Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Regulatory Filings • May 30, 2006

N-Q 1 a06-8455_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:	March
31, 2006

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Item 1. Schedule of Investments

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Eaton Vance Tax-Managed Buy-Write Opportunities Fund as of March 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 100.9%

Security	Shares	Value
Aerospace &
Defense — 1.4%
General Dynamics Corp.	78,730	$ 5,037,145
Honeywell
International, Inc.	153,464	6,563,655
Northrop Grumman Corp.	87,518	5,976,604
		$ 17,577,404
Air
Freight & Logistics — 0.7%
FedEx Corp.	66,217	7,478,548
Hub Group, Inc.,
Class A (1)	15,899	724,676
Ryder System, Inc.	10,708	479,504
		$ 8,682,728
Auto
Components — 0.4%
Goodyear Tire &
Rubber Co. (1)	12,003	173,803
Johnson
Controls, Inc.	62,060	4,712,216
		$ 4,886,019
Beverages —
1.3%
Brown-Forman Corp.,
Class B	10,403	800,719
Coca-Cola Co.	117,208	4,907,499
PepsiCo, Inc.	168,647	9,746,110
		$ 15,454,328
Biotechnology —
4.2%
Amgen, Inc. (1)	355,963	25,896,308
Applera Corp.-Applied
Biosystems Group	62,139	1,686,452
Cephalon, Inc. (1)	11,000	662,750
Enzon
Pharmaceuticals, Inc. (1)	85,000	688,500
Genzyme Corp. (1)	101,950	6,853,079
Gilead
Sciences, Inc. (1)	213,291	13,270,966
Regeneron
Pharmaceuticals, Inc. (1)	140,893	2,343,051
		$ 51,401,106
Capital
Markets — 2.2%
Bank of New York
Co., Inc.	243,499	8,775,704
Charles Schwab Corp.	147,927	2,545,824
Federated
Investors, Inc.	17,577	686,382
Franklin
Resources, Inc.	73,904	6,964,713
Goldman Sachs
Group, Inc.	45,588	7,155,492
T. Rowe Price
Group, Inc.	10,938	855,461
		$ 26,983,576
Chemicals —
1.3%
Ashland, Inc.	1,339	95,176
Dow Chemical Co.	154,310	6,264,986
Eastman Chemical Co.	33,114	1,694,775
Monsanto Co.	77,725	6,587,194

1

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Rohm and Haas Co.	14,250	$
Tronox, Inc.,
Class B (1)	2,869	48,747
		$ 15,387,275
Commercial
Banks — 3.7%
Bank of America Corp.	339,218	15,447,988
Comerica, Inc.	9,100	527,527
Compass
Bancshares, Inc.	11,751	594,718
First Horizon National
Corp.	32,450	1,351,542
Huntington
Bancshares, Inc.	21,800	526,034
Marshall &
Ilsley Corp.	50,573	2,203,971
National City Corp.	208,604	7,280,280
North Fork
Bancorp, Inc.	163,917	4,725,727
Regions Financial Corp.	55,048	1,936,038
Synovus Financial Corp.	18,347	497,020
Wells Fargo &
Co.	144,441	9,225,447
		$ 44,316,292
Commercial
Services & Supplies — 1.4%
Acco Brands Corp. (1)	11,126	246,997
Avery Dennison Corp.	9,865	576,905
Cendant Corp.	149,236	2,589,245
Cintas Corp.	213,538	9,100,990
Equifax, Inc.	15,004	558,749
Half (Robert)
International, Inc.	21,611	834,401
Pitney Bowes, Inc.	16,037	688,468
R.R.
Donnelley & Sons Co.	85,009	2,781,494
		$ 17,377,249
Communications
Equipment — 7.5%
Cisco
Systems, Inc. (1)	1,470,933	31,875,118
Corning, Inc. (1)	173,033	4,656,318
Motorola, Inc.	254,178	5,823,218
QUALCOMM, Inc.	839,919	42,508,301
Research in Motion,
Ltd. (1)	66,169	5,616,425
		$ 90,479,380
Computer
Peripherals — 6.0%
Apple
Computer, Inc. (1)	514,229	32,252,443
Dell, Inc. (1)	448,846	13,357,657
International Business
Machines Corp.	176,202	14,531,379
McDATA Corp.,
Class A (1)	130,906	604,786
NCR Corp. (1)	40,221	1,680,836
Network
Appliance, Inc. (1)	157,181	5,663,231
Palm, Inc. (1)	183,682	4,254,075
		$ 72,344,407

