<SEC-DOCUMENT>0000940394-18-001125.txt : 20180531
<SEC-HEADER>0000940394-18-001125.hdr.sgml : 20180531
<ACCEPTANCE-DATETIME>20180531134134
ACCESSION NUMBER:		0000940394-18-001125
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180531
DATE AS OF CHANGE:		20180531
EFFECTIVENESS DATE:		20180531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Tax-Managed Buy-Write Opportunities Fund
		CENTRAL INDEX KEY:			0001322436
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224640
		FILM NUMBER:		18870910

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>etv497final.htm
<DESCRIPTION>EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND 497 EFFECTIVENESS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Include-Text; File: T:\Filings with the SEC\497 Supplements\2018\Eaton Vance Tax%2DManaged Buy%2DWrite Opportunities Fund 497 Effectiveness dtd 5%2D31%2D18\edgar\etvprosupp.htm; Date: 2018%2D05%2D31T12:14:01; Size: 87786 -->
<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0"><IMG SRC="image_002.jpg" ALT="logo" STYLE="height: 38px; width: 150px"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Prospectus Supplement</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">(To Prospectus dated May 31, 2018)</P>

<P STYLE="font: 18pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><B>Eaton Vance Tax-Managed Buy-Write
Opportunities Fund</B></P>

<P STYLE="font: 14pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Up to 5,827,524 Common Shares</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Eaton Vance Tax-Managed Buy-Write Opportunities Fund
(the &ldquo;Fund,&rdquo; &ldquo;we,&rdquo; or &ldquo;our&rdquo;) is a diversified, closed-end management investment company, which
commenced operations on June 30, 2005. Our primary investment objective is to provide current income and gains, with a secondary
objective of capital appreciation. The Fund may offer and sell up to 5,827,524 common shares of beneficial interest, $0.01 par
value (&ldquo;Common Shares&rdquo;).&nbsp; This amount represents a takedown of 4,794,600 Common Shares as well as 1,032,924 Common
Shares, previously registered on Form N-2 (Reg. No. 333-214545) and being carried forward as permitted by Rule 415 (a)(6) and Rule
457 (p) under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;). In addition, the Fund has registered, and may
take down, additional Common Shares at a later date.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has entered into a distribution agreement dated
May 31, 2018 (the &ldquo;Distribution Agreement&rdquo;) with Eaton Vance Distributors, Inc. (the &ldquo;Distributor&rdquo;) relating
to the common shares of beneficial interest (the &ldquo;Common Shares&rdquo;) offered by this Prospectus Supplement and the accompanying
Prospectus dated May 31, 2018. The Distributor has entered into a dealer agreement, dated May 31, 2018, (the &ldquo;Dealer Agreement&rdquo;)
with UBS Securities LLC (the &ldquo;Dealer&rdquo;) with respect to the Fund relating to the Common Shares offered by this Prospectus
Supplement and the accompanying Prospectus. In accordance with the terms of the Dealer Agreement, we may offer and sell our Common
Shares, $0.01 par value per share, from time to time through the Dealer as sub-placement agent for the offer and sale of the Common
Shares. Under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Fund may not sell any Common Shares
at a price below the current net asset value of such Common Shares, exclusive of any distributing commission or discount.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Our Common Shares are listed on the New York Stock Exchange
(&ldquo;NYSE&rdquo;) under the symbol &ldquo;ETV.&rdquo; As of May 29, 2018, the last reported sale price for our Common Shares
on the NYSE was $15.33 per share.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales of our Common Shares, if any, under this Prospectus
Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at
the market&rdquo; as defined in Rule 415 under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), including sales
made directly on the NYSE or sales made to or through a market maker other than on an exchange.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will compensate the Distributor with respect
to sales of the Common Shares at a commission rate of 1% of the gross proceeds of the sale of Common Shares. The Distributor will
compensate the Dealer out of this commission at a certain percentage rate of the gross proceeds of the sale of Common Shares sold
under the Dealer Agreement, with the exact amount of such compensation to be mutually agreed upon by the Distributor and the Dealer
from time to time. In connection with the sale of the Common Shares on the Fund&rsquo;s behalf, the Distributor may be deemed to
be an &ldquo;underwriter&rdquo; within the meaning of the 1933 Act and the compensation of the Dealer may be deemed to be underwriting
commissions or discounts.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>The Common Shares have traded both at a premium and
a discount to net asset value (&ldquo;NAV&rdquo;).</B> The Fund cannot predict whether Common Shares will trade in the future at
a premium or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares
(less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company&rsquo;s common stock (calculated
within 48 hours of pricing). The Fund&rsquo;s issuance of Common Shares may have an adverse effect on prices in the secondary market
for the Fund&rsquo;s Common Shares by increasing the number of Common Shares available, which may put downward pressure on the
market price for the Fund&rsquo;s Common Shares. Shares of common stock of closed-end investment companies frequently trade at
a discount from NAV, which may increase investors&rsquo; risk of loss.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Investing in our securities involves certain risks.
You could lose some or all of your investment. See &ldquo;Investment Objectives, Policies and Risks&rdquo; beginning on page 23
of the accompanying Prospectus. You should consider carefully these risks together with all of the other information contained
in this Prospectus Supplement and the accompanying Prospectus before making a decision to purchase our securities.</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Neither the Securities and Exchange Commission nor
any state securities commission has approved or disapproved of these securities or determined if this Prospectus Supplement or
the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Prospectus Supplement dated May 31,
2018</B></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">This Prospectus Supplement, together with the accompanying
Prospectus, sets forth concisely the information about the Fund that you should know before investing. You should read this Prospectus
Supplement and the accompanying Prospectus, which contain important information, before deciding whether to invest in our securities.
You should retain the accompanying Prospectus and this Prospectus Supplement for future reference. A Statement of Additional Information,
dated May 31, 2018 as supplemented from time to time, containing additional information about the Fund, has been filed with the
Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and is incorporated by reference in its entirety into this Prospectus
Supplement and the accompanying Prospectus. This Prospectus Supplement, the accompanying Prospectus and the Statement of Additional
Information are part of a &ldquo;shelf&rdquo; registration statement that we filed with the SEC. This Prospectus Supplement describes
the specific details regarding this offering, including the method of distribution. If information in this Prospectus Supplement
is inconsistent with the accompanying Prospectus or the Statement of Additional Information, you should rely on this Prospectus
Supplement. You may request a free copy of the Statement of Additional Information, the table of contents of which is on page 52
of the accompanying Prospectus, request a free copy of our annual and semi-annual reports, request other information or make shareholder
inquiries, by calling toll-free 1-800-262-1122 or by writing to the Fund at Two International Place, Boston, Massachusetts 02110.
The Fund&rsquo;s annual and semi-annual reports also are available on our website at http://www.eatonvance.com and on the SEC&rsquo;s
website, as described below, where the Fund&rsquo;s Statement of Additional Information can be obtained. Information included on
our website does not form part of this Prospectus Supplement or the accompanying Prospectus. You can review and copy documents
we have filed at the SEC&rsquo;s Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information. The SEC charges
a fee for copies. You can get the same information free from the SEC&rsquo;s website (http://www.sec.gov). You may also e-mail
requests for these documents to publicinfo@sec.gov or make a request in writing to the SEC&rsquo;s Public Reference Section, Washington,
D.C. 20549-0102.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Our securities do not represent a deposit or obligation
of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not federally insured by the
Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">ii</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>TABLE OF CONTENTS</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">You should rely only on the information contained in,
or incorporated by reference into, this Prospectus Supplement and the accompanying Prospectus in making your investment decisions.
The Fund has not authorized any person to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely on it. The Fund is not making an offer to sell the securities in any jurisdiction where the offer
or sale is not permitted. You should assume that the information in this Prospectus Supplement and the accompanying Prospectus
is accurate only as of the dates on their covers. The Fund&rsquo;s business, financial condition and prospects may have changed
since the date of its description in this Prospectus Supplement or the date of its description in the accompanying Prospectus.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%"><B>Prospectus Supplement</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">&#8194;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 87%; padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Prospectus Supplement Summary&#9;</FONT></TD>
    <TD STYLE="width: 13%; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Capitalization&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Summary of Fund Expenses&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Market and Net Asset Value Information&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Use of Proceeds&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Plan of Distribution&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Legal Matters&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Available Information&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">&#8194;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%"><B>Prospectus</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-bottom: 3pt; padding-left: 5.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">&#8194;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Prospectus Summary&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Summary of Fund Expenses&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Financial Highlights and Investment Performance&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">The Fund&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Use of Proceeds&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Investment Objectives, Policies and Risks&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Management of the Fund&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">39</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Plan of Distribution&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">41</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Distributions&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">42</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Federal Income Tax Matters&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Dividend Reinvestment Plan&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Description of Capital Structure&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Custodian and Transfer Agent&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">51</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Legal Opinions&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">51</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Reports to Shareholders&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">51</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Independent Registered Public Accounting Firm&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">51</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Additional Information&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">51</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Table of Contents for the Statement of Additional Information&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">52</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">The Fund&rsquo;s Privacy Policy&#9;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">53</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Until June 25, 2018 (25 days after the date of this
Prospectus Supplement), all dealers that buy, sell or trade the Common Shares, whether or not participating in this offering, may
be required to deliver the Prospectus and this Prospectus Supplement. This requirement is in addition to the dealers&rsquo; obligation
to deliver the Prospectus and this Prospectus Supplement when acting as underwriters and with respect to their unsold allotments
or subscriptions.</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">iii</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Prospectus Supplement, the accompanying Prospectus
and the Statement of Additional Information contain &ldquo;forward-looking statements.&rdquo; Forward-looking statements can be
identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; and similar terms and the negative of such terms. Such forward-looking
statements may be contained in this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking
statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities
we hold, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings with
the SEC.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Although we believe that the expectations expressed in
our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking
statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to
change and are subject to inherent risks and uncertainties, such as those disclosed in the &ldquo;Investment Objectives, Policies
and Risks&rdquo; section of the accompanying Prospectus. All forward-looking statements contained or incorporated by reference
in this Prospectus Supplement or the accompanying Prospectus are made as of the date of this Prospectus Supplement or the accompanying
Prospectus, as the case may be. Except for our ongoing obligations under the federal securities laws, we do not intend, and we
undertake no obligation, to update any forward-looking statement. The forward-looking statements contained in this Prospectus Supplement,
the accompanying Prospectus and the Statement of Additional Information are excluded from the safe harbor protection provided by
section 27A of the 1933 Act.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Currently known risk factors that could cause actual results
to differ materially from our expectations include, but are not limited to, the factors described in the &ldquo;Investment Objectives,
Policies and Risks&rdquo; section of the accompanying Prospectus. We urge you to review carefully that section for a more detailed
discussion of the risks of an investment in our securities.</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">iv</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Prospectus Supplement Summary</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>The following summary is qualified in its entirety
by reference to the more detailed information included elsewhere in this Prospectus Supplement and in the accompanying Prospectus
and in the Statement of Additional Information.</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>THE FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance Tax-Managed Buy-Write Opportunities Fund (the &ldquo;Fund&rdquo;)
is a diversified, closed-end management investment company, <FONT STYLE="color: windowtext">which commenced operations on June
30, 2005. The Fund seeks to provide current income and gains, with a secondary</FONT> objective of capital appreciation. Investments
are based on Eaton Vance Management&rsquo;s (&ldquo;Eaton Vance&rdquo; or the &ldquo;Adviser&rdquo;) and Parametric Portfolio Associates
LLC&rsquo;s (&ldquo;Parametric&rdquo; or the &ldquo;Sub-Adviser&rdquo;) internal research and proprietary modeling techniques and
software. An investment in the Fund may not be appropriate for all investors. There is no assurance that the Fund will achieve
its investment objectives.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>THE ADVISER AND SUB-ADVISER</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance acts as the Fund&rsquo;s investment adviser
under an Investment Advisory Agreement (the &ldquo;Advisory Agreement&rdquo;). The Adviser&rsquo;s principal office is located
at Two International Place, Boston, MA 02110. Eaton Vance, its affiliates and predecessor companies have been managing assets of
individuals and institutions since 1924 and of investment companies since 1931. As of April 30, 2018, Eaton Vance and its affiliates
managed approximately $440.1 billion of fund and separate account assets on behalf of clients, including approximately $117.8 billion
in equity assets. Eaton Vance has engaged its affiliate Parametric as the sub-adviser to the Fund. Parametric managed approximately
$231.5 billion in assets as of April 30, 2018. Eaton Vance is a wholly-owned subsidiary of Eaton Vance Corp., a publicly-held holding
company, which through its subsidiaries and affiliates engages primarily in investment management, administration and marketing
activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the general supervision of the Fund&rsquo;s Board, the
Adviser is responsible for managing the Fund&rsquo;s overall investment program and executing the Fund&rsquo;s options strategy.
The Adviser also is responsible for providing the Sub-Adviser with research support and supervising the performance of the Sub-Adviser.
The Sub-Adviser will be responsible for structuring and managing the Fund&rsquo;s common stock portfolio, including tax-loss harvesting
(i.e., periodically selling positions that have depreciated in value to realize capital losses that can be used to offset capital
gains realized by the Fund) and other tax-management techniques, relying in part on the fundamental research and analytical judgments
of the Adviser. The Adviser will furnish to the Fund investment advice and office facilities, equipment and personnel for servicing
the investments of the Fund. The Adviser will compensate all Trustees and officers of the Fund who are members of the Adviser&rsquo;s
organization and who render investment services to the Fund, and will also compensate all other Adviser personnel who provide research
and investment services to the Fund. In return for these services, facilities and payments, the Fund has agreed to pay the Adviser
as compensation under the Advisory Agreement an annual fee in the amount of 1.00% of the average daily gross assets of the Fund.
Gross assets of the Fund means total assets of the Fund, including any form of investment leverage that the Fund may in the future
determine to utilize, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities
or obligations attributable to any future investment leverage obtained through (i) indebtedness of any type (including, without
limitation, borrowing through a credit facility/commercial paper program or the issuance of debt securities), (ii) the issuance
of preferred shares or other similar preference securities, (iii) the reinvestment of collateral received for securities loaned
in accordance with the Fund&rsquo;s investment objectives and policies and/or (iv) any other means. During any future periods in
which the Fund is using leverage, the fees paid to the Adviser for investment advisory services will be higher than if the Fund
did not use leverage because the fees paid will be calculated on the basis of the Fund&rsquo;s gross assets, including proceeds
from any borrowings and from the issuance of preferred shares.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>THE OFFERING</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has entered into a distribution agreement dated May
31, 2018 (the &ldquo;Distribution Agreement&rdquo;) with Eaton Vance Distributors, Inc. (the &ldquo;Distributor&rdquo;) relating
to the Common Shares of beneficial interest (the &ldquo;Common Shares&rdquo;), offered by this Prospectus Supplement and the accompanying
Prospectus dated May 31, 2018 (the &ldquo;Offering&rdquo;). The Distributor has entered into a dealer agreement dated May 31, 2018
(the &ldquo;Dealer Agreement&rdquo;) with UBS Securities LLC (the &ldquo;Dealer&rdquo;) with respect to the Fund relating to the
Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the Dealer
Agreement, the Fund may offer and sell up to 5,827,524 common shares of beneficial interest, $0.01 par value (&ldquo;Common Shares&rdquo;).&nbsp;
This amount represents a takedown of 4,794,600 Common Shares as well as 1,032,924 Common Shares, previously registered on Form
N-2 (Reg. No. 333-214545) and being carried forward as permitted by Rule 415 (a)(6) and Rule 457 (p) under the Securities Act of
1933, as amended (the &ldquo;1933 Act&rdquo;). In addition, the Fund has registered, and may take down, additional Common Shares
at a later date.</P>


<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Offerings of the Common Shares will be subject to the
provisions of the 1940 Act, which generally require that the public offering price of common shares of a closed-end investment
company (exclusive of distribution commissions and discounts) must equal or exceed the net asset value per share of the company&rsquo;s
common shares (calculated within 48 hours of pricing), absent shareholder approval or under certain other circumstances.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales of the Common Shares, if any, under this Prospectus
Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at
the market&rdquo; as defined in Rule 415 under the 1933 Act, including sales made directly on the New York Stock Exchange (&ldquo;NYSE&rdquo;)
or sales made to or through a market maker other than on an exchange. The Common Shares may not be sold through agents, underwriters
or dealers without delivery or deemed delivery of a Prospectus and an accompanying Prospectus Supplement describing the method
and terms of the offering of Common Shares.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>LISTING AND SYMBOL</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&rsquo;s currently outstanding Common Shares are
listed on the NYSE under the symbol &ldquo;ETV.&rdquo; Any new Common Shares offered and sold hereby are expected to be listed
on the NYSE and trade under this symbol. The net asset value of the Common Shares on May 29, 2018 was $14.86 per share. As of May
29, 2018, the last reported sale price for the Common Shares was $15.33.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund currently intends to invest substantially all
of the net proceeds of any sales of Common Shares pursuant to this Prospectus Supplement in accordance with its investment objectives
and policies as described in the accompanying Prospectus under &ldquo;Investment Objectives, Policies and Risks&rdquo; within three
months of receipt of such proceeds. Such investments may be delayed up to three months if suitable investments are unavailable
at the time or for other reasons, such as market volatility and lack of liquidity in the markets of suitable investments. Pending
such investment, the Fund anticipates that it will invest the proceeds in short-term money market instruments, securities with
remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use of proceeds could lower returns
and reduce the Fund&rsquo;s distribution to the holders of Common Shares (&ldquo;Common Shareholders&rdquo;) or result in a distribution
consisting principally of a return of capital.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Capitalization</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">We may offer and sell up to 5,827,524 of our Common Shares,
$0.01 par value per share, from time to time through the Dealer as sub-placement agent under this Prospectus Supplement and the
accompanying Prospectus. This amount represents Common Shares previously registered on Form N-2 (Reg. No. 333-214545) and being
carried forward as permitted by Rule 415 (a)(6) and Rule 457 (p) under the 1933 Act. The Fund has carried forward 1,032,924 unsold
Common Shares. In addition, the Fund has registered, and may take down, additional Common Shares at a later date. There is no guarantee
that there will be any sales of our Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. The table
below assumes that we will sell 5,827,524 Common Shares at a price of $15.33 per share (the last reported sale price per share
of our Common Shares on the NYSE on May 29, 2018). Actual sales, if any, of our Common Shares under this Prospectus Supplement
and the accompanying Prospectus may be greater or less than $15.33 per share, depending on the market price of our Common Shares
at the time of any such sale. To the extent that the market price per share of our Common Shares on any given day is less than
the net asset value per share on such day, we will instruct the Dealer not to make any sales on such day.</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following table sets forth our capitalization:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.25in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
a historical basis as of December 31, 2017 (audited); and</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-indent: 0.25in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
a pro forma as adjusted basis to reflect the assumed sale of 5,827,524 Common Shares at $15.33 per share (the last reported sale
price for our Common Shares on the NYSE on May 29, 2018), in an offering under this Prospectus Supplement and the accompanying
Prospectus, after deducting the assumed commission of $893,359 (representing an estimated commission to the Distributor of 1% of
the gross proceeds of the sale of Common Shares, of which a certain percentage will be paid to the Dealer in connection with sales
of Common Shares effected in this Offering).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">As of</FONT><BR>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">December 31, 2017</FONT><BR>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">(audited)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Pro Forma</FONT><BR>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">(unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Actual</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>As adjusted</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Net Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0.15pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;1,023,066,274</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0.15pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;1,111,508,857</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Common shares outstanding, $0.01 par value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0in; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;68,160,017</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0.15pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;73,987,541</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Paid-in capital</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0in; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;288,740,554</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0.15pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;377,183,137</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Accumulated undistributed net investment income</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt; text-indent: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;76,674</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0.15pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;76,674</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Accumulated net realized loss</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0in; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;(12,300,411)</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0.15pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;(12,300,411)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Net unrealized appreciation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0in; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;746,549,457</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0.15pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;746,549,457</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Net Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0in; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;1,023,066,274</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0.15pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;1,111,508,857</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Net asset value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center; text-indent: 0in; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$ 15.01</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-indent: 0.15pt; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$ 15.02</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt"><B>Summary of Fund Expenses</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The purpose of the table below is to help you understand
all fees and expenses that you, as a holder of Common Shares (&ldquo;Common Shareholder&rdquo;), would bear directly or indirectly.
