Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Regulatory Filings • Nov 26, 2008

N-Q 1 a08-27048_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)
Maureen
A. Gemma 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, 2008

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*Item 1. Schedule of Investments*

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| Eaton
Vance Tax-Managed Buy-Write Opportunities Fund |
| --- |
| PORTFOLIO
OF INVESTMENTS (Unaudited) |

*Common Stocks — 101.4%*

Security	Shares	Value
Aerospace &
Defense — 2.2%
Boeing Co. (The)	37,639	$ 2,158,597
General Dynamics Corp.	54,228	3,992,265
Honeywell International, Inc.	137,827	5,726,712
Northrop Grumman Corp.	80,479	4,872,199
United Technologies Corp.	56,664	3,403,240
		$ 20,153,013
Air
Freight & Logistics — 0.9%
CH Robinson Worldwide, Inc.	60,653	$ 3,090,877
FedEx Corp.	66,217	5,233,792
		$ 8,324,669
Auto
Components — 0.5%
Johnson Controls, Inc.	163,752	$ 4,966,598
		$ 4,966,598
Automobiles
— 0.4%
Ford Motor Co. (1)	219,530	$ 1,141,556
General Motors Corp.	102,967	973,038
Harley-Davidson, Inc.	32,153	1,199,307
		$ 3,313,901
Beverages
— 1.7%
Coca-Cola Co. (The)	117,208	$ 6,197,959
Coca-Cola Enterprises, Inc.	96,526	1,618,741
PepsiCo, Inc.	119,822	8,539,714
		$ 16,356,414
Biotechnology
— 5.4%
Amgen, Inc. (1)	194,330	$ 11,517,939
Amylin Pharmaceuticals, Inc.
(1)	71,201	1,439,684
Biogen Idec, Inc. (1)	87,564	4,403,594
BioMarin Pharmaceutical, Inc.
(1)	20,000	529,800
Celgene Corp. (1)	123,649	7,824,509
Enzon Pharmaceuticals, Inc.
(1)	85,000	627,300
Genzyme Corp. (1)	28,034	2,267,670
Gilead Sciences, Inc.
(1)	452,021	20,603,117
Martek Biosciences Corp.	20,000	628,400
Regeneron Pharmaceuticals, Inc.
(1)	50,714	1,107,087
		$ 50,949,100
Capital
Markets — 3.0%
American Capital, Ltd.	136,739	$ 3,488,212
Bank of New York Mellon
Corp. (The)	208,078	6,779,181
Charles Schwab Corp. (The)	46,117	1,199,042
Credit Suisse Group ADR	60,416	2,916,884
Deutsche Bank AG	12,842	934,769
E*Trade Financial Corp. (1)	123,211	344,991
Federated Investors, Inc.,
Class B	17,577	507,096
Franklin Resources, Inc.	64,918	5,721,223
Goldman Sachs Group, Inc.	27,901	3,571,328
Invesco, Ltd.	52,677	1,105,163
T. Rowe Price Group, Inc.	21,876	1,174,960
		$ 27,742,849
Chemicals
— 1.2%
Dow Chemical Co. (The)	137,985	$ 4,385,163
E.I. Du Pont de Nemours &
Co.	54,281	2,187,524
Monsanto Co.	24,614	2,436,294
PPG Industries, Inc.	41,446	2,417,131
		$ 11,426,112