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Construction & Engineering — 0.1% — Fluor Corp.	9,092	$ 780,094
		$ 780,094
Containers &
Packaging — 0.2%
Bemis Co., Inc.	19,722	622,821
Temple-Inland, Inc.	33,131	1,475,986
		$ 2,098,807
Distributors —
0.0%
Genuine Parts Co.	12,694	556,378
		$ 556,378
Diversified
Consumer Services — 0.2%
H&R Block, Inc.	109,446	2,369,506
		$ 2,369,506
Diversified
Financial Services — 2.5%
CIT Group, Inc.	12,621	675,476
Citigroup, Inc.	467,605	22,084,984
JPMorgan
Chase & Co.	147,672	6,149,062
Moody’s Corp.	26,753	1,911,769
		$ 30,821,291
Diversified
Telecommunication Services — 1.6%
AT&T, Inc.	173,612	4,694,468
Citizens Communications
Co.	425,089	5,640,931
Qwest Communications
International, Inc. (1)	154,236	1,048,805
Verizon Communications, Inc.	251,832	8,577,398
		$ 19,961,602
Electric
Utilities — 1.0%
Cinergy Corp.	86,456	3,925,967
PPL Corp.	59,438	1,747,477
Progress
Energy, Inc.	135,095	5,941,478
		$ 11,614,922
Electrical
Equipment — 1.2%
Cooper Industries, Ltd.,
Class A	55,811	4,849,976
Emerson Electric Co.	103,389	8,646,422
Rockwell
Automation, Inc.	12,011	863,711
		$ 14,360,109
Electronic
Equipment & Instruments — 0.2%
Agilent
Technologies, Inc. (1)	80,301	3,015,303
		$ 3,015,303
Energy
Equipment & Services — 1.8%
Diamond Offshore
Drilling, Inc.	41,269	3,693,575
Halliburton Co.	123,830	9,042,067

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Noble Corp.	72,227	$
Transocean, Inc. (1)	44,333	3,559,940
		$ 22,153,192
Food &
Staples Retailing — 1.8%
CVS Corp.	244,991	7,317,881
SUPERVALU, Inc.	15,863	488,898
Wal-Mart
Stores, Inc.	290,358	13,716,512
		$ 21,523,291
Food
Products — 0.9%
Archer-Daniels-Midland
Co.	63,431	2,134,453
Campbell Soup Co.	16,880	546,912
ConAgra Foods, Inc.	156,193	3,351,902
Hershey Co.	10,759	561,943
HJ Heinz Co.	18,409	698,069
McCormick &
Co., Inc.	15,743	533,058
Sara Lee Corp.	140,854	2,518,470
		$ 10,344,807
Gas
Utilities — 0.1%
Nicor, Inc.	28,999	1,147,200
		$ 1,147,200
Health
Care Equipment & Supplies — 1.5%
Baxter
International, Inc.	53,182	2,063,993
Becton,
Dickinson & Co.	11,666	718,392
C.R. Bard, Inc.	8,005	542,819
Cooper Cos., Inc.	2,438	131,725
Hospira, Inc. (1)	13,496	532,552
Intuitive
Surgical, Inc. (1)	13,918	1,642,324
Medtronic, Inc.	115,235	5,848,176
Millipore Corp. (1)	9,704	708,974
PerkinElmer, Inc.	28,152	660,727
Stryker Corp.	66,366	2,942,668
Thoratec Corp. (1)	86,433	1,665,564
Waters Corp. (1)	13,273	572,730
		$ 18,030,644
Health
Care Providers & Services — 2.1%
AmerisourceBergen Corp.	15,618	753,881
Caremark
Rx, Inc. (1)	80,040	3,936,367
Genesis HealthCare
Corp. (1)	51,852	2,278,377
Health Management
Associates, Inc., Class A	25,251	544,664
Humana, Inc. (1)	69,534	3,660,965
Laboratory Corporation
of America Holdings (1)	2,535	148,247
Manor Care, Inc.	34,326	1,522,358

