Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Regulatory Filings • May 30, 2008

N-Q 1 a08-12969_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:	March 31, 2008

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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, 2008

*PORTFOLIO OF INVESTMENTS (Unaudited)*

*Common Stocks — 102.0%*

Security	Shares	Value
Aerospace & Defense — 1.8%
General
Dynamics Corp.	54,228	$ 4,520,988
Honeywell
International, Inc.	153,464	8,658,439
Northrop
Grumman Corp.	80,479	6,262,071
		$ 19,441,498
Air Freight & Logistics — 0.9%
CH
Robinson Worldwide, Inc.	60,653	$ 3,299,523
FedEx
Corp.	66,217	6,136,329
		$ 9,435,852
Auto Components — 0.5%
Johnson
Controls, Inc.	163,752	$ 5,534,818
		$ 5,534,818
Automobiles — 0.1%
Harley-Davidson, Inc.	32,153	$ 1,205,738
		$ 1,205,738
Beverages — 1.5%
Brown-Forman
Corp., Class B	10,403	$ 688,887
Coca-Cola
Co. (The)	117,208	7,134,451
PepsiCo, Inc.	119,822	8,651,148
		$ 16,474,486
Biotechnology — 5.4%
Amgen, Inc.
(1)	194,330	$ 8,119,107
Biogen
Idec, Inc. (1)	156,386	9,647,452
Celgene
Corp. (1)	103,649	6,352,647
Enzon
Pharmaceuticals, Inc. (1)	85,000	782,850
Genzyme
Corp. (1)	82,260	6,131,660
Gilead
Sciences, Inc. (1)	508,830	26,220,010
Martek
Biosciences Corp. (1)	20,000	611,400
Regeneron
Pharmaceuticals, Inc. (1)	50,714	973,202
		$ 58,838,328
Capital Markets — 2.7%
Ameriprise
Financial, Inc.	12,435	$ 644,755
Bank
of New York Mellon Corp. (The)	208,078	8,683,095
Charles
Schwab Corp. (The)	97,584	1,837,507
E*Trade
Financial Corp. (1)	164,281	634,125
Federated
Investors, Inc., Class B	17,577	688,315
Franklin
Resources, Inc.	64,918	6,296,397
Goldman
Sachs Group, Inc.	35,062	5,798,904
Invesco,
Ltd.	52,677	1,283,212
Merrill
Lynch & Co., Inc.	71,209	2,901,055
T.
Rowe Price Group, Inc.	21,876	1,093,800
		$ 29,861,165
Chemicals — 1.3%
Dow
Chemical Co. (The)	137,985	$ 5,084,747
E.I.
Du Pont de Nemours & Co.	54,281	2,538,180
Monsanto
Co.	24,614	2,744,461
Rohm
and Haas Co.	68,445	3,701,506
		$ 14,068,894

