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

June 30, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund (ETV)

Semiannual Report

June 30, 2020

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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. 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 and Parametric, sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

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.

Semiannual Report June 30, 2020

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

Table of Contents
Performance	2
Fund Profile	2
Fund Snapshot	3
Endnotes and Additional Disclosures	4
Financial Statements	5
Annual Meeting of Shareholders	18
Board of Trustees’ Contract Approval	19
Officers and Trustees	23
Important Notices	24

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Performance¹

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		Six Months			One Year			Five Years			Ten Years
Fund at NAV		06/30/2005		–5.67	%		2.34	%		6.85	%		10.52	%
Fund at Market Price		—		–0.66			3.54			8.61			10.96
S&P 500® Index		—		–3.08	%		7.51	%		10.72	%		13.98	%
NASDAQ–100® Index		—		16.89			33.78			19.56			20.67
Cboe S&P 500 BuyWrite IndexSM		—		–15.11			–10.94			2.81			6.33
Cboe NASDAQ–100 BuyWrite IndexSM		—		–6.60			–0.09			7.59			8.27
% Premium/Discount to NAV2
													7.54	%
Distributions3
Total Distributions per share for the period												$	0.665
Distribution Rate at NAV													10.13	%
Distribution Rate at Market Price													9.42	%

Fund Profile

Sector Allocation (% of total investments)⁴

Top 10 Holdings (% of total investments)⁴

Microsoft Corp.	9.4	%
Apple, Inc.	9.3
Amazon.com, Inc.	7.9
Facebook, Inc., Class A	3.8
Alphabet, Inc., Class A	3.5
Alphabet, Inc., Class C	2.4
Comcast Corp., Class A	1.8
Texas Instruments, Inc.	1.6
Cisco Systems, Inc.	1.6
Intel Corp.	1.6
Total	42.9	%

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

June 30, 2020

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 seek 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 Benchmarks1	S&P 500® Index     NASDAQ–100® Index
Morningstar Category	Option Writing
Distribution Frequency	Monthly
Common Stock Portfolio
Positions Held	166
% US / Non-US	98.9/1.1
Average Market Cap	$560.5 Billion
Call Options Written
% of Stock Portfolio	94%
Average Days to Expiration	13 days
% In the Money	1.0%

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.

3

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Endnotes and Additional Disclosures

¹  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-100^® Index includes 100 of the largest domestic and international securities (by market cap), excluding financials, 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. Cboe S&P 500 BuyWrite Index^SM 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. 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.

²  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.

³  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. As of 6/30/2020, distributions included estimates of 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.

⁴ Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents.

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

Important Notice to Shareholders

On August 13, 2020, the Board of Trustees of the Fund amended and restated the Fund’s By-Laws (the “Amended and Restated By-Laws”). The Amended and Restated By-Laws include provisions (the “Control Share Provisions”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of Fund shares in a “Control Share Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control Share Provisions are primarily intended to protect the interests of the Fund and its shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic hedge funds or other activist investors. The Control Share Provisions do not eliminate voting rights for shares acquired in Control Share Acquisitions, but rather, they entrust the Fund’s other “non-interested” shareholders with determining whether to approve the authorization of voting rights for such shares. Subject to various conditions and exceptions, the Amended and Restated By-Laws define a “Control Share Acquisition” to include an acquisition of Fund shares that, but for the Control Share Provisions, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise voting power in the election of Fund Trustees in any of the following ranges: (i) one-tenth or more, but less than one-fifth of all voting power; (ii) one-fifth or more, but less than one-third of all voting power; (iii) one-third or more, but less than a majority of all voting power; or (iv) a majority or more of all voting power. Share acquisitions prior to August 13, 2020 are excluded from the definition of Control Share Acquisition. This discussion is only a high-level summary of certain aspects of the Control Share Provisions, and is qualified in its entirety by reference to the full Amended and Restated By-Laws. The Amended and Restated By-Laws were filed by the Fund on Form 8-K with the Securities and Exchange Commission and are available at sec.gov.