The table shows Fund expenses as a percentage of net assets attributable to Common Shares<SUP>(1)</SUP> for the year ended December
31, 2017.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding: 3pt 5.5pt 3pt 2.9pt; font: 9pt/10pt NewsGoth XCn BT"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>Common Shareholder transaction expenses</U></FONT></TD>
    <TD STYLE="width: 40%; padding: 3pt 5.5pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Sales load paid by you (as a percentage of offering price)</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1%<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Offering expenses (as a percentage of offering price)</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">None<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Dividend reinvestment plan fees</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">$5.00<SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>Annual expenses</U></FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">&#8194;</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">Percentage of net assets</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center"><U>attributable to Common Shares</U><SUP>(4)</SUP></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Investment adviser fee</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;1.00%<SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Other expenses</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>0.08%</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 4.2pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Total annual Fund operating expenses</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">1.08%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>EXAMPLE</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The following example illustrates the expenses that
Common Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses of 1.08% of net assets
attributable to Common Shares in years 1 through 10; (ii) a sales load of 1.00%; (iii) a 5% annual return; and (iv) all distributions
are reinvested at NAV:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">1 Year</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">3 Years</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">5 Years</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">10 Years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$21</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$44</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$69</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$140</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt">The above table and example and the assumption in
the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed
5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund&rsquo;s Common
Shares. For more complete descriptions of certain of the Fund&rsquo;s costs and expenses, see &ldquo;Management of the Fund.&rdquo;
In addition, while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Fund&rsquo;s
dividend reinvestment plan may receive Common Shares purchased or issued at a price or value different from NAV. See &ldquo;Distributions&rdquo;
and &ldquo;Dividend Reinvestment Plan.&rdquo; The example does not include estimated offering costs, which would cause the expenses
shown in the example to increase.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The example should not be considered a representation
of past or future expenses, and the Fund&rsquo;s actual expenses may be greater or less than those shown. Moreover, the Fund&rsquo;s
actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">___________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(1)</SUP></TD><TD>Represents the estimated commission with respect to the Fund&rsquo;s Common Shares being sold in this Offering. There is no
guarantee that there will be any sales of the Fund&rsquo;s Common Shares pursuant to this Prospectus Supplement and the accompanying
Prospectus. Actual sales of the Fund&rsquo;s Common Shares under this Prospectus Supplement and the accompanying Prospectus, if
any, may be less than as set forth under &ldquo;Capitalization&rdquo; above. In addition, the price per share of any such sale
may be greater or less than the price set forth under &ldquo;Capitalization&rdquo; above, depending on market price of the Fund&rsquo;s
Common Shares at the time of any such sale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(2)</SUP></TD><TD>Eaton Vance will pay the expenses of the Offering (other than the applicable commissions); therefore, Offering expenses are
not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review
and filing with the SEC of the Fund&rsquo;s registration statement (including this Prospectus and the Statement of Additional Information),
the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing
or other distribution of the Prospectus, Statement of Additional Information and/or marketing materials, associated filing fees,
NYSE listing fees, and legal and auditing fees associated with the Offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(3)</SUP></TD><TD>You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your Common Shares
held in a dividend reinvestment account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(4)</SUP></TD><TD>Stated as percentage of average net assets attributable to Common Shares for the year ended December 31, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(5)</SUP></TD><TD><FONT STYLE="vertical-align: baseline">The adviser fee paid by the Fund to the Adviser is based on the average daily gross
assets of the Fund, including all assets attributable to any form of investment leverage that the Fund may utilize. Accordingly,
if the Fund were to utilize investment leverage in the future, the adviser fee will increase as a percentage of net assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt"><B>Market and Net Asset Value Information</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Our Common Shares are listed on the NYSE under the symbol
&ldquo;ETV.&rdquo; Our Common Shares commenced trading on the NYSE in 2005.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Our Common Shares have traded both at a premium and a
discount to net asset value or NAV. We cannot predict whether our shares will trade in the future at a premium or discount to NAV.
The provisions of the 1940 Act generally require that the public offering price of Common Shares (less any underwriting commissions
and discounts) must equal or exceed the NAV per share of a company&rsquo;s common stock (calculated within 48 hours of pricing).
Our issuance of Common Shares may have an adverse effect on prices in the secondary market for our Common Shares by increasing
the number of Common Shares available, which may put downward pressure on the market price for our Common Shares. Shares of Common
Stock of closed-end investment companies frequently trade at a discount from NAV. See &ldquo;Prospectus Summary&mdash;Special Risk
Considerations&mdash;Discount from or premium to NAV&rdquo; on page 12 of the accompanying Prospectus.</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following table sets forth for the period indicated
the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or discount
to NAV per share at which the Fund&rsquo;s Common Shares were trading as of the same date. NAV is determined no less frequently
than daily, generally on each day of the week that the NYSE is open for trading. See &ldquo;Determination of net asset value&rdquo;
on page 24 of the accompanying Statement of Additional Information for information as to the determination of the Fund&rsquo;s
net asset value.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; font: 9pt/10pt NewsGoth BdXCn BT; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">Market Price</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">NAV per Share on Date of Market Price</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">High and Low</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">NAV Premium/(Discount) on Date of
        Market Price</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">High and Low</P></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: left"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>Fiscal Quarter Ended</U></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>High </U></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; border-top: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>Low</U></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>High </U></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 17%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>Low</U></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>High </U></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 23%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><U>Low</U></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: left"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">March 31, 2018</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.58</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">14.52</FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">15.18</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">14.39</FONT></TD>
    <TD STYLE="vertical-align: top; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">2.64%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">0.90%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt">The last reported sale price, NAV per Common Share
and percentage premium/(discount) to NAV per Common Share on May 29, 2018, were $15.33, $14.86 and 3.16%, respectively. As of May
29, 2018, we had 71,023,048 Common Shares outstanding and net assets of $1,055,272,729.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following table provides information about our
outstanding Common Shares as of May 29, 2018:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Title of Class</U></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Amount Authorized</U></FONT></TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Amount Held by the Fund or for its Account</U></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Amount Outstanding</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Common Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Unlimited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">71,023,048</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Use of Proceeds</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales of our Common Shares, if any, under this Prospectus
Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at
the market&rdquo; as defined in Rule 415 under the 1933 Act, including sales made directly on the NYSE or sales made to or through
a market maker other than on an exchange. There is no guarantee that there will be any sales of our Common Shares pursuant to this
Prospectus Supplement and the accompanying Prospectus. Actual sales, if any, of our Common Shares under this Prospectus Supplement
and the accompanying Prospectus may be less than as set forth below in this paragraph. In addition, the price per share of any
such sale may be greater or less than the price set forth in this paragraph, depending on the market price of our Common Shares
at the time of any such sale. As a result, the actual net proceeds we receive may be more or less than the amount of net proceeds
estimated in this Prospectus Supplement. Assuming the sale of all of the Common Shares offered under this Prospectus Supplement
and the accompanying Prospectus, at the last reported sale price of $15.33 per share for our Common Shares on the NYSE as of May
29, 2018, we estimate that the net proceeds of this Offering will be approximately $88,442,583 after deducting the estimated sales
load and the estimated offering expenses payable by the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to the remainder of this section, the Fund currently
intends to invest substantially all of the net proceeds of any sales of Common Shares pursuant to this Prospectus Supplement in
accordance with its investment objectives and policies as described in the accompanying Prospectus under &ldquo;Investment Objectives,
Policies and Risks&rdquo; within three months of receipt of such proceeds. Such investments may be delayed up to three months if
suitable investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity in the markets
of suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term money market
instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use
of proceeds could lower returns and reduce the Fund&rsquo;s distribution to Common Shareholders or result in a distribution consisting
principally of a return of capital.</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Plan of Distribution</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the Dealer Agreement between the Distributor and
the Dealer, upon written instructions from the Distributor, the Dealer will use its reasonable best efforts, to sell, as sub-placement
agent, the Common Shares under the terms and subject to the conditions set forth in the Dealer Agreement. The Dealer&rsquo;s solicitation
will continue until the Distributor instructs the Dealer to suspend the solicitations and offers. The Distributor will instruct
the Dealer as to the amount of Common Shares to be sold by the Dealer. The Distributor may instruct the Dealer not to sell Common
Shares if the sales cannot be effected at or above the price designated by the Distributor in any instruction. To the extent that
the market price per share of the Fund&rsquo;s Common Shares on any given day is less than the net asset value per share on such
day, the Distributor will instruct the Dealer not to make any sales on such day. The Distributor or the Dealer may suspend the
offering of Common Shares upon proper notice and subject to other conditions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Dealer will provide written confirmation to the Distributor
following the close of trading on the day on which Common Shares are sold under the Dealer Agreement. Each confirmation will include
the number of shares sold on the preceding day, the net proceeds to the Fund and the compensation payable by the Distributor to
the Dealer in connection with the sales.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will compensate the Distributor with respect
to sales of the Common Shares at a commission rate of 1.00% of the gross proceeds of the sale of Common Shares. The Distributor
will compensate the Dealer for its services in acting as sub-placement agent in the sale of Common Shares out of this commission
at a certain percentage rate of the gross proceeds of the sale of Common Shares sold under the Dealer Agreement, with the exact
amount of such compensation to be mutually agreed upon by the Distributor and the Dealer from time to time. There is no guarantee
that there will be any sales of the Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual
sales, if any, of the Common Shares under this Prospectus Supplement and the accompanying Prospectus may be greater or less than
the price set forth in this paragraph, depending on the market price of Common Shares at the time of any such sale. Eaton Vance
will pay the expenses of the Offering (other than the applicable commissions).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Settlement for sales of Common Shares will occur on the
second trading day following the date on which such sales are made, in return for payment of the net proceeds to the Fund. There
is no arrangement for funds to be received in an escrow, trust or similar arrangement.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Distributor has agreed to provide indemnification
and contribution to the Dealer against certain civil liabilities, including liabilities under the 1933 Act.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Dealer Agreement will remain in full force and effect
unless terminated by either party upon 30 days&rsquo; written notice to the other party.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The principal business address of the Dealer is 1285 Avenue
of the Americas, New York, NY 10019.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Dealer and its affiliates hold or may hold in the
future, directly or indirectly, investment interests in the Distributor and its funds. The interests held by the Dealer or its
affiliates are not attributable to, and no investment discretion is held by, the Dealer or its affiliates.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Legal Matters</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain legal matters in connection with the Common Shares
will be passed upon for the Fund by internal counsel for Eaton Vance.</P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Available Information</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">We are subject to the informational requirements of the
Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and the 1940 Act and are required to file reports,
including annual and semi-annual reports, proxy statements and other information with the SEC. These documents are available on
the SEC&rsquo;s EDGAR system and can be inspected and copied for a fee at the SEC&rsquo;s public reference room, 100 F Street,
N.E., Room 1580, Washington, D.C. 20549. Additional information about the operation of the public reference room facilities may
be obtained by calling the SEC at 1-202-551-5850.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Prospectus Supplement, the accompanying Prospectus
and the Statement of Additional Information do not contain all of the information in our registration statement, including amendments,
exhibits, and schedules that the Fund has filed with the SEC (file No. 333-224640). Statements in this Prospectus Supplement and
the accompanying Prospectus about the contents of any contract or other document are not necessarily complete and in each instance
reference is made to the copy of the contract or other document filed as an exhibit to the registration statement, each such statement
being qualified in all respects by this reference.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Additional information about us can be found in our registration
statement (including amendments, exhibits, and schedules) on Form N-2 filed with the SEC. The SEC maintains a web site (http://www.sec.gov)
that contains our registration statement, other documents incorporated by reference, and other information we have filed electronically
with the SEC, including proxy statements and reports filed under the Exchange Act.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


<!-- Field: /Include-Text -->

<P STYLE="margin: 0"></P>

<!-- Field: Include-Text; File: T:\Filings with the SEC\497 Supplements\2018\Eaton Vance Tax%2DManaged Buy%2DWrite Opportunities Fund 497 Effectiveness dtd 5%2D31%2D18\edgar\etvpro.htm; Date: 2018%2D05%2D31T08:27:01; Size: 397859 -->
<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: left"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 38px; width: 150px"></P>

<P STYLE="font: 9pt/18pt NewsGoth BT, Sans-Serif; margin: 0 0 3pt; text-align: left"><FONT STYLE="font-weight: normal">BASE PROSPECTUS</FONT></P>

<P STYLE="font: bold 14pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center">Up to 11,655,048 Shares</P>

<P STYLE="font: bold 14pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center">Eaton Vance Tax-Managed Buy-Write
Opportunities Fund</P>

<P STYLE="font: bold 14pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center">Common Shares</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
objectives and policies</B></FONT>. Eaton Vance Tax-Managed Buy-Write Opportunities Fund (the &#8220;Fund&#8221;) is a diversified,
closed-end management investment company, which commenced operations on June 30, 2005. The Fund&#8217;s primary investment objective
is to provide current income and gains, with a secondary objective of capital appreciation. In pursuing its investment objectives,
the Fund will evaluate returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Adviser and Sub-Adviser.</B></FONT> The Fund&#8217;s investment adviser is Eaton Vance Management (&#8220;Eaton Vance&#8221; or
the &#8220;Adviser&#8221;). As of April 30, 2018, Eaton Vance and its affiliates managed approximately $440.1 billion of fund and
separate account assets on behalf of clients, including approximately $117.8 billion in equity assets. Eaton Vance has engaged
its affiliate Parametric Portfolio Associates LLC (&#8220;Parametric&#8221; or the &#8220;Sub-Adviser&#8221;) as the sub-adviser
to the Fund. Parametric managed approximately $231.5 billion in assets as of April 30, 2018. Eaton Vance is responsible for managing
the Fund&#8217;s overall investment program and executing the Fund&#8217;s options strategy. Eaton Vance is also responsible for
providing research support to the Sub-Adviser and supervising the performance of the Sub-Adviser. Parametric is responsible for
structuring and managing the Fund&#8217;s common stock portfolio, including tax-loss harvesting (i.e., periodically selling positions
that have depreciated in value to realize capital losses that can be used to offset capital gains realized by the Fund) and other
tax-management techniques, relying in part on the fundamental research and analytical judgments of the Adviser.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Offering</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> The Fund may offer, from time to time,
in one or more offerings (each, an &#8220;Offering&#8221;), the Fund&#8217;s common shares of beneficial interest, $0.01 par value
(&#8220;Common Shares&#8221;). Common Shares may be offered at prices and on terms to be set forth in one or more supplements to
this Prospectus (each, a &#8220;Prospectus Supplement&#8221;). You should read this Prospectus and the applicable Prospectus Supplement
carefully before you invest in Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated
from time to time by us, or to or through underwriters or dealers. The Prospectus Supplement relating to the Offering will identify
any agents, underwriters or dealers involved in the offer or sale of Common Shares, and will set forth any applicable offering
price, sales load, fee, commission or discount arrangement between the Fund and its agents or underwriters, or among its underwriters,
or the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any sale. The Fund may
not sell any Common Shares through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the method
and terms of the particular Offering of the Common Shares. <I>(continued on inside cover page)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>The Common Shares have traded both at a premium and a discount
to net asset value (&#8220;NAV&#8221;). </B><FONT STYLE="font-weight: normal">The Fund cannot predict whether Common Shares will
trade in the future at a premium or discount to NAV. The provisions of the Investment Company Act of 1940, as amended (the &#8220;1940
Act&#8221;) generally require that the public offering price of common shares (less any underwriting commissions and discounts)
must equal or exceed the NAV per share of a company&#8217;s common stock (calculated within 48 hours of pricing). The Fund&#8217;s
issuance of Common Shares may have an adverse effect on prices in the secondary market for the Fund&#8217;s Common Shares by increasing
the number of Common Shares available, which may put downward pressure on the market price for the Fund&#8217;s Common Shares.
Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#8217;
risk of loss.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Investing in shares involves certain risks. See &#8220;Investment
objectives, policies and risks&#8221; beginning at page 23.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><B>Neither the Securities and Exchange Commission (&#8220;SEC&#8221;)
nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</B></P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">(continued from previous page)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
contents</B></FONT>. Under normal market conditions, the Fund&#8217;s investment program will consist primarily of (1) owning a
diversified portfolio of common stocks, a segment of which (&#8220;Segment One&#8221;) seeks to exceed the total return performance
of the S&amp;P 500 Composite Stock Price Index<SUP>(R)</SUP> (the &#8220;S&amp;P 500&#8221;) and a segment of which (&#8220;Segment
Two&#8221;) seeks to exceed the total return performance of the NASDAQ-100 Index<SUP>(R)</SUP> (the &#8220;NASDAQ-100&#8221;) and
(2) selling on a continuous basis S&amp;P 500 call options on at least 80% of the value of Segment One and NASDAQ-100 call options
on at least 80% of the value of Segment Two.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund will invest at least
80% of its total assets in a diversified portfolio of common stocks, designated segments of which seek to exceed the total return
performance of the S&amp;P 500 and the NASDAQ-100. Over time, the percentages of the Fund&#8217;s stock portfolio invested in each
Segment may vary as a result of relative changes in the indices, the Adviser&#8217;s evaluation of equity market conditions and
other factors. Due to tax considerations, the Fund intends to limit the overlap between its stock portfolio holdings (and any subset
thereof) and each of the S&amp;P 500 and the NASDAQ-100 to less than 70% on an ongoing basis. The Fund&#8217;s stock holdings may
include stocks not included in either index. The Fund will invest primarily in common stocks of U.S. issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will seek to generate current earnings in part by employing
an options strategy of writing (selling) index call options on the S&amp;P 500 and the NASDAQ-100. Under normal market conditions,
the Fund expects to sell on a continuous basis S&amp;P 500 call options on at least 80% of the value of Segment One and NASDAQ-100
call options on at least 80% of the value of Segment Two. Under normal market conditions, at least 80% of the value of the Fund&#8217;s
total assets will be subject to written index call options. Writing index call options involves a tradeoff between the option premiums
received and reduced participation in potential future stock price appreciation of the Fund&#8217;s portfolio of common stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During unusual market conditions, the Fund may invest up to 100%
of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objectives, principal strategies
and other policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exchange
listing</B></FONT>. As of May 29, 2018, the Fund had 71,023,048 Common Shares outstanding. The Fund&#8217;s Common Shares are traded
on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;ETV.&#8221; As of May 29, 2018, the last reported sale
price of a Common Share of the Fund on the NYSE was $15.33. Common Shares offered and sold pursuant to this Registration Statement
will also be listed on the NYSE and trade under this symbol.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s net asset value and distribution rate will vary
and may be affected by numerous factors, including changes in stock prices, option premiums, market interest rates, dividend rates
and other factors. An investment in the Fund may not be appropriate for all investors. There is no assurance that the Fund will
achieve its investment objectives.</P>


<!-- Field: Page; Sequence: 13; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Prospectus, together with any applicable Prospectus Supplement,
sets forth concisely information you should know before investing in the shares of the Fund. Please read and retain this Prospectus
for future reference. A Statement of Additional Information dated May 31, 2018, has been filed with the SEC and can be obtained
without charge by calling 1-800-262-1122 or by writing to the Fund. A table of contents to the Statement of Additional Information
is located at page 52 of this Prospectus. This Prospectus incorporates by reference the entire Statement of Additional Information.
The Statement of Additional Information is available along with shareholder reports and other Fund-related materials: at the SEC&#8217;s
public reference room in Washington, DC (call 1-202-551-8090 for information on the operation of the reference room); from the
EDGAR database on the SEC&#8217;s internet site (http://www.sec.gov); upon payment of copying fees by writing to the SEC&#8217;s
public reference section, Washington, DC 20549-1520; or by electronic mail at publicinfo@sec.gov. The Fund&#8217;s address is Two
International Place, Boston, MA 02110, and its telephone number is 1-800-262-1122.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s shares do not represent a deposit or obligation
of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the
Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">You should rely only on the information contained or incorporated
by reference in this Prospectus. The Fund has not authorized anyone to provide you with different information. The Fund is not
making an offer of these securities in any state where the offer is not permitted. You should not assume that the information contained
in this Prospectus is accurate as of any date other than the date on the front of this Prospectus.</P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; padding-top: 3pt; padding-bottom: 3pt">Prospectus Summary &#9;</TD>
    <TD STYLE="width: 7%; padding-top: 3pt; padding-bottom: 3pt; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Summary of Fund Expenses &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Financial Highlights and Investment Performance &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">The Fund &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Use of Proceeds &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Investment Objectives, Policies and Risks &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Management of the Fund &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Plan of Distribution &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Distributions &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Federal Income Tax Matters &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Dividend Reinvestment Plan &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Description of Capital Structure &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Custodian and Transfer Agent &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Legal Opinions &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Reports to Shareholders &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Independent Registered Public Accounting Firm &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Additional Information &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Table of Contents for the Statement of Additional Information &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">The Fund&#8217;s Privacy Policy &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right">53</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Prospectus, any accompanying Prospectus Supplement and the
Statement of Additional Information contain &#8220;forward-looking statements.&#8221; Forward-looking statements can be identified
by the words &#8220;may,&#8221; &#8220;will,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221;
&#8220;plan,&#8221; &#8220;anticipate,&#8221; and similar terms and the negative of such terms. Such forward-looking statements
may be contained in this Prospectus as well as in any accompanying Prospectus Supplement. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking
statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities
we hold, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings with
the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements.
Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and
are subject to inherent risks and uncertainties, such as those disclosed in the &#8220;Investment objectives, policies and risks&#8221;
section of this Prospectus. All forward-looking statements contained or incorporated by reference in this Prospectus or any accompanying
Prospectus Supplement are made as of the date of this Prospectus or the accompanying Prospectus Supplement, as the case may be.
Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update
any forward-looking statement. The forward-looking statements contained in this Prospectus, any accompanying prospectus supplement
and the statement of additional information are excluded from the safe harbor protection provided by section 27A of the Securities
Act of 1933, as amended (the &#8220;1933 Act&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Currently known risk factors that could cause actual results
to differ materially from our expectations include, but are not limited to, the factors described in the &#8220;Investment objectives,
policies and risks&#8221; section of this Prospectus. We urge you to review carefully that section for a more detailed discussion
of the risks of an investment in our securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Prospectus dated May 31, 2018</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">Prospectus Summary</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>The following summary is qualified in its entirety by reference
to the more detailed information included elsewhere in this Prospectus, in any related Prospectus Supplement, and in the Statement
of Additional Information</I>.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE FUND</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance Tax-Managed Buy-Write Opportunities Fund (the &#8220;Fund&#8221;)
is a diversified, closed-end management investment company, which commenced operations on June 30, 2005. The Fund seeks to provide
current income and gains, with a secondary objective of capital appreciation. Investments are based on Eaton Vance Management&#8217;s
(&#8220;Eaton Vance&#8221; or the &#8220;Adviser&#8221;) and Parametric Portfolio Associates LLC&#8217;s (&#8220;Parametric&#8221;
or a &#8220;Sub-Adviser&#8221;) internal research and proprietary modeling techniques and software. An investment in the Fund may
not be appropriate for all investors. There is no assurance that the Fund will achieve its investment objectives.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE OFFERING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may offer, from time to time, in one or more offerings
(each, an &#8220;Offering&#8221;), up to 11,655,048 of the Fund&#8217;s common shares of beneficial interest, $0.01 par value (&#8220;Common
Shares&#8221;), on terms to be determined at the time of the Offering. The Common Shares may be offered at prices and on terms
to be set forth in one or more Prospectus Supplements. You should read this Prospectus and the applicable Prospectus Supplement
carefully before you invest in Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated
from time to time by the Fund, or to or through underwriters or dealers. The Prospectus Supplement relating to the Offering will
identify any agents, underwriters or dealers involved in the offer or sale of Common Shares, and will set forth any applicable
offering price, sales load, fee, commission or discount arrangement between the Fund and its agents or underwriters, or among its
underwriters, or the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any sale.
See &#8220;Plan of Distribution.&#8221; The Fund may not sell any of Common Shares through agents, underwriters or dealers without
delivery of a Prospectus Supplement describing the method and terms of the particular Offering of Common Shares.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT OBJECTIVES AND POLICIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s primary investment objective is to provide current
income and gains, with a secondary objective of capital appreciation. In pursuing its investment objectives, the Fund will evaluate
returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes. There can be no assurance that the
Fund will achieve its investment objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund&#8217;s investment program
will consist primarily of (1) owning a diversified portfolio of common stocks, a segment of which (&#8220;Segment One&#8221;) seeks
to exceed the total return performance of the S&amp;P 500 Composite Stock Price Index&reg; (the &#8220;S&amp;P 500&#8221;) and
a segment of which (&#8220;Segment Two&#8221;) seeks to exceed the total return performance of the NASDAQ-100 Index&reg; (the &#8220;NASDAQ-100&#8221;)
and selling on a continuous basis S&amp;P 500 call options on at least 80% of the value of Segment One and NASDAQ-100 call options
on at least 80% of the value of Segment Two.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund will invest at least
80% of its total assets in a diversified portfolio of common stocks, designated segments of which seek to exceed the total return
performance of the S&amp;P 500 and the NASDAQ-100. Over time, the percentages of the Fund&#8217;s stock portfolio invested in each
Segment may vary as a result of relative changes in the indices, the Adviser&#8217;s evaluation of equity market conditions and
other factors. Although the Fund will designate separate S&amp;P 500 and NASDAQ-100 segments, the Fund&#8217;s stock portfolio
will be managed on an integrated basis. Among other portfolio considerations set forth below, the Fund will seek to minimize the
projected tracking of its stock holdings versus a blend of the S&amp;P 500 and the NASDAQ-100 corresponding to the weightings within
the Fund&#8217;s stock portfolio of Segment One and Segment Two. Due to tax considerations, the Fund intends to limit the overlap
between its stock portfolio holdings (and any subset thereof) and each of the S&amp;P 500 and the NASDAQ-100 to less than 70% on
an ongoing basis. The Fund&#8217;s stock holdings may include stocks not included in either index. The Fund will invest primarily
in common stocks of U.S. issuers. The Fund may invest up to 10% of its total assets in securities of foreign issuers, including
securities evidenced by American Depositary Receipts (&#8220;ADRs&#8221;), Global Depositary Receipts (&#8220;GDRs&#8221;) and
European Depositary Receipts (&#8220;EDRs&#8221;). The Fund may invest up to 5% of its total assets in securities of emerging market
issuers. The Fund expects that its assets will normally be invested across a broad range of industries and market sectors. <FONT STYLE="letter-spacing: 0.15pt">Stocks
included in the S&amp;P 500 and the NASDAQ-100 generally have growth characteristics. Investing in NASDAQ-100 stocks may result
in significant exposure to technology companies. </FONT>The Fund may not invest 25% or more of its total assets in the securities
of issuers in any single industry or group of industries. The Fund may invest a portion of its assets in stocks of <FONT STYLE="letter-spacing: 0.05pt">mid-capitalization
companies. Eaton</FONT> Vance <FONT STYLE="letter-spacing: 0.05pt">generally considers</FONT> mid-capitalization <FONT STYLE="letter-spacing: 0.05pt">companies
to be those companies</FONT> having <FONT STYLE="letter-spacing: 0.05pt">market capitalizations within the range</FONT> of <FONT STYLE="letter-spacing: 0.05pt">capitalizations
for the S&amp;P MidCap</FONT> 400 <FONT STYLE="letter-spacing: 0.05pt">Index (&#8220;S&amp;P MidCap 400&#8221;). As of</FONT> April
30, 2018<FONT STYLE="letter-spacing: 0.05pt">, the median market</FONT> capitalization <FONT STYLE="letter-spacing: 0.05pt">of
companies in the S&amp;P MidCap 400</FONT> was <FONT STYLE="letter-spacing: 0.05pt">approximately $4.0 </FONT>billion.</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will seek to generate current earnings in part by employing
an options strategy of writing (selling) index call options on the S&amp;P 500 and the NASDAQ-100. Under normal market conditions,
the Fund expects to sell on a continuous basis S&amp;P 500 call options on at least 80% of the value of Segment One and NASDAQ-100
call options on at least 80% of the value of Segment Two. Under normal market conditions, at least 80% of the value of the Fund&#8217;s
total assets will be subject to written index call options. Writing index call options involves a tradeoff between the option premiums
received and reduced participation in potential future stock price appreciation of the Fund&#8217;s portfolio of common stocks.
The Fund seeks to generate current earnings from option premiums and, to a lesser extent, from dividends on stocks held.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund intends to sell S&amp;P 500 and NASDAQ-100 call options
that are exchange-listed and &#8220;European style,&#8221; meaning that the options may be exercised only on the expiration date
of the option. Index options differ from options on individual securities in that index options (i) typically are settled in cash
rather than by delivery of securities and (ii) reflect price fluctuations in a group of securities or segments of the securities
market rather than price fluctuations in a single security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As the seller of S&amp;P 500 and NASDAQ-100 call options, the
Fund will receive cash (the premiums) from option purchasers. The purchaser of an S&amp;P 500 or NASDAQ-100 call option has the
right to any appreciation in the value of the applicable index over a fixed price (the exercise price) as of a specified date in
the future (the option valuation date). Generally, the Fund intends to sell S&amp;P 500 and NASDAQ-100 call options that are slightly
&#8220;out-of-the-money&#8221; (i.e., the exercise price generally will be slightly above the current level of the applicable index
when the option is sold). The Fund may also sell index options that are more substantially &#8220;out-of-the-money.&#8221; Such
options that are more substantially &#8220;out-of-the-money&#8221; provide greater potential for the Fund to realize capital appreciation
on its portfolio stocks but generally would pay a lower premium than options that are slightly &#8220;out-of-the-money.&#8221;
By selling index options, the Fund will, in effect, sell the potential appreciation in the value of the S&amp;P 500 or NASDAQ-100
above the exercise price in exchange for the option premium received. If, at expiration, an S&amp;P 500 or NASDAQ-100 call option
sold by the Fund is exercised, the Fund will pay the purchaser the difference between the cash value of the applicable index and
the exercise price of the option. The premium, the exercise price and the market value of the applicable index will determine the
gain or loss realized by the Fund as the seller of the index call option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s policies, under normal market conditions, that
the Fund will invest at least 80% of its total assets in a diversified portfolio of common stocks, designated segments of which
seek to exceed the total return performance of the S&amp;P 500 and the NASDAQ-100, and that at least 80% of the value of the Fund&#8217;s
total assets will be subject to written index call options are non-fundamental policies and may be changed by the Fund&#8217;s
Board of Trustees (the &#8220;Board&#8221;) without Common Shareholder approval following the provision of 60 days prior written
notice to Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In implementing the Fund&#8217;s investment strategy, the Adviser
and Sub-Adviser intend to employ a variety of techniques and strategies designed to minimize and defer the federal income taxes
incurred by shareholders in connection with their investment in the Fund as described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During unusual market conditions, the Fund may invest up to 100%
of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objectives, principal strategies
and other policies<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The S&amp;P 500 is an unmanaged index of 500 stocks maintained
and published by Standard &amp; Poor&#8217;s that is market-capitalization weighted and generally representative of the performance
of larger stocks traded in the United States. The NASDAQ-100 is an unmanaged index maintained by the Nasdaq Stock Market, Inc.