1

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| Commercial Banks — 1.3% — Banco
Bilbao Vizcaya Argentaria SA ADR | 13,246 | $ 291,280 |
| --- | --- | --- |
| Comerica, Inc. | 9,100 | 319,228 |
| Fifth
Third Bancorp | 60,398 | 1,263,526 |
| KeyCorp | 27,176 | 596,513 |
| Marshall &
Ilsley Corp. | 42,370 | 982,984 |
| Popular, Inc. | 68,345 | 796,903 |
| Synovus
Financial Corp. | 80,482 | 890,131 |
| Wells
Fargo & Co. | 288,882 | 8,406,466 |
| Zions
Bancorporation | 12,002 | 546,691 |
| | | $ 14,093,722 |
| Commercial Services & Supplies — 1.0% | | |
| Avery
Dennison Corp. | 75,103 | $ 3,698,823 |
| Equifax, Inc. | 17,858 | 615,744 |
| Half
(Robert) International, Inc. | 15,046 | 387,284 |
| Manpower, Inc. | 16,012 | 900,835 |
| Pitney
Bowes, Inc. | 21,262 | 744,595 |
| RR
Donnelley & Sons Co. | 85,009 | 2,576,623 |
| Waste
Management, Inc. | 51,869 | 1,740,724 |
| | | $ 10,664,628 |
| Communications Equipment — 7.8% | | |
| Aruba
Networks, Inc. (1) | 51,453 | $ 268,070 |
| Ciena
Corp. (1) | 14,234 | 438,834 |
| Cisco
Systems, Inc. (1) | 1,102,836 | 26,567,319 |
| Corning, Inc. | 173,033 | 4,159,713 |
| QUALCOMM, Inc. | 747,694 | 30,655,454 |
| Research
In Motion, Ltd. (1) | 206,958 | 23,226,896 |
| | | $ 85,316,286 |
| Computer Peripherals — 8.4% | | |
| Apple, Inc.
(1) | 429,908 | $ 61,691,798 |
| Brocade
Communications Systems, Inc. (1) | 98,179 | 716,707 |
| Dell, Inc.
(1) | 278,732 | 5,552,341 |
| Hewlett-Packard
Co. | 96,168 | 4,391,031 |
| International
Business Machines Corp. | 84,281 | 9,704,114 |
| NetApp, Inc. | 210,327 | 4,217,056 |
| Palm, Inc. | 143,682 | 718,410 |
| SanDisk
Corp. (1) | 91,718 | 2,070,075 |
| Seagate
Technology | 110,461 | 2,313,053 |
| | | $ 91,374,585 |
| Construction Materials — 0.4% | | |
| Cemex
SAB de CV ADR (1) | 47,034 | $ 1,228,528 |
| Vulcan
Materials Co. | 42,073 | 2,793,647 |
| | | $ 4,022,175 |
| Consumer Finance — 0.0% | | |
| Student
Loan Corp. | 4,670 | $ 461,863 |
| | | $ 461,863 |
| Containers & Packaging — 0.0% | | |
| Bemis
Co., Inc. | 19,722 | $ 501,530 |
| | | $ 501,530 |
| Distributors — 0.0% | | |
| Genuine
Parts Co. | 12,694 | $ 510,553 |
| | | $ 510,553 |
| Diversified Financial Services — 2.0% | | |
| Bank
of America Corp. | 303,078 | $ 11,489,687 |
| ING
Groep NV ADR | 73,940 | 2,763,138 |
| JPMorgan
Chase & Co. | 141,291 | 6,068,448 |
| Moody’s
Corp. | 31,486 | 1,096,657 |
| | | $ 21,417,930 |

