N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT 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)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

December 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Tax-Managed Buy-Write

Opportunities Fund (ETV)

Annual Report

December 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund’s transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), you may elect to receive shareholder reports and other communications from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Managed Distribution Plan. Pursuant to an exemptive order issued by the Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.

The Fund currently distributes monthly cash distributions equal to $0.1108 per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.

The Fund may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form 1099-DIV for each calendar year.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Annual Report December 31, 2019

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	3
Fund Snapshot	4
Endnotes and Additional Disclosures	5
Financial Statements	6
Report of Independent Registered Public Accounting Firm	19
Federal Tax Information	20
Dividend Reinvestment Plan	21
Management and Organization	23
Important Notices	25

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

With virtually every U.S. equity index posting strong double-digit returns for the 12-month period ended December 31, 2019 — and bond markets solidly in the black as well — 2019 was a good year for investments.

As the new year dawned in January 2019, investors appeared to be taking a “glass is half full” approach. Although U.S. manufacturing output and business investment remained weak — held back by slowing global growth and an on-again/off-again U.S.-China trade war — strong spending by U.S. consumers and dovish remarks by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment. After four federal funds rate hikes the previous year, markets began to project the Fed might actually lower rates in 2019 to stimulate the economy. U.S. unemployment, meanwhile, remained low and hiring remained strong.

As a result, U.S. stocks across multiple markets climbed from January through April 2019. Overseas, central banks around the world began to cut interest rates and employ other tools to stimulate their respective economies. Even a global stock pullback in May — sparked by heightened concerns about the U.S.-China trade spat — proved to be temporary, and the U.S. and global stock rallies resumed in June and July.

After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at 1.50%-1.75%. By end of the third quarter, 60 central banks around the world had lowered their interest rates as well.

After falling in August, U.S. equities rallied again during the final months of the period, spurred by optimism about a U.S.-China trade détente and better-than-expected U.S. employment reports. The year ended with two events in December that did much to allay investor concerns about international trade and tariffs: passage of the United States-Mexico-Canada Agreement by the U.S. House of Representatives and the Trump administration’s agreement to a so-called “phase–one” trade deal with China.

During the 12-month period ended December 31, 2019, the blue-chip Dow Jones Industrial Average^®2 returned 25.34%, while the broader U.S. equity market, as measured by the S&P 500^® Index, returned 31.49%. The technology-laden Nasdaq Composite Index returned 36.69% during the period. Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index. As a group, growth stocks outpaced value stocks in both large- and small-cap categories, as measured by the Russell growth and value indexes.

Fund Performance

For the 12-month period ended December 31, 2019, Eaton

Vance Tax-Managed Buy-Write Opportunities Fund (the Fund) returned 20.23% at net asset value (NAV), underperforming

the 31.49% return of its primary benchmark, the S&P 500^® Index (the Index), and the 39.46% return of the NASDAQ-100^® Index, but outperforming the 15.68% return of the Cboe S&P 500 BuyWrite Index^SM and the 19.09% return of the Cboe NASDAQ-100 BuyWrite Index^SM.

The Fund’s options overlay strategy was the largest single detractor from Fund performance versus the Index, as might be expected during a period of strong equity market performance. The Fund employs an options strategy of writing (selling) stock index call options on both the S&P 500^® and NASDAQ-100^® indexes on a portion of its underlying common stock portfolio. The options strategy is designed to help limit the Fund’s exposure to market volatility and provide current income, but may limit the Fund’s upside potential in a rising market environment.

During the period, the overall market was characterized by strong equity performance and moderate levels of volatility. Despite the equity market rally and sharp decline in realized volatility, however, implied volatility⁶ remained elevated throughout the year due, in part, to investor concerns about trade tensions between the U.S. and China, and a slowdown in global economic growth. In that environment, option premiums received by the Fund could not compensate for decreased participation in positive market returns caused by the options strategy. As a result, the options strategy dragged on Fund performance versus the Index during the period. However, the Fund’s options strategy outperformed its options benchmarks due to strike price selection and maturity diversification.

The Fund’s common stock portfolio outperformed the Index and contributed to relative performance during the period. On the sector level, contributors to Fund performance versus the Index included stock selection and an overweight position, relative to the Index, in the information technology (IT) sector, the strongest-performing sector in the Index during the period; an underweight position in the energy sector, the weakest-performing sector in the Index; and stock selection in the industrials and financials sectors. Within IT, an overweight position in hardware and services firm Apple, Inc. (Apple) helped relative results. While Apple’s earnings remained under pressure during the period due to slowing iPhone sales — particularly in its key Asia Pacific region — its stock price advanced over 88% on positive investor sentiment around the company’s growing services business.

In contrast, detractors from relative performance versus the Index included stock selections in the consumer discretionary and real estate sectors. In consumer discretionary, the Fund’s overweight position in Amazon.com, Inc. (Amazon) delivered double-digit returns, but nonetheless underperformed the Index and detracted from relative returns. After several years of strong share price appreciation, Amazon’s stock price was held back during the period by moderating, though still strong, sales growth across its e-commerce platform and Amazon Web Services, plus an increase in costs as the company invested to support future growth.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Performance²

Portfolio Managers Michael A. Allison, CFA of Eaton Vance Management and Thomas C. Seto of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		06/30/2005		20.23	%		9.26	%		10.29	%
Fund at Market Price		—		21.68			10.91			10.12
S&P 500® Index		—		31.49	%		11.69	%		13.55	%
NASDAQ–100® Index		—		39.46			16.90			18.06
Cboe S&P 500 BuyWrite IndexSM		—		15.68			7.00			7.04
Cboe NASDAQ–100 BuyWrite IndexSM		—		19.09			9.48			7.83
% Premium/Discount to NAV3
										2.12	%
Distributions4
Total Distributions per share for the period									$	1.330
Distribution Rate at NAV										9.08	%
Distribution Rate at Market Price										8.89	%

Fund Profile

Sector Allocation (% of total investments)⁵

Top 10 Holdings (% of total investments)⁵

Apple,Inc.	8.8	%
Microsoft Corp.	8.4
Amazon.com, Inc.	6.1
Facebook, Inc., Class A	3.7
Alphabet, Inc., Class A	3.4
Alphabet, Inc., Class C	2.6
Comcast Corp., Class A	1.9
Cisco Systems, Inc.	1.6
Texas Instruments, Inc.	1.6
Walt Disney Co. (The)	1.3
Total	39.4	%

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Fund Snapshot

Objective

The primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.

Strategy

The Fund invests in a diversified portfolio of common stocks and writes call options on one or more U.S. indices on a substantial portion of the value of its common stock portfolio to generate current earnings from the option premium. The Fund evaluates returns on an after tax basis and seeks to minimize and defer federal income taxes incurred by shareholders in connection with their investment in the Fund.

Options Strategy	Write Index Covered Calls
Equity Benchmarks2	S&P 500® Index NASDAQ–100® Index
Morningstar Category	Option Writing
Distribution Frequency	Monthly
Common Stock Portfolio
Positions Held	180
% US / Non-US	98.8/1.2
Average Market Cap	$433.9 Billion
Call Options Written
% of Stock Portfolio	95%
Average Days to Expiration	16 days
% In the Money	–1.4%

The following terms as used in the Fund snapshot:

Average Market Cap: An indicator of the size of the companies in which the Fund invests and is the sum of each security’s weight in the portfolio multiplied by its market cap. Market Cap is determined by multiplying the price of a share of a company’s common stock by the number of shares outstanding.