(with its affiliates, &#8220;Nasdaq&#8221;) that includes 100 of the largest domestic and international non- financial companies
listed on the Nasdaq based upon market capitalization. It is not possible to invest directly in an index. The Fund is not sponsored,
endorsed, sold or promoted by Standard &amp; Poor&#8217;s or Nasdaq. Neither Standard &amp; Poor&#8217;s or Nasdaq has passed on
the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to the Fund. Standard &amp;
Poor&#8217;s and Nasdaq make no representation regarding the advisability of investing in the Fund.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT SELECTION STRATEGIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance is responsible for managing the Fund&#8217;s overall
investment program and executing the Fund&#8217;s options strategy. Eaton Vance also is responsible for providing research support
to the Sub-Adviser and supervising the performance of the Sub-Adviser. Parametric will be responsible for structuring and managing
the Fund&#8217;s common stock portfolio, including tax-loss harvesting (i.e., periodically selling positions that have depreciated
in value to realize capital losses that can be used to offset capital gains realized by the Fund) and other tax-management techniques,
relying in part on the fundamental research and analytical judgments of the Adviser. The Fund&#8217;s investments are actively
managed, and securities may be bought or sold on a daily basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s strategy consists of owning a portfolio of common
stocks and selling covered call options (a &#8220;buy-write strategy&#8221;).</P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To avoid being subject to the &#8220;straddle rules&#8221; under
federal income tax law, the Fund intends to limit the overlap between its stock portfolio holdings (and any subset thereof) and
each of the S&amp;P 500 and the NASDAQ-100 to less than 70% on an ongoing basis. Under the &#8220;straddle rules,&#8221; &#8220;offsetting
positions with respect to personal property&#8221; generally are considered to be straddles. In general, investment positions will
be offsetting if there is a substantial diminution in the risk of loss from holding one position by reason of holding one or more
other positions. The Fund expects that the index call options it writes will not be considered straddles because its stock holdings
will be sufficiently dissimilar from the components of the S&amp;P 500 and the NASDAQ-100 under applicable guidance established
by the Internal Revenue Service (&#8220;IRS&#8221;). Under certain circumstances, however, the Fund may enter into options transactions
or certain other investments that may constitute positions in a straddle. Parametric will consider a variety of factors in constructing
and maintaining the Fund&#8217;s stock portfolio, including, but not limited to, stock performance ratings as determined by the
Adviser, stock dividend yields, overlap between the Fund&#8217;s stock portfolio holdings and the S&amp;P 500 and the NASDAQ-100,
projected tracking of the Fund&#8217;s stock holdings versus a blend of the S&amp;P 500 and the NASDAQ-100, realization of loss
harvesting opportunities and other tax management considerations. The Adviser&#8217;s evaluation of the future performance potential
of individual stocks will be one among several considerations in portfolio construction and will not, on a standalone basis, be
determinative of portfolio construction. The Adviser&#8217;s stock ratings will be based primarily on fundamental research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s index option strategy is designed to produce
current cash flow from options premiums and to moderate the volatility of the Fund&#8217;s returns. This index option strategy
is of a hedging nature and is not designed to speculate on equity market performance. The Adviser believes that the Fund&#8217;s
index option strategy will moderate the volatility of the Fund&#8217;s returns because the option premiums received will help to
mitigate the impact of downward price movements in the stocks held by the Fund, while the Fund&#8217;s obligations under index
calls written will effectively limit the Fund&#8217;s ability to participate in upward price movements in portfolio stocks beyond
certain levels.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund expects to sell on a continuous basis S&amp;P 500 call
options on at least 80% of the value of Segment One and NASDAQ-100 call options on at least 80% of the value of Segment Two. Under
normal conditions, at least 80% of the value of the Fund&#8217;s total assets will be subject to written index call options. The
Adviser does not intend to sell index call options representing amounts greater than the value of the Fund&#8217;s common stock
portfolio (i.e., take a &#8220;naked&#8221; position). The Adviser intends to sell S&amp;P 500 and NASDAQ-100 call options that
are exchange-listed and &#8220;European style,&#8221; meaning that the options may only be exercised on the expiration date of
the option. Exchange-traded index options are typically settled in cash and provide that the holder of the option has the right
to receive an amount of cash determined by the excess of the exercise-settlement value of the index over the exercise price of
the option. The exercise-settlement value is calculated based on opening sales prices of the component index stocks on the option
valuation date, which is the last business day before the expiration date. Generally, the Adviser intends to sell S&amp;P 500 and
NASDAQ-100 call options that are slightly &#8220;out-of-the-money,&#8221; meaning that option exercise prices generally will be
slightly above the current level of the index at the time the options are written. The Fund may also sell index options that are
more substantially &#8220;out-of-the-money.&#8221; Such options that are more substantially &#8220;out-of-the-money&#8221; provide
greater potential for the Fund to realize capital appreciation on its portfolio stocks but generally would pay a lower premium
than options that are slightly &#8220;out-of-the-money.&#8221; Options on broad-based equity indices that trade on a national securities
exchange registered with the Securities and Exchange Commission (&#8220;SEC&#8221;) or a domestic board of trade designated as
a contract market by the Commodity Futures Trading Commission generally qualify for treatment as &#8220;section 1256 contracts&#8221;
as defined in the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). Under the Code, capital gains and losses
on &#8220;section 1256 contracts&#8221; are generally recognized annually based on a marking-to-market of open positions at tax
year-end, with gains or losses treated as 60% long-term and 40% short-term, regardless of holding period. In implementing the Fund&#8217;s
investment strategy, the Adviser and the Sub-Adviser intend to employ a variety of techniques and strategies designed to minimize
and defer the federal income taxes incurred by Common Shareholders in connection with their investment in the Fund. These include:
(1) selling index call options that qualify for treatment as &#8220;section 1256 contracts&#8221; on which capital gains and losses
are generally treated as 60% long-term and 40% short-term, regardless of holding period; (2) limiting the overlap between its stock
portfolio holdings (and any subset thereof) and each of the S&amp;P 500 and the NASDAQ-100 to less than 70% on an ongoing basis
so that the Fund&#8217;s stock holdings and S&amp;P 500 and NASDAQ-100 call options are not subject to the &#8220;straddle rules;&#8221;
(3) engaging in a systematic program of tax-loss harvesting in the Fund&#8217;s stock portfolio, periodically selling stock positions
that have depreciated in value to realize capital losses that can be used to offset capital gains realized by the Fund; and (4)
managing the sale of appreciated stock positions so as to minimize the Fund&#8217;s net realized short-term capital gains in excess
of net realized long-term capital losses. The Fund will seek to offset the 40% of gains on index options treated as short-term
against Fund expenses and realized losses on other investments allocable against short-term gains. When an appreciated security
is sold, the Fund generally seeks to select for sale the share lots resulting in the most favorable tax treatment, normally those
with holding periods sufficient to qualify for long-term capital gains treatment that have the highest cost basis.</P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Fund will seek to earn and distribute &#8220;qualified
dividend income.&#8221; Qualified dividend income received by an individual is taxed at the rates applicable to long-term capital
gain (currently at a maximum rate of 20% plus a 3.8% Medicare contribution tax). In order for a dividend received by Fund shareholders
to be qualified dividend income, the Fund must meet holding period and other requirements with respect to the dividend-paying stock
in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund&#8217;s shares. A
dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (1) if the dividend is received
with respect to any share of stock held for fewer than 61 days during the 121-day period beginning at the date which is 60 days
before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock,
91 days during the 181-day period beginning 90 days before such date), (2) to the extent that the recipient is under an obligation
(whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or
related property, (3) if the recipient elects to have the dividend income treated as investment interest, or (4) if the dividend
is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the
U.S. (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities
market in the U.S.) or (b) treated as a passive foreign investment company. Payments in lieu of dividends, such as payments pursuant
to securities lending arrangements, also do not qualify to be treated as qualified dividend income. In general, distributions of
investment income reported by the Fund as derived from qualified dividend income will be treated as qualified dividend income by
a shareholder taxed as an individual provided the shareholder meets the holding period and other requirements described above with
respect to the Fund&#8217;s shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may seek to enhance the level of tax-advantaged dividend
income it receives by emphasizing higher-yielding stocks in its stock portfolio and by engaging in dividend capture trading. In
a dividend capture trade, the Fund sells a stock on or shortly after the stock&#8217;s ex-dividend date and uses the sale proceeds
to purchase one or more other stocks that are expected to pay dividends before the next dividend payment on the stock being sold.
Through this practice, the Fund may receive more dividend payments over a given time period than if it held a single stock. In
order for dividends received by the Fund to qualify for favorable tax treatment, the Fund must comply with the holding period and
other requirements set forth in the preceding paragraph. By complying with the applicable holding period and other requirements
while engaging in dividend capture trading, the Fund may be able to enhance the level of tax-advantaged dividend income it receives
because it will receive more dividend payments qualifying for favorable treatment during the same time period than if it simply
held its portfolio stocks. The use of dividend capture trading strategies will expose the Fund to increased trading costs and potentially
higher short-term gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing policies relating to investment in common stocks
and options writing are the Fund&#8217;s primary investment policies. In addition to its primary investment policies, the Fund
may invest to a limited extent in other types of securities and engage in certain other investment practices. In addition to writing
index call options, the Fund may invest up to 20% of its total assets in derivative instruments acquired for hedging, risk management
and investment purposes (to gain exposure to securities, securities markets, markets indices and/or currencies consistent with
its investment objectives and policies), provided that no more than 10% of the Fund&#8217;s total assets may be invested in such
derivative instruments acquired for non-hedging purposes. To seek to protect against price declines in securities holdings with
large accumulated gains, the Fund may use various hedging techniques (such as the purchase and sale of futures contracts on stocks
and stock indices and options thereon, equity swaps, covered short sales, forward sales of stocks and the purchase and sale of
forward currency exchange contracts and currency futures). By using these techniques rather than selling appreciated securities,
the Fund can, within certain limitations, reduce its exposure to price declines in the securities without realizing substantial
capital gains under current tax law. Derivative instruments may also be used by the Fund to enhance returns or as a substitute
for the purchase or sale of securities. As a general matter, dividends received on hedged stock positions are characterized as
ordinary income and are not eligible for favorable tax treatment. Dividends received on securities with respect to which the Fund
is obligated to make related payments (pursuant to short sales or otherwise) will be treated as fully taxable ordinary income (i.e.,
income other than tax-advantaged dividends). In addition, use of derivatives may give rise to short-term capital gains and other
income that would not qualify for favorable tax treatment. See &#8220;Investment Objectives, Policies and Risks.&#8221;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LISTING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-weight: normal">As of May 29, 2018, The Fund
had 71,023,048 Common Shares outstanding. The Fund&#8217;s Common Shares are traded on the New York Stock Exchange (&#8220;NYSE&#8221;)
under the symbol &#8220;ETV.&#8221; As of May 29, 2018, the last reported sale price of a Common Share of the Fund on the NYSE
was $15.33. Common Shares offered and sold pursuant to this Registration Statement will also be listed on the NYSE and trade under
this symbol.</FONT></P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT ADVISER, ADMINISTRATOR AND SUB-ADVISER</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance, a wholly-owned subsidiary of Eaton Vance Corp.,
is the Fund&#8217;s investment adviser and administrator. As of April 30, 2018, Eaton Vance and its affiliates managed approximately
$440.1 billion of fund and separate account assets on behalf of clients, including approximately $117.8 billion in equity assets.
Eaton Vance has engaged Parametric, an indirect, majority-owned subsidiary of Eaton Vance Corp., as a sub-adviser to the Fund.
Parametric managed approximately $231.5 billion in assets as of April 30, 2018. Eaton Vance is responsible for managing the Fund&#8217;s
overall investment program and executing the Fund&#8217;s options strategy. Eaton Vance also is responsible for providing research
support to the Sub-Adviser and supervising the performance of the Sub-Adviser. Parametric is responsible for structuring and managing
the Fund&#8217;s common stock portfolio, including tax-loss harvesting (i.e., periodically selling positions that have depreciated
in value to realize capital losses that can be used to offset capital gains realized by the Fund) and other tax-management techniques,
relying in part on the fundamental research and analytical judgments of the Adviser. See &#8220;Management of the Fund.&#8221;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may sell the Common Shares being offered under this
Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount
arrangement between the Fund and its agents or underwriters, or among its underwriters, or the basis upon which such amount may
be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may distribute Common Shares from time to time in one
or more transactions at: (i) a fixed price or prices that may be changed; (ii) market prices prevailing at the time of sale; (iii)
prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price
per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund from time to time may offer its Common Shares through
or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may directly solicit offers to purchase Common Shares,
or the Fund may designate agents to solicit such offers. The Fund will, in a Prospectus Supplement relating to such Offering, name
any agent that could be viewed as an underwriter under the 1933 Act, and describe any commissions the Fund must pay to such agent(s).
Any such agent will be acting on a reasonable best efforts basis for the period of its appointment or, if indicated in the applicable
Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and underwriters may be customers
of, engage in transactions with, or perform services for the Fund in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If any underwriters or agents are used in the sale of Common
Shares in respect of which this Prospectus is delivered, the Fund will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Fund will set forth in the Prospectus Supplement relating to such Offering their
names and the terms of the Fund&#8217;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a dealer is utilized in the sale of Common Shares in respect
of which this Prospectus is delivered, the Fund will sell such Common Shares to the dealer, as principal. The dealer may then resell
such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may engage in at-the-market offerings to or through
a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the 1933
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Agents, underwriters and dealers may be entitled under agreements
which they may enter into with the Fund to indemnification by the Fund against certain civil liabilities, including liabilities
under the 1933 Act, and may be customers of, engage in transactions with or perform services for the Fund in the ordinary course
of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to facilitate the Offering of Common Shares, any underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares the
prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the Offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the
price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such
other Common Shares in the open market. Finally, in any Offering of Common Shares through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing Common Shares in the Offering
if the syndicate repurchases previously distributed Common Shares in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of Common Shares above
independent market levels. Any such underwriters are not required to engage in these activities and may end any of these activities
at any time.</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may enter into derivative transactions with third parties,
or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable Prospectus
Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares covered by this Prospectus
and the applicable Prospectus Supplement or other offering materials, including in short sale transactions. If so, the third parties
may use Common Shares pledged by the Fund or borrowed from the Fund or others to settle those sales or to close out any related
open borrowings of securities, and may use Common Shares received from the Fund in settlement of those derivatives to close out
any related open borrowings of securities. The third parties in such sale transactions will be underwriters and, if not identified
in this Prospectus, will be identified in the applicable Prospectus Supplement or other offering materials (or a post-effective
amendment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum amount of compensation to be received by any member
of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any security
being sold with respect to each particular Offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any underwriter, agent or dealer utilized in the initial Offering
of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DISTRIBUTIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Pursuant to an exemptive order issued by the Securities and Exchange
Commission (&#8220;Order&#8221;), the Fund is authorized to distribute long-term capital gains to shareholders more frequently
than once per year. Pursuant to the Order, the Fund&#8217;s Board of Trustees approved a Managed Distribution Plan (&#8220;MDP&#8221;)
pursuant to which the Fund makes monthly cash distributions to Common Shareholders, stated in terms of a fixed amount per common
share. Shareholders should not draw any conclusions about the Fund&#8217;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&#8217;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&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221;
In addition, a return of capital is treated as a non-dividend distribution for tax purposes, is not subject to current tax and
reduces a shareholder&#8217;s tax cost basis in fund shares. 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&#8217;s distributions for tax purposes will be reported to shareholders on Form 1099-DIV
for each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to its MDP, the Fund makes monthly distributions to Common
Shareholders sourced from the Fund&#8217;s cash available for distribution. &#8220;Cash available for distribution&#8221; consists
of the Fund&#8217;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 Fund&#8217;s distribution rate may
be adjusted from time-to-time. The Board may modify this distribution policy at any time without obtaining the approval of Common
Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders may elect automatically to reinvest some
or all of their distributions in additional Common Shares under the Fund&#8217;s dividend reinvestment plan. See &#8220;Distributions&#8221;
and &#8220;Dividend Reinvestment Plan.&#8221;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DIVIDEND REINVESTMENT PLAN</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has established a dividend reinvestment plan (the &#8220;Plan&#8221;).
Under the Plan, a Common Shareholder may elect to have all dividend and capital gain distributions automatically reinvested in
additional Common Shares either purchased in the open market or newly issued by the Fund if the Common Shares are trading at or
above their net asset value. Common Shareholders may elect to participate in the Plan by completing the dividend reinvestment plan
application form. Common Shareholders who do not elect to participate in the Plan will receive all distributions in cash paid by
check mailed directly to them by American Stock Transfer &amp; Trust Company, LLC, as dividend paying agent. Common Shareholders
who intend to hold their Common Shares through a broker or nominee should contact such broker or nominee to determine whether or
how they may participate in the Plan. See &#8220;Dividend Reinvestment Plan.&#8221;</P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CLOSED-END STRUCTURE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Closed-end funds differ from open-end management investment companies
(commonly referred to as mutual funds) in that closed-end funds generally list their shares for trading on a securities exchange
and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities that are redeemable
at net asset value at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds
are subject to continuous asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally
can stay more fully invested in securities consistent with the closed-end fund&#8217;s investment objectives and policies. In addition,
in comparison to open-end funds, closed-end funds have greater flexibility in the employment of financial leverage and in the ability
to make certain types of investments, including investments in illiquid securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">However, common shares of closed-end funds frequently trade at
a discount from their net asset value. Since inception, the market price of the Common Shares has fluctuated and at times traded
below the Fund&#8217;s NAV, and at times has traded above NAV. In recognition of this possibility that the Common Shares might
trade at a discount to net asset value and that any such discount may not be in the interest of Common Shareholders, the Fund&#8217;s
Board, in consultation with Eaton Vance, from time to time may review possible actions to reduce any such discount. The Board might
consider open market repurchases or tender offers for Common Shares at net asset value. There can be no assurance that the Board
will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading at
a price equal to or close to net asset value per Common Share. The Board might also consider the conversion of the Fund to an open-end
mutual fund. The Board believes, however, that the closed-end structure is desirable, given the Fund&#8217;s investment objectives
and policies. Investors should assume, therefore, that it is highly unlikely that the Board would vote to convert the Fund to an
open-end investment company.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SPECIAL RISK CONSIDERATIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may receive little or no return on your investment or you may lose
part or all of your investment.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Discount from or premium to NAV</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Offering will be conducted only when Common Shares of the
Fund are trading at a price equal to or above the Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions.
