N-Q 1 a06-21120_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 Service)

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

Date of Fiscal Year End:

 

December 31

Date of Reporting Period:

 

September 30, 2006

 

 



Item 1. Schedule of Investments



Eaton Vance Tax-Managed Buy-Write Opportunities Fund                                               as of September 30, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 101.7%

Security

 

Shares

 

Value

 

Aerospace & Defense — 1.4%

 

 

 

 

 

General Dynamics Corp.

 

54,228

 

$

3,886,521

 

Honeywell International, Inc.

 

153,464

 

6,276,678

 

Northrop Grumman Corp.

 

87,518

 

5,957,350

 

 

 

 

 

$

16,120,549

 

Air Freight & Logistics — 0.7%

 

 

 

 

 

FedEx Corp.

 

66,217

 

7,196,464

 

Hub Group, Inc., Class A (1)

 

31,798

 

724,358

 

 

 

 

 

$

7,920,822

 

Auto Components — 0.4%

 

 

 

 

 

Johnson Controls, Inc.

 

62,060

 

4,452,184

 

 

 

 

 

$

4,452,184

 

Beverages — 1.2%

 

 

 

 

 

Brown-Forman Corp., Class B

 

10,403

 

797,390

 

Coca-Cola Co.

 

117,208

 

5,236,853

 

PepsiCo, Inc.

 

119,822

 

7,819,584

 

 

 

 

 

$

13,853,827

 

Biotechnology — 4.8%

 

 

 

 

 

Amgen, Inc. (1)

 

355,963

 

25,462,033

 

Biogen Idec, Inc. (1)

 

156,386

 

6,987,326

 

BioMarin Pharmaceutical, Inc. (1)

 

33,661

 

478,996

 

Enzon Pharmaceuticals, Inc. (1)

 

85,000

 

701,250

 

Genzyme Corp. (1)

 

101,950

 

6,878,566

 

Gilead Sciences, Inc. (1)

 

213,291

 

14,653,092

 

Regeneron Pharmaceuticals, Inc. (1)

 

108,503

 

1,702,412

 

 

 

 

 

$

56,863,675

 

Capital Markets — 2.2%

 

 

 

 

 

Amvescap PLC

 

80,706

 

1,769,076

 

Bank of New York Co., Inc.

 

228,487

 

8,056,452

 

Charles Schwab Corp.

 

97,584

 

1,746,754

 

Federated Investors, Inc.

 

17,577

 

594,278

 

Franklin Resources, Inc.

 

73,904

 

7,815,348

 

Goldman Sachs Group, Inc.

 

32,518

 

5,501,070

 

T. Rowe Price Group, Inc.

 

21,876

 

1,046,767

 

 

 

 

 

$

26,529,745

 

Chemicals — 1.3%

 

 

 

 

 

Ashland, Inc.

 

1,339

 

85,401

 

Dow Chemical Co.

 

137,985

 

5,378,655

 

Du Pont E.I. de Nemours Co.

 

14,281

 

611,798

 

Eastman Chemical Co.

 

33,114

 

1,788,818

 

Monsanto Co.

 

155,450

 

7,307,704

 

1



 

 

 

Rohm & Haas Co.

 

14,250

 

$

674,737

 

Tronox, Inc., Class B

 

2,869

 

36,637

 

 

 

 

 

$

15,883,750

 

Commercial Banks — 4.1%

 

 

 

 

 

Bank of America Corp.

 

335,612

 

17,978,735

 

Comerica, Inc.

 

9,100

 

517,972

 

Compass Bancshares, Inc.

 

11,751

 

669,572

 

First Horizon National Corp.

 

32,450

 

1,233,424

 

Huntington Bancshares, Inc.

 

21,800

 

521,674

 

Marshall & Ilsley Corp.

 

42,370

 

2,041,387

 

National City Corp.

 

208,604

 

7,634,906

 

North Fork Bancorp, Inc.

 

163,917

 

4,694,583

 

Popular, Inc.

 

33,484

 

650,929

 

Regions Financial Corp.

