Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Regulatory Filings • May 29, 2007

N-Q 1 a07-13515_1nq.htm N-Q

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,
2007

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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, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 101.1%

Security	Shares	Value
Aerospace &
Defense — 1.5%
General Dynamics Corp.	54,228	$ 4,143,019
Honeywell
International, Inc.	153,464	7,068,552
Northrop Grumman Corp.	87,518	6,495,586
		$ 17,707,157
Air
Freight & Logistics — 0.6%
FedEx Corp.	66,217	$ 7,113,692
		$ 7,113,692
Auto
Components — 0.4%
Johnson
Controls, Inc.	54,584	$ 5,164,738
		$ 5,164,738
Beverages —
1.2%
Brown-Forman Corp.,
Class B	10,403	$ 682,021
Coca-Cola Co.	117,208	5,625,984
PepsiCo, Inc.	119,822	7,615,886
		$ 13,923,891
Biotechnology —
4.4%
Amgen, Inc. (1)	355,963	$ 19,891,212
Biogen Idec, Inc.
(1)	156,386	6,940,411
BioMarin
Pharmaceutical, Inc. (1)	33,661	580,989
CV Therapeutics, Inc.
(1)	87,952	692,182
Enzon
Pharmaceuticals, Inc. (1)	85,000	692,750
Genzyme Corp. (1)	101,950	6,119,039
Gilead
Sciences, Inc. (1)	213,291	16,316,762
LifeCell Corp. (1)	27,297	681,606
Martek Biosciences Corp.
(1)	20,000	412,400
Regeneron
Pharmaceuticals, Inc. (1)	50,714	1,096,437
		$ 53,423,788
Building
Products — 0.1%
Masco Corp.	40,000	$ 1,096,000
		$ 1,096,000
Capital
Markets — 2.4%
Amvescap PLC	80,706	$ 1,783,603
Bank of New York
Co., Inc.	228,487	9,265,148
Charles Schwab Corp.	97,584	1,784,811
Federated
Investors, Inc., Class B	17,577	645,427
Franklin
Resources, Inc.	73,904	8,929,820
Goldman Sachs
Group, Inc.	26,059	5,384,571
T. Rowe Price
Group, Inc.	21,876	1,032,328
		$ 28,825,708

1

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| Chemicals —
1.5% — Dow Chemical Co. | 137,985 | $ 6,327,992 |
| --- | --- | --- |
| Du Pont E.I. de Nemours
Co. | 14,281 | 705,910 |
| Eastman Chemical Co. | 33,114 | 2,097,110 |
| Monsanto Co. | 155,450 | 8,543,532 |
| Rohm & Haas Co. | 14,250 | 737,010 |
| | | $ 18,411,554 |
| Commercial
Banks — 2.2% | | |
| Comerica, Inc. | 9,100 | $ 537,992 |
| Compass
Bancshares, Inc. | 11,751 | 808,469 |
| First Horizon National
Corp. | 32,450 | 1,347,649 |
| Huntington
Bancshares, Inc. | 21,800 | 476,330 |
| Marshall &
Ilsley Corp. | 42,370 | 1,962,155 |
| National City Corp. | 208,604 | 7,770,499 |
| Popular, Inc. | 44,871 | 743,064 |
| Regions Financial Corp. | 76,138 | 2,693,001 |
| Synovus Financial Corp. | 18,347 | 593,342 |
| Wells Fargo &
Co. | 288,882 | 9,946,207 |
| | | $ 26,878,708 |
| Commercial
Services & Supplies — 1.2% | | |
| ACCO Brands Corp. (1) | 11,126 | $ 268,025 |
| Avery Dennison Corp. | 9,865 | 633,925 |
| Cintas Corp. | 213,538 | 7,708,722 |
| Donnelley
(R.R) & Sons Co. | 85,009 | 3,110,479 |
| Equifax, Inc. | 17,858 | 650,924 |
| Half (Robert)
International, Inc. | 15,046 | 556,853 |
| Pitney Bowes, Inc. | 21,262 | 965,082 |
| | | $ 13,894,010 |
| Communications
Equipment — 6.5% | | |
| Ciena Corp. (1) | 21,580 | $ 603,161 |
| Cisco Systems, Inc.
(1) | 1,049,300 | 26,788,629 |
| Corning, Inc. (1) | 173,033 | 3,934,770 |
| Motorola, Inc. | 249,211 | 4,403,558 |
| Nokia Oyj ADR | 14,245 | 326,495 |
| QUALCOMM, Inc. | 861,389 | 36,746,855 |
| Research in Motion, Ltd.
(1) | 38,728 | 5,285,985 |
| | | $ 78,089,453 |
| Computer
Peripherals — 6.2% | | |
| Apple
Computer, Inc. (1) | 429,908 | $ 39,942,752 |
| Brocade Communications
Systems, Inc. (1) | 98,179 | 934,664 |
| Dell, Inc. (1) | 376,767 | 8,744,762 |
| Hewlett-Packard Co. | 90,000 | 3,612,600 |
| International Business Machines Corp. | 84,281 | 7,944,327 |

