,747

 

2,980,163

 

Prudential Financial, Inc.

 

90,366

 

6,105,127

 

Safeco Corp.

 

12,497

 

667,090

 

XL Capital Ltd., Class A

 

1,697

 

115,447

 

 

 

 

 

$

29,725,531

 

Internet Services — 3.9%

 

 

 

 

 

CheckFree Corp. (1)

 

79,506

 

3,006,917

 

eBay, Inc. (1)

 

441,923

 

18,207,228

 

Expedia, Inc. (1)

 

140,681

 

2,786,891

 

IAC/InterActiveCorp (1)

 

323,256

 

8,194,540

 

Monster Worldwide, Inc. (1)

 

19,516

 

599,336

 

Yahoo!, Inc. (1)

 

427,759

 

14,475,365

 

 

 

 

 

$

47,270,277

 

Leisure Equipment & Products — 0.1%

 

 

 

 

 

Eastman Kodak Co.

 

19,707

 

479,471

 

Mattel, Inc.

 

34,622

 

577,495

 

 

 

 

 

$

1,056,966

 

Lodging and Casinos — 0.6%

 

 

 

 

 

Harrah’s Entertainment, Inc.

 

84,311

 

5,496,234

 

International Game Technology

 

18,708

 

505,116

 

Starwood Hotels & Resorts Worldwide, Inc.

 

32,575

 

1,862,313

 

 

 

 

 

$

7,863,663

 

Machinery — 0.9%

 

 

 

 

 

Caterpillar, Inc.

 

124,130

 

7,292,638

 

Deere & Co.

 

56,159

 

3,436,931

 

 

 

 

 

$

10,729,569

 

Media — 4.0%

 

 

 

 

 

Comcast Corp., Class A (1)

 

423,498

 

12,442,371

 

Cumulus Media, Inc., Class A (1)

 

43,781

 

546,825

 

6



 

 

 

McGraw-Hill Companies, Inc.

 

64,223

 

$

3,085,273

 

Meredith Corp.

 

10,785

 

538,064

 

Time Warner, Inc.

 

461,816

 

8,363,488

 

Univision Communications, Inc., Class A (1)

 

94,667

 

2,511,516

 

Viacom, Inc., Class B

 

202,708

 

6,691,391

 

Walt Disney Co.

 

372,697

 

8,993,179

 

XM Satellite Radio Holdings, Inc., Class A (1)

 

140,458

 

5,043,847

 

 

 

 

 

$

48,215,954

 

Medical Products — 1.9%

 

 

 

 

 

Baxter International, Inc.

 

53,182

 

2,120,366

 

Becton, Dickinson & Co.

 

11,666

 

611,648

 

C.R. Bard, Inc.

 

8,005

 

528,570

 

Cytyc Corp. (1)

 

55,255

 

1,483,597

 

Johnson & Johnson Co.

 

143,589

 

9,086,312

 

Medtronic, Inc.

 

115,235

 

6,178,901

 

Stryker Corp.

 

66,366

 

3,280,471

 

 

 

 

 

$

23,289,865

 

Metals-Industrial — 1.2%

 

 

 

 

 

Alcan, Inc.

 

42,461

 

1,347,288

 

Alcoa, Inc.

 

68,302

 

1,667,935

 

Barrick Gold Corp.

 

39,754

 

1,154,854

 

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

 

150,017

 

7,289,326

 

Nucor Corp.

 

50,300

 

2,967,197

 

 

 

 

 

$

14,426,600

 

Motorcycle Manufacturing — 0.1%

 

 

 

 

 

Harley-Davidson, Inc.

 

36,684

 

1,776,973

 

 

 

 

 

$

1,776,973

 

Oil and Gas — 3.5%

 

 

 

 

 

Chevron Corp.

 

74,859

 

4,845,623

 

ConocoPhillips

 

180,588

 

12,624,907

 

Exxon Mobil Corp.

 

382,496

 

24,303,796

 

Sunoco Inc.

 

9,132

 

714,122

 

 

 

 

 

$

42,488,448

 

Oil and Gas-Equipment and Services — 1.1%

 

 

 

 

 

El Paso Corp.

 

45,612

 

634,007

 

Noble Corp.

 

72,227

 

4,944,660

 

Transocean Sedco Forex, Inc. (1)

 

44,333

 

2,718,056

 

Williams Co., Inc.

 

218,252

 

5,467,213

 

 

 

 

 

$

13,763,936

 

Oil and Gas-Exploration and Production — 1.2%

 

 

 

 

 

EOG Resources, Inc.

 

34,122

 

2,555,738

 

Halliburton Co.