1

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| Commercial
Banks — 0.7% — Synovus Financial Corp. | 151,085 | $ 1,563,730 |
| --- | --- | --- |
| Wells Fargo & Co. | 120,781 | 4,532,911 |
| Zions Bancorporation | 12,002 | 464,477 |
| | | $ 6,561,118 |
| Commercial
Services & Supplies — 1.2% | | |
| Avery Dennison Corp. | 75,103 | $ 3,340,581 |
| Pitney Bowes, Inc. | 21,262 | 707,174 |
| Republic Services, Inc. | 32,339 | 969,523 |
| RR Donnelley &
Sons Co. | 76,485 | 1,876,177 |
| Waste Management, Inc. | 135,553 | 4,268,564 |
| | | $ 11,162,019 |
| Communications
Equipment — 7.9% | | |
| Aruba Networks, Inc.
(1) | 51,453 | $ 263,954 |
| Brocade Communications
Systems, Inc. (1) | 98,179 | 571,402 |
| Cisco Systems, Inc.
(1) | 1,089,416 | 24,577,225 |
| Corning, Inc. | 105,694 | 1,653,054 |
| QUALCOMM, Inc. | 747,694 | 32,128,411 |
| Research In Motion, Ltd.
(1) | 199,458 | 13,622,981 |
| Riverbed Technology, Inc.
(1) | 92,560 | 1,158,851 |
| | | $ 73,975,878 |
| Computers &
Peripherals — 7.4% | | |
| Apple, Inc. (1) | 429,908 | $ 48,863,343 |
| Hewlett-Packard Co. | 119,264 | 5,514,767 |
| International Business
Machines Corp. | 84,281 | 9,857,506 |
| NetApp, Inc. (1) | 151,711 | 2,765,692 |
| Palm, Inc. | 143,682 | 857,782 |
| SanDisk Corp. (1) | 91,718 | 1,793,087 |
| | | $ 69,652,177 |
| Construction
Materials — 0.3% | | |
| Vulcan Materials Co. | 42,073 | $ 3,134,438 |
| | | $ 3,134,438 |
| Consumer
Finance — 0.0% | | |
| Student Loan Corp. | 4,670 | $ 434,310 |
| | | $ 434,310 |
| Containers &
Packaging — 0.1% | | |
| Bemis Co., Inc. | 19,722 | $ 516,914 |
| | | $ 516,914 |
| Distributors
— 0.2% | | |
| Genuine Parts Co. | 12,694 | $ 510,426 |
| LKQ Corp. (1) | 86,526 | 1,468,346 |
| | | $ 1,978,772 |
| Diversified
Financial Services — 3.0% | | |
| Bank of America Corp. | 329,688 | $ 11,539,080 |
| Citigroup, Inc. | 407,370 | 8,355,159 |
| JPMorgan Chase &
Co. | 121,178 | 5,659,013 |
| NYSE Euronext | 71,097 | 2,785,580 |
| | | $ 28,338,832 |
| Diversified
Telecommunication Services — 2.4% | | |
| AT&T, Inc. | 312,381 | $ 8,721,678 |
| Frontier Communications
Corp. | 355,057 | 4,083,155 |
| Verizon Communications, Inc. | 251,832 | 8,081,289 |
| Windstream Corp. | 138,644 | 1,516,765 |
| | | $ 22,402,887 |
| Electric
Utilities — 0.6% | | |
| Duke Energy Corp. | 294,363 | $ 5,130,747 |
| | | $ 5,130,747 |