 

55,048

 

2,025,216

 

Synovus Financial Corp.

 

18,347

 

538,851

 

Wells Fargo & Co.

 

288,882

 

10,451,751

 

 

 

 

 

$

48,959,000

 

Commercial Services & Supplies — 1.2%

 

 

 

 

 

Acco Brands Corp. (1)

 

11,126

 

247,665

 

Avery Dennison Corp.

 

9,865

 

593,577

 

Cintas Corp.

 

213,538

 

8,718,757

 

Donnelley (R.R) & Sons Co.

 

85,009

 

2,801,897

 

Equifax, Inc.

 

17,858

 

655,567

 

Half (Robert) International, Inc.

 

21,611

 

734,126

 

Pitney Bowes, Inc.

 

21,262

 

943,395

 

 

 

 

 

$

14,694,984

 

Communications Equipment — 7.2%

 

 

 

 

 

Ciena Corp. (1)

 

21,580

 

588,055

 

Cisco Systems, Inc. (1)

 

1,470,933

 

33,831,459

 

Corning, Inc. (1)

 

173,033

 

4,223,736

 

Motorola, Inc.

 

254,178

 

6,354,450

 

QUALCOMM, Inc.

 

881,503

 

32,042,634

 

Research in Motion, Ltd. (1)

 

75,604

 

7,761,507

 

 

 

 

 

$

84,801,841

 

Computer Peripherals — 5.7%

 

 

 

 

 

Apple Computer, Inc. (1)

 

428,039

 

32,971,844

 

Dell, Inc. (1)

 

376,767

 

8,605,358

 

International Business Machines Corp.

 

176,202

 

14,437,992

 

McDATA Corp., Class A (1)

 

130,906

 

658,457

 

Network Appliance, Inc. (1)

 

196,068

 

7,256,477

 

Palm, Inc. (1)

 

183,682

 

2,674,410

 

Seagate Technology (1)

 

55,837

 

1,289,276

 

 

 

 

 

$

67,893,814

 

2



 

 

 

Construction & Engineering — 0.1%

 

 

 

 

 

Fluor Corp.

 

9,092

 

$

699,084

 

 

 

 

 

$

699,084

 

Containers & Packaging — 0.2%

 

 

 

 

 

Bemis Co., Inc.

 

19,722

 

648,065

 

Temple-Inland, Inc.

 

33,131

 

1,328,553

 

 

 

 

 

$

1,976,618

 

Distributors — 0.0%

 

 

 

 

 

Genuine Parts Co.

 

12,694

 

547,492

 

 

 

 

 

$

547,492

 

Diversified Consumer Services — 0.2%

 

 

 

 

 

H&R Block, Inc.

 

109,446

 

2,379,356

 

 

 

 

 

$

2,379,356

 

Diversified Financial Services — 2.7%

 

 

 

 

 

CIT Group Inc.

 

12,621

 

613,759

 

Citigroup, Inc.

 

455,686

 

22,633,924

 

JPMorgan Chase & Co.

 

147,672

 

6,934,677

 

Moody’s Corp.

 

26,753

 

1,749,111

 

 

 

 

 

$

31,931,471

 

Diversified Telecommunication Services — 2.0%

 

 

 

 

 

AT&T Corp.

 

195,287

 

6,358,545

 

BellSouth Corp.

 

28,744

 

1,228,806

 

Citizens Communications Co.

 

425,089

 

5,968,250

 

Embarq Corp.

 

12,082

 

584,406

 

Qwest Communications International, Inc. (1)

 

74,950

 

653,564

 

Verizon Communications, Inc.

 

251,832

 

9,350,522

 

 

 

 

 

$

24,144,093

 

Electric Utilities — 0.7%

 

 

 

 

 

PPL Corp.

 

59,438

 

1,955,510

 

Progress Energy, Inc.

 

135,095

 

6,130,611

 

 

 

 

 

$

8,086,121

 

Electrical Equipment — 0.8%

 

 

 

 

 

Cooper Industries, Ltd., Class A

 

55,811

 

4,756,213

 

Emerson Electric Co.