 

112,336

 

7,697,263

 

7



 

 

 

Kerr-McGee Corp.

 

14,229

 

$

1,381,778

 

XTO Energy, Inc.

 

57,800

 

2,619,496

 

 

 

 

 

$

14,254,275

 

Paper and Forest Products — 0.4%

 

 

 

 

 

Georgia-Pacific Corp.

 

16,420

 

559,265

 

Louisiana-Pacific Corp.

 

21,191

 

586,779

 

MeadWestvaco Corp.

 

45,728

 

1,263,007

 

Plum Creek Timber Co., Inc.

 

14,401

 

545,942

 

Temple-Inland, Inc.

 

33,131

 

1,353,401

 

 

 

 

 

$

4,308,394

 

Personal Products — 1.7%

 

 

 

 

 

Alberto-Culver Co.

 

25,840

 

1,156,340

 

Fortune Brands, Inc.

 

47,342

 

3,850,325

 

Gillette Co.

 

174,512

 

10,156,598

 

Procter & Gamble Co.

 

95,406

 

5,672,841

 

 

 

 

 

$

20,836,104

 

Pharmaceuticals — 4.2%

 

 

 

 

 

Abbott Laboratories

 

98,116

 

4,160,118

 

Allergan, Inc.

 

6,128

 

561,447

 

Bristol-Myers Squibb Co.

 

379,439

 

9,129,302

 

Caremark Rx, Inc. (1)

 

100,457

 

5,015,818

 

Forest Laboratories, Inc. (1)

 

32,914

 

1,282,659

 

King Pharmaceuticals, Inc. (1)

 

106,848

 

1,643,322

 

Lilly (Eli) & Co.

 

92,218

 

4,935,507

 

Mylan Laboratories, Inc.

 

27,473

 

529,130

 

Pfizer, Inc.

 

563,340

 

14,066,600

 

Valeant Pharmaceuticals International

 

64,803

 

1,301,244

 

Wyeth Corp.

 

178,308

 

8,250,311

 

 

 

 

 

$

50,875,458

 

Publishing — 0.7%

 

 

 

 

 

Donnelley (R.R.) & Sons Co.

 

85,009

 

3,151,284

 

Dow Jones & Co., Inc.

 

18,059

 

689,673

 

Gannett Co., Inc.

 

67,696

 

4,659,516

 

 

 

 

 

$

8,500,473

 

REITS — 0.1%

 

 

 

 

 

Simon Property Group, Inc.

 

19,298

 

1,430,368

 

 

 

 

 

$

1,430,368

 

Restaurants — 1.1%

 

 

 

 

 

McDonald’s Corp.

 

244,206

 

8,178,459

 

Starbucks Corp. (1)

 

93,251

 

4,671,875

 

Wendy’s International, Inc.

 

11,254

 

508,118

 

 

 

 

 

$

13,358,452

 

8



 

 

 

Retail-Food and Drug — 0.7%

 

 

 

 

 

CVS Corp.

 

244,991

 

$

7,107,189

 

McCormick & Co., Inc.

 

15,743

 

513,694

 

SUPERVALU, Inc.

 

15,863

 

493,657

 

 

 

 

 

$

8,114,540

 

Retail-General — 2.6%

 

 

 

 

 

Dollar General Corp.

 

252,480

 

4,630,483

 

Federated Department Stores, Inc.

 

27,863

 

1,863,199

 

J.C. Penney Company, Inc.

 

34,690

 

1,645,000

 

Nordstrom, Inc.

 

87,000

 

2,985,840

 

Sears Holdings Corp. (1)

 

48,488

 

6,032,877

 

TJX Companies, Inc.

 

84,338

 

1,727,242

 

Wal-Mart Stores, Inc.

 

292,560

 

12,819,979

 

 

 

 

 

$

31,704,620

 

Retail-Specialty and Apparel — 1.5%

 

 

 

 

 

Bed Bath and Beyond, Inc. (1)

 

178,092

 

7,155,737

 

Best Buy Co., Inc.

 

87,871

 

3,825,025

 

Coach, Inc. (1)

 

19,365

 

607,286

 

Linens ‘N Things, Inc. (1)

 

22,329

 

596,184

 

Lowe’s Companies, Inc.

 

84,938

 

5,470,007

 

Tiffany & Co.

 

16,186

 

643,717

 

 

 

 

 

$

18,297,956

 

Semiconductors & Semiconductor Equipment — 7.0%

 

 

 

 

 

Analog Devices, Inc.

 

143,308

 

5,322,459

 

Applied Materials, Inc.

 

669,505

 

11,354,805

 

ASML Holding NV (1)

 

162,113

 

2,676,486

 

Intel Corp.