As with any security, the market value of the Common Shares may increase or decrease from the amount initially paid for the Common
Shares. The Fund&#8217;s Common Shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end
management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk
that the Fund&#8217;s NAV may decrease.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Secondary market for the Common Shares</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The issuance of Common Shares through the Offering may have an
adverse effect on the secondary market for the Common Shares. The increase in the amount of the Fund&#8217;s outstanding Common
Shares resulting from the Offering may put downward pressure on the market price for the Common Shares of the Fund. Common Shares
will not be issued pursuant to the Offering at any time when Common Shares are trading at a price lower than a price equal to the
Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund also issues Common Shares of the Fund through its dividend
reinvestment plan. See &#8220;Dividend Reinvestment Plan.&#8221; Common Shares may be issued under the plan at a discount to the
market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Common Shares are trading at a premium, the Fund may
also issue Common Shares of the Fund that are sold through transactions effected on the NYSE. The increase in the amount of the
Fund&#8217;s outstanding Common Shares resulting from that offering may also put downward pressure on the market price for the
Common Shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The voting power of current shareholders will be diluted to the
extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient shares
to maintain their percentage interest. In addition, if the Adviser is unable to invest the proceeds of such offering as intended,
the Fund&#8217;s per share distribution may decrease (or may consist of return of capital) and the Fund may not participate in
market advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Investment and market risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An investment in Common Shares is subject to investment risk,
including the possible loss of the entire principal amount invested. An investment in Common Shares represents an indirect investment
in the securities owned by the Fund, which are generally traded on a securities exchange or in the over-the-counter markets. The
value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. Because the
Fund intends to sell index call options on a continuous basis on at least 80% of the value of its total assets, the Fund&#8217;s
appreciation potential from equity market performance will be limited. The Common Shares
at any point in time may be worth less than the original investment, even after taking into account any reinvestment of distributions.</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The value of investments held by the Fund may increase or decrease
in response to economic, political and financial events (whether real, expected or perceived) in the U.S. and global markets. The
frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund
may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions.
Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases
or increases in short-term interest rates, could cause high volatility in markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Issuer risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The value of securities held by the Fund may decline for a number
of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s
goods and services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Equity risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund will invest at least
80% of its total assets in a diversified portfolio of common stocks. Therefore, a principal risk of investing in the Fund is equity
risk. The value of equity investments and related instruments may decline in response to adverse changes in the economy or the
economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical,
social or environmental developments; issuer- and sector-specific considerations; and other factors. Market conditions may affect
certain types of stocks to a greater extent than other types of stocks. If the stock market declines, the value of the Fund&#8217;s
equity securities will also likely decline. Although stock prices can rebound, there is no assurance that values will return to
previous levels. Preferred stocks and other hybrid securities may also be sensitive to changes in interest rates; when interest
rates rise, their value will generally fall.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Risks of investing in mid-cap companies</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may make investments in stocks of companies whose market
capitalization is considered middle sized or &#8220;mid-cap.&#8221; Mid-cap companies often are newer or less established companies
than larger companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less
predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of
such companies may be dependent upon one or a few key people. The market movements of equity securities of mid-cap companies may
be more abrupt or erratic than the market movements of equity securities of larger, more established companies or the stock market
in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger
companies. In addition, equity securities of mid-cap companies generally are less liquid than those of larger companies. This means
that the Fund could have greater difficulty selling such securities at the time and price that the Fund would like.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Risks of &#8220;growth&#8221; stock investing</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund expects to invest substantially in stocks with &#8220;growth&#8221;
characteristics. Growth stocks can react differently to issuer, political, market and economic developments than the market as
a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other
types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types
of stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Risk of selling index call options</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund expects to sell on a continuous basis S&amp;P 500 call
options on at least 80% of the value of Segment One and NASDAQ-100 call options on at least 80% of the value of Segment Two, and
collectively to sell index call options on at least 80% of the value of the Fund&#8217;s total assets. The purchaser of an index
call option has the right to any appreciation in the value of the index over the exercise price of the call option as of the valuation
date of the option. Because their exercise is settled in cash, sellers of index call options such as the Fund cannot provide in
advance for their potential settlement obligations by acquiring and holding the underlying securities. The Fund intends to mitigate
the risks of its written index call positions by holding a diversified portfolio of stocks, Segment One of which is similar to
the S&amp;P 500 and Segment Two of which is similar to the NASDAQ-100. However, the Fund does not intend to acquire and hold a
portfolio containing exactly the same stocks as the S&amp;P 500 and the NASDAQ-100. Due to tax considerations, the Fund intends
to limit the overlap between its stock portfolio holdings (and any subset thereof) and each of the S&amp;P 500 and the NASDAQ-100
to less than 70% on an ongoing basis. Consequently, the Fund bears the risk that the performance of the securities held will vary
from the performance of the S&amp;P 500 and the NASDAQ-100. For example, the Fund will suffer a loss if the S&amp;P 500 appreciates
substantially above the exercise price of S&amp;P 500 call options written by the Fund while the securities held by the Fund in
Segment One in the aggregate fail to appreciate as much or decline in value over the life of the written option. Index options
written by the Fund will be priced on a daily basis. Their value will be affected primarily by changes in the price and dividend
rates of the underlying common stocks in the S&amp;P 500 and the NASDAQ-100, changes</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">in actual or perceived volatility of the S&amp;P 500 and the
NASDAQ-100 and the remaining time to the options&#8217; expiration. The trading price of S&amp;P 500 and NASDAQ-100 call options
will also be affected by liquidity considerations and the balance of purchase and sale orders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A decision as to whether, when and how to use options involves
the exercise of skill and judgment, and even a well-conceived and well-executed options program may be adversely affected by market
behavior or unexpected events. As the writer of S&amp;P 500 and NASDAQ-100 call options, the Fund will forgo, during the option&#8217;s
life, the opportunity to profit from increases in the value of the applicable index above the sum of the option premium received
and the exercise price of the call option, but retains the risk of loss, minus the option premium received, should the value of
the applicable index decline. When a call option is exercised, the Fund will be required to deliver an amount of cash determined
by the excess of the value of the applicable index at contract termination over the exercise price of the option. Thus, the exercise
of index call options sold by the Fund may require the Fund to sell portfolio securities to generate cash at inopportune times
or for unattractive prices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The trading price of options may be adversely affected if the
market for such options becomes less liquid or smaller. The Fund may close out a call option by buying the option instead of letting
it expire or be exercised. There can be no assurance that a liquid market will exist when the Fund seeks to close out a call option
position by buying the option. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there
may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions
or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular
classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the
facilities of an exchange or the Options Clearing Corporation (the &#8220;OCC&#8221;) may not at all times be adequate to handle
current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled to discontinue
the trading of options (or a particular class or series of options) at some future date. If trading were discontinued, the secondary
market on that exchange (or in that class or series of options) would cease to exist. However, outstanding options on that exchange
that had been issued by the OCC as a result of trades on that exchange would continue to be exercisable in accordance with their
terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The hours of trading for options may not conform to the hours
during which common stocks held by the Fund are traded. To the extent that the options markets close before the markets for securities,
significant price and rate movements can take place in the securities markets that would not be reflected concurrently in the options
markets. Index call options are marked to market daily and their value is affected by changes in the value and dividend rates of
the securities represented in the underlying index, changes in interest rates, changes in the actual or perceived volatility of
the associated index and the remaining time to the options&#8217; expiration, as well as trading conditions in the options market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Tax risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Reference is made to &#8220;Federal Income Tax Matters&#8221;
for an explanation of the federal income tax consequences and attendant risks of investing in the Fund. Although the Fund seeks
to minimize and defer the federal income taxes incurred by Common Shareholders in connection with their investment in the Fund,
there can be no assurance that it will be successful in this regard. Market conditions may limit the Fund&#8217;s ability to generate
tax losses or to generate dividend income taxed at favorable tax rates. The Fund&#8217;s tax-managed strategy may cause the Fund
to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund&#8217;s
ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation, regulation
or interpretations. Distributions paid on the Common Shares may be characterized variously as net investment income (taxable at
ordinary income rates), qualified dividends and capital gains dividends (each taxable at long-term capital gains rates) or return
of capital (not currently taxable). The ultimate tax characterization of the Fund&#8217;s distributions made in a calendar year
may not finally be determined until after the end of that calendar year. Distributions to a Common Shareholder that are return
of capital will be tax free to the amount of the Common Shareholder&#8217;s current tax basis in his or her Common Shares, with
any distribution amounts exceeding such basis treated as capital gain on a deemed sale of Common Shares. Common Shareholders are
required to reduce their tax basis in Common Shares by the amount of tax-free return of capital distributions received, thereby
increasing the amount of capital gain (or decreasing the amount of capital loss) to be recognized upon a later disposition of the
Common Shares. In order for Fund distributions of qualified dividend income to be taxable at favorable long-term capital gains
rates, a Common Shareholder must meet certain prescribed holding period and other requirements with respect to his or her Common
Shares. If positions held by the Fund were treated as &#8220;straddles&#8221; for federal income tax purposes, dividends on such
positions would not constitute qualified dividend income subject to favorable income tax treatment. Gain or loss on positions in
a straddle are subject to special (and generally disadvantageous) rules as described under &#8220;Federal Income Tax Matters.&#8221;</P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Foreign investment risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments in foreign issuers could be affected by factors not
present in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing
standards, less publicly available financial and other information, and potential difficulties in enforcing contractual obligations.
Because foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards, practices and requirements
and regulatory measures comparable to those in the United States, there may be less publicly available information about such foreign
issuers. Settlements of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally
less frequent than in the United States, which could affect the liquidity of the Fund&#8217;s assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Foreign issuers may become subject to sanctions imposed by the
United States or another country, which could result in the immediate freeze of the foreign issuers&#8217; assets or securities.
The imposition of such sanctions could impair the market value of the securities of such foreign issuers and limit the Fund&#8217;s
ability to buy, sell, receive or deliver the securities. Trading in certain foreign markets is also subject to liquidity risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As an alternative to holding foreign-traded investments, the
Fund may invest in U.S. dollar-denominated investments of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter
market including depositary receipts, which evidence ownership of shares of a foreign issuer and are alternatives to directly purchasing
the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the
risks associated with investing directly in foreign securities. These risks include the political and economic risks of the underlying
issuer&#8217;s country, as well as in the case of depositary receipts traded on foreign markets, currency risk. Depositary receipts
may be sponsored or unsponsored. Unsponsored depositary receipts are established without the participation of the issuer. As a
result, available information concerning the issuer of an unsponsored depository receipt may not be as current as for sponsored
depositary receipts, and the prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored
by the issuer. Unsponsored depositary receipts may involve higher expenses, may not pass through voting or other shareholder rights
and may be less liquid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Since the Fund may invest in securities denominated or quoted
in currencies other than the U.S. dollar, the value of foreign assets and currencies as measured in U.S. dollars may be affected
favorably or unfavorably by changes in foreign currency rates and exchange control regulations, application of foreign tax laws
(including withholding tax), governmental administration of economic or monetary policies (in this country or abroad), and relations
between nations and trading.&nbsp; Foreign currencies also are subject to settlement, custodial and other operational risks. Currency
exchange rates can be affected unpredictably by intervention, or the failure to intervene, by U.S. or foreign governments or central
banks or by currency controls or political developments in the United States or abroad.&nbsp; If the U.S. dollar rises in value
relative to a foreign currency, a security denominated in that foreign currency will be worth less in U.S. dollars. If the U.S.
dollar decreases in value relative to a foreign currency, a security denominated in that foreign currency will be worth more in
U.S. dollars.&nbsp; A devaluation of a currency by a country&#8217;s government or banking authority will have a significant impact
on the value of any investments denominated in that currency.&nbsp; Costs are incurred in connection with conversions between currencies.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Emerging market investments risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest up to 5% of its total assets in securities
of issuers located in emerging markets. The risks of foreign investments can be more significant in emerging markets. Emerging
markets may offer higher potential for gains and losses than investments in the developed markets of the world. Political and economic
structures in emerging market countries generally lack the social, political and economic stability of developed countries, which
may affect the value of the Fund&#8217;s investments in these countries and also the ability of the Fund to access markets in such
countries. Governmental actions can have a significant effect on the economic conditions in emerging market countries, which also
may adversely affect the value and liquidity of the Fund&#8217;s investments. The laws of emerging market countries relating to
the limited liability of corporate shareholders, fiduciary duties of officers and directors, and bankruptcy of state enterprises
are generally less developed than or different from such laws in the United States. It may be more difficult to obtain a judgment
in the courts of these countries than it is in the United States. Disruptions due to work stoppages and trading improprieties in
foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading,
which contributes to their volatility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Also, investments in issuers domiciled in countries with emerging
capital markets may involve certain additional risks that do not generally apply to investments in issuers in more developed capital
markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for
such investments, as compared to investments in comparable issuers in more developed capital markets; (ii) uncertain national policies
and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation or
high rates of inflation; (iii) possible significant fluctuations in exchange rates, differing legal systems and the existence or
possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable
to such investments; (iv) national policies that may limit investment opportunities; and (v) the lack or relatively early development
of legal</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">structures governing private and foreign investments and private
property. Trading practices in emerging markets also may be less developed, resulting in inefficiencies relative to trading in
more developed markets, which may result in increased transaction costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Interest rate risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The premiums from writing index call options and amounts available
for distribution from the Fund&#8217;s options activity may decrease in declining interest rate environments. The value of the
Fund&#8217;s common stock investments may also be influenced by changes in interest rates. Higher yielding stocks and stocks of
issuers whose businesses are substantially affected by changes in interest rates may be particularly sensitive to interest rate
risk.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Dividend capture trading risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The use of dividend capture strategies will expose the Fund to
higher portfolio turnover, increased trading costs and potential for capital loss or gain, particularly in the event of significant
short-term price movements of stocks subject to dividend capture trading.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Derivatives risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to writing index call options, the risks of which
are described above, the Fund may invest up to 20% of its total assets in other derivative investments acquired for hedging, risk
management and investment purposes, provided that no more than 10% of the Fund&#8217;s total assets may be invested in such derivative
instruments acquired for non-hedging purposes. Other derivatives instruments may include purchase and sale of derivative contracts
based on equity and fixed-income indices and other instruments, covered short sales, purchase and sale of futures contracts and
options thereon, forward sales of stock, the purchase and sale of forward currency exchange contracts and currency futures, and
various transactions such as swaps, caps, floors or collars. The use of derivatives can lead to losses because of adverse movements
in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due
to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents non-cash exposure to the underlying
assets, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivative risks may be
more significant when they are used to enhance return or as a substitute for a cash investment position, rather than solely to
hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and
a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of
a derivative (including one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument.
Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide
swings in valuation caused by changes in the value of the underlying instrument. If a derivative&#8217;s counterparty is unable
to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral
or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.&nbsp;
A derivative investment also involves the risks relating to the asset, index, rate or instrument underlying the investment. There
can be no assurance that the use of derivative instruments will be advantageous to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Liquidity risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest up to 15% of its total assets in securities
for which there is no readily available trading market or which are otherwise illiquid. The Fund may not be able readily to dispose
of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded
and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary
to raise cash to meet its obligations. In addition, the limited liquidity could affect the market price of the securities, thereby
adversely affecting the Fund&#8217;s net asset value, and at times may make the disposition of securities impracticable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Inflation risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Inflation risk is the risk that the value of assets or income
from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value
of the Common Shares and distributions thereon can decline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Market discount risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As with any security, the market value of the Common Shares may
increase or decrease from the amount initially paid for the Common Shares. The Fund&#8217;s Common Shares have traded both at a
premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount
from their NAV. This is a risk separate and distinct from the risk that the Fund&#8217;s NAV may decrease.</P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Financial leverage risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Although the Fund has no current intention to do so, the Fund
is authorized and reserves the flexibility to utilize leverage through the issuance of preferred shares and/or borrowings, including
the issuance of debt securities. In the event that the Fund determines in the future to utilize investment leverage, there can
be no assurance that such a leveraging strategy will be successful during any period in which it is employed. Leverage creates
risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common
Shares and the risk that fluctuations in distribution rates on any preferred shares and costs of borrowings may affect the return
to Common Shareholders. To the extent the income derived from investments purchased with funds received from leverage exceeds the
cost of leverage, the Fund&#8217;s distributions may be greater than if leverage had not been used. Conversely, if the income from
the investments purchased with such funds is not sufficient to cover the cost of leverage, the amount available for distribution
to Common Shareholders will be less than if leverage had not been used. In the latter case, Eaton Vance, in its best judgment,
may nevertheless determine to maintain the Fund&#8217;s leveraged position if it deems such action to be appropriate. The costs
of an offering of preferred shares and/or a borrowing program would be borne by Common Shareholders and consequently would result
in a reduction of the net asset value of Common Shares. In addition, as discussed under &#8220;Management of the Fund,&#8221; the
fee paid to Eaton Vance is calculated on the basis of the Fund&#8217;s average daily gross assets, including proceeds from the
issuance of preferred shares and/or borrowings, so the fees will be higher when leverage is utilized. In this regard, holders of
preferred shares do not bear the investment advisory fee. Rather, Common Shareholders bear the portion of the investment advisory
fee attributable to the assets purchased with the proceeds of the preferred shares offering, which means that Common Shareholders
effectively bear the entire advisory fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Fund&#8217;s use of derivative instruments exposes the Fund to special risks. See &#8220;Investment
Objectives, Policies and Risks&#8212;Additional Investment Practices&#8221; and &#8220;Investment Objectives, Policies, and Risks&#8212;Risk
Considerations.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Technology risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The technology industries can be significantly affected by obsolescence
of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic
conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Management risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is subject to management risk because it is an actively
managed portfolio. Eaton Vance, Parametric and the individual portfolio managers will apply investment techniques and risk analyses
in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Market disruption</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Instability in the Middle East, the wars in Afghanistan, Iraq
and Libya, geopolitical tensions elsewhere and terrorist attacks in the U.S. and around the world have resulted in market volatility
and may have long-term effects on the U.S. and worldwide financial markets and may cause further economic uncertainties in the
U.S. and worldwide. The Fund cannot predict the effects of significant future events on the global economy and securities markets.