2

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Diversified Telecommunication Services — 2.4% — AT&T, Inc.	312,381	$ 11,964,192
Citizens
Communications Co.	355,057	3,724,548
Verizon
Communications, Inc.	251,832	9,179,276
Windstream
Corp.	87,135	1,041,263
		$ 25,909,279
Electric Utilities — 0.5%
Duke
Energy Corp.	294,363	$ 5,254,380
		$ 5,254,380
Electrical Equipment — 0.7%
Cooper
Industries, Ltd., Class A	30,288	$ 1,216,063
Emerson
Electric Co.	119,418	6,145,250
		$ 7,361,313
Energy Equipment & Services — 1.8%
Diamond
Offshore Drilling, Inc.	41,269	$ 4,803,712
Halliburton
Co.	247,660	9,740,468
Noble
Corp.	18,939	940,700
Schlumberger,
Ltd.	35,743	3,109,641
Transocean, Inc.
(1)	10,559	1,427,577
		$ 20,022,098
Food & Staples Retailing — 3.0%
CVS
Caremark Corp.	287,018	$ 11,627,099
Kroger
Co. (The)	42,808	1,087,323
Safeway, Inc.	182,171	5,346,719
SUPERVALU, Inc.	15,863	475,573
Wal-Mart
Stores, Inc.	260,261	13,710,549
		$ 32,247,263
Food Products — 0.9%
ConAgra
Foods, Inc.	156,193	$ 3,740,822
H.J.
Heinz Co.	18,409	864,671
Hershey
Co. (The)	42,578	1,603,913
Kraft
Foods, Inc., Class A	48,129	1,492,480
McCormick &
Co., Inc.	15,743	582,019
Sara
Lee Corp.	140,854	1,969,139
		$ 10,253,044
Gas Utilities — 0.1%
Nicor, Inc.	28,999	$ 971,756
		$ 971,756
Health Care Equipment & Supplies — 2.1%
Bard
(C.R.), Inc.	8,005	$ 771,682
Baxter
International, Inc.	53,182	3,074,983
Cooper
Cos., Inc. (The)	24,000	826,320
Covidien,
Ltd.	32,091	1,420,027
Gen-Probe, Inc.
(1)	20,000	964,000
Hospira, Inc.
(1)	13,496	577,224
Intuitive
Surgical, Inc. (1)	13,918	4,514,303
Medtronic, Inc.	115,235	5,573,917
Stryker
Corp.	66,366	4,317,108
Zimmer
Holdings, Inc. (1)	11,520	896,947
		$ 22,936,511
Health Care Providers & Services — 1.2%
DaVita, Inc.
(1)	20,004	$ 955,391
Humana, Inc.
(1)	24,940	1,118,808
LifePoint
Hospitals, Inc. (1)	84,000	2,307,480
Lincare
Holdings, Inc. (1)	86,800	2,439,948
McKesson
Corp.	88,022	4,609,712
Quest
Diagnostics, Inc.	31,290	1,416,498
VCA
Antech, Inc. (1)	25,000	683,750
		$ 13,531,587

3

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| Hotels, Restaurants & Leisure — 1.5% — Carnival
Corp., Unit | 19,600 | $ 793,408 |
| --- | --- | --- |
| Cheesecake
Factory, Inc. (1) | 26,641 | 580,507 |
| CKE
Restaurants, Inc. | 21,073 | 236,439 |
| International
Game Technology | 18,708 | 752,249 |
| Marriott
International, Inc., Class A | 55,557 | 1,908,939 |
| McDonald’s
Corp. | 33,849 | 1,887,759 |
| Starbucks
Corp. (1) | 415,096 | 7,264,180 |
| Starwood
Hotels & Resorts Worldwide, Inc. | 32,575 | 1,685,756 |
| Tim
Hortons, Inc. | 15,241 | 518,956 |
| Wendy’s
International, Inc. | 11,254 | 259,517 |
| | | $ 15,887,710 |
| Household Durables — 0.8% | | |
| D.R.
Horton, Inc. | 47,795 | $ 752,771 |
| Fortune
Brands, Inc. | 40,476 | 2,813,082 |
| Pulte
Homes, Inc. | 129,147 | 1,879,089 |
| Ryland
Group, Inc. | 10,962 | 360,540 |
| Stanley
Works | 56,752 | 2,702,530 |
| | | $ 8,508,012 |
| Household Products — 1.3% | | |
| Colgate-Palmolive
Co. | 7,774 | $ 605,672 |
| Procter &
Gamble Co. | 200,625 | 14,057,794 |
| | | $ 14,663,466 |
| Independent Power Producers & Energy Traders —
0.3% | | |
| AES
Corp. (The) (1) | 129,521 | $ 2,159,115 |
| Mirant
Corp. (1) | 32,088 | 1,167,682 |
| | | $ 3,326,797 |
| Industrial Conglomerates — 2.7% | | |
| General
Electric Co. | 761,087 | $ 28,167,830 |
| Textron, Inc. | 14,000 | 775,880 |
| | | $ 28,943,710 |
| Insurance — 2.8% | | |
| ACE,
Ltd. | 68,766 | $ 3,786,256 |
| American
International Group, Inc. | 156,261 | 6,758,288 |
| AON
Corp. | 21,504 | 864,461 |
| Arthur
J. Gallagher & Co. | 108,901 | 2,572,242 |
| Cincinnati
Financial Corp. | 13,382 | 509,051 |
| Lincoln
National Corp. | 38,287 | 1,990,924 |
| Marsh &
McLennan Cos., Inc. | 110,850 | 2,699,198 |
| Prudential
Financial, Inc. | 44,972 | 3,519,059 |
| RenaissanceRe
Holdings, Ltd. | 18,818 | 976,842 |
| St.
Paul Travelers Companies, Inc. (The) | 139,548 | 6,677,372 |
| W.
R. Berkley Corp. | 19,029 | 526,913 |
| | | $ 30,880,606 |
| Internet Software & Services — 5.1% | | |
| Akamai
Technologies, Inc. (1) | 99,453 | $ 2,800,596 |
| Ariba, Inc.
(1) | 87,982 | 849,906 |
| Baidu.com,
Inc. ADR (1) | 5,820 | 1,394,647 |
| eBay, Inc.
(1) | 492,306 | 14,690,411 |
| Google, Inc.,
Class A (1) | 65,383 | 28,799,250 |
| Yahoo!, Inc.
(1) | 260,944 | 7,549,110 |
| | | $ 56,083,920 |