 

1,462,378

 

36,047,618

 

International Rectifier Corp. (1)

 

53,399

 

2,407,227

 

KLA-Tencor Corp.

 

188,098

 

9,171,658

 

LSI Logic Corp. (1)

 

61,968

 

610,385

 

Maxim Integrated Products, Inc.

 

209,635

 

8,940,933

 

National Semiconductor Corp.

 

29,457

 

774,719

 

PMC-Sierra, Inc. (1)

 

113,995

 

1,004,296

 

Sigmatel, Inc. (1)

 

23,976

 

485,274

 

STMicroelectronics N.V.

 

170,572

 

2,947,484

 

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

 

366,810

 

3,015,178

 

Tessera Technologies, Inc. (1)

 

28,566

 

854,409

 

 

 

 

 

$

85,612,931

 

Transport-Services — 0.7%

 

 

 

 

 

CSX Corp.

 

12,455

 

578,908

 

FedEx Corp.

 

66,217

 

5,769,487

 

Hub Group, Inc., Class A (1)

 

21,425

 

786,512

 

9



 

 

 

Norfolk Southern Corp.

 

17,741

 

$

719,575

 

Ryder System, Inc.

 

14,939

 

511,213

 

 

 

 

 

$

8,365,695

 

Utilities-Electric and Gas — 2.7%

 

 

 

 

 

Cinergy Corp.

 

86,456

 

3,839,511

 

KeySpan Corp.

 

21,334

 

784,665

 

Nicor, Inc.

 

28,999

 

1,218,828

 

NiSource, Inc.

 

233,391

 

5,659,732

 

NorthWestern Corp.

 

18,219

 

550,032

 

Peoples Energy Corp.

 

25,619

 

1,008,876

 

PG&E Corp.

 

14,133

 

554,720

 

PPL Corp.

 

59,438

 

1,921,631

 

Progress Energy, Inc.

 

150,507

 

6,735,188

 

Public Service Enterprise Group, Inc.

 

77,955

 

5,017,184

 

TECO Energy, Inc.

 

28,365

 

511,137

 

TXU Corp.

 

38,759

 

4,375,116

 

 

 

 

 

$

32,176,620

 

Total Common Stocks

 

 

 

 

 

(identified cost $1,185,983,263)

 

 

 

$

1,228,573,421

 

Total Investments — 101.1%

 

 

 

 

 

(identified cost $1,185,983,263)

 

 

 

$

1,228,573,421

 

Other Assets, Less Liabilities — (1.1)%

 

 

 

$

(13,688,265

)

Net Assets — 100.0%

 

 

 

$

1,214,885,156

 

 

ADR

—

American Depository Receipt

REITs

—

Real Estate Investment Trusts

(1)

 

Non-income producing security.

 

The cost and unrealized appreciation (depreciation) in value of the investments owned at September 30, 2005, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

1,185,983,263

 

Gross unrealized appreciation

 

$

78,720,308

 

Gross unrealized depreciation

 

(36,130,150

)

Net unrealized appreciation

 

$

42,590,158

 

 

10



 

 

Summary of options outstanding at September 30, 2005:

Call Options Written

Type of Contract

 

Number of
Contracts

 

Premium
Received

 

Value

 

Nasdaq 100 Index, Expires 10/22/05, Strike 1,590.00

 

585

 

$

1,642,893

 

$

(1,462,500

)

Nasdaq 100 Index, Expires 10/22/05, Strike 1,595.00

 

765

 

2,137,580

 

(1,568,250

)

Nasdaq 100 Index, Expires 10/22/05, Strike 1,600.00

 

1,744

 

5,491,094

 

(3,749,600

)

S & P 500 Index, Expires 10/22/05, Strike 1,230.00

 

2,938

 

5,140,466

 

(3,672,500

)

S & P 500 Index, Expires 10/22/05, Strike 1,235.00

 

3,060

 

5,458,592

 

(2,968,200

)

Total

 

 

 

$

19,870,625

 

$

(13,421,050

)

 

Written call option activity for the period ended September 30, 2005 was as follows:

 

 

Number of
Contracts

 

Premiums
Received

 

Outstanding, beginning of period

 

—

 

$

—

 

Options written

 

35,348

 

63,135,548

 

Options terminated in closing purchase transactions

 

(26,256

)

(43,264,923

)

Outstanding, end of period

 

9,092

 

$

19,870,625

 

 

At September 30, 2005, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

11



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 and Principal Executive Officer

Date:

 

November 29, 2005

 

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 and Principal Executive Officer

Date:

 

November 29, 2005

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

November 29, 2005