 

59,709

 

5,007,197

 

 

 

 

 

$

9,763,410

 

Electronic Equipment & Instruments — 0.2%

 

 

 

 

 

Agilent Technologies, Inc. (1)

 

80,301

 

2,625,040

 

 

 

 

 

$

2,625,040

 

Energy Equipment & Services — 1.5%

 

 

 

 

 

Diamond Offshore Drilling, Inc.

 

41,269

 

2,986,638

 

Halliburton Co.

 

247,660

 

7,045,927

 

3



 

 

 

Noble Corp.

 

66,566

 

$

4,272,206

 

Transocean, Inc. (1)

 

44,333

 

3,246,506

 

 

 

 

 

$

17,551,277

 

Food & Staples Retailing — 2.4%

 

 

 

 

 

CVS Corp.

 

244,991

 

7,869,111

 

Safeway, Inc.

 

190,210

 

5,772,874

 

SUPERVALU, Inc.

 

15,863

 

470,338

 

Wal-Mart Stores, Inc.

 

281,358

 

13,876,577

 

 

 

 

 

$

27,988,900

 

Food Products — 0.9%

 

 

 

 

 

Archer-Daniels-Midland Co.

 

58,107

 

2,201,093

 

Campbell Soup Co.

 

16,880

 

616,120

 

ConAgra Foods, Inc.

 

156,193

 

3,823,605

 

H.J. Heinz Co.

 

18,409

 

771,889

 

Hershey Co.

 

10,759

 

575,069

 

McCormick & Co., Inc.

 

15,743

 

597,919

 

Sara Lee Corp.

 

140,854

 

2,263,524

 

 

 

 

 

$

10,849,219

 

Gas Utilities — 0.1%

 

 

 

 

 

Nicor, Inc.

 

28,999

 

1,239,997

 

 

 

 

 

$

1,239,997

 

Health Care Equipment & Supplies — 1.3%

 

 

 

 

 

Baxter International, Inc.

 

53,182

 

2,417,654

 

Becton, Dickinson and Co.

 

11,666

 

824,436

 

C.R. Bard, Inc.

 

8,005

 

600,375

 

Cooper Cos., Inc.

 

2,438

 

130,433

 

Hospira, Inc. (1)

 

13,496

 

516,492

 

Intuitive Surgical, Inc. (1)

 

13,918

 

1,467,653

 

Medtronic, Inc.

 

115,235

 

5,351,513

 

Stryker Corp.

 

66,366

 

3,291,090

 

Zimmer Holdings, Inc. (1)

 

11,520

 

777,600

 

 

 

 

 

$

15,377,246

 

Health Care Providers & Services — 1.8%

 

 

 

 

 

Caremark Rx, Inc.

 

80,040

 

4,535,867

 

Genesis HealthCare Corp. (1)

 

51,852

 

2,469,711

 

Health Management Associates, Inc., Class A

 

4,522

 

94,510

 

Humana, Inc. (1)

 

24,940

 

1,648,285

 

Manor Care, Inc.

 

34,326

 

1,794,563

 

McKesson Corp.

 

127,345

 

6,713,628

 

Quest Diagnostics, Inc.

 

72,955

 

4,461,928

 

 

 

 

 

$

21,718,492

 

4



 

 

 

Hotels, Restaurants & Leisure — 1.8%

 

 

 

 

 

Carnival Corp.

 

19,600

 

$

921,788

 

Harrah’s Entertainment, Inc.

 

84,311

 

5,600,780

 

International Game Technology

 

18,708

 

776,382

 

McDonald’s Corp.

 

13,554

 

530,232

 

Starbucks Corp. (1)

 

310,863

 

10,584,885

 

Starwood Hotels & Resorts Worldwide, Inc.

 

32,575

 

1,862,964

 

Wendy’s International Inc.

 

11,254

 

754,018

 

 

 

 

 

$

21,031,049

 

Household Durables — 0.8%

 

 

 

 

 

Black & Decker Corp.