4

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| IT
Services — 2.2% — Cognizant Technology
Solutions Corp. (1) | 119,155 | $ 3,435,239 |
| --- | --- | --- |
| Fidelity National
Information Services, Inc. | 118,808 | 4,531,337 |
| Infosys Technologies, Ltd.
ADR | 73,468 | 2,627,950 |
| MasterCard, Inc.,
Class A | 9,897 | 2,206,932 |
| Metavante
Technologies, Inc. (1) | 14,123 | 282,319 |
| Paychex, Inc. | 218,890 | 7,499,171 |
| Satyam Computer Services,
Ltd. ADR | 106,132 | 2,397,522 |
| Total System
Services, Inc. | 38,946 | 921,462 |
| | | $ 23,901,932 |
| Leisure
Equipment & Products — 0.2% | | |
| Eastman Kodak Co. | 19,707 | $ 348,223 |
| Mattel, Inc. | 64,723 | 1,287,988 |
| | | $ 1,636,211 |
| Life
Sciences Tools & Services — 0.1% | | |
| PerkinElmer, Inc. | 15,895 | $ 385,454 |
| Waters Corp. (1) | 13,273 | 739,306 |
| | | $ 1,124,760 |
| Machinery
— 2.1% | | |
| AGCO Corp. (1) | 37,966 | $ 2,273,404 |
| Caterpillar, Inc. | 110,370 | 8,640,867 |
| Danaher Corp. | 39,155 | 2,976,955 |
| Eaton Corp. | 58,699 | 4,676,549 |
| Joy Global, Inc. | 15,000 | 977,400 |
| Oshkosh Truck Corp. | 33,835 | 1,227,534 |
| Terex Corp. (1) | 29,582 | 1,848,875 |
| | | $ 22,621,584 |
| Media —
3.5% | | |
| CBS Corp., Class B | 58,977 | $ 1,302,212 |
| Central European Media
Enterprises, Ltd., Class A (1) | 8,441 | 719,426 |
| Comcast Corp., Class A | 635,247 | 12,285,677 |
| Idearc, Inc. | 43 | 157 |
| Meredith Corp. | 10,785 | 412,526 |
| Omnicom Group, Inc. | 81,468 | 3,599,256 |
| Sirius Satellite
Radio, Inc. (1) | 728,642 | 2,083,916 |
| Time Warner, Inc. | 422,666 | 5,925,777 |
| Viacom, Inc.,
Class B (1) | 30,748 | 1,218,236 |
| Walt Disney Co. | 326,386 | 10,241,993 |
| | | $ 37,789,176 |
| Metals &
Mining — 1.1% | | |
| Alcoa, Inc. | 25,000 | $ 901,500 |
| Barrick Gold Corp. | 37,627 | 1,634,893 |
| Companhia Vale do Rio Doce
ADR | 40,000 | 1,385,600 |
| Freeport-McMoRan
Copper & Gold, Inc., Class B | 15,988 | 1,538,365 |
| Newmont Mining Corp. | 25,000 | 1,132,500 |
| Nucor Corp. | 54,975 | 3,724,007 |
| Teck Cominco, Ltd.,
Class B | 34,000 | 1,392,640 |
| | | $ 11,709,505 |