Call Option: For an index call option, the buyer has the right to receive from the seller (or writer) a cash payment at the option expiration date equal to any positive difference between the value of the index at contract expiration and the exercise price. The buyer of a call option makes a cash payment (premium) to the seller (writer) of the option upon entering into the option contract.

Covered Call Strategy: A strategy of owning a portfolio of common stocks and writing call options on all or a portion of such stocks to generate current earnings from option premium.

In the Money: For a call option on an index, the extent to which the current price of the index exceeds the exercise price of the option.

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Cboe S&P 500 BuyWrite IndexSM measures the performance of a hypothetical buy-write strategy on the S&P 500^® Index. Cboe NASDAQ–100 BuyWrite Index^SM measures the performance of a theoretical portfolio that owns stocks included in the NASDAQ–100^® Index and writes (sells) NASDAQ–100^® Index covered call options. Cboe Volatility Index^® tracks the implied volatilities of a wide range of S&P 500^® Index options. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

⁵ Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents.

⁶  Implied volatility refers to the market’s forecasted level of volatility going forward — one commonly used measure is the Cboe Volatility Index^®, which looks 30 days ahead — whereas realized volatility refers to the level of volatility that actually occurred.

Fund snapshot and profile subject to change due to active management.

5

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Portfolio of Investments

Common Stocks — 101.6%
Security	Shares		Value
Aerospace & Defense — 1.5%
Boeing Co. (The)(1)		13,686	$	4,458,352
L3Harris Technologies, Inc.		6,224		1,231,543
Northrop Grumman Corp.(1)		25,030		8,609,569
Raytheon Co.(1)		13,000		2,856,620
Textron, Inc.(1)		42,342		1,888,453
			$	19,044,537
Airlines — 0.3%
Alaska Air Group, Inc.		9,493	$	643,151
Southwest Airlines Co.(1)		52,956		2,858,565
			$	3,501,716
Automobiles — 0.3%
Ford Motor Co.		130,500	$	1,213,650
General Motors Co.(1)		59,000		2,159,400
			$	3,373,050
Banks — 3.6%
Bank of America Corp.(1)		281,824	$	9,925,841
Citizens Financial Group, Inc.		17,764		721,396
Fifth Third Bancorp(1)		88,466		2,719,445
Huntington Bancshares, Inc.(1)		179,679		2,709,559
JPMorgan Chase & Co.(1)		84,867		11,830,460
KeyCorp		38,413		777,479
M&T Bank Corp.		4,453		755,897
Regions Financial Corp.(1)		348,924		5,987,536
Truist Financial Corp.(1)		64,626		3,639,736
Wells Fargo & Co.(1)		102,330		5,505,354
Zions Bancorp NA		25,204		1,308,592
			$	45,881,295
Beverages — 2.0%
Coca-Cola Co. (The)(1)		153,082	$	8,473,088
PepsiCo, Inc.(1)		124,352		16,995,188
			$	25,468,276
Biotechnology — 3.1%
AbbVie, Inc.		6,412	$	567,718
Amgen, Inc.(1)		59,770		14,408,754
Biogen, Inc.(1)(2)		35,831		10,632,133
Gilead Sciences, Inc.(1)		210,061		13,649,764
			$	39,258,369

Security	Shares		Value
Building Products — 0.3%
A.O. Smith Corp.(1)		42,019	$	2,001,785
Allegion PLC		10,516		1,309,662
Johnson Controls International PLC(1)		25,446		1,035,907
			$	4,347,354
Capital Markets — 2.1%
CME Group, Inc.(1)		12,294	$	2,467,652
Goldman Sachs Group, Inc. (The)(1)		12,655		2,909,764
Invesco Ltd.(1)		25,937		466,347
Moody’s Corp.(1)		28,831		6,844,768
Morgan Stanley(1)		43,096		2,203,068
S&P Global, Inc.(1)		33,507		9,149,086
State Street Corp.		13,478		1,066,110
T. Rowe Price Group, Inc.(1)		13,079		1,593,545
			$	26,700,340
Chemicals — 1.2%
Air Products and Chemicals, Inc.(1)		13,083	$	3,074,374
Corteva, Inc.(2)		20,341		601,280
Dow, Inc.(2)		20,341		1,113,263
DuPont de Nemours, Inc.		20,341		1,305,892
PPG Industries, Inc.(1)		69,093		9,223,225
			$	15,318,034
Commercial Services & Supplies — 0.4%
Copart, Inc.(1)(2)		53,829	$	4,895,209
Waste Management, Inc.		6,187		705,071
			$	5,600,280
Communications Equipment — 1.8%
Arista Networks, Inc.(1)(2)		12,000	$	2,440,800
Cisco Systems, Inc.(1)		425,260		20,395,470
			$	22,836,270
Consumer Finance — 1.0%
American Express Co.(1)		30,565	$	3,805,037
Capital One Financial Corp.(1)		10,757		1,107,003
Discover Financial Services(1)		87,596		7,429,892
			$	12,341,932
Containers & Packaging — 0.2%
Packaging Corp. of America		6,741	$	754,925
WestRock Co.(1)		38,778		1,663,964
			$	2,418,889

6 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Distributors — 0.1%
Genuine Parts Co.(1)		16,898	$	1,795,075
			$	1,795,075
Diversified Financial Services — 0.5%
Berkshire Hathaway, Inc., Class B(1)(2)		26,791	$	6,068,161
			$	6,068,161
Diversified Telecommunication Services — 1.1%
AT&T, Inc.(1)		122,541	$	4,788,902
Verizon Communications, Inc.(1)		140,832		8,647,085
			$	13,435,987
Electric Utilities — 1.0%
American Electric Power Co., Inc.		6,004	$	567,438
Edison International(1)		99,348		7,491,833
NextEra Energy, Inc.(1)		18,000		4,358,880
			$	12,418,151
Electronic Equipment, Instruments & Components — 0.1%
FLIR Systems, Inc.		22,766	$	1,185,426
			$	1,185,426
Energy Equipment & Services — 0.0%(3)
Apergy Corp.(2)		14,935	$	504,504
			$	504,504
Entertainment — 2.4%
Netflix, Inc.(1)(2)		40,535	$	13,115,910
Walt Disney Co. (The)(1)		119,119		17,228,181
			$	30,344,091
Equity Real Estate Investment Trusts (REITs) — 1.3%
American Tower Corp.(1)		17,730	$	4,074,709
Apartment Investment & Management Co., Class A(1)		42,138		2,176,428
Boston Properties, Inc.		7,000		965,020
Digital Realty Trust, Inc.		11,664		1,396,647
Mid-America Apartment Communities, Inc.		7,970		1,050,924
ProLogis, Inc.		12,000		1,069,680
Simon Property Group, Inc.(1)		36,850		5,489,176
			$	16,222,584
Food & Staples Retailing — 1.2%
Kroger Co. (The)(1)		75,174	$	2,179,294