4

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks— 102.1%
Security	Shares		Value
Aerospace & Defense — 1.0%
Boeing Co. (The)(1)		13,686	$	2,508,644
L3Harris Technologies, Inc.		6,224		1,056,026
Northrop Grumman Corp.(1)		25,030		7,695,223
Textron, Inc.(1)		25,000		822,750
			$	12,082,643
Airlines — 0.2%
Southwest Airlines Co.(1)		52,956	$	1,810,036
			$	1,810,036
Banks — 2.5%
Bank of America Corp.(1)		130,000	$	3,087,500
Fifth Third Bancorp(1)		88,466		1,705,624
Huntington Bancshares, Inc.(1)		179,679		1,623,400
JPMorgan Chase & Co.(1)		84,867		7,982,590
KeyCorp(1)		532,924		6,491,014
Regions Financial Corp.(1)		348,924		3,880,035
Truist Financial Corp.(1)		41,626		1,563,056
Wells Fargo & Co.(1)		83,136		2,128,282
Zions Bancorp NA		22,517		765,578
			$	29,227,079
Beverages — 1.7%
Coca-Cola Co. (The)(1)		153,082	$	6,839,704
Constellation Brands, Inc., Class A		3,691		645,740
PepsiCo, Inc.(1)		93,214		12,328,484
			$	19,813,928
Biotechnology — 3.3%
AbbVie, Inc.		6,412	$	629,530
Amgen, Inc.(1)		59,770		14,097,352
Biogen, Inc.(1)(2)		30,005		8,027,838
Gilead Sciences, Inc.(1)		210,061		16,162,093
			$	38,916,813
Building Products — 0.4%
A.O. Smith Corp.(1)		29,207	$	1,376,234
Allegion PLC		10,516		1,074,946
Trane Technologies PLC(1)		23,525		2,093,254
			$	4,544,434

Security	Shares		Value
Capital Markets — 2.4%
CME Group, Inc.(1)		12,294	$	1,998,267
Goldman Sachs Group, Inc. (The)(1)		12,655		2,500,881
Moody’s Corp.(1)		28,831		7,920,741
Morgan Stanley(1)		43,096		2,081,537
S&P Global, Inc.(1)		33,507		11,039,886
State Street Corp.		13,478		856,527
T. Rowe Price Group, Inc.(1)		13,079		1,615,256
			$	28,013,095
Chemicals — 1.2%
Air Products and Chemicals, Inc.(1)		13,083	$	3,159,021
Corteva, Inc.		20,341		544,936
Dow, Inc.		20,341		829,099
DuPont de Nemours, Inc.		20,341		1,080,717
FMC Corp.		8,245		821,367
PPG Industries, Inc.(1)		69,093		7,328,004
			$	13,763,144
Commercial Services & Supplies — 0.3%
Copart, Inc.(1)(2)		40,986	$	3,412,904
Waste Management, Inc.		6,187		655,265
			$	4,068,169
Communications Equipment — 1.7%
Arista Networks, Inc.(1)(2)		3,029	$	636,181
Cisco Systems, Inc.(1)		425,260		19,834,126
			$	20,470,307
Consumer Finance — 0.7%
American Express Co.(1)		30,565	$	2,909,788
Capital One Financial Corp.		10,757		673,280
Discover Financial Services(1)		87,596		4,387,684
			$	7,970,752
Containers & Packaging — 0.1%
WestRock Co.		21,317	$	602,418
			$	602,418
Distributors — 0.1%
Genuine Parts Co.(1)		16,898	$	1,469,450
			$	1,469,450