 

5,886

 

467,054

 

D.R. Horton, Inc.

 

62,229

 

1,490,385

 

Fortune Brands, Inc.

 

40,476

 

3,040,152

 

Stanley Works

 

56,752

 

2,829,087

 

Whirlpool Corp.

 

23,719

 

1,995,005

 

 

 

 

 

$

9,821,683

 

Household Products — 1.4%

 

 

 

 

 

Colgate-Palmolive Co.

 

7,774

 

482,765

 

Procter & Gamble Co.

 

265,555

 

16,459,099

 

 

 

 

 

$

16,941,864

 

Independent Power Producers & Energy Traders — 0.5%

 

 

 

 

 

TXU Corp.

 

85,519

 

5,346,648

 

 

 

 

 

$

5,346,648

 

Industrial Conglomerates — 2.7%

 

 

 

 

 

General Electric Co.

 

761,087

 

26,866,371

 

Textron Inc.

 

7,000

 

612,500

 

Tyco International, Ltd.

 

164,456

 

4,603,123

 

 

 

 

 

$

32,081,994

 

Insurance — 3.1%

 

 

 

 

 

ACE, Ltd.

 

68,766

 

3,763,563

 

American International Group, Inc.

 

156,261

 

10,353,854

 

AON Corp.

 

21,504

 

728,340

 

Arthur J. Gallagher & Co.

 

115,781

 

3,087,879

 

Cincinnati Financial Corp.

 

13,382

 

643,139

 

Lincoln National Corp.

 

22,863

 

1,419,335

 

Marsh & McLennan Cos., Inc.

 

110,850

 

3,120,428

 

Progressive Corp.

 

14,112

 

346,308

 

Prudential Financial, Inc.

 

44,972

 

3,429,115

 

RenaissanceRe Holdings, Ltd.

 

33,585

 

1,867,326

 

SAFECO Corp.

 

12,497

 

736,448

 

St. Paul Travelers Cos., Inc.

 

139,548

 

6,543,406

 

XL Capital Ltd., Class A

 

1,697

 

116,584

 

 

 

 

 

$

36,155,725

 

5



 

 

 

Internet & Catalog Retail — 0.6%

 

 

 

 

 

IAC/InterActiveCorp (1)

 

227,517

 

$

6,543,389

 

 

 

 

 

$

6,543,389

 

Internet Software & Services — 4.1%

 

 

 

 

 

eBay, Inc. (1)

 

414,488

 

11,754,880

 

Google, Inc., Class A (1)

 

63,552

 

25,541,549

 

Yahoo!, Inc. (1)

 

426,913

 

10,792,361

 

 

 

 

 

$

48,088,790

 

IT Services — 2.1%

 

 

 

 

 

Automatic Data Processing, Inc.

 

67,402

 

3,190,811

 

CheckFree Corp. (1)

 

91,365

 

3,775,202

 

Euronet Worldwide, Inc. (1)

 

37,379

 

917,654

 

Infosys Technologies, Ltd. ADR

 

73,468

 

3,506,628

 

MoneyGram International, Inc.

 

112,881

 

3,280,322

 

Paychex, Inc.

 

218,890

 

8,066,097

 

Satyam Computer Services, Ltd. ADR

 

53,066

 

2,053,124

 

 

 

 

 

$

24,789,838

 

Leisure Equipment & Products — 0.0%

 

 

 

 

 

Eastman Kodak Co.

 

19,707

 

441,437

 

Mattel, Inc.

 

4,756

 

93,693

 

 

 

 

 

$

535,130

 

Life Sciences Tools & Services — 0.1%

 

 

 

 

 

Millipore Corp. (1)

 

9,704

 

594,855

 

PerkinElmer, Inc.

 

28,152

 

532,917

 

Waters Corp. (1)

 

13,273

 

601,001

 

 

 

 

 

$

1,728,773

 

Machinery — 1.7%

 

 

 

 

 

Caterpillar, Inc.

 

110,370

 

7,262,346

 

Danaher Corp.

