N-Q 1 d226394dnq.htm EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND Eaton Vance Tax-Managed Buy-Write Opportunities Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-21735

Investment Company Act File Number

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

December 31

Date of Fiscal Year End

March 31, 2017

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

March 31, 2017

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 100.4%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 1.3%

 

Boeing Co. (The)

      13,686      $ 2,420,506  

Northrop Grumman Corp.

      25,030        5,953,135  

Rockwell Collins, Inc.

      32,746        3,181,602  

Textron, Inc.

      15,478        736,598  
     

 

 

  
   $ 12,291,841  
     

 

 

  

Air Freight & Logistics — 0.1%

 

Expeditors International of Washington, Inc.

      10,409      $ 588,004  
     

 

 

  
   $ 588,004  
     

 

 

  

Airlines — 0.5%

 

Alaska Air Group, Inc.

      10,000      $ 922,200  

Southwest Airlines Co.

      52,956        2,846,915  

United Continental Holdings, Inc.(1)

      15,000        1,059,600  
     

 

 

  
   $ 4,828,715  
     

 

 

  

Auto Components — 0.1%

 

Adient PLC

      5,826      $ 423,375  

Goodyear Tire & Rubber Co. (The)

      17,041        613,476  
     

 

 

  
   $ 1,036,851  
     

 

 

  

Automobiles — 0.2%

 

Ford Motor Co.

      41,101      $ 478,416  

General Motors Co.

      40,000        1,414,400  
     

 

 

  
   $ 1,892,816  
     

 

 

  

Banks — 3.6%

 

Bank of America Corp.

      130,000      $ 3,066,700  

Fifth Third Bancorp

      90,126        2,289,200  

Huntington Bancshares, Inc.

      179,679        2,405,902  

JPMorgan Chase & Co.

      84,867        7,454,717  

KeyCorp

      38,413        682,983  

M&T Bank Corp.

      4,453        689,013  

Regions Financial Corp.

      413,924        6,014,316  

SunTrust Banks, Inc.

      49,905        2,759,747  

Wells Fargo & Co.

      111,947        6,230,970  

Zions Bancorporation

      37,204        1,562,568  
     

 

 

  
   $   33,156,116  
     

 

 

  

Beverages — 1.4%

 

Coca-Cola Co. (The)

      153,082      $ 6,496,800  

PepsiCo, Inc.

      56,435        6,312,819  
     

 

 

  
   $ 12,809,619  
     

 

 

  

Biotechnology — 5.6%

 

AbbVie, Inc.

      6,412      $ 417,806  

Amgen, Inc.

      59,770        9,806,464  

Biogen, Inc.(1)

      35,831        9,796,912  

Bioverativ, Inc.(1)

      17,915        975,651  

 

1

 

 

                                                 
Security    Shares      Value  

Celgene Corp.(1)

      132,582      $ 16,497,178  

Gilead Sciences, Inc.

      210,061        14,267,343  
     

 

 

  
   $   51,761,354  
     

 

 

  

Building Products — 0.2%

 

Allegion PLC

      10,516      $ 796,061  

Johnson Controls International PLC

      15,000        631,800  
     

 

 

  
   $ 1,427,861  
     

 

 

  

Capital Markets — 2.5%

 

CME Group, Inc.

      12,294      $ 1,460,527  

Goldman Sachs Group, Inc. (The)

      16,208        3,723,302  

Invesco, Ltd.

      25,937        794,450  

Moody’s Corp.

      45,252        5,070,034  

Morgan Stanley

      53,096        2,274,633  

S&P Global, Inc.

      37,507        4,903,665  

State Street Corp.

      33,478        2,665,183  

T. Rowe Price Group, Inc.

      23,664        1,612,702  
     

 

 

  
   $ 22,504,496  
     

 

 

  

Chemicals — 1.5%

 

AdvanSix, Inc.(1)

      2,576      $ 70,376  

Air Products and Chemicals, Inc.

      13,083        1,769,999  

E.I. du Pont de Nemours & Co.

      47,601        3,823,788  

Ingevity Corp.(1)

      5,391        328,043  

PPG Industries, Inc.

      74,100        7,786,428  
     

 

 

  
   $ 13,778,634  
     

 

 

  

Commercial Services & Supplies — 0.1%

 

Waste Management, Inc.