5

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| Multiline
Retail — 0.6% — JC Penney Company, Inc. | 30,850 | $ 1,163,354 |
| --- | --- | --- |
| Kohl’s Corp. (1) | 13,030 | 558,857 |
| Nordstrom, Inc. | 57,531 | 1,875,511 |
| Sears Holdings Corp. (1) | 32,108 | 3,277,906 |
| | | $ 6,875,628 |
| Multi-Utilities
— 1.8% | | |
| Ameren Corp. | 117,357 | $ 5,168,402 |
| CMS Energy Corp. | 26,762 | 362,357 |
| Dominion
Resources, Inc. | 87,480 | 3,572,683 |
| NiSource, Inc. | 233,391 | 4,023,661 |
| PG&E Corp. | 6,785 | 249,824 |
| Public Service Enterprise
Group, Inc. | 155,910 | 6,266,023 |
| | | $ 19,642,950 |
| Office
Electronics — 0.1% | | |
| Xerox Corp. | 98,889 | $ 1,480,368 |
| | | $ 1,480,368 |
| Oil,
Gas & Consumable Fuels — 5.5% | | |
| Chevron Corp. | 71,781 | $ 6,127,226 |
| ConocoPhillips | 180,588 | 13,762,611 |
| EOG Resources, Inc. | 29,584 | 3,550,080 |
| Exxon Mobil Corp. | 255,320 | 21,594,966 |
| Marathon Oil Corp. | 22,070 | 1,006,392 |
| Petrohawk Energy Corp. (1) | 198,904 | 4,011,894 |
| Suncor Energy, Inc. | 28,491 | 2,745,108 |
| Sunoco, Inc. | 8,264 | 433,612 |
| Valero Energy Corp. | 20,153 | 989,714 |
| XTO Energy, Inc. | 96,251 | 5,954,087 |
| | | $ 60,175,690 |
| Paper and
Forest Products — 0.2% | | |
| Louisiana-Pacific Corp. | 148,776 | $ 1,365,764 |
| MeadWestvaco Corp. | 45,728 | 1,244,716 |
| | | $ 2,610,480 |
| Personal
Products — 0.1% | | |
| Herbalife, Ltd. | 28,374 | $ 1,347,765 |
| | | $ 1,347,765 |
| Pharmaceuticals
— 3.8% | | |
| Abbott Laboratories | 122,167 | $ 6,737,510 |
| Allergan, Inc. | 12,256 | 691,116 |
| Bristol-Myers Squibb Co. | 272,401 | 5,802,141 |
| Cardiome Pharma Corp. (1) | 32,639 | 274,168 |
| Eli Lilly & Co. | 92,218 | 4,757,527 |
| Endo Pharmaceuticals
Holdings, Inc. (1) | 114,655 | 2,744,841 |
| Johnson & Johnson | 65,017 | 4,217,653 |
| Merck &
Co., Inc. | 78,798 | 2,990,384 |
| Pfizer, Inc. | 319,649 | 6,690,254 |
| Schering-Plough Corp. | 70,543 | 1,016,525 |
| Sepracor, Inc. (1) | 12,997 | 253,701 |
| Wyeth | 135,856 | 5,673,347 |
| | | $ 41,849,167 |
| Real
Estate Investment Trusts (REITs) — 0.3% | | |
| Host Hotels &
Resorts, Inc. | 19,942 | $ 317,477 |
| Plum Creek Timber
Co., Inc. | 14,401 | 586,121 |
| Simon Property
Group, Inc. | 19,298 | 1,792,977 |
| | | $ 2,696,575 |