5 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Diversified Financial Services — 0.3%
Berkshire Hathaway, Inc., Class B(1)(2)		19,434	$	3,469,163
			$	3,469,163
Diversified Telecommunication Services — 0.7%
AT&T, Inc.(1)		70,886	$	2,142,884
Verizon Communications, Inc.(1)		122,831		6,771,673
			$	8,914,557
Electric Utilities — 1.2%
American Electric Power Co., Inc.		6,004	$	478,159
Edison International(1)		75,056		4,076,291
NextEra Energy, Inc.(1)		18,000		4,323,060
NRG Energy, Inc.(1)		163,181		5,313,173
			$	14,190,683
Energy Equipment & Services — 0.0%(3)
ChampionX Corp.(1)(2)		14,935	$	145,766
			$	145,766
Entertainment — 2.6%
Netflix, Inc.(1)(2)		39,110	$	17,796,614
Walt Disney Co. (The)(1)		119,119		13,282,960
			$	31,079,574
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.(1)		17,730	$	4,583,914
Apartment Investment & Management Co., Class A(1)		34,616		1,302,947
Digital Realty Trust, Inc.		5,247		745,651
Duke Realty Corp.		20,602		729,105
Iron Mountain, Inc.		30,000		783,000
Mid-America Apartment Communities, Inc.(1)		36,251		4,156,902
ProLogis, Inc.		12,000		1,119,960
			$	13,421,479
Food & Staples Retailing — 1.1%
Kroger Co. (The)(1)		103,892	$	3,516,744
Walmart, Inc.(1)		83,124		9,956,593
			$	13,473,337
Food Products — 1.1%
Hershey Co. (The)		5,163	$	669,228
Hormel Foods Corp.		21,160		1,021,393
Lamb Weston Holdings, Inc.		16,086		1,028,378

Security	Shares		Value
Food Products (continued)
Mondelez International, Inc., Class A(1)		212,633	$	10,871,926
			$	13,590,925
Health Care Equipment & Supplies — 2.9%
Abbott Laboratories(1)		52,127	$	4,765,972
Baxter International, Inc.(1)		36,672		3,157,459
Danaher Corp.		4,686		828,625
Edwards Lifesciences Corp.(1)(2)		66,378		4,587,384
Intuitive Surgical, Inc.(1)(2)		27,563		15,706,224
Stryker Corp.(1)		33,820		6,094,026
			$	35,139,690
Health Care Providers & Services — 2.3%
Cigna Corp.(1)		33,534	$	6,292,655
CVS Health Corp.(1)		88,422		5,744,777
DaVita, Inc.(2)		11,550		914,067
McKesson Corp.		7,813		1,198,671
UnitedHealth Group, Inc.(1)		46,743		13,786,848
			$	27,937,018
Hotels, Restaurants & Leisure — 1.6%
Chipotle Mexican Grill, Inc.(1)(2)		3,300	$	3,472,788
Darden Restaurants, Inc.(1)		21,181		1,604,884
Marriott International, Inc., Class A(1)		75,775		6,496,191
McDonald’s Corp.(1)		35,561		6,559,938
Yum! Brands, Inc.(1)		14,466		1,257,240
			$	19,391,041
Household Durables — 0.2%
PulteGroup, Inc.		26,224	$	892,403
Whirlpool Corp.		8,566		1,109,554
			$	2,001,957
Household Products — 0.8%
Clorox Co. (The)(1)		33,390	$	7,324,764
Procter & Gamble Co. (The)(1)		18,414		2,201,762
			$	9,526,526
Industrial Conglomerates — 0.9%
3M Co.(1)		11,474	$	1,789,829
Honeywell International, Inc.(1)		64,422		9,314,777
			$	11,104,606

6 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Insurance — 0.9%
Chubb, Ltd.(1)		35,393	$	4,481,462
Marsh & McLennan Cos., Inc.(1)		15,767		1,692,903
Travelers Cos., Inc. (The)(1)		35,246		4,019,806
			$	10,194,171
Interactive Media & Services — 9.8%
Alphabet, Inc., Class A(1)(2)		29,812	$	42,274,906
Alphabet, Inc., Class C(1)(2)		20,675		29,226,387
Facebook, Inc., Class A(1)(2)		201,443		45,741,662
			$	117,242,955
Internet & Direct Marketing Retail — 8.1%
Amazon.com, Inc.(1)(2)		35,053	$	96,704,917
			$	96,704,917
IT Services — 3.8%
Cognizant Technology Solutions Corp., Class A(1)		143,537	$	8,155,772
Fidelity National Information Services, Inc.(1)		62,742		8,413,075
Mastercard, Inc., Class A(1)		35,125		10,386,462
VeriSign, Inc.(1)(2)		31,550		6,525,487
Visa, Inc., Class A(1)		63,696		12,304,156
			$	45,784,952
Life Sciences Tools & Services — 0.9%
Agilent Technologies, Inc.(1)		77,000	$	6,804,490
IQVIA Holdings, Inc.(2)		5,328		755,937
PerkinElmer, Inc.(1)		23,065		2,262,446
Thermo Fisher Scientific, Inc.		3,471		1,257,682
			$	11,080,555
Machinery — 1.1%
Caterpillar, Inc.		5,735	$	725,478
Dover Corp.(1)		29,870		2,884,247
Ingersoll Rand, Inc.(2)		20,758		583,715
Parker-Hannifin Corp.(1)		14,287		2,618,378
Stanley Black & Decker, Inc.(1)		46,905		6,537,619
			$	13,349,437
Media — 2.1%
Comcast Corp., Class A(1)		548,921	$	21,396,941
DISH Network Corp., Class A(2)		30,564		1,054,764
ViacomCBS, Inc., Class B(1)		88,076		2,053,932
			$	24,505,637