2

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| Electrical
Equipment — 0.7% — Cooper Industries, Ltd., Class A | 30,288 | $ 1,210,006 |
| --- | --- | --- |
| Emerson Electric Co. | 119,418 | 4,871,060 |
| Sunpower Corp.-Class A
(1) | 6,360 | 451,115 |
| Sunpower Corp.-Class B
(1) | 5,305 | 366,344 |
| | | $ 6,898,525 |
| Energy
Equipment & Services — 1.7% | | |
| Diamond Offshore Drilling, Inc. | 41,269 | $ 4,253,183 |
| Halliburton Co. | 223,928 | 7,253,028 |
| Schlumberger, Ltd. | 35,743 | 2,791,171 |
| Transocean, Inc. (1) | 13,447 | 1,477,018 |
| | | $ 15,774,400 |
| Food &
Staples Retailing — 3.2% | | |
| CVS Caremark Corp. | 281,999 | $ 9,492,086 |
| Kroger Co. (The) | 42,808 | 1,176,364 |
| Safeway, Inc. | 171,227 | 4,061,504 |
| Wal-Mart Stores, Inc. | 260,261 | 15,587,031 |
| | | $ 30,316,985 |
| Food
Products — 1.1% | | |
| ConAgra Foods, Inc. | 156,193 | $ 3,039,516 |
| H.J. Heinz Co. | 18,409 | 919,898 |
| Hershey Co. (The) | 57,578 | 2,276,634 |
| Kraft Foods, Inc., Class A | 48,129 | 1,576,225 |
| McCormick & Co., Inc. | 15,743 | 605,318 |
| Nestle SA ADR | 5,588 | 234,417 |
| Sara Lee Corp. | 140,854 | 1,778,986 |
| | | $ 10,430,994 |
| Gas
Utilities — 0.1% | | |
| Nicor, Inc. | 11,705 | $ 519,117 |
| | | $ 519,117 |
| Health Care
Equipment & Supplies — 2.2% | | |
| Baxter International, Inc. | 53,182 | $ 3,490,335 |
| Cooper Cos., Inc.
(The) | 24,000 | 834,240 |
| Covidien, Ltd. | 32,091 | 1,725,212 |
| Gen-Probe, Inc. (1) | 20,000 | 1,061,000 |
| Hospira, Inc. (1) | 13,496 | 515,547 |
| Intuitive Surgical, Inc.
(1) | 13,918 | 3,353,960 |
| Medtronic, Inc. | 115,235 | 5,773,273 |
| Stryker Corp. | 45,873 | 2,857,888 |
| Zimmer Holdings, Inc.
(1) | 11,520 | 743,731 |
| | | $ 20,355,186 |
| Health
Care Providers & Services — 1.7% | | |
| Cardinal Health, Inc. | 24,201 | $ 1,192,625 |
| DaVita, Inc. (1) | 20,004 | 1,140,428 |
| Humana, Inc. (1) | 24,940 | 1,027,528 |
| LifePoint Hospitals, Inc.
(1) | 84,000 | 2,699,760 |
| Lincare Holdings, Inc.
(1) | 86,800 | 2,611,812 |
| McKesson Corp. | 88,022 | 4,736,464 |
| Quest Diagnostics, Inc. | 31,290 | 1,616,754 |
| VCA Antech, Inc. (1) | 25,000 | 736,750 |
| | | $ 15,762,121 |
| Hotels,
Restaurants & Leisure — 0.9% | | |
| Carnival Corp., Unit | 19,600 | $ 692,860 |
| CKE Restaurants, Inc. | 21,073 | 223,374 |
| International Game
Technology | 29,483 | 506,518 |
| Marriott International, Inc.,
Class A | 55,557 | 1,449,482 |
| McDonald’s Corp. | 33,849 | 2,088,483 |
| Starbucks Corp. (1) | 154,410 | 2,296,077 |
| Starwood Hotels &
Resorts Worldwide, Inc. | 13,442 | 378,258 |
| Tim Hortons, Inc. | 15,241 | 451,591 |
| Wendy’s/Arby’s Group, Inc.,
Class A | 47,829 | 251,581 |
| | | $ 8,338,224 |