6

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| Real
Estate Management & Development — 0.0% — Forestar Real Estate Group, Inc.
(1) | 10,207 | $ 254,256 |
| --- | --- | --- |
| | | $ 254,256 |
| Road &
Rail — 0.7% | | |
| CSX Corp. | 24,910 | $ 1,396,704 |
| JB Hunt Transport
Services, Inc. | 99,371 | 3,123,231 |
| Norfolk Southern Corp. | 25,252 | 1,371,689 |
| Ryder System, Inc. | 10,708 | 652,224 |
| Union Pacific Corp. | 10,611 | 1,330,407 |
| | | $ 7,874,255 |
| Semiconductors &
Semiconductor Equipment — 5.0% | | |
| Applied
Materials, Inc. | 669,505 | $ 13,062,043 |
| Atheros
Communications, Inc. (1) | 76,210 | 1,588,216 |
| Intel Corp. | 880,849 | 18,656,382 |
| Intersil Corp., Class A | 53,271 | 1,367,467 |
| Marvell Technology Group,
Ltd. (1) | 256,537 | 2,791,123 |
| MEMC Electronic
Materials, Inc. (1) | 79,127 | 5,610,104 |
| Micron
Technology, Inc. (1) | 278,047 | 1,659,941 |
| National Semiconductor
Corp. | 25,302 | 463,533 |
| Nvidia Corp. (1) | 307,677 | 6,088,928 |
| STMicroelectronics N.V. -
NY Shares | 85,975 | 916,494 |
| Teradyne, Inc. (1) | 127,301 | 1,581,078 |
| Tessera
Technologies, Inc. (1) | 20,133 | 418,766 |
| | | $ 54,204,075 |
| Software
— 8.2% | | |
| Adobe Systems, Inc. (1) | 255,331 | $ 9,087,230 |
| BMC Software, Inc. (1) | 15,015 | 488,288 |
| Compuware Corp. (1) | 87,217 | 640,173 |
| Electronic Arts, Inc. (1) | 125,357 | 6,257,821 |
| i2 Technologies, Inc. (1) | 88,398 | 995,361 |
| Microsoft Corp. | 1,473,136 | 41,807,600 |
| NAVTEQ Corp. (1) | 54,574 | 3,711,032 |
| Oracle Corp. (1) | 1,192,845 | 23,332,048 |
| TiVo, Inc. (1) | 326,806 | 2,862,821 |
| Wind River
Systems, Inc. (1) | 63,851 | 494,207 |
| | | $ 89,676,581 |
| Specialty
Retail — 2.0% | | |
| Best Buy Co., Inc. | 87,871 | $ 3,643,132 |
| Gap, Inc. (The) | 143,865 | 2,831,263 |
| Home Depot, Inc. | 77,807 | 2,176,262 |
| Limited Brands, Inc. | 26,688 | 456,365 |
| Lowe’s Companies, Inc. | 136,794 | 3,138,054 |
| Men’s Wearhouse, Inc.
(The) | 19,320 | 449,576 |
| Office Depot, Inc. (1) | 40,871 | 451,625 |
| Staples, Inc. | 229,575 | 5,075,903 |
| Tiffany & Co. | 12,130 | 507,519 |
| TJX Companies, Inc.
(The) | 84,338 | 2,789,058 |
| | | $ 21,518,757 |
| Textiles,
Apparel & Luxury Goods — 0.4% | | |
| Coach, Inc. (1) | 22,579 | $ 680,757 |
| Nike, Inc.,
Class B | 56,788 | 3,861,584 |
| | | $ 4,542,341 |