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McKesson Corp.	139,128	$
Quest Diagnostics, Inc.	115,088	5,904,014
		$ 26,001,616
Hotels,
Restaurants & Leisure — 2.4%
Carnival Corp.	112,779	5,342,341
Harrah’s
Entertainment, Inc.	84,311	6,572,886
International Game
Technology	18,708	658,896
McDonald’s Corp.	123,300	4,236,588
Starbucks Corp. (1)	264,859	9,969,293
Starwood
Hotels & Resorts Worldwide, Inc.	32,575	2,206,305
Wendy’s
International, Inc.	11,254	698,423
		$ 29,684,732
Household
Durables — 0.8%
Black & Decker
Corp.	5,886	511,435
Fortune Brands, Inc.	47,342	3,817,185
KB HOME	7,273	472,600
Stanley Works	56,752	2,875,056
Whirlpool Corp.	23,719	2,169,577
		$ 9,845,853
Household
Products — 1.3%
Colgate-Palmolive Co.	7,774	443,895
Procter &
Gamble Co.	265,555	15,301,279
		$ 15,745,174
Independent
Power Producers & Energy Traders — 0.3%
TXU Corp.	85,519	3,827,830
		$ 3,827,830
Industrial
Conglomerates — 2.6%
General Electric Co.	761,087	26,470,606
Textron, Inc.	7,000	653,730
Tyco International, Ltd.	164,456	4,420,577
		$ 31,544,913
Insurance —
2.5%
ACE, Ltd.	48,821	2,539,180
American International
Group, Inc.	144,883	9,575,317
AON Corp.	21,504	892,631
Arthur J.
Gallagher & Co.	115,781	3,219,870
Cincinnati Financial
Corp.	13,382	562,981
Jefferson-Pilot Corp.	10,400	581,776
Lincoln National Corp.	13,523	738,221
Marsh &
McLennan Cos., Inc.	110,850	3,254,556
Progressive Corp.	3,528	367,829
Prudential
Financial, Inc.	90,366	6,850,646
RenaissanceRe Holdings,
Ltd.	33,585	1,464,978

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SAFECO Corp.	12,497	$
XL Capital Ltd.,
Class A	1,697	108,795
		$ 30,784,254
Internet &
Catalog Retail — 0.8%
Expedia, Inc. (1)	140,681	2,851,604
IAC/InterActiveCorp (1)	227,517	6,704,926
		$ 9,556,530
Internet
Software & Services — 4.4%
eBay, Inc. (1)	422,230	16,492,304
Google, Inc.,
Class A (1)	59,103	23,050,170
Yahoo!, Inc. (1)	427,759	13,799,505
		$ 53,341,979
IT
Services — 1.6%
Automatic Data
Processing, Inc.	67,402	3,078,923
CheckFree Corp. (1)	66,217	3,343,958
Euronet
Worldwide, Inc. (1)	37,379	1,414,048
MoneyGram
International, Inc.	112,881	3,467,704
Paychex, Inc.	190,161	7,922,107
		$ 19,226,740
Leisure
Equipment & Products — 0.1%
Eastman Kodak Co.	19,707	560,467
Mattel, Inc.	4,756	86,226
		$ 646,693
Machinery —
1.7%
Caterpillar, Inc.	110,370	7,925,670
Danaher Corp.	58,451	3,714,561
Deere & Co.	56,159	4,439,369
Eaton Corp.	58,699	4,283,266
		$ 20,362,866
Media —
4.7%
CBS Corp., Class B	66,548	1,595,821
Comcast Corp.,
Class A (1)	423,498	11,078,708
Dow Jones &
Co., Inc.	21,109	829,584
Gannett Co., Inc.	26,158	1,567,387
McGraw-Hill
Companies, Inc.	8,885	511,954
Meredith Corp.	10,785	601,695
NTL, Inc. (1)	225,910	6,576,240
Omnicom Group, Inc.	40,734	3,391,105
Time Warner, Inc.	461,816	7,753,891
TiVo, Inc. (1)	326,806	2,362,807
Univision
Communications, Inc., Class A (1)	94,667	3,263,171
Viacom, Inc., Class B (1)	97,667	3,789,480