Security	Shares		Value
Food & Staples Retailing (continued)
Sysco Corp.(1)		38,977	$	3,334,093
Walmart, Inc.(1)		82,934		9,855,876
			$	15,369,263
Food Products — 1.5%
Hershey Co. (The)		5,163	$	758,858
Hormel Foods Corp.		21,160		954,528
Lamb Weston Holdings, Inc.		16,086		1,383,878
Mondelez International, Inc., Class A(1)		212,633		11,711,826
Tyson Foods, Inc., Class A(1)		45,000		4,096,800
			$	18,905,890
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories(1)		52,617	$	4,570,313
Baxter International, Inc.(1)		36,672		3,066,513
Danaher Corp.		4,686		719,207
Edwards Lifesciences Corp.(1)(2)		22,126		5,161,774
Intuitive Surgical, Inc.(1)(2)		28,463		16,825,902
Stryker Corp.(1)		33,820		7,100,171
			$	37,443,880
Health Care Providers & Services — 2.3%
Cigna Corp.(1)		33,534	$	6,857,368
CVS Health Corp.(1)		88,422		6,568,870
DaVita, Inc.(2)		11,550		866,597
McKesson Corp.		7,813		1,080,694
UnitedHealth Group, Inc.(1)		46,743		13,741,507
			$	29,115,036
Hotels, Restaurants & Leisure — 1.9%
Chipotle Mexican Grill, Inc.(1)(2)		3,300	$	2,762,463
Darden Restaurants, Inc.		6,000		654,060
Marriott International, Inc., Class A(1)		77,914		11,798,517
McDonald’s Corp.(1)		35,561		7,027,209
Yum! Brands, Inc.		14,466		1,457,160
			$	23,699,409
Household Durables — 0.1%
Whirlpool Corp.(1)		11,390	$	1,680,367
			$	1,680,367
Household Products — 0.6%
Clorox Co. (The)(1)		33,390	$	5,126,700
Procter & Gamble Co. (The)(1)		23,414		2,924,409
			$	8,051,109

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.1%
NRG Energy, Inc.(1)		47,025	$	1,869,244
			$	1,869,244
Industrial Conglomerates — 1.1%
3M Co.(1)		11,474	$	2,024,243
Honeywell International, Inc.(1)		64,422		11,402,694
			$	13,426,937
Insurance — 1.5%
American International Group, Inc.(1)		86,910	$	4,461,090
Chubb, Ltd.(1)		35,393		5,509,274
Everest Re Group, Ltd.		3,139		869,001
Marsh & McLennan Cos., Inc.(1)		15,767		1,756,601
Travelers Cos., Inc. (The)(1)		35,246		4,826,940
Unum Group(1)		70,698		2,061,554
			$	19,484,460
Interactive Media & Services — 9.7%
Alphabet, Inc., Class A(1)(2)		32,294	$	43,254,261
Alphabet, Inc., Class C(1)(2)		24,729		33,063,167
Facebook, Inc., Class A(1)(2)		229,901		47,187,180
			$	123,504,608
Internet & Direct Marketing Retail — 6.2%
Amazon.com, Inc.(1)(2)		42,435	$	78,413,090
			$	78,413,090
IT Services — 3.8%
Alliance Data Systems Corp.(1)		7,945	$	891,429
Cognizant Technology Solutions Corp., Class A(1)		143,537		8,902,165
Fidelity National Information Services, Inc.(1)		62,742		8,726,785
Mastercard, Inc., Class A(1)		38,080		11,370,307
VeriSign, Inc.(1)(2)		31,550		6,079,054
Visa, Inc., Class A(1)		63,696		11,968,478
			$	47,938,218
Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		12,000	$	1,023,720
PerkinElmer, Inc.(1)		23,065		2,239,611
			$	3,263,331
Machinery — 1.5%
Caterpillar, Inc.		5,735	$	846,945

Security	Shares		Value
Machinery (continued)
Dover Corp.(1)		29,870	$	3,442,816
Ingersoll-Rand PLC(1)		23,525		3,126,943
Parker-Hannifin Corp.(1)		14,287		2,940,550
Stanley Black & Decker, Inc.(1)		49,559		8,213,909
			$	18,571,163
Media — 2.2%
Comcast Corp., Class A(1)		548,921	$	24,684,977
ViacomCBS, Inc., Class B(1)		88,076		3,696,550
			$	28,381,527
Metals & Mining — 0.2%
Newmont Goldcorp Corp.		25,563	$	1,110,712
Nucor Corp.		22,035		1,240,130
			$	2,350,842
Multi-Utilities — 1.3%
CMS Energy Corp.(1)		177,055	$	11,126,136
Dominion Energy, Inc.(1)		36,763		3,044,712
Sempra Energy(1)		13,873		2,101,482
			$	16,272,330
Multiline Retail — 0.2%
Macy’s, Inc.(1)		54,345	$	923,865
Nordstrom, Inc.		11,790		482,565
Target Corp.		8,193		1,050,424
			$	2,456,854
Oil, Gas & Consumable Fuels — 2.2%
Chevron Corp.(1)		66,225	$	7,980,775
ConocoPhillips(1)		35,000		2,276,050
EOG Resources, Inc.(1)		32,900		2,755,704
Exxon Mobil Corp.(1)		67,669		4,721,943
Murphy Oil Corp.(1)		61,974		1,660,903
Phillips 66(1)		57,101		6,361,622
Pioneer Natural Resources Co.		10,000		1,513,700
Williams Cos., Inc. (The)		37,548		890,639
			$	28,161,336
Personal Products — 1.0%
Estee Lauder Cos., Inc. (The), Class A(1)		63,774	$	13,171,882
			$	13,171,882

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.(1)		198,201	$	12,722,522
Eli Lilly & Co.(1)		12,046		1,583,206
Johnson & Johnson(1)		43,189		6,299,979
Merck & Co., Inc.(1)		120,026		10,916,365
Pfizer, Inc.(1)		242,074		9,484,459
			$	41,006,531
Professional Services — 0.4%
Equifax, Inc.(1)		15,738	$	2,205,209
Robert Half International, Inc.(1)		39,255		2,478,953
			$	4,684,162
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(2)		24,669	$	1,511,963
			$	1,511,963
Road & Rail — 0.8%
Kansas City Southern		4,645	$	711,428
Norfolk Southern Corp.(1)		9,503		1,844,817
Ryder System, Inc.		12,392		673,010
Union Pacific Corp.(1)		37,756		6,825,907
			$	10,055,162
Semiconductors & Semiconductor Equipment — 7.1%
Advanced Micro Devices, Inc.(1)(2)		132,313	$	6,067,874
Analog Devices, Inc.(1)		56,522		6,717,075
ASML Holding NV - NY Shares(1)		20,394		6,035,400
Cypress Semiconductor Corp.(1)		38,941		908,494
Intel Corp.(1)		285,159		17,066,766
Microchip Technology, Inc.(1)		53,000		5,550,160
NXP Semiconductors NV(1)		69,644		8,862,895
ON Semiconductor Corp.(1)(2)		99,333		2,421,739
QUALCOMM, Inc.(1)		183,978		16,232,379
Texas Instruments, Inc.(1)		156,256		20,046,082
			$	89,908,864
Software — 11.1%
ANSYS, Inc.(1)(2)		14,433	$	3,715,199
Fortinet, Inc.(1)(2)		48,262		5,152,451
Microsoft Corp.(1)		682,426		107,618,580
Oracle Corp.(1)		246,551		13,062,272
salesforce.com, Inc.(1)(2)		66,769		10,859,310
			$	140,407,812