7

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| Thrifts &
Mortgage Finance — 0.5% — Countrywide Financial Corp. | 266,662 | $ 1,466,641 |
| --- | --- | --- |
| Downey Financial Corp. | 19,939 | 366,479 |
| Federal National Mortgage
Association | 27,755 | 730,512 |
| Guaranty Financial
Group, Inc. (1) | 10,207 | 108,398 |
| MGIC Investment Corp. | 83,706 | 881,424 |
| Sovereign
Bancorp, Inc. | 173,060 | 1,612,919 |
| | | $ 5,166,373 |
| Tobacco —
1.1% | | |
| Altria Group, Inc. | 102,975 | $ 2,286,045 |
| Philip Morris
International, Inc. | 102,975 | 5,208,476 |
| Reynolds American, Inc. | 71,312 | 4,209,547 |
| | | $ 11,704,068 |
| Wireless
Telecommunication Services — 0.2% | | |
| Rogers
Communications, Inc., Class B | 33,000 | $ 1,185,360 |
| Sprint Nextel Corp. | 206,919 | 1,384,288 |
| | | $ 2,569,648 |
| Total Common Stocks (identified cost $970,951,422) | | $ 1,112,977,648 |
| Total Investments — 102.0% (identified cost $970,951,422) | | $ 1,112,977,648 |

*Covered Call Options Written — (2.3%)*

Description	Number — of Contracts	Strike — Price	Expiration — Date	Value
Nasdaq 100 Index	1,010	$ 1,775	4/19/08	$ (4,666,200	)
Nasdaq 100 Index	575	1,825	4/19/08	(1,322,500	)
Nasdaq 100 Index	905	1,750	4/19/08	(5,991,100	)
S&P 500 Index	867	1,315	4/19/08	(3,121,200	)
S&P 500 Index	2,478	1,325	4/19/08	(6,343,680	)
S&P 500 Index	1,525	1,340	4/19/08	(3,050,000	)
S&P 500 Index	128	1,345	4/19/08	(260,224	)
Total Covered Call Options Written (premiums received $19,460,642)				$ (24,754,904	)
Other Assets, Less Liabilities — 0.3%				$ 3,043,299
Net Assets — 100.0%				$ 1,091,266,043

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

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2008, as determined on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 200,388,081
Gross unrealized depreciation	(58,366,396	)
Net unrealized appreciation	$ 142,021,685

8

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Written call option activity for the period ended March 31, 2008 was as follows:

Outstanding, beginning of period	Number of Contracts — 7,159		Premiums Received — $ 19,687,944
Options written	22,194		55,189,188
Options terminated in closing purchase
transactions	(21,865	)	(55,416,490	)
Outstanding, end of period	7,488		$ 19,460,642

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At March 31, 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.

| · | 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) |

At March 31, 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 — $ 1,112,977,648 | Other Financial Instruments* — $ (24,754,904 | ) |
| --- | --- | --- | --- | --- |
| Level 2 | Other
Significant Observable Inputs | — | — | |
| Level 3 | Significant
Unobservable Inputs | — | — | |
| Total | | $ 1,112,977,648 | $ (24,754,904 | ) |

*Other financial instruments include 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.

Equity securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Exchange-traded options are valued at the last sale price for the day of valuation as quoted on the principal exchange or board of trade on which the options are traded or, in the absence of sales on such date, at the mean between the latest bid and asked prices therefore. Over-the-counter options are valued based on broker quotations. Short-term debt securities with a remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service. Other fixed income and debt securities, including listed securities and securities for which price quotations are available, will normally be valued on the basis of valuations furnished by a pricing service. Valuations for debt obligations are derived from the pricing vendors’ proprietary pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach which considers information regarding securities with similar characteristics in order to determine the valuation for a security. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. The independent service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair valued securities. Investments for which valuations or market quotations are not readily available are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund considering relevant factors, data and information including the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded.

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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:	May 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:	May 21, 2008

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

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