 

58,451

 

4,013,830

 

Deere & Co.

 

56,159

 

4,712,302

 

Eaton Corp.

 

58,699

 

4,041,426

 

 

 

 

 

$

20,029,904

 

Media — 5.1%

 

 

 

 

 

CBS Corp., Class B

 

66,548

 

1,874,657

 

Comcast Corp., Class A (1)

 

423,498

 

15,605,901

 

Dow Jones & Co., Inc.

 

21,109

 

707,996

 

McGraw-Hill Cos., Inc.

 

8,885

 

515,597

 

Meredith Corp.

 

10,785

 

532,024

 

NTL, Inc.

 

239,209

 

6,083,085

 

Omnicom Group, Inc.

 

40,734

 

3,812,702

 

Sirius Satellite Radio, Inc. (1)

 

728,642

 

2,848,990

 

Time Warner, Inc.

 

461,816

 

8,418,906

 

TiVo, Inc. (1)

 

326,806

 

2,480,458

 

6



 

 

 

Univision Communications, Inc., Class A (1)

 

94,667

 

$

3,250,865

 

Viacom, Inc., Class B (1)

 

62,696

 

2,331,037

 

Walt Disney Co.

 

370,224

 

11,443,624

 

 

 

 

 

$

59,905,842

 

Metals & Mining — 0.8%

 

 

 

 

 

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

 

126,002

 

6,710,867

 

Nucor Corp.

 

52,354

 

2,590,999

 

 

 

 

 

$

9,301,866

 

Multiline Retail — 1.5%

 

 

 

 

 

Federated Department Stores, Inc.

 

55,726

 

2,407,920

 

J.C. Penney Company, Inc.

 

34,690

 

2,372,449

 

Nordstrom, Inc.

 

87,000

 

3,680,100

 

Sears Holdings Corp. (1)

 

55,188

 

8,724,671

 

 

 

 

 

$

17,185,140

 

Multi-Utilities — 1.6%

 

 

 

 

 

Ameren Corp.

 

117,357

 

6,195,276

 

Duke Energy Corp.

 

75,502

 

2,280,160

 

KeySpan Corp.

 

19,542

 

803,958

 

NiSource, Inc.

 

233,391

 

5,073,920

 

PG&E Corp.

 

6,785

 

282,595

 

Public Service Enterprise Group, Inc.

 

77,955

 

4,770,066

 

 

 

 

 

$

19,405,975

 

Office Electronics — 0.1%

 

 

 

 

 

Xerox Corp. (1)

 

98,889

 

1,538,713

 

 

 

 

 

$

1,538,713

 

Oil, Gas & Consumable Fuels — 4.1%

 

 

 

 

 

Chevron Corp.

 

55,781

 

3,617,956

 

ConocoPhillips

 

180,588

 

10,750,404

 

EOG Resources, Inc.

 

34,122

 

2,219,636

 

Exxon Mobil Corp.

 

382,496

 

25,665,482

 

Hugoton Royalty Trust

 

3,445

 

90,776

 

Sunoco Inc.

 

9,132

 

567,919

 

Valero Energy Corp.

 

11,660

 

600,140

 

Williams Cos., Inc.

 

218,252

 

5,209,675

 

XTO Energy, Inc.

 

4,834

 

203,656

 

 

 

 

 

$

48,925,644

 

Paper and Forest Products — 0.1%

 

 

 

 

 

MeadWestvaco Corp.

 

45,728

 

1,212,249

 

 

 

 

 

$

1,212,249

 

Personal Products — 0.0%

 

 

 

 

 

Nu Skin Enterprises, Inc., Class A

 

20,342

 

356,392

 

 

 

 

 

$

356,392

 

 

7



 

 

 

Pharmaceuticals — 4.9%

 

 

 

 

 

Abbott Laboratories

 

122,167

 

$

5,932,430

 

Allergan, Inc.

 

6,128

 

690,074

 

Bristol-Myers Squibb Co.

 

331,596

 

8,263,372

 

Eli Lilly & Co.