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Walt Disney Co.	370,224	$
XM Satellite Radio
Holdings, Inc., Class A (1)	140,458	3,128,000
		$ 56,775,390
Metals &
Mining — 1.3%
Freeport-McMoRan
Copper & Gold, Inc., Class B	126,002	7,531,140
Nucor Corp.	76,477	8,014,025
		$ 15,545,165
Multiline
Retail — 1.6%
Dollar General Corp.	252,480	4,461,322
Federated Department
Stores, Inc.	27,863	2,033,999
J.C. Penney
Company, Inc.	34,690	2,095,623
Nordstrom, Inc.	87,000	3,408,660
Sears Holdings
Corp. (1)	55,188	7,298,061
		$ 19,297,665
Multi-Utilities —
1.4%
Ameren Corp.	117,357	5,846,726
KeySpan Corp.	19,542	798,682
NiSource, Inc.	233,391	4,719,166
PG&E Corp.	6,785	263,936
Public Service
Enterprise Group, Inc.	77,955	4,992,238
		$ 16,620,748
Office Electronics — 0.1%
Xerox Corp. (1)	98,889	1,503,113
		$ 1,503,113
Oil,
Gas & Consumable Fuels — 4.0%
Chevron Corp.	31,781	1,842,345
ConocoPhillips	180,588	11,404,132
EOG Resources, Inc.	34,122	2,456,784
Exxon Mobil Corp.	382,496	23,278,707
Kerr-McGee Corp.	14,229	1,358,585
Sunoco Inc.	9,132	708,369
Valero Energy Corp.	11,660	697,035
Williams Co., Inc.	218,252	4,668,410
XTO Energy, Inc.	57,800	2,518,346
		$ 48,932,713
Paper
and Forest Products — 0.1%
Louisiana-Pacific Corp.	21,191	576,395
MeadWestvaco Corp.	45,728	1,248,832
		$ 1,825,227
Personal
Products — 0.1%
Alberto-Culver Co.	25,840	1,142,903
		$ 1,142,903

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| Pharmaceuticals —
4.9% — Abbott Laboratories | 122,167 | $ 5,188,432 |
| --- | --- | --- |
| Allergan, Inc. | 6,128 | 664,888 |
| Bristol-Myers Squibb Co. | 331,596 | 8,160,578 |
| Eli Lilly & Co. | 92,218 | 5,099,655 |
| Forest
Laboratories, Inc. (1) | 32,914 | 1,468,952 |
| Johnson &
Johnson Co. | 143,589 | 8,503,341 |
| Merck &
Co., Inc. | 37,000 | 1,303,510 |
| MGI
Pharma, Inc. (1) | 131,551 | 2,302,142 |
| Mylan
Laboratories, Inc. | 27,473 | 642,868 |
| Pfizer, Inc. | 528,005 | 13,157,885 |
| Sepracor, Inc. (1) | 50,000 | 2,440,500 |
| Teva Pharmaceutical
Industries, Ltd. ADR | 30,630 | 1,261,343 |
| Valeant Pharmaceuticals
International | 64,803 | 1,027,128 |
| Wyeth | 178,308 | 8,651,504 |
| | | $ 59,872,726 |
| Real
Estate — 0.2% | | |
| Plum Creek Timber
Co., Inc. | 14,401 | 531,829 |
| Simon Property
Group, Inc. | 19,298 | 1,623,734 |
| | | $ 2,155,563 |
| Road &
Rail — 0.1% | | |
| CSX Corp. | 12,455 | 744,809 |
| Norfolk Southern Corp. | 17,741 | 959,256 |
| | | $ 1,704,065 |
| Semiconductors & Semiconductor
Equipment — 6.4% | | |
| Advanced Micro
Devices, Inc. (1) | 81,025 | 2,686,789 |
| Analog
Devices, Inc. | 143,308 | 5,487,263 |
| Applied
Materials, Inc. | 669,505 | 11,723,033 |
| ASML Holding
N.V. (1) | 130,002 | 2,648,141 |
| Atheros
Communications, Inc. (1) | 6,839 | 179,113 |
| Intel Corp. | 1,357,048 | 26,258,879 |
| KLA-Tencor Corp. | 188,098 | 9,096,419 |
| LSI Logic Corp. (1) | 61,968 | 716,350 |
| Maxim Integrated
Products, Inc. | 209,635 | 7,787,940 |
| National Semiconductor
Corp. | 29,457 | 820,083 |
| Sigmatel, Inc. (1) | 23,976 | 209,550 |
| Silicon
Image, Inc. (1) | 115,195 | 1,187,660 |
| STMicroelectronics N.V. | 170,572 | 3,136,819 |
| Taiwan Semiconductor
Manufacturing Co., Ltd. ADR | 366,810 | 3,690,109 |
| Tessera
Technologies, Inc. (1) | 48,699 | 1,562,264 |
| | | $ 77,190,412 |
| Software —
8.1% | | |
| BMC
Software, Inc. (1) | 30,550 | 661,713 |
| CA, Inc. | 61,504 | 1,673,524 |