Security	Shares		Value
Specialty Retail — 2.1%
Advance Auto Parts, Inc.(1)		26,636	$	4,266,022
Best Buy Co., Inc.(1)		28,506		2,502,827
Home Depot, Inc. (The)(1)		56,895		12,424,730
Lowe’s Cos., Inc.		11,000		1,317,360
Tiffany & Co.(1)		28,579		3,819,583
TJX Cos., Inc. (The)(1)		44,000		2,686,640
			$	27,017,162
Technology Hardware, Storage & Peripherals — 9.0%
Apple, Inc.(1)		387,024	$	113,649,598
Hewlett Packard Enterprise Co.		10,000		158,600
			$	113,808,198
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B(1)		106,344	$	10,773,711
			$	10,773,711
Tobacco — 0.3%
Altria Group, Inc.		25,875	$	1,291,421
Philip Morris International, Inc.(1)		24,163		2,056,030
			$	3,347,451
Trading Companies & Distributors — 0.5%
Fastenal Co.(1)		158,488	$	5,856,132
			$	5,856,132
Total Common Stocks — 101.6% (identified cost $331,633,925)			$	1,287,972,245
Total Written Call Options — (2.1)% (premiums received $15,103,118)			$	(25,902,375	)
Other Assets, Less Liabilities — 0.5%			$	6,076,087
Net Assets — 100.0%			$	1,268,145,957

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾  Security (or a portion thereof) has been pledged as collateral for written options.

⁽²⁾  Non-income producing security.

⁽³⁾  Amount is less than 0.05%.

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Portfolio of Investments — continued

Written Call Options — (2.1)%
Exchange-Traded Options — (2.1)%
Description	Number of Contracts		Notional Amount	Exercise Price		Expiration Date		Value
NASDAQ 100 Index		71	$62,004,797	$	8,250		1/3/20	$	(3,432,140	)
NASDAQ 100 Index		71	62,004,797		8,400		1/8/20		(2,421,810	)
NASDAQ 100 Index		71	62,004,797		8,400		1/10/20		(2,476,480	)
NASDAQ 100 Index		70	61,131,490		8,500		1/15/20		(1,889,300	)
NASDAQ 100 Index		70	61,131,490		8,600		1/17/20		(1,372,350	)
NASDAQ 100 Index		70	61,131,490		8,600		1/22/20		(1,460,200	)
NASDAQ 100 Index		70	61,131,490		8,750		1/24/20		(830,550	)
NASDAQ 100 Index		69	60,258,183		8,850		1/29/20		(568,905	)
S&P 500 Index		189	61,061,742		3,150		1/3/20		(1,537,515	)
S&P 500 Index		188	60,738,664		3,150		1/6/20		(1,545,360	)
S&P 500 Index		189	61,061,742		3,135		1/8/20		(1,860,705	)
S&P 500 Index		188	60,738,664		3,165		1/10/20		(1,363,000	)
S&P 500 Index		188	60,738,664		3,200		1/13/20		(845,060	)
S&P 500 Index		188	60,738,664		3,200		1/15/20		(897,700	)
S&P 500 Index		187	60,415,586		3,225		1/17/20		(625,515	)
S&P 500 Index		188	60,738,664		3,235		1/21/20		(544,260	)
S&P 500 Index		188	60,738,664		3,245		1/22/20		(463,420	)
S&P 500 Index		186	60,092,508		3,250		1/24/20		(460,350	)
S&P 500 Index		185	59,769,430		3,250		1/27/20		(483,775	)
S&P 500 Index		186	60,092,508		3,225		1/29/20		(823,980	)
Total								$	(25,902,375	)

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Unaffiliated investments, at value (identified cost, $331,633,925)	$	1,287,972,245
Cash		4,292,603
Dividends receivable		998,572
Receivable for premiums on written options		748,801
Receivable for Fund shares sold		3,293,601
Receivable from the transfer agent		482,227
Total assets	$	1,297,788,049
Liabilities
Written options outstanding, at value (premiums received, $15,103,118)	$	25,902,375
Payable for closed written options		2,189,850
Payable to affiliates:
Investment adviser fee		1,063,583
Trustees’ fees		14,465
Accrued expenses		471,819
Total liabilities	$	29,642,092
Net Assets	$	1,268,145,957
Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares authorized, 86,617,268 shares issued and outstanding	$	866,173
Additional paid-in capital		399,073,285
Distributable earnings		868,206,499
Net Assets	$	1,268,145,957
Net Asset Value
($1,268,145,957 ÷ 86,617,268 common shares issued and outstanding)	$	14.64

11 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividends (net of foreign taxes, $22,400)	$	19,374,683
Total investment income	$	19,374,683
Expenses
Investment adviser fee	$	11,579,733
Trustees’ fees and expenses		61,140
Custodian fee		347,498
Transfer and dividend disbursing agent fees		18,180
Legal and accounting services		82,754
Printing and postage		345,226
Miscellaneous		126,046
Total expenses	$	12,560,577
Net investment income	$	6,814,106
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	57,430,595
Written options		(115,032,183	)
Net realized loss	$	(57,601,588	)
Change in unrealized appreciation (depreciation) —
Investments	$	273,924,087
Written options		(14,281,413	)
Net change in unrealized appreciation (depreciation)	$	259,642,674
Net realized and unrealized gain	$	202,041,086
Net increase in net assets from operations	$	208,855,192

12 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	6,814,106		$	5,544,014
Net realized gain (loss)		(57,601,588	)		20,962,211
Net change in unrealized appreciation (depreciation)		259,642,674			(60,653,068	)
Net increase (decrease) in net assets from operations	$	208,855,192		$	(34,146,843	)
Distributions to shareholders	$	(6,760,040	)	$	(34,067,530	)
Tax return of capital to shareholders	$	(102,235,242	)	$	(62,394,531	)
Capital share transactions —
Proceeds from shelf offering, net of offering costs (see Note 5)	$	123,872,899		$	142,193,009
Reinvestment of distributions		5,342,116			4,420,653
Net increase in net assets from capital share transactions	$	129,215,015		$	146,613,662
Net increase in net assets	$	229,074,925		$	16,004,758
Net Assets
At beginning of year	$	1,039,071,032		$	1,023,066,274
At end of year	$	1,268,145,957		$	1,039,071,032