Security	Shares		Value
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		94,914	$	1,098,155
Newmont Corp.(1)		25,563		1,578,260
Nucor Corp.		22,035		912,469
			$	3,588,884
Multi-Utilities — 1.1%
CMS Energy Corp.(1)		177,055	$	10,343,553
Dominion Energy, Inc.(1)		36,763		2,984,420
			$	13,327,973
Multiline Retail — 0.1%
Target Corp.		8,193	$	982,587
			$	982,587
Oil, Gas & Consumable Fuels — 1.7%
Chevron Corp.(1)		80,225	$	7,158,477
Diamondback Energy, Inc.(1)		158,729		6,638,047
EOG Resources, Inc.(1)		23,778		1,204,593
ONEOK, Inc.		22,014		731,305
Phillips 66(1)		57,101		4,105,562
Williams Cos., Inc. (The)		37,548		714,163
			$	20,552,147
Personal Products — 0.8%
Estee Lauder Cos., Inc. (The), Class A(1)		48,998	$	9,244,943
			$	9,244,943
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co.(1)		178,201	$	10,478,219
Eli Lilly & Co.(1)		12,046		1,977,712
Johnson & Johnson(1)		43,189		6,073,669
Merck & Co., Inc.(1)		120,026		9,281,611
Pfizer, Inc.(1)		242,074		7,915,820
			$	35,727,031
Professional Services — 0.4%
Equifax, Inc.(1)		15,738	$	2,705,047
Robert Half International, Inc.(1)		39,255		2,073,842
			$	4,778,889
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(2)		24,669	$	1,115,532
			$	1,115,532

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Road & Rail — 0.8%
Kansas City Southern		5,885	$	878,571
Norfolk Southern Corp.(1)		9,503		1,668,442
Union Pacific Corp.(1)		37,756		6,383,407
			$	8,930,420
Semiconductors & Semiconductor Equipment — 7.4%
Advanced Micro Devices, Inc.(1)(2)		132,313	$	6,960,987
Analog Devices, Inc.(1)		56,522		6,931,858
ASML Holding NV—NY Shares(1)		20,394		7,505,604
Intel Corp.(1)		328,892		19,677,608
Microchip Technology, Inc.(1)		53,000		5,581,430
NXP Semiconductors NV(1)		47,520		5,419,181
ON Semiconductor Corp.(1)(2)		99,333		1,968,780
Qorvo, Inc.(1)(2)		15,654		1,730,237
QUALCOMM, Inc.(1)		140,727		12,835,710
Texas Instruments, Inc.(1)		156,256		19,839,824
			$	88,451,219
Software — 14.0%
Adobe, Inc.(1)(2)		40,500	$	17,630,055
Fortinet, Inc.(1)(2)		48,262		6,624,925
Microsoft Corp.(1)		560,850		114,138,583
Oracle Corp.(1)		246,551		13,626,874
Paycom Software, Inc.(2)		4,241		1,313,565
salesforce.com, inc.(1)(2)		65,198		12,213,541
ServiceNow, Inc.(2)		3,002		1,215,990
			$	166,763,533
Specialty Retail — 2.1%
Advance Auto Parts, Inc.(1)		26,636	$	3,794,298
Best Buy Co., Inc.(1)		28,506		2,487,719
Home Depot, Inc. (The)(1)		56,895		14,252,767
Tiffany & Co.(1)		28,579		3,484,923
TJX Cos., Inc. (The)(1)		28,552		1,443,589
			$	25,463,296
Technology Hardware, Storage & Peripherals — 9.5%
Apple, Inc.(1)		311,869	$	113,769,811
			$	113,769,811
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B(1)		105,464	$	10,340,745
			$	10,340,745