      8,835      $ 644,248  
     

 

 

  
   $ 644,248  
     

 

 

  

Communications Equipment — 1.9%

 

Brocade Communications Systems, Inc.

      198,573      $ 2,478,191  

Cisco Systems, Inc.

      425,260        14,373,788  

Harris Corp.

      6,224        692,545  
     

 

 

  
   $ 17,544,524  
     

 

 

  

Consumer Finance — 1.2%

 

American Express Co.

      50,565      $ 4,000,197  

Capital One Financial Corp.

      10,757        932,202  

Discover Financial Services

      92,596        6,332,640  
     

 

 

  
   $ 11,265,039  
     

 

 

  

Containers & Packaging — 0.2%

 

WestRock Co.

      27,349      $ 1,422,969  
     

 

 

  
   $ 1,422,969  
     

 

 

  

Distributors — 0.2%

 

Genuine Parts Co.

      19,047      $ 1,760,133  
     

 

 

  
   $ 1,760,133  
     

 

 

  

Diversified Financial Services — 0.3%

 

Berkshire Hathaway, Inc., Class B(1)

      19,434      $ 3,239,259  
     

 

 

  
   $ 3,239,259  
     

 

 

  

Diversified Telecommunication Services — 1.3%

 

AT&T, Inc.

      122,541      $ 5,091,579  

Verizon Communications, Inc.

      145,422        7,089,322  
     

 

 

  
   $   12,180,901  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Electric Utilities — 0.7%

 

American Electric Power Co., Inc.

      16,075      $ 1,079,115  

Edison International

      62,309        4,960,419  
     

 

 

  
   $ 6,039,534  
     

 

 

  

Energy Equipment & Services — 0.5%

 

Halliburton Co.

      92,888      $ 4,571,019  
     

 

 

  
   $ 4,571,019  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.1%

 

American Tower Corp.

      17,730      $ 2,154,904  

Apartment Investment & Management Co., Class A

      35,696        1,583,118  

Simon Property Group, Inc.

      38,580        6,636,917  
     

 

 

  
   $ 10,374,939  
     

 

 

  

Food & Staples Retailing — 1.6%

 

Costco Wholesale Corp.

      26,000      $ 4,359,940  

CVS Health Corp.

      88,422        6,941,127  

Kroger Co. (The)

      75,174        2,216,881  

Wal-Mart Stores, Inc.

      10,000        720,800  

Walgreens Boots Alliance, Inc.

      8,000        664,400  
     

 

 

  
   $ 14,903,148  
     

 

 

  

Food Products — 2.2%

 

Conagra Brands, Inc.

      48,260      $ 1,946,808  

Hershey Co. (The)

      11,826        1,291,991  

Hormel Foods Corp.

      21,160        732,771  

Kraft Heinz Co. (The)

      68,930        6,259,533  

Lamb Weston Holdings, Inc.

      16,086        676,577  

Mondelez International, Inc., Class A

      213,793        9,210,203  
     

 

 

  
   $   20,117,883  
     

 

 

  

Health Care Equipment & Supplies — 2.0%

 

Abbott Laboratories

      13,617      $ 604,731  

Baxter International, Inc.

      36,672        1,901,810  

Edwards Lifesciences Corp.(1)

      22,126        2,081,393  

Intuitive Surgical, Inc.(1)

      12,611        9,665,953  

Stryker Corp.

      33,820        4,452,403  
     

 

 

  
   $ 18,706,290  
     

 

 

  

Health Care Providers & Services — 1.6%

 

Cigna Corp.

      36,534      $ 5,351,866  

DaVita, Inc.(1)

      11,550        785,054  

McKesson Corp.

      7,813        1,158,355  

UnitedHealth Group, Inc.

      46,743        7,666,319  
     

 

 

  
   $ 14,961,594  
     

 

 

  

Hotels, Restaurants & Leisure — 2.2%

 

ILG, Inc.

      9,987      $ 209,327  

Marriott International, Inc., Class A

      98,709        9,296,414  

McDonald’s Corp.

      35,561        4,609,061  

Yum China Holdings, Inc.(1)

      37,349        1,015,893  

Yum! Brands, Inc.