3

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| Household
Durables — 0.8% — D.R. Horton, Inc. | 12,023 | $ 156,539 |
| --- | --- | --- |
| Pulte Homes, Inc. | 129,147 | 1,804,184 |
| Ryland Group, Inc. | 49,802 | 1,320,749 |
| Stanley Works | 56,752 | 2,368,828 |
| Whirlpool Corp. | 28,142 | 2,231,379 |
| | | $ 7,881,679 |
| Household
Products — 1.6% | | |
| Colgate-Palmolive Co. | 13,023 | $ 981,283 |
| Procter & Gamble
Co. | 200,625 | 13,981,556 |
| | | $ 14,962,839 |
| Independent Power
Producers & Energy Traders — 0.1% | | |
| NRG Energy, Inc. (1) | 33,433 | $ 827,467 |
| | | $ 827,467 |
| Industrial
Conglomerates — 1.9% | | |
| 3M Co. | 89,207 | $ 6,093,730 |
| General Electric Co. | 443,758 | 11,315,829 |
| Textron, Inc. | 14,000 | 409,920 |
| | | $ 17,819,479 |
| Insurance
— 2.4% | | |
| ACE, Ltd. | 68,766 | $ 3,722,304 |
| AON Corp. | 21,504 | 966,820 |
| Arthur J. Gallagher &
Co. | 108,901 | 2,794,400 |
| Lincoln National Corp. | 31,525 | 1,349,585 |
| Marsh & McLennan
Cos., Inc. | 110,850 | 3,520,596 |
| Prudential Financial, Inc. | 44,972 | 3,237,984 |
| RenaissanceRe Holdings,
Ltd. | 18,818 | 978,536 |
| Travelers Companies, Inc.
(The) | 139,548 | 6,307,570 |
| | | $ 22,877,795 |
| Internet &
Catalog Retail — 0.4% | | |
| Amazon.com, Inc. (1) | 45,499 | $ 3,310,507 |
| | | $ 3,310,507 |
| Internet
Software & Services — 4.5% | | |
| Ariba, Inc. (1) | 15,658 | $ 221,248 |
| Baidu.com, Inc. ADR
(1) | 4,684 | 1,162,709 |
| eBay, Inc. (1) | 409,457 | 9,163,648 |
| Google, Inc., Class A
(1) | 65,383 | 26,187,199 |
| VeriSign, Inc. (1) | 55,351 | 1,443,554 |
| Yahoo!, Inc. (1) | 219,428 | 3,796,104 |
| | | $ 41,974,462 |
| IT
Services — 1.6% | | |
| Accenture, Ltd., Class A | 1,091 | $ 41,458 |
| Fidelity National
Information Services, Inc. | 75,465 | 1,393,084 |
| Lender Processing Services, Inc. | 45,599 | 1,391,681 |
| MasterCard, Inc., Class A | 9,897 | 1,755,035 |
| Metavante Technologies, Inc.
(1) | 14,123 | 272,009 |
| Paychex, Inc. | 218,890 | 7,229,937 |
| Satyam Computer Services,
Ltd. ADR | 106,132 | 1,714,032 |
| Visa, Inc., Class A | 14,962 | 918,517 |
| | | $ 14,715,753 |
| Leisure
Equipment & Products — 0.1% | | |
| Mattel, Inc. | 64,723 | $ 1,167,603 |
| | | $ 1,167,603 |
| Life
Sciences Tools & Services — 0.1% | | |
| PerkinElmer, Inc. | 15,895 | $ 396,898 |
| Waters Corp. (1) | 13,273 | 772,223 |
| | | $ 1,169,121 |
| Machinery
— 1.2% | | |
| AGCO Corp. (1) | 37,966 | $ 1,617,731 |
| Caterpillar, Inc. | 110,370 | 6,578,052 |
| Eaton Corp. | 58,699 | 3,297,710 |
| | | $ 11,493,493 |

4

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| Media —
3.5% — Central European Media
Enterprises, Ltd., Class A (1) | 30,938 | $ 2,023,345 |
| --- | --- | --- |
| Comcast Corp., Class A | 635,247 | 12,469,899 |
| Idearc, Inc. | 43 | 54 |
| Omnicom Group, Inc. | 81,468 | 3,141,406 |
| Time Warner, Inc. | 422,666 | 5,541,151 |
| Walt Disney Co. | 326,386 | 10,016,786 |
| | | $ 33,192,641 |
| Metals &
Mining — 0.6% | | |
| Alcoa, Inc. | 49,390 | $ 1,115,226 |
| Barrick Gold Corp. | 2,604 | 95,671 |
| Freeport-McMoRan Copper &
Gold, Inc., Class B | 15,988 | 908,918 |
| Newmont Mining Corp. | 18,750 | 726,750 |
| Nucor Corp. | 54,975 | 2,171,512 |
| Teck Cominco, Ltd., Class B | 34,000 | 990,080 |
| | | $ 6,008,157 |
| Multiline
Retail — 0.6% | | |
| JC Penney Company, Inc. | 30,850 | $ 1,028,539 |
| Kohl’s Corp. (1) | 13,030 | 600,422 |
| Nordstrom, Inc. | 57,531 | 1,658,043 |
| Sears Holdings Corp. (1) | 21,222 | 1,984,257 |
| | | $ 5,271,261 |
| Multi-Utilities
— 2.2% | | |
| Ameren Corp. | 117,357 | $ 4,580,444 |
| CMS Energy Corp. | 368,303 | 4,592,738 |
| Dominion Resources, Inc. | 130,480 | 5,581,934 |
| Public Service Enterprise
Group, Inc. | 169,500 | 5,557,905 |
| | | $ 20,313,021 |
| Office
Electronics — 0.1% | | |
| Xerox Corp. | 98,889 | $ 1,140,190 |
| | | $ 1,140,190 |
| Oil, Gas &
Consumable Fuels — 5.9% | | |
| Anadarko Petroleum Corp. | 60,461 | $ 2,932,963 |
| Chevron Corp. | 74,781 | 6,167,937 |
| ConocoPhillips | 180,588 | 13,228,071 |
| Exxon Mobil Corp. | 255,320 | 19,828,151 |
| Marathon Oil Corp. | 32,372 | 1,290,672 |
| Petrohawk Energy Corp. (1) | 16,397 | 354,667 |
| Range Resources Corp. | 45,666 | 1,957,701 |
| Suncor Energy, Inc. | 56,982 | 2,401,221 |
| Total SA ADR | 21,605 | 1,310,991 |
| Valero Energy Corp. | 12,280 | 372,084 |
| Western Refining, Inc. | 113,494 | 1,147,424 |
| XTO Energy, Inc. | 96,251 | 4,477,597 |
| | | $ 55,469,479 |
| Paper &
Forest Products — 0.3% | | |
| Louisiana-Pacific Corp. | 148,776 | $ 1,383,617 |
| MeadWestvaco Corp. | 45,728 | 1,065,920 |
| | | $ 2,449,537 |
| Personal
Products — 0.1% | | |
| Herbalife, Ltd. | 28,374 | $ 1,121,340 |
| | | $ 1,121,340 |
| Pharmaceuticals
— 4.3% | | |
| Abbott Laboratories | 122,167 | $ 7,034,376 |
| Allergan, Inc. | 12,256 | 631,184 |
| Bristol-Myers Squibb Co. | 272,401 | 5,679,561 |
| Cardiome Pharma Corp. (1) | 32,639 | 248,056 |
| Eli Lilly & Co. | 92,218 | 4,060,359 |
| Endo Pharmaceuticals Holdings, Inc.
(1) | 46,595 | 931,900 |