Security	Shares		Value
Tobacco — 0.2%
Altria Group, Inc.		25,875	$	1,015,594
Philip Morris International, Inc.(1)		24,163		1,692,860
			$	2,708,454
Trading Companies & Distributors — 0.6%
Fastenal Co.(1)		158,488	$	6,789,626
			$	6,789,626
Total Common Stocks — 102.1% (identified cost $303,941,270)			$	1,217,536,304
Total Written Call Options — (2.4)% (premiums received $32,304,741)			$	(28,930,365	)
Other Assets, Less Liabilities — 0.3%			$	4,172,428
Net Assets — 100.0%			$	1,192,778,367

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%.

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Written Call Options — (2.4)%
Exchange-Traded Options— (2.4)%
Description	Number of Contracts		Notional Amount	Exercise Price		Expiration Date	Value
NASDAQ 100 Index		39	$39,611,715	$	9,700	7/1/20	$	(1,773,915	)
NASDAQ 100 Index		39	39,611,715		9,675	7/2/20		(1,901,250	)
NASDAQ 100 Index		39	39,611,715		9,800	7/6/20		(1,475,370	)
NASDAQ 100 Index		39	39,611,715		10,100	7/8/20		(680,355	)
NASDAQ 100 Index		38	38,596,030		9,900	7/10/20		(1,289,720	)
NASDAQ 100 Index		38	38,596,030		9,500	7/13/20		(2,632,070	)
NASDAQ 100 Index		38	38,596,030		10,000	7/15/20		(1,142,850	)
NASDAQ 100 Index		38	38,596,030		9,975	7/17/20		(1,268,630	)
NASDAQ 100 Index		38	38,596,030		10,000	7/20/20		(1,265,970	)
NASDAQ 100 Index		37	37,580,345		10,200	7/22/20		(841,195	)
NASDAQ 100 Index		37	37,580,345		10,000	7/24/20		(1,379,545	)
NASDAQ 100 Index		39	39,611,715		9,900	7/27/20		(1,771,575	)
S&P 500 Index		184	57,045,336		3,100	7/1/20		(258,520	)
S&P 500 Index		182	56,425,278		3,175	7/2/20		(45,955	)
S&P 500 Index		179	55,495,191		3,200	7/6/20		(58,175	)
S&P 500 Index		180	55,805,220		3,200	7/8/20		(111,600	)
S&P 500 Index		180	55,805,220		3,100	7/10/20		(843,300	)
S&P 500 Index		183	56,735,307		2,975	7/13/20		(2,598,600	)
S&P 500 Index		182	56,425,278		3,125	7/15/20		(780,780	)
S&P 500 Index		182	56,425,278		3,150	7/17/20		(652,470	)
S&P 500 Index		183	56,735,307		3,100	7/20/20		(1,218,780	)
S&P 500 Index		183	56,735,307		3,100	7/22/20		(1,279,170	)
S&P 500 Index		184	57,045,336		3,075	7/24/20		(1,638,520	)
S&P 500 Index		185	57,355,365		3,050	7/27/20		(2,022,050	)
Total							$	(28,930,365	)

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	June 30, 2020
Unaffiliated investments, at value (identified cost, $303,941,270)	$	1,217,536,304
Cash		4,074,138
Dividends receivable		761,512
Receivable from the transfer agent		569,974
Total assets	$	1,222,941,928
Liabilities
Written options outstanding, at value (premiums received, $32,304,741)	$	28,930,365
Payable to affiliates:
Investment adviser fee		970,538
Trustees’ fees		15,630
Accrued expenses		247,028
Total liabilities	$	30,163,561
Net Assets	$	1,192,778,367
Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares authorized, 90,855,530 shares issued and outstanding	$	908,555
Additional paid-in capital		461,762,200
Distributable earnings		730,107,612
Net Assets	$	1,192,778,367
Net Asset Value
($1,192,778,367 ÷ 90,855,530 common shares issued and outstanding)	$	13.13