2

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| Network
Appliance, Inc. (1) | 196,068 | $ |
| --- | --- | --- |
| Palm, Inc. (1) | 183,682 | 3,330,155 |
| Seagate Technology | 110,461 | 2,573,741 |
| | | $ 74,243,404 |
| Construction &
Engineering — 0.1% | | |
| Fluor Corp. | 9,092 | $ 815,734 |
| | | $ 815,734 |
| Consumer
Finance — 0.4% | | |
| Capital One Financial
Corp. | 60,518 | $ 4,566,688 |
| | | $ 4,566,688 |
| Containers &
Packaging — 0.2% | | |
| Bemis Co., Inc. | 19,722 | $ 658,518 |
| Temple-Inland, Inc. | 33,131 | 1,979,246 |
| | | $ 2,637,764 |
| Distributors —
0.1% | | |
| Genuine Parts Co. | 12,694 | $ 622,006 |
| | | $ 622,006 |
| Diversified
Consumer Services — 0.2% | | |
| H&R Block, Inc. | 109,446 | $ 2,302,744 |
| | | $ 2,302,744 |
| Diversified
Financial Services — 3.9% | | |
| Bank of America Corp. | 328,964 | $ 16,783,743 |
| Chicago Mercantile
Exchange Holdings, Inc. | 2,000 | 1,064,920 |
| CIT Group Inc. | 12,621 | 667,903 |
| Citigroup, Inc. | 377,766 | 19,394,506 |
| JPMorgan
Chase & Co. | 141,291 | 6,835,659 |
| Moody’s Corp. | 26,753 | 1,660,291 |
| | | $ 46,407,022 |
| Diversified
Telecommunication Services — 2.1% | | |
| AT&T Corp. | 233,372 | $ 9,201,858 |
| Citizens Communications
Co. | 425,089 | 6,355,081 |
| Verizon
Communications, Inc. | 251,832 | 9,549,469 |
| | | $ 25,106,408 |
| Electric
Utilities — 0.7% | | |
| Duke Energy Corp. | 294,363 | $ 5,972,625 |
| PPL Corp. | 59,438 | 2,431,014 |
| | | $ 8,403,639 |
| Electrical
Equipment — 0.5% | | |
| Cooper Industries, Ltd.,
Class A | 30,288 | $ 1,362,657 |
| Emerson Electric Co. | 119,418 | 5,145,722 |
| | | $ 6,508,379 |

