Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Regulatory Filings • Nov 29, 2005

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 |

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Item 1. Schedule of Investments

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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

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| 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

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Pitney Bowes, Inc.	46,997	$
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

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| 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

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Moody’s Corp.	11,727	$
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

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Textron, Inc.	7,000	$
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

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| McGraw-Hill
Companies, Inc. | 64,223 | $ |
| --- | --- | --- |
| 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 |

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Kerr-McGee Corp.	14,229	$
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

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| 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

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Norfolk Southern Corp.	17,741	$
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	$
Gross unrealized
appreciation	$ 78,720,308
Gross unrealized
depreciation	(36,130,150	)
Net unrealized appreciation	$ 42,590,158

10

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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:

| Outstanding,
beginning of period | Number of Contracts — — | | Premiums Received — $ — | |
| --- | --- | --- | --- | --- |
| 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

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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.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

By:	/s/ Duncan W. Richardson
	Duncan W. Richardson
	President 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

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