13 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Financial Highlights

	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	13.360		$	15.010		$	14.050		$	14.570		$	14.840
Income (Loss) From Operations
Net investment income(1)	$	0.083		$	0.077		$	0.089		$	0.119		$	0.109
Net realized and unrealized gain (loss)		2.486			(0.436	)		2.167			0.691			0.951
Total income (loss) from operations	$	2.569		$	(0.359	)	$	2.256		$	0.810		$	1.060
Less Distributions
From net investment income	$	(0.082	)	$	(0.076	)	$	(0.089	)	$	(0.117	)	$	(0.130	)
From net realized gain		—			(0.394	)		—			(0.435	)		(0.800	)
Tax return of capital		(1.248	)		(0.860	)		(1.241	)		(0.778	)		(0.400	)
Total distributions	$	(1.330	)	$	(1.330	)	$	(1.330	)	$	(1.330	)	$	(1.330	)
Premium from common shares sold through shelf offering (see Note 5)(1)	$	0.041		$	0.039		$	0.034		$	—		$	—
Net asset value — End of year	$	14.640		$	13.360		$	15.010		$	14.050		$	14.570
Market value — End of year	$	14.950		$	13.480		$	15.370		$	14.840		$	15.300
Total Investment Return on Net Asset Value(2)		20.23	%		(2.65	)%		16.93	%		6.04	%		7.32	%
Total Investment Return on Market Value(2)		21.68	%		(4.08	)%		13.36	%		6.58	%		19.04	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,268,146		$	1,039,071		$	1,023,066		$	898,991		$	929,375
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.08	%		1.09	%		1.08	%		1.09	%		1.08	%
Net investment income		0.59	%		0.52	%		0.61	%		0.85	%		0.73	%
Portfolio Turnover		6	%		9	%		4	%		4	%		5	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

14 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Tax-Managed Buy-Write Opportunities Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices 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 ask prices.

Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non U.S. exchange-traded options and over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates.

D  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of December 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Written Options — Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the exercise

15

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Notes to Financial Statements — continued

price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

2  Distributions to Shareholders and Income Tax Information

Subject to its Managed Distribution Plan, the Fund makes monthly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of capital component.

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	6,760,040	$	5,519,860
Long-term capital gains	$	—	$	28,547,670
Tax return of capital	$	102,235,242	$	62,394,531

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Deferred capital losses	$	(71,827,002	)
Net unrealized appreciation	$	940,033,501

At December 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $71,827,002 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2019, $54,122,028 are short-term and $17,704,974 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	347,938,744
Gross unrealized appreciation	$	940,033,501
Gross unrealized depreciation		—
Net unrealized appreciation	$	940,033,501

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Fund’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage, if any. For the year ended December 31, 2019, the Fund’s investment adviser fee amounted to $11,579,733. Pursuant to a sub-advisory agreement, EVM has delegated a portion of the investment management to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund. EVM also serves as administrator of the Fund, but receives no compensation.

16

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Notes to Financial Statements — continued

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended December 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $68,644,465 and $153,492,004, respectively, for the year ended December 31, 2019.

5  Common Shares of Beneficial Interest and Shelf Offering

Common shares issued by the Fund pursuant to its dividend reinvestment plan for the years ended December 31, 2019 and December 31, 2018 were 373,964 and 299,332, respectively.

In August 2012, the Board of Trustees initially approved a share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the years ended December 31, 2019 and December 31, 2018.

Pursuant to a registration statement filed with and declared effective on May 31, 2018 by the SEC, the Fund was authorized to issue an additional 11,655,048 common shares through an equity shelf offering program (the “shelf offering”). As of July 29, 2019, pursuant to a subsequent registration statement filed with the SEC, the Fund is authorized to issue an additional 14,101,756 common shares. Under the shelf offering, the Fund, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Fund’s net asset value per common share.

During the years ended December 31, 2019 and December 31, 2018, the Fund sold 8,481,398 and 9,302,557 common shares, respectively, and received proceeds (net of offering costs) of $123,872,899 and $142,193,009, respectively, through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were $3,355,029 and $2,831,436, respectively. Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, is the distributor of the Fund’s shares and is entitled to receive a sales commission from the Fund of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Fund was informed that the sales commissions retained by EVD during the years ended December 31, 2019 and December 31, 2018 were $250,253 and $287,263, respectively.

6  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at December 31, 2019 is included in the Portfolio of Investments. At December 31, 2019, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the value of the underlying index decline.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at December 31, 2019 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Written options	$	—	$	(25,902,375	)

⁽¹⁾  Statement of Assets and Liabilities location: Written options outstanding, at value.

17

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Notes to Financial Statements — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2019 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Written options	$	(115,032,183	)	$	(14,281,413	)

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Written options.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Written options.

The average number of written options contracts outstanding during the year ended December 31, 2019, which is indicative of the volume of this derivative type, was 2,848 contracts.

7  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is 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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At December 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	1,287,972,245	*	$	—	$	—	$	1,287,972,245
Total Investments	$	1,287,972,245		$	—	$	—	$	1,287,972,245
Liability Description
Written Call Options	$	(25,902,375	)	$	—	$	—	$	(25,902,375	)
Total	$	(25,902,375	)	$	—	$	—	$	(25,902,375	)

* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

18

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Eaton Vance Tax-Managed Buy-Write Opportunities Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Buy-Write Opportunities Fund (the “Fund”), including the portfolio of investments, as of December 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 18, 2020

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

19

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you received in February 2020 showed the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Dividend Income.  For the fiscal year ended December 31, 2019, the Fund designates approximately $18,706,387, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2019 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

20

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Dividend Reinvestment Plan

The Fund offers a dividend reinvestment plan (Plan) pursuant to which shareholders may elect to have distributions automatically reinvested in common shares (Shares) of the Fund. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer & Trust Company, LLC (AST) as dividend paying agent. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by AST, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.

If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Fund’s transfer agent re-register your Shares in your name or you will not be able to participate.

The Agent’s service fee for handling distributions will be paid by the Fund. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.

21

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Application for Participation in Dividend Reinvestment Plan

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

Please print exact name on account

Shareholder signature                                                          Date

Shareholder signature                                                          Date

Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

c/o American Stock Transfer & Trust Company, LLC

P.O. Box 922

Wall Street Station

New York, NY 10269-0560

22

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Tax-Managed Buy-Write Opportunities Fund (the Fund) are responsible for the overall management and supervision of the Fund’s affairs. The Trustees and officers of the Fund are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Fund, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 159 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds.

Name and Year of Birth	Position(s) with the Fund	Term Expiring; Trustee  Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Class I Trustee	Until 2021. Trustee since 2007.	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Fund. Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Class III Trustee	Until 2020. Trustee since 2016.	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Class I Trustee	Until 2021. Trustee since 2014.	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Class II Trustee	Until 2022. Trustee since 2014.	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Class III Trustee	Until 2020. Trustee since 2014.	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Chairperson of the Board and Class II Trustee	Until 2022. Chairperson of the Board since 2016 and Trustee since 2003.	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

23

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Fund	Term Expiring; Trustee  Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Helen Frame Peters 1948	Class III Trustee	Until 2020. Trustee since 2008.	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Class II Trustee	Until 2022. Trustee since 2018.	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith 1966	Class III Trustee	Until 2020. Trustee since 2018.	Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Class II Trustee	Until 2022. Trustee since 2015.	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Class I Trustee	Until 2021. Trustee since 2016.	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.
Name and Year of Birth	Position(s) with the Fund	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Edward J. Perkin 1972	President	2014	Vice President and Chief Equity Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”) since 2016.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal.