      72,349        4,623,101  
     

 

 

  
   $ 19,753,796  
     

 

 

  

Household Durables — 0.2%

 

Whirlpool Corp.

      8,566      $ 1,467,613  
     

 

 

  
   $ 1,467,613  
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Household Products — 1.1%

 

Clorox Co. (The)

      39,829      $ 5,370,144  

Colgate-Palmolive Co.

      31,592        2,312,218  

Procter & Gamble Co. (The)

      22,314        2,004,913  
     

 

 

  
   $ 9,687,275  
     

 

 

  

Industrial Conglomerates — 1.7%

 

3M Co.

      11,474      $ 2,195,320  

General Electric Co.

      169,612        5,054,438  

Honeywell International, Inc.

      64,422        8,044,375  
     

 

 

  
   $ 15,294,133  
     

 

 

  

Insurance — 1.7%

 

Aon PLC

      4,957      $ 588,346  

Chubb, Ltd.

      35,393        4,822,296  

Marsh & McLennan Cos., Inc.

      15,767        1,165,024  

Travelers Cos., Inc. (The)

      43,848        5,285,438  

Unum Group

      70,698        3,315,029  
     

 

 

  
   $ 15,176,133  
     

 

 

  

Internet & Direct Marketing Retail — 5.5%

 

Amazon.com, Inc.(1)

      49,436      $ 43,826,991  

Liberty Ventures, Series A(1)

      11,445        509,074  

Netflix, Inc.(1)

      39,110        5,780,849  
     

 

 

  
   $ 50,116,914  
     

 

 

  

Internet Software & Services — 10.3%

 

Alphabet, Inc., Class A(1)

      36,180      $ 30,673,404  

Alphabet, Inc., Class C(1)

      27,700        22,978,812  

eBay, Inc.(1)

      99,341        3,334,877  

Facebook, Inc., Class A(1)

      235,794        33,494,538  

VeriSign, Inc.(1)

      44,997        3,919,689  
     

 

 

  
   $ 94,401,320  
     

 

 

  

IT Services — 3.0%

 

Alliance Data Systems Corp.

      7,945      $ 1,978,305  

Cognizant Technology Solutions Corp., Class A(1)

      143,537        8,543,322  

Fidelity National Information Services, Inc.

      69,262        5,514,640  

International Business Machines Corp.

      6,515        1,134,522  

Mastercard, Inc., Class A

      38,080        4,282,858  

Visa, Inc., Class A

      63,696        5,660,664  
     

 

 

  
   $ 27,114,311  
     

 

 

  

Life Sciences Tools & Services — 0.1%

 

PerkinElmer, Inc.

      23,065      $ 1,339,154  
     

 

 

  
   $ 1,339,154  
     

 

 

  

Machinery — 1.6%

 

Caterpillar, Inc.

      5,735      $ 531,979  

Dover Corp.

      32,893        2,642,952  

Ingersoll-Rand PLC

      31,550        2,565,646  

Parker-Hannifin Corp.

      14,287        2,290,492  

Stanley Black & Decker, Inc.

      51,390        6,828,189  
     

 

 

  
   $   14,859,258  
     

 

 

  

 

4

 

 

                                                 
Security    Shares      Value  

Media — 4.8%

 

CBS Corp., Class B

      88,076      $ 6,108,951  

Comcast Corp., Class A

      648,868        24,390,948  

Walt Disney Co. (The)

      119,119        13,506,904  
     

 

 

  
   $ 44,006,803  
     

 

 

  

Metals & Mining — 0.2%

 

Newmont Mining Corp.

      25,563      $ 842,556  

Nucor Corp.

      23,005        1,373,859  
     

 

 

  
   $ 2,216,415  
     

 

 

  

Multi-Utilities — 0.9%

 

CMS Energy Corp.

      177,055      $ 7,921,441  
     

 

 

  
   $ 7,921,441  
     

 

 

  

Multiline Retail — 0.6%

 

Macy’s, Inc.

      81,687      $ 2,421,203  

Nordstrom, Inc.

      11,790        549,060  

Target Corp.

      45,187        2,493,871  
     

 

 

  
   $ 5,464,134  
     

 

 

  

Oil, Gas & Consumable Fuels — 3.0%

 

Chevron Corp.