 

92,218

 

5,256,426

 

Endo Pharmaceuticals Holdings, Inc. (1)

 

31,975

 

1,040,786

 

Forest Laboratories, Inc. (1)

 

32,914

 

1,665,778

 

Johnson & Johnson Co.

 

143,589

 

9,324,670

 

Mylan Laboratories, Inc.

 

27,473

 

553,031

 

Pfizer, Inc.

 

528,005

 

14,974,222

 

Valeant Pharmaceuticals International

 

64,803

 

1,281,803

 

Wyeth

 

178,308

 

9,065,179

 

 

 

 

 

$

58,047,771

 

Real Estate Investment Trusts (REITs) — 0.2%

 

 

 

 

 

Host Hotels & Resorts, Inc.

 

19,942

 

457,270

 

Plum Creek Timber Co., Inc.

 

14,401

 

490,210

 

Simon Property Group, Inc.

 

19,298

 

1,748,785

 

 

 

 

 

$

2,696,265

 

Road & Rail — 0.2%

 

 

 

 

 

CSX Corp.

 

24,910

 

817,795

 

Norfolk Southern Corp.

 

17,741

 

781,491

 

Ryder System, Inc.

 

10,708

 

553,389

 

 

 

 

 

$

2,152,675

 

Semiconductors & Semiconductor Equipment — 6.6%

 

 

 

 

 

Analog Devices, Inc.

 

144,139

 

4,236,245

 

Applied Materials, Inc.

 

669,505

 

11,870,324

 

ASML Holding N.V. (1)

 

130,002

 

3,026,447

 

Atheros Communications, Inc. (1)

 

44,676

 

809,976

 

Intel Corp.

 

881,116

 

18,124,556

 

Intersil Corp., Class A

 

25,657

 

629,879

 

KLA-Tencor Corp.

 

188,098

 

8,364,718

 

LSI Logic Corp. (1)

 

140,907

 

1,158,256

 

Marvell Technology Group, Ltd. (1)

 

238,380

 

4,617,421

 

Maxim Integrated Products, Inc.

 

262,593

 

7,370,986

 

MEMC Electronic Materials, Inc. (1)

 

59,262

 

2,170,767

 

Micron Technology, Inc. (1)

 

125,916

 

2,190,938

 

National Semiconductor Corp.

 

106,880

 

2,514,886

 

NVIDIA Corp. (1)

 

205,118

 

6,069,442

 

PMC-Sierra, Inc. (1)

 

132,829

 

789,004

 

STMicroelectronics N.V.

 

85,975

 

1,483,929

 

Teradyne, Inc. (1)

 

127,301

 

1,675,281

 

Tessera Technologies, Inc. (1)

 

26,142

 

909,219

 

 

 

 

 

$

78,012,274

 

8



 

 

 

Software — 8.0%

 

 

 

 

 

Activision, Inc. (1)

 

56,934

 

$

859,703

 

Adobe Systems, Inc. (1)

 

255,331

 

9,562,146

 

BMC Software, Inc. (1)

 

30,550

 

831,571

 

Business Objects SA ADR (1)

 

42,163

 

1,437,337

 

Compuware Corp. (1)

 

87,217

 

679,420

 

i2 Technologies, Inc. (1)

 

88,398

 

1,655,695

 

Microsoft Corp.

 

1,996,930

 

54,576,097

 

Oracle Corp. (1)

 

1,395,748

 

24,760,570

 

Symantec Corp. (1)

 

16,314

 

347,162

 

Wind River Systems, Inc. (1)

 

63,851

 

683,844

 

 

 

 

 

$

95,393,545

 

Specialty Retail — 2.0%

 

 

 

 

 

Bed Bath and Beyond, Inc. (1)

 

184,051

 

7,041,791

 

Best Buy Co., Inc.

 

87,871

 

4,706,371

 

Gap, Inc.

 

174,362

 

3,304,160

 

Lowe’s Companies, Inc.

 

169,876

 

4,766,721

 

Men’s Wearhouse, Inc.