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election. Each officer serves until his or her successor is elected.

24

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

25

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15^th Avenue

Brooklyn, NY 11219

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

2551    12.31.19

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a) –(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended December 31, 2018 and December 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Fiscal Years Ended	12/31/18		12/31/19
Audit Fees	$	53,040	$	53,800
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	9,302	$	9,142
All Other Fees(3)	$	0	$	0
Total	$	62,342	$	62,942

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended December 31, 2018 and December 31, 2019; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

Fiscal Years Ended	12/31/18		12/31/19
Registrant	$	9,302	$	9,142
Eaton Vance(1)	$	126,485	$	59,903

⁽¹⁾  The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. George J. Gorman (Chair), William H. Park, Helen Frame Peters and Scott E. Wennerholm are the members of the registrant’s audit committee.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board, or any committee, sub-committee or group of Independent Trustees identified by the Board, which will instruct the investment adviser on the appropriate course of action. If the Board Members are unable to meet and the failure to vote a proxy would have a material adverse impact on the Fund, the investment adviser may vote such proxy, provided that it discloses the existence of the material conflict to the Chairperson of the Fund’s Board of Trustees as soon as practicable and to the Board of Trustees at its next meeting.

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies in accordance with customized proxy voting guidelines (the “Guidelines”) and/or refer then back to the investment adviser pursuant to the Policies.

The Agent is required to establish and maintain adequate internal controls and policies in connection with the provision of proxy voting services, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict of interest. The Guidelines include voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may cause the Fund to abstain from voting from time to time where it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote or it is unable to access or access timely ballots or other proxy information, among other stated reasons. The Agent will refer Fund proxies to the investment adviser for instructions under circumstances where, among others: (1) the application of the Guidelines is unclear; (2) a particular proxy question is not covered by the Guidelines; or (3) the Guidelines require input from the investment adviser. When a proxy voting issue has been referred to the investment adviser, the analyst (or portfolio manager if applicable) covering the company subject to the proxy proposal determines the final vote (or decision not to vote) and the investment adviser’s Proxy Administrator (described below) instructs the Agent to vote accordingly for securities held by the Fund. Where more than one analyst covers a particular company and the recommendations of such analysts voting a proposal conflict, the investment adviser’s Global Proxy Group (described below) will review such recommendations and any other available information related to the proposal and determine the manner in which it should be voted, which may result in different recommendations for the Fund that may differ from other clients of the investment adviser.

The investment adviser has appointed a Proxy Administrator to assist in the coordination of the voting of client proxies (including the Fund’s) in accordance with the Guidelines and the Policies. The investment adviser and its affiliates have also established a Global Proxy Group. The Global Proxy Group develops the investment adviser’s positions on all major corporate issues, creates the Guidelines and oversees the proxy voting process. The Proxy Administrator maintains a record of all proxy questions that have been referred by the Agent, all

applicable recommendations, analysis and research received and any resolution of the matter. Before instructing the Agent to vote contrary to the Guidelines or the recommendation of the Agent, the Proxy Administrator will provide the Global Proxy Group with the Agent’s recommendation for the proposal along with any other relevant materials, including the basis for the analyst’s recommendation. The Proxy Administrator will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. A similar process will be followed if the Agent has a conflict of interest with respect to a proxy. The investment adviser will report to the Fund’s Board of Trustees any votes cast contrary to the Guidelines or Agent recommendations, as applicable, no less than annually.

The investment adviser’s Global Proxy Group is responsible for monitoring and resolving possible material conflicts with respect to proxy voting. Because the Guidelines are predetermined and designed to be in the best interests of shareholders, application of the Guidelines to vote client proxies should, in most cases, adequately address any possible conflict of interest. The investment adviser will monitor situations that may result in a conflict of interest between any of its clients and the investment adviser or any of its affiliates by maintaining a list of significant existing and prospective corporate clients. The Proxy Administrator will compare such list with the names of companies of which he or she has been referred a proxy statement (the “Proxy Companies”). If a company on the list is also a Proxy Company, the Proxy Administrator will report that fact to the Global Proxy Group. If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy Group will first determine, in consultation with legal counsel if necessary, whether a material conflict exists. If it is determined that a material conflict exists, the investment adviser will seek instruction on how the proxy should be voted from the Fund’s Board of Trustees, or any committee or subcommittee identified by the Board. If a matter is referred to the Global Proxy Group, the decision made and basis for the decision will be documented by the Proxy Administrator and/or Global Proxy Group.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Eaton Vance Management (“EVM” or “Eaton Vance”) is the investment adviser of the Fund. EVM has engaged its affiliate, Parametric Portfolio Associates LLC (“Parametric”), as the sub-adviser of the Fund. Michael A. Allison and Thomas C. Seto comprise the investment team responsible for the overall and day-to-day management of the Fund’s investments.

Mr. Allison is a Vice President of EVM, is a member of EVM’s Equity Strategy Committee and has been a portfolio manager of the Fund since June 2015. Mr. Seto is Head of Investment Management at Parametric’s Seattle Investment Center and has been a portfolio manager of the Fund since April 2005. Messrs. Allison and Seto have managed other Eaton Vance portfolios for more than five years. This information is provided as of the date of filing this report.

The following table shows, as of the Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.

	Number of All Accounts			Total Assets of All Accounts			Number of Accounts Paying a Performance Fee		Total Assets of Accounts Paying a Performance Fee
Michael A. Allison(1)
Registered Investment Companies		17		$	37,711.9			0	$	0
Other Pooled Investment Vehicles		14		$	25,769.3	(3)		0	$	0
Other Accounts		1		$	0.4			0	$	0
Thomas C. Seto
Registered Investment Companies		39	(2)	$	27,039.8			0	$	0
Other Pooled Investment Vehicles		10		$	2,496.9			0	$	0
Other Accounts		40,734		$	134,475.6	(4)		0	$	0

⁽¹⁾  This portfolio manager serves as portfolio manager of one or more registered investment companies that invests or may invest in one or more underlying registered investment companies in the Eaton Vance family of funds or other pooled investment vehicles sponsored by Eaton Vance. The underlying investment companies may be managed by this portfolio manager or another portfolio manager.

⁽²⁾  This portfolio manager provides investment advice with respect to only a portion of the total assets of certain of these accounts. Only the assets allocated to this portfolio manager as of the Fund’s most recent fiscal year end are reflected in the table.

⁽³⁾  Certain of these “Other Pooled Investment Vehicles” invest a substantial portion of their assets either in a registered investment company in the Eaton Vance family of funds and/or in a separate pooled investment vehicle sponsored by Eaton Vance which may be managed by this portfolio manager or another portfolio manager.

⁽⁴⁾  For “Other Accounts” that are part of a wrap or model account program, the number of accounts is the number of sponsors for which the portfolio manager provides advisory services rather than the number of individual customer accounts within each wrap or model account program.

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Fund’s most recent fiscal year end.

Portfolio Manager	Dollar Range of Equity Securities Beneficially Owned in the Fund
Michael A. Allison	$1 - $10,000
Thomas C. Seto	None

Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments on the one hand and the investments of other

accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his discretion in a manner that he believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.