      66,225      $ 7,110,578  

EOG Resources, Inc.

      32,900        3,209,395  

Exxon Mobil Corp.

      85,535        7,014,725  

Kinder Morgan, Inc.

      41,766        907,993  

Murphy Oil Corp.

      91,974        2,629,537  

Occidental Petroleum Corp.

      8,102        513,343  

Phillips 66

      57,101        4,523,541  

Pioneer Natural Resources Co.

      5,000        931,150  

Williams Cos., Inc. (The)

      37,548        1,111,045  
     

 

 

  
   $ 27,951,307  
     

 

 

  

Personal Products — 0.7%

 

Estee Lauder Cos., Inc. (The), Class A

      72,774      $ 6,170,507  
     

 

 

  
   $ 6,170,507  
     

 

 

  

Pharmaceuticals — 3.3%

 

Bristol-Myers Squibb Co.

      106,404      $ 5,786,249  

Eli Lilly & Co.

      12,046        1,013,189  

Johnson & Johnson

      43,189        5,379,190  

Mallinckrodt PLC(1)

      3,225        143,738  

Merck & Co., Inc.

      158,250        10,055,205  

Pfizer, Inc.

      242,074        8,281,352  
     

 

 

  
   $   30,658,923  
     

 

 

  

Professional Services — 0.5%

 

Equifax, Inc.

      15,738      $ 2,152,014  

Nielsen Holdings PLC

      8,843        365,304  

Robert Half International, Inc.

      51,102        2,495,311  
     

 

 

  
   $ 5,012,629  
     

 

 

  

Real Estate Management & Development — 0.1%

 

CBRE Group, Inc., Class A(1)

      24,669      $ 858,235  
     

 

 

  
   $ 858,235  
     

 

 

  

 

5

 

 

                                                 
Security    Shares      Value  

Road & Rail — 0.9%

 

CSX Corp.

      20,000      $ 931,000  

J.B. Hunt Transport Services, Inc.

      7,328        672,271  

Kansas City Southern

      4,645        398,355  

Norfolk Southern Corp.

      9,503        1,064,051  

Ryder System, Inc.

      12,392        934,852  

Union Pacific Corp.

      37,756        3,999,116  
     

 

 

  
   $ 7,999,645  
     

 

 

  

Semiconductors & Semiconductor Equipment — 6.1%

 

Analog Devices, Inc.

      56,522      $ 4,631,978  

ASML Holding NV - NY Shares

      16,394        2,177,123  

Cypress Semiconductor Corp.

      38,941        535,828  

Intel Corp.

      285,159        10,285,685  

Microchip Technology, Inc.

      30,000        2,213,400  

NXP Semiconductors NV(1)

      55,530        5,747,355  

ON Semiconductor Corp.(1)

      99,333        1,538,668  

Qorvo, Inc.(1)

      11,712        802,975  

QUALCOMM, Inc.

      183,978        10,549,298  

Texas Instruments, Inc.

      197,602        15,918,817  

Versum Materials, Inc.(1)

      6,541        200,155  

Xperi Corp.

      28,424        964,995  
     

 

 

  
   $ 55,566,277  
     

 

 

  

Software — 7.4%

 

Microsoft Corp.

      807,830      $ 53,203,684  

Oracle Corp.

      259,569        11,579,373  

Red Hat, Inc.(1)

      28,914        2,501,061  

salesforce.com, Inc.(1)

      2,032        167,620  
     

 

 

  
   $ 67,451,738  
     

 

 

  

Specialty Retail — 1.9%

 

Advance Auto Parts, Inc.

      26,636      $ 3,949,053  

Best Buy Co., Inc.

      28,506        1,401,070  

Gap, Inc. (The)

      35,268        856,660  

Home Depot, Inc. (The)

      58,008        8,517,314  

Tiffany & Co.

      28,579        2,723,579  
     

 

 

  
   $ 17,447,676  
     

 

 

  

Technology Hardware, Storage & Peripherals — 8.1%

 

Apple, Inc.

      517,297      $ 74,314,887  

Hewlett Packard Enterprise Co.

      10,000        237,000  
     

 

 

  
   $   74,551,887  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.9%

 

NIKE, Inc., Class B

      147,264      $ 8,207,023  
     

 

 

  
   $ 8,207,023  
     

 

 

  

Tobacco — 1.3%

 

Altria Group, Inc.