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Compuware Corp. (1)	76,330	$
Electronic
Arts, Inc. (1)	141,465	7,740,965
i2
Technologies, Inc. (1)	88,398	1,520,446
Microsoft Corp.	2,017,956	54,908,583
Oracle Corp. (1)	1,395,748	19,107,790
Symantec Corp. (1)	684,291	11,516,618
		$ 97,727,303
Specialty
Retail — 1.6%
Bed Bath and
Beyond, Inc. (1)	178,092	6,838,733
Best Buy Co., Inc.	87,871	4,914,625
Lowe’s
Companies, Inc.	84,938	5,473,405
Tiffany & Co.	16,186	607,622
TJX Companies, Inc.	84,338	2,093,269
		$ 19,927,654
Textiles,
Apparel & Luxury Goods — 0.3%
Coach, Inc. (1)	19,365	669,642
NIKE, Inc.,
Class B	32,906	2,800,301
		$ 3,469,943
Thrifts &
Mortgage Finance — 0.4%
Accredited Home
Lenders (1)	12,096	619,073
Commercial Capital
Bancorp	31,525	443,242
Fannie Mae	61,848	3,178,987
MGIC Investment Corp.	8,152	543,168
PMI Group, Inc.	6,174	283,510
		$ 5,067,980
Tobacco — 1.2%
Altria Group, Inc.	102,975	7,296,809
Reynolds
American, Inc.	52,566	5,545,713
UST, Inc.	32,501	1,352,042
		$ 14,194,564
Trading
Companies & Distributors — 0.1%
WW Grainger, Inc.	9,595	722,983
		$ 722,983
Wireless
Telecommunication Services — 0.5%
Sprint Nextel Corp.	248,609	6,424,057
		$ 6,424,057
Total
Common Stocks (identified cost $1,132,076,202)		$ 1,224,336,264
Total Investments — 100.9% (identified cost $1,132,076,202)		$ 1,224,336,264

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COVERED CALL OPTIONS WRITTEN — (1.3%)

Type of Contract	Number of Contracts	Premiums Received	Value
Nasdaq 100 Index,
Expires 4/22/06, Strike 1,680.00	1,248	$ 3,778,528	$ (5,291,520	)
Nasdaq 100 Index,
Expires 4/22/06, Strike 1,710.00	572	1,217,445	(1,464,320	)
Nasdaq 100 Index,
Expires 4/22/06, Strike 1,725.00	1,025	2,081,599	(1,845,000	)
S & P 500
Index, Expires 4/22/06, Strike 1,290.00	1,207	2,073,626	(2,100,180	)
S & P 500
Index, Expires 4/22/06, Strike 1,295.00	940	1,595,650	(1,522,800	)
S & P 500
Index, Expires 4/22/06, Strike 1,305.00	2,544	3,810,912	(2,671,200	)
S & P 500
Index, Expires 4/22/06, Strike 1,315.00	850	1,103,300	(535,500	)
Total
Call Options Written (premiums received, $15,661,060)			$ (15,430,520	)
Other
Assets, Less Liabilities — 0.4%			$ 3,924,615
Net Assets — 100.0%			$ 1,212,830,359

ADR	American Depository Receipt
(1)	Non-income producing security.

The cost and unrealized appreciation (depreciation) in value of the investments owned at March 31, 2006, as computed on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 132,536,455
Gross unrealized
depreciation	(40,276,393	)
Net unrealized appreciation	$ 92,260,062

Written call option activity for the period ended March 31, 2006 was as follows:

| Outstanding,
beginning of period | Number of Contracts — 8,649 | | Premiums Received — $ 17,480,251 | |
| --- | --- | --- | --- | --- |
| Options written | 25,715 | | 46,958,806 | |
| Options
terminated in closing purchase transactions | (25,978 | ) | (48,777,997 | ) |
| Outstanding, end of
period | 8,386 | | $ 15,661,060 | |

At March 31, 2006, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

10

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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:	May 24, 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:	May 24, 2006
By:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer and Principal Financial Officer
Date:	May 24, 2006

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