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended June 30, 2020
Dividends (net of foreign taxes, $12,049)	$	9,807,466
Total investment income	$	9,807,466
Expenses
Investment adviser fee	$	5,925,499
Trustees’ fees and expenses		32,426
Custodian fee		179,462
Transfer and dividend disbursing agent fees		8,895
Legal and accounting services		47,597
Printing and postage		196,046
Miscellaneous		68,830
Total expenses	$	6,458,755
Net investment income	$	3,348,711
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	69,984,218
Written options		(122,944,693	)
Net realized loss	$	(52,960,475	)
Change in unrealized appreciation (depreciation) —
Investments	$	(42,743,286	)
Written options		14,173,633
Net change in unrealized appreciation (depreciation)	$	(28,569,653	)
Net realized and unrealized loss	$	(81,530,128	)
Net decrease in net assets from operations	$	(78,181,417	)

11

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
From operations —
Net investment income	$	3,348,711		$	6,814,106
Net realized loss		(52,960,475	)		(57,601,588	)
Net change in unrealized appreciation (depreciation)		(28,569,653	)		259,642,674
Net increase (decrease) in net assets from operations	$	(78,181,417	)	$	208,855,192
Distributions to shareholders	$	(59,917,470	)*	$	(6,760,040	)
Tax return of capital to shareholders	$	—		$	(102,235,242	)
Capital share transactions —
Proceeds from shelf offering, net of offering costs (see Note 5)	$	59,589,616		$	123,872,899
Reinvestment of distributions		3,141,681			5,342,116
Net increase in net assets from capital share transactions	$	62,731,297		$	129,215,015
Net increase (decrease) in net assets	$	(75,367,590	)	$	229,074,925
Net Assets
At beginning of period	$	1,268,145,957		$	1,039,071,032
At end of period	$	1,192,778,367		$	1,268,145,957

* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

12 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Financial Highlights

	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	14.640		$	13.360		$	15.010		$	14.050		$	14.570		$	14.840
Income (Loss) From Operations
Net investment income(1)	$	0.037		$	0.083		$	0.077		$	0.089		$	0.119		$	0.109
Net realized and unrealized gain (loss)		(0.895	)		2.486			(0.436	)		2.167			0.691			0.951
Total income (loss) from operations	$	(0.858	)	$	2.569		$	(0.359	)	$	2.256		$	0.810		$	1.060
Less Distributions
From net investment income	$	(0.665	) *	$	(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	$	(0.665	)	$	(1.330	)	$	(1.330	)	$	(1.330	)	$	(1.330	)	$	(1.330	)
Premium from common shares sold through shelf offering (see Note 5)(1)	$	0.013		$	0.041		$	0.039		$	0.034		$	—		$	—
Net asset value — End of period	$	13.130		$	14.640		$	13.360		$	15.010		$	14.050		$	14.570
Market value — End of period	$	14.120		$	14.950		$	13.480		$	15.370		$	14.840		$	15.300
Total Investment Return on Net Asset Value(2)		(5.67	)%(3)		20.23	%		(2.65	)%		16.93	%		6.04	%		7.32	%
Total Investment Return on Market Value(2)		(0.66	)%(3)		21.68	%		(4.08	)%		13.36	%		6.58	%		19.04	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,192,778		$	1,268,146		$	1,039,071		$	1,023,066		$	898,991		$	929,375
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.09	%(5)		1.08	%		1.09	%		1.08	%		1.09	%		1.08	%
Net investment income		0.57	%(5)		0.59	%		0.52	%		0.61	%		0.85	%		0.73	%
Portfolio Turnover		7	%(3)		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⁾ Not annualized.

⁽⁴⁾ 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.

⁽⁵⁾ Annualized.

* A portion of the distributions may be deemed from net realized gain or a tax return of capital at year-end. See Note 2.

13 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Notes to Financial Statements (Unaudited)

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 June 30, 2020, 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

14

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Notes to Financial Statements (Unaudited) — 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.

H  Interim Financial Statements — The interim financial statements relating to June 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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. For the six months ended June 30, 2020, the amount of distributions estimated to be a tax return of capital was approximately $56,680,000. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.