5

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GlaxoSmithKline PLC ADR	66,510	$
IMS Health, Inc.	25,733	486,611
Johnson & Johnson	65,017	4,504,378
Merck & Co., Inc.	29,564	933,040
Pfizer, Inc.	272,985	5,033,843
Schering-Plough Corp.	142,848	2,638,403
Sepracor, Inc. (1)	12,997	237,975
Wyeth	135,856	5,018,521
		$ 40,328,732
Professional
Services — 0.2%
Equifax, Inc.	17,858	$ 615,208
Manpower, Inc.	16,012	691,078
Robert Half International, Inc.	15,046	372,389
		$ 1,678,675
Real
Estate Investment Trusts (REITs) — 0.3%
General Growth Properties, Inc.	13,275	$ 200,453
Plum Creek Timber Co., Inc.	14,401	718,034
Simon Property Group, Inc.	19,298	1,871,906
		$ 2,790,393
Road &
Rail — 0.9%
CSX Corp.	24,910	$ 1,359,339
JB Hunt Transport Services, Inc.	99,371	3,316,010
Norfolk Southern Corp.	25,252	1,671,935
Ryder System, Inc.	10,708	663,896
Union Pacific Corp.	21,222	1,510,158
		$ 8,521,338
Semiconductors &
Semiconductor Equipment — 4.3%
Applied Materials, Inc.	669,505	$ 10,129,611
ASML Holding NV	12,318	216,920
Atheros Communications, Inc.
(1)	76,210	1,797,032
Cavium Networks, Inc.
(1)	18,370	258,650
Cypress Semiconductor Corp.
(1)	19,349	101,002
Intel Corp.	880,849	16,498,302
KLA-Tencor Corp.	109,424	3,463,270
Marvell Technology Group,
Ltd. (1)	179,971	1,673,730
MEMC Electronic Materials, Inc.
(1)	79,127	2,236,129
National Semiconductor
Corp.	18,977	326,594
NVIDIA Corp. (1)	341,810	3,660,785
Renesola, Ltd. ADR (1)	19,087	200,223
STMicroelectronics N.V. -
NY Shares	8,530	86,835
		$ 40,649,083
Software
— 8.9%
Adobe Systems, Inc.
(1)	223,923	$ 8,838,241
Compuware Corp. (1)	97,319	943,021
Electronic Arts, Inc.
(1)	125,357	4,636,955
i2 Technologies, Inc.
(1)	82,155	1,108,271
Microsoft Corp.	1,481,609	39,544,144
Oracle Corp. (1)	1,250,168	25,390,912
TiVo, Inc. (1)	326,806	2,392,220
Wind River Systems, Inc.
(1)	63,851	638,510
		$ 83,492,274
Specialty
Retail — 2.0%
Best Buy Co., Inc.	84,070	$ 3,152,625
Gap, Inc. (The)	143,865	2,557,920
Home Depot, Inc.	77,807	2,014,423
Limited Brands, Inc.	26,688	462,236
Lowe’s Companies, Inc.	136,794	3,240,650
Staples, Inc.	229,575	5,165,438
Tiffany & Co.	12,130	430,858
TJX Companies, Inc.
(The)	66,769	2,037,790
		$ 19,061,940