Compensation Structure for EVM

Compensation of EVM’s portfolio managers and other investment professionals has the following primary components: (1) a base salary, (2) an annual cash bonus, (3) annual non-cash compensation consisting of options to purchase shares of Eaton Vance Corp.’s (“EVC”) nonvoting common stock and/or restricted shares of EVC nonvoting common stock that generally are subject to a vesting schedule and (4) (for equity portfolio managers) a Deferred Alpha Incentive Plan, which pays a deferred cash award tied to future excess returns in certain equity strategy portfolios. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to Sharpe Ratio, which uses standard deviation and excess return to determine reward per unit of risk. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. Pursuant to the Deferred Alpha Incentive Plan, a portion of the compensation payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts managed by such manager, that are not advised by Calvert Management and Research to achieve a specified target average annual gross return over a three year period in excess of the account benchmark. The cash award to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return.

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.

Compensation Structure for Parametric

Compensation of Parametric portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual equity-based compensation awards that generally are subject to a vesting schedule. Stock-based compensation awards and adjustments in base salary and bonuses are typically paid and/or put into effect at or shortly after, the firm’s fiscal year-end, October 31.

The firm also maintains the following arrangements:

• Employment contracts for key investment professionals and senior leadership.

• Eligible employees receive Eaton Vance equity grants that vest over a multi-year period from grant date

Method to Determine Compensation. Because the Fund’s strategies are rules-based, portfolio managers and other investment professionals primarily are measured with respect to whether a strategy’s rules as implemented delivered on the strategy’s objectives. In evaluating the foregoing, Parametric evaluates the manner in which the strategy is implemented relative to strategy targets, rebalancing portfolio exposures consistent with pre-determined triggers, and judicious trade construction. Portfolio managers are also expected to monitor local market trading practices that may impact implementation of a strategy and to seek potential ways to address them as needed. This is particularly relevant in the emerging markets, where market practices are continuously evolving. If the portfolio manager deviates from the implementation of the rules as defined by the strategy, they are not performing the responsibilities of their role and compensation may be adjusted accordingly.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. 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) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

No activity to report for the registrant’s most recent fiscal year end.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.
(c)	Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan.

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/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	February 24, 2020

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/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	February 24, 2020
By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	February 24, 2020

EX-99.CERT

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

FORM N-CSR

Exhibit 13(a)(2)(i)

CERTIFICATION

I, James F. Kirchner, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Tax-Managed Buy-Write Opportunities Fund;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 24, 2020	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Edward J. Perkin, certify that:

1.    I have reviewed this report on Form N-CSR of Eaton Vance Tax-Managed Buy-Write Opportunities Fund;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 24, 2020	/s/ Edward J. Perkin
	Edward J. Perkin
	President

EX-99.906CERT

Form N-CSR Item 13(b) Exhibit

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Tax-Managed Buy-Write Opportunities Fund (the “Fund”), that:

(a) the Annual Report of the Fund on Form N-CSR for the period ended December 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Date: February 24, 2020

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: February 24, 2020

/s/ Edward J. Perkin

Edward J. Perkin

President

EX-99.12(C)

Form N-CSR Item 13(c) Exhibit

Dear Eaton Vance Fund Shareholder:

This notice provides shareholders of the Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) with important information concerning the distribution declared in July 2019. You are receiving this notice as a requirement of the Fund’s managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the July distribution. It is not determinative of the tax character of the Fund’s distributions for the 2019 calendar year.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution Period: July 2019

Distribution Amount per Common Share: $0.1108

The following table sets forth an estimate of the sources of the Fund’s July distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Source	Current Distribution		% of Current Distribution			Cumulative Distributions for the Fiscal Year-to-Date1		% of the Cumulative Distributions for the  Fiscal Year-to-Date1
Net Investment Income	$	0.0062		5.6	%	$	0.0512		6.6	%
Net Realized Short-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Net Realized Long-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Return of Capital or Other Capital Source(s)	$	0.1046		94.4	%	$	0.7244		93.4	%
Total per common share	$	0.1108		100.0	%	$	0.7756		100.0	%

¹  The Fund’s fiscal year is January 1, 2019 to December 31, 2019

IMPORTANT DISCLOSURE: You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Set forth in the table below is information relating to the Fund’s performance based on its net asset value (NAV) for certain periods.    

Average annual total return at NAV for the 5-year period ended on June 30, 20191	8.26	%
Annualized current distribution rate expressed as a percentage of NAV as of June 30, 20192	9.41	%
Cumulative total return at NAV for the fiscal year through June 30, 20193	10.82	%
Cumulative fiscal year to date distribution rate as a percentage of NAV as of June 30, 20194	4.70	%

¹  Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on June 30, 2019.

²  The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of June 30, 2019.

³  Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its fiscal year to June 30, 2019 including distributions paid and assuming reinvestment of those distributions.

⁴  Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to June 30, 2019 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of June 30, 2019.

If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.

NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2019 calendar year.

NO ACTION IS REQUIRED ON YOUR PART.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

July 31, 2019

Dear Eaton Vance Fund Shareholder:

This notice provides shareholders of the Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) with important information concerning the distribution declared in August 2019. You are receiving this notice as a requirement of the Fund’s managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the August distribution. It is not determinative of the tax character of the Fund’s distributions for the 2019 calendar year.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution Period: August 2019

Distribution Amount per Common Share: $0.1108

The following table sets forth an estimate of the sources of the Fund’s August distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Source	Current Distribution		% of Current Distribution			Cumulative Distributions for the Fiscal Year-to-Date1		% of the Cumulative Distributions for the Fiscal Year-to-Date1
Net Investment Income	$	0.0061		5.5	%	$	0.0567		6.4	%
Net Realized Short-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Net Realized Long-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Return of Capital or Other Capital Source(s)	$	0.1047		94.5	%	$	0.8297		93.6	%
Total per common share	$	0.1108		100.0	%	$	0.8864		100.0	%

¹  The Fund’s fiscal year is January 1, 2019 to December 31, 2019

IMPORTANT DISCLOSURE: You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Set forth in the table below is information relating to the Fund’s performance based on its net asset value (NAV) for certain periods.    

Average annual total return at NAV for the 5-year period ended on July 31, 20191	8.71	%
Annualized current distribution rate expressed as a percentage of NAV as of July 31, 20192	9.33	%
Cumulative total return at NAV for the fiscal year through July 31, 20193	12.60	%
Cumulative fiscal year to date distribution rate as a percentage of NAV as of July 31, 20194	5.44	%

¹  Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on July 31, 2019.

²  The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of July 31, 2019.

³  Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its fiscal year to July 31, 2019 including distributions paid and assuming reinvestment of those distributions.

⁴  Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to July 31, 2019 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of July 31, 2019.

If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.

NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2019 calendar year.