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 June 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	287,941,348
Gross unrealized appreciation	$	916,969,410
Gross unrealized depreciation		(16,304,819	)
Net unrealized appreciation	$	900,664,591

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 six months ended June 30, 2020, the Fund’s investment adviser fee amounted to $5,925,499. 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.

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 six months ended June 30, 2020, 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 $81,576,959 and $179,229,475, respectively, for the six months ended June 30, 2020.

15

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

5  Common Shares of Beneficial Interest and Shelf Offering

Common shares issued by the Fund pursuant to its dividend reinvestment plan for the six months ended June 30, 2020 and the year ended December 31, 2019 were 239,887 and 373,964, 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 six months ended June 30, 2020 and the year ended December 31, 2019.

Pursuant to a registration statement filed with and declared effective on July 29, 2019 by the SEC, the Fund was authorized to issue an additional 14,101,756 common shares through an equity shelf offering program (the “shelf offering”). As of April 27, 2020, pursuant to a subsequent registration statement filed with the SEC, the Fund is authorized to issue an additional 19,485,108 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 six months ended June 30, 2020 and the year ended December 31, 2019, the Fund sold 3,998,375 and 8,481,398 common shares, respectively, and received proceeds (net of offering costs) of $59,589,616 and $123,872,899, respectively, through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were $1,175,051 and $3,355,029, 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 six months ended June 30, 2020 and the year ended December 31, 2019 were $120,386 and $250,253, 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 June 30, 2020 is included in the Portfolio of Investments. At June 30, 2020, 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 June 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Written options	$	—	$	(28,930,365	)

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

16

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Notes to Financial Statements (Unaudited) — 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 six months ended June 30, 2020 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	$	(122,944,693	)	$	14,173,633

⁽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 six months ended June 30, 2020, which is indicative of the volume of this derivative type, was 2,739 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 June 30, 2020, 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	$	1,217,536,304	*	$	—	$	—	$	1,217,536,304
Total Investments	$	1,217,536,304		$	—	$	—	$	1,217,536,304
Liability Description
Written Call Options	$	(28,930,365	)	$	—	$	—	$	(28,930,365	)
Total	$	(28,930,365	)	$	—	$	—	$	(28,930,365	)

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

8  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

17

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Annual Meeting of Shareholders (Unaudited)

The Fund held its Annual Meeting of Shareholders on April 16, 2020. The following action was taken by the shareholders:

Proposal 1:  The election of Mark R. Fetting, Valerie A. Mosley, Helen Frame Peters and Marcus L. Smith as Class III Trustees of the Fund for a three-year term expiring in 2023.

	Number of Shares
Nominee for Trustee	For		Withheld
Mark R. Fetting		72,463,844		1,364,122
Valerie A. Mosley		72,496,791		1,331,175
Helen Frame Peters		72,428,669		1,399,297
Marcus L. Smith		72,441,076		1,386,890

18

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

19

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Managed Buy-Write Opportunities Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment

20

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating its activities in implementing the Fund’s investment strategies. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing factors such as tax efficiency and special considerations relevant to investing in stocks and selling call options on one or more U.S. indices. The Board considered that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. With respect to the Sub-adviser, the Board considered the experience of the Sub-adviser’s investment professionals in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund. The Board considered the deep experience of the Adviser and its affiliates with managing and operating funds organized as exchange-listed closed-end funds, such as the Fund. In this regard, the Board considered, among other things, the Adviser’s and its affiliates’ experience monitoring and assessing trading price discounts and premiums and adhering to the requirements of securities exchanges.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than one of its secondary benchmark indexes, lower than two other secondary benchmark indexes, lower than its primary benchmark index and lower than its blended benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

21

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also considered the fact that the Fund is not continuously offered in the same manner as an open-end fund and that the Fund is authorized to issue additional common shares through a shelf offering. The Board did not find that the implementation of breakpoints in the advisory fee schedule is warranted at this time.

22

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2020

Officers and Trustees

Officers

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

23

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. Certain information filed on Form N-PORT may be viewed 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”.

24

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

Fund Offices

Two International Place

Boston, MA 02110

7745    6.30.20

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

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

Not required in this filing.

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

Not required in this filing.

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: August 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: August 24, 2020

By:	/s/ Edward J. Perkin
Edward J. Perkin
President

Date: August 24, 2020