3

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| Electronic Equipment & Instruments —
0.2% — Agilent Technologies, Inc. (1) | 80,301 | $ 2,705,341 |
| --- | --- | --- |
| | | $ 2,705,341 |
| Energy Equipment & Services — 1.0% | | |
| Diamond Offshore Drilling, Inc. | 41,269 | $ 3,340,726 |
| Halliburton Co. | 247,660 | 7,860,728 |
| Transocean, Inc. (1) | 11,652 | 951,968 |
| | | $ 12,153,422 |
| Food & Staples Retailing — 2.8% | | |
| CVS Corp. | 378,657 | $ 12,927,350 |
| Safeway, Inc. | 182,171 | 6,674,745 |
| SUPERVALU, Inc. | 15,863 | 619,767 |
| Wal-Mart Stores, Inc. | 281,358 | 13,209,758 |
| | | $ 33,431,620 |
| Food Products — 0.7% | | |
| Campbell Soup Co. | 16,880 | $ 657,476 |
| ConAgra Foods, Inc. | 156,193 | 3,890,768 |
| H.J. Heinz Co. | 18,409 | 867,432 |
| Hershey Co. | 10,759 | 588,087 |
| McCormick & Co., Inc. | 15,743 | 606,420 |
| Sara Lee Corp. | 140,854 | 2,383,250 |
| | | $ 8,993,433 |
| Gas Utilities — 0.1% | | |
| Nicor, Inc. | 28,999 | $ 1,404,132 |
| | | $ 1,404,132 |
| Health Care Equipment & Supplies — 1.5% | | |
| Baxter
International, Inc. | 53,182 | $ 2,801,096 |
| Becton, Dickinson
and Co. | 9,808 | 754,137 |
| C.R.
Bard, Inc. | 8,005 | 636,478 |
| Cooper
Cos., Inc. | 2,438 | 118,536 |
| Hospira, Inc.
(1) | 13,496 | 551,986 |
| Intuitive
Surgical, Inc. (1) | 13,918 | 1,692,011 |
| Medtronic, Inc. | 115,235 | 5,653,429 |
| Stryker Corp. | 66,366 | 4,401,393 |
| Zimmer
Holdings, Inc. (1) | 11,520 | 983,923 |
| | | $ 17,592,989 |
| Health Care Providers & Services — 1.4% | | |
| Genesis
HealthCare Corp. (1) | 30,003 | $ 1,893,489 |
| Humana, Inc.
(1) | 24,940 | 1,447,019 |
| Manor Care, Inc. | 34,326 | 1,865,961 |
| McKesson Corp. | 125,762 | 7,362,108 |
| Omnicare, Inc. | 14,000 | 556,780 |
| Quest
Diagnostics, Inc. | 72,955 | 3,638,266 |
| | | $ 16,763,623 |

4

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| Hotels, Restaurants &
Leisure — 1.8% — Carnival Corp. | 19,600 | $ 918,456 |
| --- | --- | --- |
| Harrah’s
Entertainment, Inc. | 84,311 | 7,120,064 |
| International Game
Technology | 18,708 | 755,429 |
| McDonald’s Corp. | 13,554 | 610,608 |
| Starbucks Corp. (1) | 308,379 | 9,670,765 |
| Starwood
Hotels & Resorts Worldwide, Inc. | 32,575 | 2,112,489 |
| Tim Hortons, Inc. | 15,241 | 463,631 |
| Wendy’s International
Inc. | 11,254 | 352,250 |
| | | $ 22,003,692 |
| Household
Durables — 1.0% | | |
| D.R. Horton, Inc. | 62,229 | $ 1,369,038 |
| Fortune Brands, Inc. | 40,476 | 3,190,318 |
| Garmin, Ltd. | 90,000 | 4,873,500 |
| Stanley Works | 56,752 | 3,141,791 |
| | | $ 12,574,647 |
| Household
Products — 1.1% | | |
| Colgate-Palmolive Co. | 7,774 | $ 519,226 |
| Procter &
Gamble Co. | 200,625 | 12,671,475 |
| | | $ 13,190,701 |
| Independent
Power Producers & Energy Traders — 0.4% | | |
| TXU Corp. | 79,912 | $ 5,122,359 |
| | | $ 5,122,359 |
| Industrial
Conglomerates — 2.6% | | |
| General Electric Co. | 761,087 | $ 26,912,036 |
| Textron Inc. | 7,000 | 628,600 |
| Tyco International, Ltd. | 128,365 | 4,049,916 |
| | | $ 31,590,552 |
| Insurance
— 3.2% | | |
| ACE, Ltd. | 68,766 | $ 3,923,788 |
| American International
Group, Inc. | 156,261 | 10,503,864 |
| AON Corp. | 21,504 | 816,292 |
| Arthur J.
Gallagher & Co. | 115,781 | 3,280,076 |
| Cincinnati Financial
Corp. | 13,382 | 567,397 |
| Lincoln National Corp. | 20,282 | 1,374,917 |
| Marsh &
McLennan Cos., Inc. | 110,850 | 3,246,797 |
| Progressive Corp. | 14,112 | 307,924 |
| Prudential
Financial, Inc. | 44,972 | 4,059,173 |
| RenaissanceRe Holdings,
Ltd. | 33,585 | 1,683,952 |
| SAFECO Corp. | 12,497 | 830,176 |
| Travelers
Cos., Inc. | 139,548 | 7,224,400 |
| W. R. Berkley Corp. | 19,029 | 630,241 |
| XL Capital Ltd.,
Class A | 1,697 | 118,722 |
| | | $ 38,567,719 |