6

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| Textiles,
Apparel & Luxury Goods — 0.5% — Coach, Inc. (1) | 20,171 | $ 505,082 |
| --- | --- | --- |
| Nike, Inc., Class B | 56,788 | 3,799,117 |
| | | $ 4,304,199 |
| Tobacco —
0.7% | | |
| Altria Group, Inc. | 102,975 | $ 2,043,024 |
| Philip Morris International, Inc. | 102,975 | 4,953,098 |
| | | $ 6,996,122 |
| Wireless
Telecommunication Services — 0.6% | | |
| NII Holdings, Inc., Class B
(1) | 52,615 | $ 1,995,161 |
| Rogers Communications, Inc.,
Class B | 33,000 | 1,096,920 |
| Sprint Nextel Corp. | 206,919 | 1,262,206 |
| Vodafone Group PLC ADR | 39,475 | 872,398 |
| | | $ 5,226,685 |
| Total Common Stocks (identified
cost $895,667,232) | | $ 951,131,565 |
| Total Investments — 101.4% (identified
cost $895,667,232) | | $ 951,131,565 |

*Covered Call Options Written — (1.5)%*

Description	Number — of Contracts	Strike — Price	Expiration — Date	Value
NASDAQ 100 Index	1,360	$ 1,700	10/18/08	$ (2,475,200	)
NASDAQ 100 Index	511	1,725	10/18/08	(689,850	)
NASDAQ 100 Index	521	1,750	10/18/08	(494,950	)
S&P 500 Index	319	1,185	10/18/08	(1,020,800	)
S&P 500 Index	2,217	1,210	10/18/08	(5,054,760	)
S&P 500 Index	2,487	1,215	10/18/08	(4,600,950	)
Total Covered Call Options Written (premiums received $21,191,809)				$ (14,336,510	)
Other Assets, Less Liabilities — 0.1%				$ 925,095
Net Assets — 100.0%				$ 937,720,150

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

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2008, as determined on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 117,000,095
Gross unrealized depreciation	(61,540,303	)
Net unrealized appreciation	$ 55,459,792

Written call options activity for the fiscal year to date ended September 30, 2008 was as follows:

Outstanding, beginning of period	Number of Contracts — 7,159		Premiums Received — $ 19,687,944
Options written	66,580		187,010,187
Options terminated in closing purchase transactions	(66,324	)	(185,506,322	)
Outstanding, end of period	7,415		$ 21,191,809

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At September 30, 2008 , the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective January 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

7

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| · | 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) |

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At September 30, 2008, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

| Level 1 | Valuation Inputs — Quoted
Prices | Investments in Securities — $ 951,131,565 | Other Financial Instruments* — $ (14,336,510 | ) |
| --- | --- | --- | --- | --- |
| Level 2 | Other
Significant Observable Inputs | — | — | |
| Level 3 | Significant
Unobservable Inputs | — | — | |
| Total | | $ 951,131,565 | $ (14,336,510 | ) |

*Other financial instruments are written call options, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund held no investments or other financial instruments as of December 31, 2007 whose fair value was determined using Level 3 inputs.

For information on the Fund’s policy regarding 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.

8

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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
Date:	November 21, 2008

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
Date:	November 21, 2008
By:	/s/Barbara E. Campbell
	Barbara E. Campbell
	Treasurer
Date:	November 21, 2008

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