 

32,380

 

1,204,860

 

Stein Mart, Inc.

 

23,963

 

364,477

 

Tiffany & Co.

 

16,186

 

537,375

 

TJX Companies, Inc.

 

84,338

 

2,363,994

 

 

 

 

 

$

24,289,749

 

Textiles, Apparel & Luxury Goods — 0.3%

 

 

 

 

 

Coach, Inc. (1)

 

22,579

 

776,718

 

Hanesbrands, Inc. (1)

 

17,606

 

396,311

 

NIKE, Inc., Class B

 

28,394

 

2,487,882

 

 

 

 

 

$

3,660,911

 

Thrifts & Mortgage Finance — 0.1%

 

 

 

 

 

Accredited Home Lenders (1)

 

12,096

 

434,730

 

Commercial Capital Bancorp

 

31,525

 

502,509

 

MGIC Investment Corp.

 

8,152

 

488,875

 

PMI Group, Inc.

 

6,174

 

270,483

 

 

 

 

 

$

1,696,597

 

Tobacco — 1.4%

 

 

 

 

 

Altria Group, Inc.

 

102,975

 

7,882,736

 

Reynolds American, Inc.

 

105,132

 

6,515,030

 

UST, Inc.

 

32,501

 

1,782,030

 

 

 

 

 

$

16,179,796

 

Trading Companies & Distributors — 0.1%

 

 

 

 

 

WW Grainger, Inc.

 

9,595

 

643,057

 

 

 

 

 

$

643,057

 

9



 

 

 

Wireless Telecommunication Services — 0.6%

 

 

 

 

 

NII Holdings, Inc. (1)

 

42,377

 

$

2,634,154

 

Sprint Nextel Corp.

 

248,609

 

4,263,644

 

 

 

 

 

$

6,897,798

 

Total Common Stocks
(identified cost $1,086,281,250)

 

 

 

$

1,205,449,053

 

Total Investments — 101.7%
(identified cost $1,086,281,250)

 

 

 

$

1,205,449,053

 

 

Covered Call Options Written — (2.0%)

 

 

Number of

 

Premium

 

 

 

Type of Contract

 

Contracts

 

Received

 

Value

 

Nasdaq 100 Index, Expires 10/21/06, Strike 1,625.00

 

505

 

$

1,716,192

 

$

2,363,400

 

Nasdaq 100, Expires 10/21/06, Strike 1,640.00

 

1,183

 

3,614,658

 

4,335,695

 

Nasdaq 100, Expires 10/21/06, Strike 1,650.00

 

1,209

 

3,053,582

 

3,651,180

 

S & P 500 Index, Expires 10/21/06, Strike 1,315.00

 

712

 

1,208,976

 

2,356,720

 

S & P 500 Index, Expires 10/21/06, Strike 1,320.00

 

1,552

 

2,609,736

 

4,004,160

 

S & P 500, Expires 10/21/06, Strike 1,325.00

 

3,087

 

4,564,351

 

6,822,270

 

Total Call Options Written
(premiums received $16,767,495)

 

 

 

 

 

$

(23,533,425

)

Other Assets, Less Liabilities — 0.3%

 

 

 

 

 

$

3,934,823

 

Net Assets — 100.0%

 

 

 

 

 

$

1,185,850,451

 

 

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, 2006, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

1,086,287,199

 

Gross unrealized appreciation

 

$

147,404,977

 

Gross unrealized depreciation

 

(28,243,123

)

Net unrealized appreciation

 

$

119,161,854

 

 

10



 

 

Written call option activity for the nine months ended September 30, 2006 was as follows:

 

Number of
Contracts

 

Premiums
Received

 

Outstanding, beginning
of period

 

8,649

 

$

17,480,251

 

Options written

 

76,639

 

144,825,823

 

Options terminated in closing purchase transactions

 

(77,040

)

(145,538,579

)

Outstanding, end of period

 

8,248

 

$

16,767,495

 

 

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At September 30, 2006, 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 22, 2006

 

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 22, 2006

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

November 22, 2006