NO ACTION IS REQUIRED ON YOUR PART.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

August 30, 2019

Dear Eaton Vance Fund Shareholder:

This notice provides shareholders of the Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) with important information concerning the distribution declared in September 2019. You are receiving this notice as a requirement of the Fund’s managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the September distribution. It is not determinative of the tax character of the Fund’s distributions for the 2019 calendar year.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution Period: September 2019

Distribution Amount per Common Share: $0.1108

The following table sets forth an estimate of the sources of the Fund’s September distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Source	Current Distribution		% of Current Distribution			Cumulative Distributions for the Fiscal Year-to-Date1		% of the Cumulative Distributions for the Fiscal Year-to-Date1
Net Investment Income	$	0.0059		5.3	%	$	0.0628		6.3	%
Net Realized Short-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Net Realized Long-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Return of Capital or Other Capital Source(s)	$	0.1049		94.7	%	$	0.9344		93.7	%
Total per common share	$	0.1108		100.0	%	$	0.9972		100.0	%

¹  The Fund’s fiscal year is January 1, 2019 to December 31, 2019

IMPORTANT DISCLOSURE: You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Set forth in the table below is information relating to the Fund’s performance based on its net asset value (NAV) for certain periods.    

Average annual total return at NAV for the 5-year period ended on August 31, 20191	7.80	%
Annualized current distribution rate expressed as a percentage of NAV as of August 31, 20192	9.51	%
Cumulative total return at NAV for the fiscal year through August 31, 20193	11.35	%
Cumulative fiscal year to date distribution rate as a percentage of NAV as of August 31, 20194	6.34	%

¹  Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on August 31, 2019.

²  The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of August 31, 2019.

³  Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its fiscal year to August 31, 2019 including distributions paid and assuming reinvestment of those distributions.

⁴  Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to August 31, 2019 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of August 31, 2019.

If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.

NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2019 calendar year.

NO ACTION IS REQUIRED ON YOUR PART.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

September 30, 2019

Dear Eaton Vance Fund Shareholder:

This notice provides shareholders of the Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) with important information concerning the distribution declared in October 2019. You are receiving this notice as a requirement of the Fund’s managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the October distribution. It is not determinative of the tax character of the Fund’s distributions for the 2019 calendar year.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution Period: October 2019

Distribution Amount per Common Share: $0.1108

The following table sets forth an estimate of the sources of the Fund’s October distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Source	Current Distribution		% of Current Distribution			Cumulative Distributions for the Fiscal Year-to-Date1		% of the Cumulative Distributions for the Fiscal Year-to-Date1
Net Investment Income	$	0.0068		6.1	%	$	0.0698		6.3	%
Net Realized Short-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Net Realized Long-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Return of Capital or Other Capital Source(s)	$	0.1040		93.9	%	$	1.0382		93.7	%
Total per common share	$	0.1108		100.0	%	$	1.1080		100.0	%

¹  The Fund’s fiscal year is January 1, 2019 to December 31, 2019

IMPORTANT DISCLOSURE: You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Set forth in the table below is information relating to the Fund’s performance based on its net asset value (NAV) for certain periods.    

Average annual total return at NAV for the 5-year period ended on September 30, 20191	8.38	%
Annualized current distribution rate expressed as a percentage of NAV as of September 30, 20192	9.38	%
Cumulative total return at NAV for the fiscal year through September 30, 20193	13.74	%
Cumulative fiscal year to date distribution rate as a percentage of NAV as of September 30, 20194	7.04	%

¹  Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on September 30, 2019.

²  The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of September 30, 2019.

³  Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its fiscal year to September 30, 2019 including distributions paid and assuming reinvestment of those distributions.

⁴  Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to September 30, 2019 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of September 30, 2019.

If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.

NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2019 calendar year.

NO ACTION IS REQUIRED ON YOUR PART.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

October 31, 2019

Dear Eaton Vance Fund Shareholder:

This notice provides shareholders of the Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) with important information concerning the distribution declared in November 2019. You are receiving this notice as a requirement of the Fund’s managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the November distribution. It is not determinative of the tax character of the Fund’s distributions for the 2019 calendar year.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution Period: November 2019

Distribution Amount per Common Share: $0.1108

The following table sets forth an estimate of the sources of the Fund’s November distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Source	Current Distribution		% of Current Distribution			Cumulative Distributions for the Fiscal Year-to-Date1		% of the Cumulative Distributions for the Fiscal Year-to-Date1
Net Investment Income	$	0.0064		5.8	%	$	0.0756		6.2	%
Net Realized Short-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Net Realized Long-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Return of Capital or Other Capital Source(s)	$	0.1044		94.2	%	$	1.1432		93.8	%
Total per common share	$	0.1108		100.0	%	$	1.2188		100.0	%

¹  The Fund’s fiscal year is January 1, 2019 to December 31, 2019

IMPORTANT DISCLOSURE: You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Set forth in the table below is information relating to the Fund’s performance based on its net asset value (NAV) for certain periods.    

Average annual total return at NAV for the 5-year period ended on October 31, 20191	8.71	%
Annualized current distribution rate expressed as a percentage of NAV as of October 31, 20192	9.27	%
Cumulative total return at NAV for the fiscal year through October 31, 20193	16.08	%
Cumulative fiscal year to date distribution rate as a percentage of NAV as of October 31, 20194	7.72	%

¹  Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on October 31, 2019.

²  The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of October 31, 2019.

³  Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its fiscal year to October 31, 2019 including distributions paid and assuming reinvestment of those distributions.

⁴  Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to October 31, 2019 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of October 31, 2019.

If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.

NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2019 calendar year.

NO ACTION IS REQUIRED ON YOUR PART.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

November 29, 2019

Dear Eaton Vance Fund Shareholder:

This notice provides shareholders of the Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) with important information concerning the distribution declared in December 2019. You are receiving this notice as a requirement of the Fund’s managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the December distribution. It is not determinative of the tax character of the Fund’s distributions for the 2019 calendar year.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution Period: December 2019

Distribution Amount per Common Share: $0.1108

The following table sets forth an estimate of the sources of the Fund’s December distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Source	Current Distribution		% of Current Distribution			Cumulative Distributions for the Fiscal Year-to-Date1		% of the Cumulative Distributions for the Fiscal Year-to-Date1
Net Investment Income	$	0.0065		5.9	%	$	0.0824		6.2	%
Net Realized Short-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Net Realized Long-Term Capital Gains	$	0.0000		0.0	%	$	0.0000		0.0	%
Return of Capital or Other Capital Source(s)	$	0.1043		94.1	%	$	1.2472		93.8	%
Total per common share	$	0.1108		100.0	%	$	1.3296		100.0	%

¹  The Fund’s fiscal year is January 1, 2019 to December 31, 2019

IMPORTANT DISCLOSURE: You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Set forth in the table below is information relating to the Fund’s performance based on its net asset value (NAV) for certain periods.    

Average annual total return at NAV for the 5-year period ended on November 30, 20191	8.91	%
Annualized current distribution rate expressed as a percentage of NAV as of November 30, 20192	9.17	%
Cumulative total return at NAV for the fiscal year through November 30, 20193	18.19	%
Cumulative fiscal year to date distribution rate as a percentage of NAV as of November 30, 20194	8.41	%

¹  Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on November 30, 2019.

²  The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of November 30, 2019.

³  Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its fiscal year to November 30, 2019 including distributions paid and assuming reinvestment of those distributions.

⁴  Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to November 30, 2019 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of November 30, 2019.

If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.

NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2019 calendar year.

NO ACTION IS REQUIRED ON YOUR PART.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

December 31, 2019