      27,194      $ 1,942,196  

Philip Morris International, Inc.

      87,820        9,914,878  
     

 

 

  
   $ 11,857,074  
     

 

 

  

 

6

 

 

                                                 
Security    Shares      Value  

Trading Companies & Distributors — 0.4%

 

Fastenal Co.

      79,244      $ 4,081,066  
     

 

 

  
   $ 4,081,066  
     

 

 

  

Total Common Stocks — 100.4%
(identified cost $282,334,015)

 

    $ 920,440,474  
     

 

 

  

Call Options Written — (0.7)%

Exchange-Traded Options — (0.7)%

 

                                                                                                   
Description    Number of
Contracts		      Strike
Price		      Expiration
Date		      Value  

NASDAQ 100 Index

      165      $ 5,380        4/7/17      $ (1,050,225 ) 

NASDAQ 100 Index

      165        5,425        4/13/17        (669,075 ) 

NASDAQ 100 Index

      165        5,375        4/21/17        (1,458,600 ) 

NASDAQ 100 Index

      160        5,450        4/28/17        (955,200 ) 

S&P 500 Index

      185        2,385        4/3/17        (3,237 ) 

S&P 500 Index

      185        2,375        4/5/17        (44,400 ) 

S&P 500 Index

      185        2,380        4/7/17        (52,263 ) 

S&P 500 Index

      185        2,380        4/10/17        (70,300 ) 

S&P 500 Index

      185        2,380        4/12/17        (100,825 ) 

S&P 500 Index

      185        2,390        4/13/17        (65,675 ) 

S&P 500 Index

      185        2,380        4/17/17        (136,900 ) 

S&P 500 Index

      185        2,355        4/19/17        (408,850 ) 

S&P 500 Index

      185        2,365        4/21/17        (322,825 ) 

S&P 500 Index

      185        2,350        4/24/17        (573,500 ) 

S&P 500 Index

      185        2,365        4/26/17        (420,875 ) 

S&P 500 Index

      185        2,365        4/28/17        (443,075 ) 

Total Call Options Written
(premiums received $8,459,548)

             $ (6,775,825 ) 
           

 

 

  

Other Assets, Less Liabilities — 0.3%

             $ 2,662,913  
           

 

 

  

Net Assets — 100.0%

             $     916,327,562  
           

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

(1) Non-income producing security.

Written options activity for the fiscal year to date ended March 31, 2017 was as follows:

 

     Number of
Contracts		      Premiums
Received		  
Outstanding, beginning of period      3,010      $ 8,516,631  
Options written      9,495        26,748,748  
Options terminated in closing purchase transactions      (6,150 )       (16,261,709 ) 
Options exercised      (1,595 )       (6,668,898 ) 
Options expired      (1,885 )       (3,875,224 ) 
  

 

 

     

 

 

  

Outstanding, end of period

      2,875      $ 8,459,548  
  

 

 

     

 

 

  

 

7

 

 

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At March 31, 2017, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying index decline.

At March 31, 2017, the aggregate fair value of open 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 $6,775,825.

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2017, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $ 282,224,739  
  

 

 

  

Gross unrealized appreciation

    $ 638,227,148  

Gross unrealized depreciation

      (11,413 ) 
  

 

 

  

Net unrealized appreciation

    $     638,215,735  
  

 

 

  

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

•   Level 1 — quoted prices in active markets for identical investments

 

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At March 31, 2017, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Common Stocks

    $     920,440,474 *     $ —      $ —      $     920,440,474  

Total Investments

    $ 920,440,474      $ —      $ —      $ 920,440,474  
Liability Description                  

Call Options Written

    $ (6,775,825 )     $ —      $ —      $ (6,775,825 ) 

Total

    $ (6,775,825 )     $     —      $   —      $ (6,775,825 ) 

 

* 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, 2016 whose fair value was determined using Level 3 inputs. At March 31, 2017, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

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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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.

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/ Edward J. Perkin
  Edward J. Perkin
  President
Date:   May 23, 2017

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/ Edward J. Perkin
  Edward J. Perkin
  President
Date:   May 23, 2017

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   May 23, 2017