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| Internet &
Catalog Retail — 0.7% — IAC/InterActiveCorp (1) | 227,517 | $ 8,579,666 |
| --- | --- | --- |
| | | $ 8,579,666 |
| Internet
Software & Services — 4.9% | | |
| eBay, Inc. (1) | 414,488 | $ 13,740,277 |
| Google, Inc.,
Class A (1) | 70,553 | 32,324,563 |
| Yahoo!, Inc. (1) | 426,913 | 13,358,108 |
| | | $ 59,422,948 |
| IT
Services — 1.8% | | |
| Automatic Data
Processing, Inc. | 41,954 | $ 2,030,574 |
| CheckFree Corp. (1) | 91,365 | 3,388,728 |
| Infosys Technologies,
Ltd. ADR | 73,468 | 3,691,767 |
| MoneyGram
International, Inc. | 77,078 | 2,139,685 |
| Paychex, Inc. | 218,890 | 8,289,364 |
| Satyam Computer
Services, Ltd. ADR | 106,132 | 2,409,196 |
| | | $ 21,949,314 |
| Leisure
Equipment & Products — 0.1% | | |
| Eastman Kodak Co. | 19,707 | $ 444,590 |
| Mattel, Inc. | 29,756 | 820,373 |
| | | $ 1,264,963 |
| Life
Sciences Tools & Services — 0.2% | | |
| Millipore Corp. (1) | 9,704 | $ 703,249 |
| PerkinElmer, Inc. | 28,152 | 681,841 |
| Waters Corp. (1) | 13,273 | 769,834 |
| | | $ 2,154,924 |
| Machinery
— 1.8% | | |
| Caterpillar, Inc. | 110,370 | $ 7,398,101 |
| Danaher Corp. | 39,155 | 2,797,625 |
| Deere & Co. | 56,159 | 6,101,114 |
| Eaton Corp. | 58,699 | 4,904,888 |
| | | $ 21,201,728 |
| Media —
5.1% | | |
| CBS Corp., Class B | 66,548 | $ 2,035,703 |
| Comcast Corp.,
Class A (1) | 690,296 | 17,913,181 |
| Dow Jones &
Co., Inc. | 21,109 | 727,627 |
| Idearc, Inc. | 12,591 | 441,944 |
| Meredith Corp. | 10,785 | 618,951 |
| Omnicom Group, Inc. | 40,734 | 4,170,347 |
| Sirius Satellite
Radio, Inc. (1) | 728,642 | 2,331,654 |
| Time Warner, Inc. | 461,816 | 9,107,012 |
| TiVo, Inc. (1) | 326,806 | 2,075,218 |
| Viacom, Inc., Class B (1) | 62,696 | 2,577,433 |

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Virgin Media, Inc.	244,993	$
Walt Disney Co.	368,043	12,671,721
		$ 60,856,864
Metals &
Mining — 1.1%
Companhia Vale do Rio
Doce ADR	30,000	$ 1,109,700
Freeport-McMoRan
Copper & Gold, Inc., Class B	116,752	7,727,815
Nucor Corp.	71,463	4,654,385
		$ 13,491,900
Multiline
Retail — 1.5%
Dollar General Corp.	35,000	$ 740,250
Federated Department
Stores, Inc.	55,726	2,510,456
J.C. Penney
Company, Inc.	18,426	1,513,880
Nordstrom, Inc.	87,000	4,605,780
Sears Holdings Corp. (1)	49,925	8,994,488
		$ 18,364,854
Multi-Utilities
— 1.6%
Ameren Corp.	117,357	$ 5,903,057
KeySpan Corp.	19,542	804,153
NiSource, Inc.	233,391	5,704,076
PG&E Corp.	6,785	327,512
Public Service
Enterprise Group, Inc.	77,955	6,473,383
		$ 19,212,181
Office
Electronics — 0.1%
Xerox Corp. (1)	98,889	$ 1,670,235
		$ 1,670,235
Oil,
Gas & Consumable Fuels — 4.8%
Chevron Corp.	71,781	$ 5,308,923
ConocoPhillips	180,588	12,343,190
EOG Resources, Inc.	34,122	2,434,264
Exxon Mobil Corp.	364,919	27,533,139
Petrohawk Energy Corp.
(1)	198,904	2,619,566
Sunoco Inc.	8,264	582,116
Valero Energy Corp.	11,660	751,953
Williams Cos., Inc.	218,252	6,211,452
		$ 57,784,603
Paper
and Forest Products — 0.1%
MeadWestvaco Corp.	45,728	$ 1,410,252
		$ 1,410,252
Pharmaceuticals
— 4.7%
Abbott Laboratories	122,167	$ 6,816,919
Allergan, Inc.	6,128	679,105
Bristol-Myers Squibb Co.	331,596	9,205,105
Eli Lilly & Co.	92,218	4,953,029