A similar disruption of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation
and other factors relating to the Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Anti-takeover provisions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s Agreement and Declaration of Trust includes
provisions that could have the effect of limiting the ability of other persons or entities to acquire control of the Fund or to
change the composition of its Board. See &#8220;Description of Capital Structure -- Anti-Takeover Provisions in the Declaration
of Trust.&#8221;</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Summary of Fund Expenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt">The purpose of the table below is to help you understand
all fees and expenses that you, as a holder of Common Shares (&#8220;Common Shareholder&#8221;), would bear directly or indirectly.
The table shows Fund expenses as a percentage of net assets attributable to Common Shares<SUP>(1)</SUP> for the year ended December
31, 2017.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Common Shareholder transaction expenses</B></FONT></TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Sales load paid by you (as a percentage of offering price)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif">--<FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Offering expenses (as a percentage of offering price)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">None<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 9pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Dividend reinvestment plan fees</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$5.00<SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Annual expenses</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Percentage of net assets</B></FONT><BR>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>attributable to Common Shares<SUP>(4)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Investment adviser fee</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">1.00%<SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Other expenses</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>0.08%</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Total annual Fund operating expenses</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">1.08%</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>&#8194;</SUP></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>If Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>The Adviser will pay the expenses of the Offering (other than the applicable commissions); therefore, Offering expenses are
not included in the Summary of Fund Expenses. Offering expenses generally include, but are not limited to, the preparation, review
and filing with the SEC of the Fund&#8217;s registration statement (including this Prospectus and the Statement of Additional Information),
the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing
or other distribution of the Prospectus, Statement of Additional Information and/or marketing materials, associated filing fees,
NYSE listing fees, and legal and auditing fees associated with the Offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your Common Shares
held in a dividend reinvestment account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(4)</SUP></TD><TD><FONT STYLE="vertical-align: baseline">Stated as a percentage of average net assets attributable to Common Shares for the year
ended December 31, 2017.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(5)</SUP></TD><TD><FONT STYLE="vertical-align: baseline">The adviser fee paid by the Fund to the Adviser is based on the average daily gross
assets of the Fund, including all assets attributable to any form of investment leverage that the Fund may utilize. Accordingly,
if the Fund were to utilize investment leverage in the future, the adviser fee will increase as a percentage of net assets.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">EXAMPLE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following Example illustrates the expenses that Common
Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses of 1.08% of net assets attributable
to Common Shares in years 1 through 10; (ii) a 5% annual return; and (iii) all distributions are reinvested at NAV:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>1 Year</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>3 Years</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>5 Years</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>10 Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$11</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$34</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$60</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$132</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The above table and example and the assumption in the example
of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual
return is not a prediction of, and does not represent, the projected or actual performance of the Fund&#8217;s Common Shares. For
more complete descriptions of certain of the Fund&#8217;s costs and expenses, see &#8220;Management of the Fund.&#8221; In addition,
while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Fund&#8217;s dividend reinvestment
plan may receive Common Shares purchased or issued at a price or value different from NAV. See &#8220;Distributions&#8221; and
&#8220;Dividend Reinvestment Plan.&#8221; The example does not include sales load or estimated offering costs, which would cause
the expenses shown in the example to increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>The example should not be considered a representation of past
or future expenses, and the Fund&#8217;s actual expenses may be greater or less than those shown. Moreover, the Fund&#8217;s actual
rate of return may be greater or less than the hypothetical 5% return shown in the example.</B></P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial Highlights and Investment Performance</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">FINANCIAL HIGHLIGHTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">This table details the financial performance of the Common
Shares, including total return information showing how much an investment in the Fund has increased or decreased each period. This
information has been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm. The report of Deloitte
&amp; Touche LLP and the Fund&#8217;s financial statements are incorporated herein by reference and included in the Fund&#8217;s
annual report, which is available upon request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Selected data for a common share outstanding during the periods
stated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended December 31,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 40%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 12%; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2017</TD>
    <TD STYLE="vertical-align: middle; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2016</TD>
    <TD STYLE="vertical-align: middle; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2015</TD>
    <TD STYLE="vertical-align: middle; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2014</TD>
    <TD STYLE="vertical-align: middle; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2013</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; Beginning of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.050</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.570</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.840</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.840</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;13.770</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;0.089</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;0.119</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;0.109</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;0.110</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;0.128</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net realized and unrealized gain</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">2.167</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.691</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.951</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;1.220</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">2.272</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total income from operations</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;2.256</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;0.810</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;1.060</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;1.330</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;2.400</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;(0.089)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;(0.117)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;(0.130)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;(0.110)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;(0.126)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net realized gain</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">(0.435)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(0.800)</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">(0.215)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;&#8212;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Tax return of capital</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; text-indent: 0.65pt; line-height: 10pt; vertical-align: middle">(1.241)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">(0.778)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(0.400)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">(1.005)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(1.204)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;(1.330)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;(1.330)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;(1.330)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;(1.330)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;(1.330)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Premium from common shares sold through shelf offering<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;0.034</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;&#8212;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;15.010</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.050</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.570</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.840</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.840</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Market value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;15.370</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.840</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;15.300</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.060</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;14.010</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Net Asset Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">16.93%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;6.04%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">7.32%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;9.51%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">19.08%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Market Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">13.36%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;6.58%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">19.04%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;9.91%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">23.84%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Ratios/Supplemental Data</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net assets, end of year (000&#8217;s omitted)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;1,023,066</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;898,991</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;929,375</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;945,200</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;$&#9;943,887</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Ratios (as a percentage of average daily net assets)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; vertical-align: baseline">:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">1.08%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;1.09%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">1.08%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">1.09%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">1.09%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.61%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;0.85%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.73%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.74%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.90%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">4%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;4%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">5%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">2%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">2%</TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 13.5pt 0 0; text-align: right; text-indent: -13.5pt"><FONT STYLE="vertical-align: baseline">(See
footnotes on next page.)</FONT></P>

<P STYLE="font: 9pt/normal Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial Highlights (continued)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended December 31,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 40%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 12%; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2012</TD>
    <TD STYLE="vertical-align: middle; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2011</TD>
    <TD STYLE="vertical-align: middle; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2010</TD>
    <TD STYLE="vertical-align: middle; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2009</TD>
    <TD STYLE="vertical-align: middle; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2008</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; Beginning of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;13.650</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;14.160</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;14.510</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;12.050</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;19.090</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;0.131</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;0.094</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;0.087</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;0.114</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;0.125</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net realized and unrealized gain (loss)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;1.313</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;0.725</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;1.095</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;4.246</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(5.265)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total income (loss) from operations</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;1.444</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;0.819</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;1.182</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;4.360</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(5.140)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(0.129)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(0.094)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(0.086)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(0.172)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(0.125)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net realized gain</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(0.202)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(0.033)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(0.179)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Tax return of capital</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">(1.200)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(1.033)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(1.413)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(1.728)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(1.596)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(1.329)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(1.329)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(1.532)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(1.900)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;(1.900)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Anti-dilutive effect of share repurchase program<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;0.005</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;&#8212;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;13.770</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;13.650</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;14.160</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;14.510</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;12.050</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Market value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;12.500</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;11.720</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;13.080</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;15.050</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;10.200</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Net Asset Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">11.77%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">7.48%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">9.22%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;39.22%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(27.43)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Market Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">18.17%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">(0.10)%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">(2.73)%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;70.59%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&#9;(30.78)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Ratios/Supplemental Data</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net assets, end of year (000&#8217;s omitted)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;876,152</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;871,184</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;903,641</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;921,312</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">$&#9;761,330</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Ratios (as a percentage of average daily net assets)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; vertical-align: baseline">:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">1.09%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">1.09%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">1.07%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">1.08%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">1.07%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.92%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.68%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.62%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.87%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">0.78%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">5%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">20%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">11%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">16%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt; vertical-align: middle">36%</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>&#8194;</SUP></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial Narrow, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>Computed using average shares outstanding.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial Narrow, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>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&#8217;s dividend reinvestment
plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial Narrow, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0 3pt 0.25in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">TRADING AND NAV INFORMATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s common shares have traded both at a premium
and a discount to NAV. The Fund cannot predict whether its shares will trade in the future at a premium or discount to NAV. The
provisions of the 1940 Act generally require that the public offering price of common shares (less any underwriting commissions
and discounts) must equal or exceed the NAV per share of a company&#8217;s common stock (calculated within 48 hours of pricing).
The issuance of common shares may have an adverse effect on prices in the secondary market for the Fund&#8217;s common shares by
increasing the number of common shares available, which may put downward pressure on the market price for the Fund&#8217;s common
shares. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV. See &#8220;Risk Considerations
- Discount from or Premium to NAV&#8221;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Fund&#8217;s Board of Trustees has authorized
the Fund to repurchase up to 10% of its outstanding common shares (as of the date of such authorization) in open-market transactions
at a discount to NAV. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The results of
the repurchase program are disclosed in the Fund&#8217;s annual and semi-annual reports to shareholders.&nbsp; See &#8220;Description
of Capital Structure &#8211; Repurchase of Common Shares and Other Discount Measures.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following table sets forth for each of the periods indicated
the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or discount
to NAV per share at which the Fund&#8217;s Common Shares were trading as of such date.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold"><U>Market Price</U></TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">NAV per Share on Date
    of<BR>
    <U>Market Price High and Low</U></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">NAV Premium/(Discount)<BR>
    <U>on Date of Market Price High and Low</U></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; width: 22%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B><U>Fiscal Quarter Ended</U></B></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding: 3pt 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B><U>High</U></B></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B><U>Low</U></B></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B><U>High</U></B></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B><U>Low</U></B></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B><U>High</U></B></TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><B><U>Low</U></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3/31/2018</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.58</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.52</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.18</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.39</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">2.64%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 31.5pt 3pt 5.4pt; text-align: right; line-height: 10pt">0.90%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12/31/2017</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.45</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.96</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.15</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.67</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">1.98%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 31.5pt 3pt 5.4pt; text-align: right; line-height: 10pt">1.98%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9/30/2017</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.61</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.09</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.62</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.46</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">6.77%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 31.5pt 3pt 5.4pt; text-align: right; line-height: 10pt">4.36%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">6/30/2017</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.62</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.12</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.49</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.31</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">7.80%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 31.5pt 3pt 5.4pt; text-align: right; line-height: 10pt">5.66%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3/31/2017</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.48</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.96</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.38</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.16</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">7.65%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 31.5pt 3pt 5.4pt; text-align: right; line-height: 10pt">5.65%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12/31/2016</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.26</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.10</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.29</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.63</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">6.79%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 31.5pt 3pt 5.4pt; text-align: right; line-height: 10pt">3.45%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9/30/2016</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.12</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.58</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.08</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.02</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">7.39%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 31.5pt 3pt 5.4pt; text-align: right; line-height: 10pt">3.99%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">6/30/2016</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.15</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.19</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.84</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.30</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">9.47%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 31.5pt 3pt 5.4pt; text-align: right; line-height: 10pt">6.69%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3/31/2016</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.11</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.18</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.39</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.28</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 24.15pt 3pt 5.4pt; text-align: right; line-height: 10pt">5.00%</TD>
    <TD STYLE="white-space: nowrap; padding: 3pt 31.5pt 3pt 5.4pt; text-align: right; line-height: 10pt">(0.75)%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt">The last reported sale price, NAV per share and percentage
premium/(discount) to NAV per share of the Common Shares as of May 29, 2018 were $15.33, $14.86 and 3.16%, respectively. As of
May 29, 2018, the Fund had 71,023,048 Common Shares outstanding and net assets of the Fund were $1,055,272,729.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following table provides information about our outstanding
Common Shares as of May 29, 2018:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Title of Class</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Amount Authorized</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Amount Held by the Fund for its Account</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><B>Amount Outstanding</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Common Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Unlimited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">71,023,048</FONT></TD></TR>
</TABLE>
<P STYLE="color: gray; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">The Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is a diversified, closed-end management investment company
registered under the 1940 Act. The Fund was organized as a Massachusetts business trust on March 30, 2005 pursuant to an Agreement
and Declaration of Trust governed by the laws of The Commonwealth of Massachusetts. The Fund&#8217;s principal office is located
at Two International Place, Boston, Massachusetts 02110, and its telephone number is 1-800-262-1122.</P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Use of Proceeds</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to the remainder of this section, and unless otherwise
specified in a Prospectus Supplement, the Fund currently intends to invest substantially all of the net proceeds of any sales of
Common Shares pursuant to this Prospectus in accordance with the Fund&#8217;s investment objectives and policies. The Fund anticipates
that it will be possible to invest the proceeds of the Offering consistent with the Fund&#8217;s investment objective and policies
as soon as practicable, but in no event, assuming normal market conditions, later than three months after the receipt thereof.
Pending such investment, the proceeds may be invested in short-term money market instruments, securities with remaining maturities
of less than one year, cash and/or cash equivalents. A delay in the anticipated use of proceeds could lower returns and reduce
the Fund&#8217;s distribution to Common Shareholders or result in a distribution consisting principally of a return of capital.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">INVESTMENT OBJECTIVES, POLICIES AND RISKS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT OBJECTIVES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s primary investment objective is to provide current
income and gains, with a secondary objective of capital appreciation. In pursuing its investment objectives, the Fund will evaluate
returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund&#8217;s investment program
will consist primarily of (1) owning a diversified portfolio of common stocks, a segment of which (&#8220;Segment One&#8221;) seeks
to exceed the total return performance of the S&amp;P 500 Composite Stock Price Index&reg; (the &#8220;S&amp;P 500&#8221;) and
a segment of which (&#8220;Segment Two&#8221;) seeks to exceed the total return performance of the NASDAQ-100 Index&reg; (the &#8220;NASDAQ-100&#8221;)
and (2) selling on a continuous basis S&amp;P 500 call options on at least 80% of the value of Segment One and NASDAQ-100 call
options on at least 80% of the value of Segment Two.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PRIMARY INVESTMENT POLICIES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">General composition of the Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund invests at least 80%
of its total assets in a diversified portfolio of common stocks, designated segments of which seek to exceed the total return performance
of the S&amp;P 500 and the NASDAQ-100. Over time, the percentages of the Fund&#8217;s stock portfolio invested in each Segment
may vary as a result of relative changes in the indices, the Adviser&#8217;s evaluation of equity market conditions and other factors.
Although the Fund designates separate S&amp;P 500 and NASDAQ-100 segments, the Fund&#8217;s stock portfolio will be managed on
an integrated basis. Among other portfolio considerations set forth below, the Fund will seek to minimize the projected tracking
of its stock holdings versus a blend of the S&amp;P 500 and the NASDAQ-100 corresponding to the weightings within the Fund&#8217;s
stock portfolio of Segment One and Segment Two. Due to tax considerations, the Fund intends to limit the overlap between its stock
portfolio holdings (and any subset thereof) and each of the S&amp;P 500 and the NASDAQ-100 to less than 70% on an ongoing basis.
The Fund&#8217;s common stock holdings may include stocks not included in either index. The Fund invests primarily in common stocks
of U.S. issuers. The Fund may invest up to 10% of its total assets in securities of foreign issuers, including American Depositary
Receipts (&#8220;ADRs&#8221;), Global Depositary Receipts (&#8220;GDRs&#8221;) and European Depositary Receipts (&#8220;EDRs&#8221;).
The Fund may invest up to 5% of its total assets in securities of emerging markets issuers. The Fund normally expects that its
assets will be invested across a broad range of industries and market sectors. <FONT STYLE="letter-spacing: 0.15pt">Stocks included
in the S&amp;P 500 and the NASDAQ-100 generally have growth characteristics. Investing in NASDAQ-100 stocks may result in significant
exposure to technology companies. </FONT>The Fund may not invest 25% or more of its total assets in the securities of issuers in
any single industry or group of industries. The Fund may invest a portion of its assets in stocks of mid-capitalization companies.