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| Endo Pharmaceuticals
Holdings, Inc. (1) | 31,975 | $ |
| --- | --- | --- |
| Johnson &
Johnson Co. | 143,589 | 8,652,673 |
| Merck &
Co., Inc. | 26,049 | 1,150,584 |
| Mylan
Laboratories, Inc. | 27,473 | 580,779 |
| Pfizer, Inc. | 528,005 | 13,337,406 |
| Valeant Pharmaceuticals
International | 64,803 | 1,120,444 |
| Wyeth | 178,308 | 8,920,749 |
| | | $ 56,356,858 |
| Real
Estate Investment Trusts (REITs) — 0.3% | | |
| Host Hotels &
Resorts, Inc. | 19,942 | $ 524,674 |
| Plum Creek Timber
Co., Inc. | 14,401 | 567,687 |
| Simon Property
Group, Inc. | 19,298 | 2,146,903 |
| | | $ 3,239,264 |
| Road &
Rail — 0.2% | | |
| CSX Corp. | 24,910 | $ 997,646 |
| Norfolk Southern Corp. | 17,741 | 897,695 |
| Ryder System, Inc. | 10,708 | 528,333 |
| | | $ 2,423,674 |
| Semiconductors &
Semiconductor Equipment — 6.0% | | |
| Analog
Devices, Inc. | 144,139 | $ 4,971,354 |
| Applied
Materials, Inc. | 669,505 | 12,265,332 |
| ASML Holding N.V. (1) | 49,041 | 1,213,765 |
| Atheros
Communications, Inc. (1) | 76,210 | 1,823,705 |
| Intel Corp. | 787,756 | 15,069,772 |
| Intersil Corp.,
Class A | 53,271 | 1,411,149 |
| LSI Logic Corp. (1) | 140,907 | 1,471,069 |
| Marvell Technology
Group, Ltd. (1) | 314,946 | 5,294,242 |
| Maxim Integrated
Products, Inc. | 262,593 | 7,720,234 |
| MEMC Electronic
Materials, Inc. (1) | 79,127 | 4,793,514 |
| Micron
Technology, Inc. (1) | 125,916 | 1,521,065 |
| National Semiconductor
Corp. | 106,880 | 2,580,083 |
| NVIDIA Corp. (1) | 205,118 | 5,903,296 |
| PMC-Sierra, Inc.
(1) | 132,829 | 931,131 |
| STMicroelectronics N.V. | 85,975 | 1,650,720 |
| Teradyne, Inc. (1) | 127,301 | 2,105,559 |
| Tessera
Technologies, Inc. (1) | 26,142 | 1,038,883 |
| Verigy, Ltd. (1) | 9,831 | 230,734 |
| | | $ 71,995,607 |
| Software — 7.4% | | |
| Adobe Systems, Inc. (1) | 255,331 | $ 10,647,303 |
| BMC Software, Inc. (1) | 15,015 | 462,312 |
| Business Objects SA ADR (1) | 42,163 | 1,525,879 |
| Compuware Corp. (1) | 87,217 | 827,689 |
| Electronic Arts, Inc. (1) | 68,702 | 3,459,833 |

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| i2
Technologies, Inc. (1) | 88,398 | $ |
| --- | --- | --- |
| Microsoft Corp. | 1,623,438 | 45,245,217 |
| NAVTEQ Corp. (1) | 54,574 | 1,882,803 |
| Oracle Corp. (1) | 1,243,465 | 22,544,020 |
| Wind River
Systems, Inc. (1) | 63,851 | 634,679 |
| | | $ 89,351,287 |
| Specialty
Retail — 2.1% | | |
| Bed Bath and
Beyond, Inc. (1) | 184,051 | $ 7,393,329 |
| Best Buy Co., Inc. | 87,871 | 4,281,075 |
| Gap, Inc. | 174,362 | 3,000,770 |
| Lowe’s
Companies, Inc. | 169,876 | 5,349,395 |
| Men’s
Wearhouse, Inc. | 32,380 | 1,523,479 |
| Stein Mart, Inc. | 23,963 | 391,076 |
| Tiffany & Co. | 16,186 | 736,139 |
| TJX Companies, Inc. | 84,338 | 2,273,753 |
| | | $ 24,949,016 |
| Textiles,
Apparel & Luxury Goods — 0.4% | | |
| Coach, Inc. (1) | 22,579 | $ 1,130,079 |
| Hanesbrands, Inc.
(1) | 17,606 | 517,440 |
| NIKE, Inc.,
Class B | 28,394 | 3,017,146 |
| | | $ 4,664,665 |
| Tobacco —
1.2% | | |
| Altria Group, Inc. | 102,975 | $ 9,042,235 |
| Reynolds
American, Inc. | 71,312 | 4,450,582 |
| UST, Inc. | 23,549 | 1,365,371 |
| | | $ 14,858,188 |
| Wireless
Telecommunication Services — 0.8% | | |
| Alltel Corp. | 87,000 | $ 5,394,000 |
| NII Holdings, Inc.
(1) | 57,839 | 4,290,497 |
| | | $ 9,684,497 |
| Total
Common Stocks (identified cost $1,058,374,676) | | $ 1,217,124,205 |
| Total Investments — 101.1% (identified cost $1,058,374,676) | | $ 1,217,124,205 |

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Covered Call Options Written — (1.7)%

Type of Contract	Number of — Contracts	Premium — Received	Value
Nasdaq 100 Index,
Expires 4/21/07, Strike 1,770	1,170	$ 3,063,645	$ (3,533,400	)
Nasdaq 100 Index,
Expires 4/21/07, Strike 1,775	543	1,204,645	(1,525,830	)
Nasdaq 100 Index,
Expires 4/21/07, Strike 1,785	792	2,067,224	(1,845,360	)
Nasdaq 100 Index,
Expires 4/21/07, Strike 1,800	259	654,882	(404,040	)
S&P 500
Index, Expires 4/21/07, Strike 1,400	1,692	2,866,519	(5,752,800	)
S&P 500
Index, Expires 4/21/07, Strike 1,410	1,250	1,900,125	(3,300,000	)
S&P 500
Index, Expires 4/21/07, Strike 1,415	299	537,303	(666,770	)
S&P 500
Index, Expires 4/21/07, Strike 1,420	1,391	2,355,770	(2,615,080	)
S&P 500 Index,
Expires 4/21/07, Strike 1,435	570	1,024,917	(655,500	)
Total
Covered Call Options — (1.7)% (Premiums received, $15,675,030)			$ (20,298,780	)
Other
Assets, Less Liabilities — 0.6%			$ 7,595,964
Net
Assets — 100.0%			$ 1,204,421,389

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

The cost and unrealized appreciation (depreciation) in value of the investments owned at March 31, 2007 as computed on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 185,629,488
Gross unrealized
depreciation	(26,889,041	)
Net unrealized appreciation	$ 158,740,447

Written call option activity for three months ended March 31, 2007 was as follows:

| Outstanding,
beginning of period | Number of Contracts — 7,867 | | Premiums Received — $ 16,816,052 | |
| --- | --- | --- | --- | --- |
| Options written | 23,743 | | 47,399,262 | |
| Options
terminated in closing purchase transactions | (23,644 | ) | (48,540,284 | ) |
| Outstanding, end of
period | 7,966 | | $ 15,675,030 | |

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At March 31, 2007, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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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 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 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) During the second fiscal quarter of the period covered by this report, the registrant’s internal control over financial reporting was modified to enhance the review and analysis of the relevant terms and conditions of transfers of securities in connection with inverse floating rate obligations in light of Statement of Financial Accounting Standards No. 140.

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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 18, 2007

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 18, 2007
By:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer and Principal Financial Officer
Date:	May 18, 2007

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