Eaton Vance generally considers mid-capitalization companies to be those companies having market capitalizations within the range
of capitalizations for the S&amp;P MidCap 400 Index ( &#8220;S&amp;P MidCap 400&#8221;). As of April 30, 2018, the median market
capitalization of companies in the S&amp;P MidCap 400 was approximately $4.0 billion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund seeks to generate current earnings in part by employing
an options strategy of writing (selling) index call options on the S&amp;P 500 and the NASDAQ-100. Under normal market conditions,
the Fund expects to sell on a continuous basis S&amp;P 500 call options on at least 80% of the value of Segment One and NASDAQ-100
call options on at least 80% of value of Segment Two. Under normal market conditions, at least 80% of the value of the Fund&#8217;s
total assets will be subject to written index call options on a continuous basis. Writing index call options involves a tradeoff
between the option premiums received and reduced participation in potential future stock price appreciation of the Fund&#8217;s
portfolio of common stocks. Generally, the Fund intends to sell S&amp;P 500 and NASDAQ-100 call options that are slightly &#8220;out-of-the-money,&#8221;
meaning that option exercise prices generally will be slightly higher than the current level of the index at the time the options
are written. The Fund may also sell index options that are more substantially &#8220;out-of-the-money.&#8221; Such options that
are more substantially &#8220;out-of-the-money&#8221; provide greater potential for the Fund to realize capital appreciation on
its portfolio stocks but generally would pay a lower premium than options that are slightly &#8220;out-of-the-money.&#8221; The
Fund seeks to generate current earnings from option premiums and, to a lesser extent, from dividends on stocks held.</P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund intends to sell S&amp;P 500 and NASDAQ-100 call options
that are exchange-listed and &#8220;European style,&#8221; meaning that the options may be exercised only on the expiration date
of the option. Index options differ from options on individual securities in that index options (i) typically are settled in cash
rather than by delivery of securities (meaning the exercise of an index option does not involve the actual purchase or sale of
securities) and (ii) reflect price fluctuations in a group of securities or segments of the securities market rather than price
fluctuations in a single security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As the seller of S&amp;P 500 and NASDAQ-100 call options, the
Fund will receive cash (the premium) from options purchasers. The purchaser of an index option has the right to receive from the
option seller any appreciation in the value of the index over a fixed price (the exercise price) as of a specified date in the
future (the option valuation date). The exercise-settlement value of the applicable index is calculated based on opening sales
prices of the component index stocks on the option valuation date, which is the last business day before the expiration date. By
writing S&amp;P 500 and NASDAQ-100 call options, the Fund will, in effect, sell the potential appreciation in the value of the
applicable index above the exercise price in exchange for the option premium received. If, at expiration, an S&amp;P 500 or NASDAQ-100
call option sold by the Fund is exercised, the Fund will pay the purchaser the difference between the cash value of the applicable
index and the exercise price of the option. The premium, the exercise price and the market value of the applicable index will determine
the gain or loss realized by the Fund as the seller of the index call option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund expects to maintain high turnover in index call options,
based on the Adviser&#8217;s intent to sell index call options on at least 80% of the full value of its assets. For its stock holdings,
the Fund&#8217;s annual portfolio turnover rate is expected to exceed that of the S&amp;P 500 and the NASDAQ-100 due to turnover
in connection with the Fund&#8217;s tax loss harvesting, gain matching, dividend capture and other strategies. On an overall basis,
the Fund&#8217;s annual turnover rate may exceed 100%. A high turnover rate (100% or more) necessarily involves greater trading
costs to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s policies, under normal market conditions, that
the Fund will invest at least 80% of its total assets in a diversified portfolio of common stocks, designated segments of which
seek to exceed the total return performance of the S&amp;P 500 and the NASDAQ-100, and that at least 80% of the value of the Fund&#8217;s
total assets will be subject to written index call options, are non-fundamental policies and may be changed by the Fund&#8217;s
Board without Common Shareholder approval following the provision of 60 days prior written notice to Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In implementing the Fund&#8217;s investment strategy, the Adviser
and Sub-Adviser intend to employ a variety of techniques and strategies designed to minimize and defer the federal income taxes
incurred by shareholders in connection with their investment in the Fund as described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During unusual market conditions, the Fund may invest up to 100%
of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objectives, principal strategies
and other policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The S&amp;P 500 is an unmanaged index of 500 stocks maintained
and published by Standard &amp; Poor&#8217;s that is market-capitalization weighted and generally representative of the performance
of larger stocks traded in the United States. The NASDAQ-100 is an unmanaged index maintained by the Nasdaq Stock Market, Inc.
(with its affiliates, &#8220;Nasdaq&#8221;) that includes 100 of the largest domestic and international non- financial companies
listed on the Nasdaq based upon market capitalization. It is not possible to invest directly in an index. The Fund is not sponsored,
endorsed, sold or promoted by Standard &amp; Poor&#8217;s or Nasdaq. Neither Standard &amp; Poor&#8217;s or Nasdaq has passed on
the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to the Fund. Standard &amp;
Poor&#8217;s and Nasdaq make no representation regarding the advisability of investing in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Investment strategy</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance is responsible for managing the Fund&#8217;s overall
investment strategy and executing the Fund&#8217;s options strategy. Eaton Vance also is responsible for providing research support
to the Sub-Adviser and supervising the performance of the Sub-Adviser. Parametric is responsible for structuring and managing the
Fund&#8217;s common stock portfolio, including tax-loss harvesting (i.e., periodically selling positions that have depreciated
in value to realize capital losses that can be used to offset capital gains realized by the Fund) and other tax-management techniques,
relying in part on the fundamental research and analytical judgments of the Adviser. The Fund&#8217;s investments are actively
managed, and securities may be bought or sold on a daily basis. See &#8220;Management of the Fund.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s strategy consists of owning a portfolio of common
stocks and selling covered call options (a &#8220;buy-write strategy&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To avoid being subject to the &#8220;straddle rules&#8221; under
federal income tax law, the Fund intends to limit the overlap between its stock portfolio holdings (and any subset thereof) and
each of the S&amp;P 500 and the NASDAQ-100 to less than 70% on an ongoing basis. Under the &#8220;straddle&#8221; rules, &#8220;offsetting
positions with respect to personal property&#8221; generally are considered to be straddles. In general, investment positions will
be offsetting if there is a substantial diminution in the risk of loss from holding one position by reason of holding one or more
other positions. The Fund expects that the index call options it writes will not be considered straddles because its stock holdings
will be sufficiently dissimilar from the components of the S&amp;P 500 and the NASDAQ-100 under applicable guidance established
by the IRS. Under certain</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">circumstances, however, the Fund may enter into options transactions
or certain other investments that may constitute positions in a straddle. Parametric will consider a variety of factors in constructing
and maintaining the Fund&#8217;s stock portfolio, including, but not limited to, stock performance ratings as determined by the
Adviser, stock dividend yields, overlap between the Fund&#8217;s stock holdings and the S&amp;P 500 and the NASDAQ-100, projected
tracking of the Fund&#8217;s stock portfolio versus a blend of the S&amp;P 500 and the NASDAQ-100, realization of loss harvesting
opportunities and other tax management considerations. The Adviser&#8217;s evaluation of the future performance potential of individual
stocks will be one among several considerations in portfolio construction and will not, on a standalone basis, be determinative
of portfolio construction. The Adviser&#8217;s stock ratings will be based primarily on fundamental research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s index option strategy is designed to produce
current cash flow from options premiums and to moderate the volatility of the Fund&#8217;s returns. This index option strategy
is of a hedging nature and is not designed to speculate on equity market performance. The Adviser believes that the Fund&#8217;s
index option strategy will moderate the volatility of the Fund&#8217;s returns because the option premiums received will help to
mitigate the impact of downward price movements in the stocks held by the Fund, while the Fund&#8217;s obligations under index
calls written will effectively limit the Fund&#8217;s ability to participate in upward price movements in portfolio stocks beyond
certain levels. The Adviser expects to sell S&amp;P 500 call options on at least 80% of the value of Segment One and NASDAQ-100
call options on at least 80% of the value of Segment Two. The Adviser does not intend to sell index call options representing amounts
greater than the value of the Fund&#8217;s common stock portfolio (i.e., take a &#8220;naked&#8221; position).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing policies relating to investment in common stocks
and index options writing are the Fund&#8217;s primary investment policies. In addition to its primary investment policies, the
Fund may invest to a limited extent in other types of securities and engage in certain other investment practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to the intended strategy of selling index call options,
the Fund may invest up to 20% of its total assets in other derivative instruments acquired for hedging, risk management and investment
purposes (to gain exposure to securities, securities markets, markets indices and/or currencies consistent with its investment
objectives and policies), provided that no more than 10% of the Fund&#8217;s total assets may be invested in such derivative instruments
acquired for non-hedging purposes. Derivative instruments may be used in order to help protect against a decline in the value of
its portfolio securities. Derivative instruments may also be used by the Fund to enhance returns or as a substitute for the purchase
or sale of securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Tax-managed investing</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Taxes are a major influence on the net after-tax returns that
investors receive on their taxable investments. There are five potential sources of returns for a Common Shareholder: (1) appreciation
or depreciation in the value of the Common Shares; (2) distributions of qualified dividend income; (3) distributions of other investment
income and net short-term capital gains; (4) distributions of long-term capital gains (and long-term capital gains retained by
the Fund); and (5) distributions of return of capital. These different sources of investment returns are subject to widely varying
federal income tax treatment. Distributions of other investment income (i.e., non-qualified dividend income) and net realized short-term
gains are taxed currently as ordinary income. Distributions of qualified dividend income and net realized long-term gains (whether
distributed or retained by the Fund) are taxed at the rates applicable to long-term capital gain (currently at a maximum rate of
20% plus a 3.8% Medicare contribution tax for individuals and other noncorporate taxpayers). Generally, return from appreciation
and depreciation in the value of Common Shares and distributions characterized as return of capital result in adjustment of a Common
Shareholder&#8217;s federal income tax basis in his or her Common Shares and accordingly are not taxable until the Common Shareholder
sells his or her Common Shares. Upon sale, a capital gain or loss equal to the difference between the net proceeds of such sale
and the Common Shareholder&#8217;s adjusted tax basis is realized. Capital gain is considered long-term and is taxed at the rates
applicable to long-term capital gain if the Common Shareholder has held his or her shares more than one year. Otherwise, capital
gain is considered short-term gain and is taxed accordingly. The after-tax returns achieved by a Common Shareholder will be substantially
influenced by the mix of different types of returns subject to varying federal income tax treatment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In implementing the Fund&#8217;s investment strategy, the Adviser
and Sub-Adviser intend to employ a variety of techniques and strategies designed to skew the mix of Fund returns to the types of
returns that are most advantageously taxed, thereby seeking to minimize and defer the federal income taxes incurred by Common Shareholders
in connection with their investment in the Fund. Such techniques and strategies are expected to include: (1) employing a call options
strategy consisting of selling S&amp;P 500 and NASDAQ-100 call options that qualify for treatment as &#8220;section 1256 contracts&#8221;,
on which capital gains and losses are generally treated as 60% long-term and 40% short-term, regardless of holding period; (2)
limiting the overlap between its stock portfolio holdings (and any subset thereof) and each of the S&amp;P 500 and the NASDAQ-100
to less than 70% on an ongoing basis so that the Fund&#8217;s stock holdings and S&amp;P 500 and NASDAQ-100 call options are not
subject to the &#8220;straddle rules;&#8221; (3) engaging in a systematic program of tax-loss harvesting in the Fund&#8217;s stock
portfolio, periodically selling stock positions that have depreciated in value to realize capital losses that can be used to offset
capital gains realized by the Fund; and (4) managing the sale of appreciated stock positions so as to minimize the Fund&#8217;s
net realized short-term capital gains in excess of net realized long-term capital</P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">losses. The Fund will seek to offset the 40% of gains on index
options treated as short-term against Fund expenses and realized losses on other investments allocable against short-term gains.
When an appreciated security is sold, the Fund intends to select for sale the share lots resulting in the most favorable tax treatment,
generally those with holding periods sufficient to qualify for long-term capital gains treatment that have the highest cost basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Fund will seek to earn and distribute &#8220;qualified
dividend income.&#8221; Qualified dividend income received by an individual is taxed at the rates applicable to long-term capital
gain (currently at a maximum rate of 20% plus a 3.8% Medicare contribution tax). In order for a dividend received by Fund shareholders
to be qualified dividend income, the Fund must meet holding period and other requirements with respect to the dividend-paying stock
in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund&#8217;s shares. A
dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (1) if the dividend is received
with respect to any share of stock held for fewer than 61 days during the 121-day period beginning at the date which is 60 days
before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock,
91 days during the 181-day period beginning 90 days before such date), (2) to the extent that the recipient is under an obligation
(whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or
related property, (3) if the recipient elects to have the dividend income treated as investment interest, or (4) if the dividend
is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the
U.S. (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities
market in the U.S.) or (b) treated as a passive foreign investment company. Payments in lieu of dividends, such as payments pursuant
to securities lending arrangements, also do not qualify to be treated as qualified dividend income. In general, distributions of
investment income reported by the Fund as derived from qualified dividend income will be treated as qualified dividend income by
a shareholder taxed as an individual provided the shareholder meets the holding period and other requirements described above with
respect to the Fund&#8217;s shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may seek to enhance the level of tax-advantaged dividend
income it receives by emphasizing higher-yielding stocks in its stock portfolio and by engaging in dividend capture trading. In
a dividend capture trade, the Fund sells a stock on or shortly after the stock&#8217;s ex-dividend date and uses the sale proceeds
to purchase one or more other stocks that are expected to pay dividends before the next dividend payment on the stock being sold.
Through this practice, the Fund may receive more dividend payments over a given time period than if it held a single stock. In
order for dividends received by the Fund to qualify for favorable tax treatment, the Fund must comply with the holding period and
other requirements set forth in the preceding paragraph. By complying with the applicable holding period and other requirements
while engaging in dividend capture trading, the Fund may be able to enhance the level of tax-advantaged dividend income it receives
because it will receive more dividend payments qualifying for favorable treatment during the same time period than if it simply
held portfolio stocks. The use of dividend capture trading strategies will expose the Fund to increased trading costs and potentially
higher short-term gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To seek to protect against price declines in securities holdings
with large accumulated gains, the Fund may use various hedging techniques (such as the sale of futures contracts on stocks and
stock indices and options thereon, equity swaps, covered short sales and forward sales of stocks). By using these techniques rather
than selling appreciated securities, the Fund can, within certain limitations, reduce its exposure to price declines in the securities
without realizing substantial capital gains under current tax law. Derivative instruments may also be used by the Fund to enhance
returns or as a substitute for the purchase or sale of securities. As a general matter, dividends received on hedged stock positions
are characterized as ordinary income and are not eligible for favorable tax treatment. Dividends received on securities with respect
to which the Fund is obligated to make related payments (pursuant to short sales or otherwise) will be treated as fully taxable
ordinary income (i.e., income other than tax-advantaged dividends). In addition, use of derivatives may give rise to short-term
capital gains and other income that would not qualify for favorable tax treatment. As indicated above, in addition to writing index
call options, the Fund may invest up to 20% of its total assets in derivative instruments acquired for hedging, risk management
and investment purposes (to gain exposure to securities, securities markets, markets indices and/or currencies consistent with
its investment objectives and policies), provided that no more than 10% of the Fund&#8217;s total assets may be invested in such
derivative instruments acquired for non-hedging purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Common stocks</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund will invest at least
80% of its total assets in a diversified portfolio of common stocks, designated segments of which seek to exceed the total return
performance of the S&amp;P 500 and the NASDAQ-100. Common stock represents an equity ownership interest in the issuing corporation.
Holders of common stock generally have voting rights in the issuer and are entitled to receive common stock dividends when, as
and if declared by the corporation&#8217;s board of directors. Common stock normally occupies the most subordinated position in
an issuer&#8217;s capital structure. Returns on common stock investments consist of any dividends received plus the amount of appreciation
or depreciation in the value of the stock.</P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Although common stocks have historically generated higher average
returns than fixed-income securities over the long term and particularly during periods of high or rising concerns about inflation,
common stocks also have experienced significantly more volatility in returns and may not maintain their real value during inflationary
periods. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the
Fund. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may
depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for many reasons, including changes
in investors&#8217; perceptions of the financial condition of an issuer or the general condition of the relevant stock market,
or when political or economic events affecting the issuers occur. In addition, common stock prices may be sensitive to rising interest
rates as the costs of capital rise and borrowing costs increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Foreign securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest up to 10% of its total assets in securities
of issuers located in countries other than the United States, including up to 5% of its total assets in securities of issuers located
in emerging markets. Investment in securities of non-U.S. issuers involves special risks, including that non-U.S. issuers may be
subject to less rigorous accounting and reporting requirements than U.S. issuers, less rigorous regulatory requirements, differing
legal systems and laws relating to creditors&#8217; rights, the potential inability to enforce legal judgments and the potential
for political, social and economic adversity. The willingness and ability of sovereign issuers to pay principal and interest on
government securities depends on various economic factors, including among others the issuer&#8217;s balance of payments, overall
debt level, and cash flow considerations related to the availability of tax or other revenues to satisfy the issuer&#8217;s obligations.
The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers. Foreign
settlement procedures and trade regulations may involve certain risks (such as delay in the payment or delivery of securities and
interest or in the recovery of assets held abroad) and expenses not present in the settlement of domestic investments. Investments
may include securities issued by the governments of lesser-developed countries, which are sometimes referred to as &#8220;emerging
markets.&#8221; There may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls,
confiscatory taxation, political or financial instability, armed conflict and diplomatic developments which could affect the value
of the Fund&#8217;s investments in certain foreign countries. Foreign issuers may become subject to sanctions imposed by the United
States or another country, which could result in the immediate freeze of the foreign issuers&#8217; assets or securities. The imposition
of such sanctions could impair the market value of the securities of such foreign issuers and limit the Fund&#8217;s ability to
buy, sell, receive or deliver the securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As an alternative to holding foreign-traded securities, the Fund
may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter market
(including depositary receipts, which evidence ownership in underlying foreign securities). Dividends received with respect to
stock of a foreign corporation may qualify for the reduced rates of federal income taxation applicable to qualified dividend income
only if such corporation satisfies the requirements to be a &#8220;qualified foreign corporation.&#8221; The Fund may invest in
ADRs, EDRs and GDRs. ADRs, EDRs and GDRs are certificates evidencing ownership of shares of foreign issuers and are alternatives
to purchasing directly the underlying foreign securities in their national markets and currencies. However, they continue to be
subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk
as well as the political and economic risks of the underlying issuer&#8217;s country. ADRs, EDRs and GDRs may be sponsored or unsponsored.
Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses,
may not pass through voting or other shareholder rights, and may be less liquid than sponsored receipts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Index options generally</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will pursue its objectives in part by selling on a continuous
basis S&amp;P 500 call options on at least 80% of the value of Segment One and NASDAQ-100 call options on at least 80% of value
of Segment Two.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will sell S&amp;P 500 and NASDAQ-100 index options that
are exchange-listed and that are &#8220;European style,&#8221; meaning that the options may only be exercised on the expiration
date of the option. Index options differ from options on individual securities in that index options (i) typically are settled
in cash rather than by delivery of securities and (ii) reflect price fluctuations in a group of securities or segments of the securities
market rather than price fluctuations in a single security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Option contracts are originated and standardized by the OCC.
The Fund will sell S&amp;P 500 and NASDAQ-100 call options that are generally issued, guaranteed and cleared by the OCC. S&amp;P
500 and NASDAQ-100 index options currently trade exclusively on the Chicago Board Options Exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Selling index call options</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&#8217;s index option strategy is designed to produce
current cash flow from options premiums and to moderate the volatility of the Fund&#8217;s returns. This index option strategy
is of a hedging nature, and is not designed to speculate on equity market performance.</P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As the seller of S&amp;P 500 and NASDAQ-100 call options, the
Fund will receive cash (the premium) from the purchasers thereof. The purchaser of an index option has the right to any appreciation
in the value of the applicable index over a fixed price (the exercise price) as of a specified date in the future (the option valuation
date). Generally, the Fund intends to sell S&amp;P 500 and NASDAQ-100 call options that are slightly &#8220;out-of-the-money&#8221;
(i.e., the exercise price generally will be slightly above the current level of the applicable index when the option is sold).
The Fund may also sell index options that are more substantially &#8220;out-of-the-money.&#8221; Such options that are more substantially
&#8220;out-of-the-money&#8221; provide greater potential for the Fund to realize capital appreciation on its portfolio stocks but
generally would pay a lower premium than options that are slightly &#8220;out-of-the-money.&#8221; The Fund will, in effect, sell
the potential appreciation in the value of the S&amp;P 500 or NASDAQ-100 above the exercise price in exchange for the option premium
received. If, at expiration, an S&amp;P 500 or NASDAQ-100 call option sold by the Fund is exercised, the Fund will pay the purchaser
the difference between the cash value of the applicable index and the exercise price of the option. The premium, the exercise price
and the market value of the S&amp;P 500 or NASDAQ-100, as applicable, will determine the gain or loss realized by the Fund as the
seller of the index call option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Prior to expiration, the Fund may close an option position by
making an offsetting market purchase of identical option contracts (same type, underlying index, exercise price and expiration).
The cost of closing out transactions and payments in settlement of exercised options will reduce the net option premiums available
for distribution to Common Shareholders by the Fund. The reduction in net option premiums due to a rise in stock prices should
generally be offset, at least in part, by appreciation in the value of the Fund&#8217;s common stock portfolio and by the opportunity
to realize higher premium income from selling new index options at higher exercise prices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In certain extraordinary market circumstances, to limit the risk
of loss on the Fund&#8217;s index option strategy, the Fund may enter into &#8220;spread&#8221; transactions by purchasing index
call options with higher exercise prices than those of index call options written. The Fund will only engage in such transactions
when Eaton Vance believes that certain extraordinary events temporarily have depressed equity prices and substantial short-term
appreciation of such prices is expected. By engaging in spread transactions in such circumstances the Fund will reduce the limitation
imposed on its ability to participate in such recovering equity markets that exist if the Fund only writes index call options.
The premiums paid to purchase such call options are expected to be lower than the premiums earned from the call options written
at lower exercise prices. However, the payment of these premiums will reduce amounts available for distribution from the Fund&#8217;s
option activity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will sell only &#8220;covered&#8221; call options. An
index call option is considered covered if the Fund maintains with its custodian assets determined to be liquid (in accordance
with procedures established by the Board) in an amount equal to the contract value of the index. An index call option also is covered
if the Fund holds a call on the same index as the call written where the exercise price of the call held is (i) equal to or less
than the exercise price of the call written, or (ii) greater than the exercise price of the call written, provided the difference
is maintained by the Fund in segregated assets determined to be liquid (in accordance with procedures established by the Board).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If an option written by the Fund expires unexercised, the Fund
realizes on the expiration date a capital gain equal to the premium received by the Fund at the time the option was written. If
an option written by the Fund is exercised, the Fund realizes on the expiration date a capital gain if the cash payment made by
the Fund upon exercise is less than the premium received from writing the option and a capital loss if the cash payment made is
more than the premium received. If a written option is repurchased, the Fund realizes upon the closing purchase transaction a capital
gain if the cost of repurchasing the option is less than the premium received from writing the option and a capital loss if the
cost of repurchasing the option is more than the premium received. Because exchange-listed S&amp;P 500 and NASDAQ-100 options are
&#8220;section 1256 contracts,&#8221; the Fund&#8217;s gains and losses thereon generally will be treated as 60% long-term and
40% short-term capital gain or loss, regardless of holding period. In addition, the Fund generally will be required to &#8220;mark
to market&#8221; (i.e., treat as sold for fair market value) each outstanding index option position at the close of each taxable
year (and on October 31 of each year for excise tax purposes). See &#8220;Federal Income Tax Matters.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The principal factors affecting the market value of an option
contract include supply and demand in the options market, interest rates, the current market price of the underlying index in relation
to the exercise price of the option, the actual or perceived volatility associated with the underlying index and the time remaining
until the expiration date. The premium received for an option written by the Fund is recorded as an asset of the Fund and its obligation
under the option contract as an equivalent liability. The Fund then adjusts over time the liability as the market value of the
option changes. The value of each written option will be marked to market daily and valued at the closing price on the exchange
on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between the last bid and asked
prices or otherwise at fair value as determined by the Board of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The transaction costs of buying and selling options consist primarily
of commissions (which are imposed in opening, closing and exercise transactions), but may also include margin and interest costs
in particular transactions. The impact of transaction costs on the profitability of a transaction may often be greater for options
transactions than for transactions in the underlying securities because these costs are often greater in relation to options premiums
than in relation to the</P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">prices of underlying securities. Transaction costs may be especially
significant in option strategies calling for multiple purchases and sales of options over short periods of time or concurrently.
Transaction costs associated with the Fund&#8217;s options strategy will vary depending on market circumstances and other factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The standard contract size for exchange-listed S&amp;P 500 and
NASDAQ-100 index options is the index level multiplied by $100. There are three items needed to identify a particular S&amp;P 500
or NASDAQ-100 index option contract: (1) the expiration month, (2) the exercise (or strike) price and (3) the type (i.e., call
or put). A call option whose exercise price is above the current price of the underlying index is called &#8220;out-of-the-money&#8221;
and a call option whose exercise price is below the current price of the underlying index is called &#8220;in-the-money.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Writing index call options can lower the variability of potential
return outcomes and can enhance returns in three of four market performance scenarios (down, flat or moderately up). Only when
the level of the index at option expiration exceeds the sum of the premium received and the option exercise price would the buy-write
strategy be expected to provide lower returns than the stock portfolio-only alternative. The amount of downside protection afforded
by the buy-write strategy in declining market scenarios is limited, however, to the amount of option premium received. If the S&amp;P
500 or NASDAQ-100 declines by an amount greater than the option premium, a buy-write strategy consisting of owning all of the stocks
in the index and writing index options on the value thereof would generate an investment loss. The Fund&#8217;s returns from implementing
a buy-write strategy using S&amp;P 500 and NASDAQ-100 options will also be substantially affected by the performance of Segment
One of the Fund&#8217;s portfolio versus the S&amp;P 500 and the performance of Segment Two of the Fund&#8217;s portfolio versus
the NASDAQ-100. The returns on these segments are unlikely to be the same as the returns on the corresponding indices. Also, the
Fund&#8217;s returns from its buy-write strategy will be affected by the level of premiums available on options written on the
S&amp;P 500 and the NASDAQ-100, which level may, depending on the market conditions, be more or less than the premiums in the example.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ADDITIONAL INVESTMENT PRACTICES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to its primary investment strategies as described
above, the Fund may engage in the following investment practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>When-issued securities and forward commitments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Securities may be purchased on a &#8220;forward commitment&#8221;
or &#8220;when-issued&#8221; basis (meaning securities are purchased or sold with payment and delivery taking place in the future
beyond normal settlement times) in order to secure what is considered to be an advantageous price and yield at the time of entering
into the transaction. The yield on a comparable security when the transaction is consummated may vary from the yield on the security
at the time that the forward commitment or when-issued transaction was made. From the time of entering into the transaction until
delivery and payment is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations.
In forward commitment or when-issued transactions, if the seller or buyer, as the case may be, fails to consummate the transaction,
the counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. Forward commitment or when-issued
transactions may be expected to occur a month or more before delivery is due. No payment or delivery is made, however, until payment
is received or delivery is made from the other party to the transaction. These transactions may create leverage in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Illiquid securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund may invest up to 15% of its total assets in securities
for which there is no readily available trading market or that are otherwise illiquid. Illiquid securities include securities legally
restricted as to resale, such as commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended,
and securities eligible for resale pursuant to Rule 144A thereunder. Section 4(a)(2) and Rule 144A securities may, however, be
treated as liquid by the Adviser pursuant to procedures adopted by the Board, which require consideration of factors such as trading
activity, availability of market quotations and number of dealers willing to purchase the security. The Fund may incur additional
expense when disposing of illiquid securities, including all or a portion of the cost to register the securities. If the Fund invests
in Rule 144A securities, the level of portfolio illiquidity may be increased to the extent that eligible buyers become uninterested
in purchasing such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">It may be difficult to sell illiquid securities at a price representing
their fair value until such time as such securities may be sold publicly. Where registration is required, a considerable period
may elapse between a decision by the Fund to sell the securities and the time when it would be permitted to sell. Thus, the Fund
may not be able to obtain as favorable a price as that prevailing at the time of the decision to sell. The Fund may also acquire
securities through private placements under which it may agree to contractual restrictions on the resale of such securities. Such
restrictions might prevent their sale at a time when such sale would otherwise be desirable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At times, a portion of the Fund&#8217;s assets may be invested
in securities as to which the Fund, by itself or together with other accounts managed by the investment adviser and its affiliates,
holds a major portion or all of such securities. Under adverse market or economic conditions or in the event of adverse changes
in the financial condition of the issuer, the</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Fund could find it more difficult to sell such securities when
the investment adviser believes it advisable to do so or may be able to sell such securities only at prices lower than if such
securities were more widely held. It may also be more difficult to determine the fair value of such securities for purposes of
computing the Fund&#8217;s net asset value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Other derivative instruments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to the intended strategy of selling index call options,
the Fund may invest up to 20% of its total assets in other derivative instruments (which are instruments that derive their value
from another instrument, security or index) acquired for hedging, risk management and investment purposes (to gain exposure to
securities, securities markets, markets indices and/or currencies consistent with its investment objectives and policies), provided
that no more than 10% of the Fund&#8217;s total assets may be invested in such derivative instruments acquired for non-hedging
purposes. These strategies may be executed through the use of derivative contracts in the United States or abroad. As described
more specifically below, the Fund may purchase and sell derivative contracts based on equity and fixed-income indices and other
instruments, purchase and sell futures contracts and options thereon, and enter into various transactions such as swaps, caps,
floors or collars. In an equity collar, the Fund simultaneously writes a call option and purchases a put option on the same instrument.
In addition, derivatives may also include new techniques, instruments or strategies that are permitted as regulatory changes occur.
Derivative instruments may be used by the Fund to enhance returns or as a substitute for the purchase or sale of securities. The
Fund&#8217;s transactions in derivative instruments involve a risk of loss or depreciation due to: unanticipated adverse changes
in securities prices, interest rates, the other financial instruments&#8217; prices; the inability to close out a position; default
by the counterparty; imperfect correlation between a position and the desired hedge; tax constraints on closing out positions;
and portfolio management constraints on securities subject to such transactions. The loss on derivative instruments (other than
purchased options) may substantially exceed the Fund&#8217;s initial investment in these instruments. In addition, the Fund may
lose the entire premium paid for purchased options that expire before they can be profitably exercised by the Fund. Transaction
costs will be incurred in opening and closing positions in derivative instruments. There can be no assurance that the use of derivative
instruments will be advantageous to the Fund.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Swaps</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Swap contracts may be purchased or sold to hedge against fluctuations
in securities prices, interest rates or market conditions, to change the duration of the overall portfolio, or to mitigate default
risk. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or differentials in rates of return)
to be exchanged or &#8220;swapped&#8221; between the parties, which returns are calculated with respect to a &#8220;notional amount,&#8221;
i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a &#8220;basket&#8221;
of securities representing a particular index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Equity swaps</I>. Equity swaps involve the exchange by the
Fund with another party of their respective returns as calculated on a notional amount of an equity index basket of equity securities,
or individual equity security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Interest rate swaps, caps and floors</I>. Interest rate swaps
are OTC contracts in which each party agrees to make a periodic interest payment based on an index or the value of an asset in
return for a periodic payment from the other party based on a different index or asset. The purchase of an interest rate floor
entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of
interest on a notional principal amount from the party selling such interest rate floor. The purchase of an interest rate cap entitles
the purchaser, to the extent that a specified index rises above a predetermined interest rate, to receive payments of interest
on a notional principal amount from the party selling such interest rate cap. The Fund will enter into interest rate and total
return swaps only on a net basis, i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case
may be, only the net amount of the two payments. Interest rate swaps involve the exchange by the Fund with another party of their
respective commitments to pay or receive interest (e.g., an exchange of fixed rate payments for floating-rate payments). The Fund
will only enter into interest rate swaps on a net basis. If the other party to an interest rate swap defaults, the Fund&#8217;s
risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive. The net amount of the excess,
if any, of the Fund&#8217;s obligations over its entitlements will be maintained in a segregated account by the Fund&#8217;s custodian.
The Fund will not enter into any interest rate swap unless the claims-paying ability of the other party thereto is considered to
be investment grade by the Adviser. If there is a default by the other party to such a transaction, the Fund will have contractual
remedies pursuant to the agreements related to the transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may use interest rate swaps for risk management purposes
only and not as a speculative investment and would typically use interest rate swaps to shorten the average interest rate reset
time of the Fund&#8217;s holdings. Interest rate swaps involve the exchange by the Fund with another party of their respective
commitments to pay or receive interest (e.g., an exchange of fixed rate payments for floating-rate payments). The use of interest
rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with
ordinary portfolio securities transactions. If the Adviser is incorrect in its forecasts of market values, interest rates and other
applicable factors, the investment performance of the Fund would be unfavorably affected.</P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Total
return swaps.</I></FONT> As stated above, the Fund will enter into total return swaps only on a net basis. Total return swaps are
contracts in which one party agrees to make payments of the total return from the underlying asset(s), which may include securities,
baskets of securities, or securities indices during the specified period, in return for payments equal to a fixed or floating-rate
of interest or the total return from other underlying asset(s).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Futures and options on futures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may purchase and sell various kinds of financial futures
contracts and options thereon to seek to hedge against changes in interest rates or for other risk management purposes. Futures
contracts may be based on various debt securities, securities indices or currencies. Such transactions involve a risk of loss or
depreciation due to unanticipated adverse changes in securities prices, which may exceed the Fund&#8217;s initial investment in
these contracts. The Fund will only purchase or sell futures contracts or related options in compliance with the rules of the CFTC.
These transactions involve transaction costs. There can be no assurance that Eaton Vance&#8217;s use of futures will be advantageous
to the Fund. Sales of futures contracts and related options generally result in realization of short-term or long-term capital
gain depending on the period for which the investment is held. To the extent that any futures contract or options on futures contract
held by the Fund is a &#8220;section 1256 contract&#8221; under the Code, the contract will be marked-to-market annually and any
gain or loss will be treated as 60% long-term and 40% short-term, regardless of the holding period for such contract.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Short sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may sell a security short if it owns at least an equal
amount of the security sold short or another security convertible or exchangeable for an equal amount of the security sold short
without payment of further compensation (a short sale against-the-box). In a short sale against-the-box, the short seller is exposed
to the risk of being forced to deliver stock that it holds to close the position if the borrowed stock is called in by the lender,
which would cause gain or loss to be recognized on the delivered stock. The Fund expects normally to close its short sales against-the-box
by delivering newly acquired stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Short sales against-the-box can be a tax-efficient alternative
to the sale of an appreciated securities position. The ability to use short sales against-the-box as a tax-efficient management
technique with respect to holdings of appreciated securities is limited to circumstances in which the hedging transaction is closed
out not later than thirty days after the end of the Fund&#8217;s taxable year in which the transaction was initiated, and the underlying
appreciated securities position is held unhedged for at least the next sixty days after the hedging transaction is closed. Not
meeting these requirements would trigger the recognition of gain on the underlying appreciated securities position under the federal
tax laws applicable to constructive sales.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Securities lending</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may seek to earn income by lending portfolio securities
to broker-dealers or other institutional borrowers. As with other extensions of credit, there are risks of delay in recovery or
even loss of rights in the securities loaned if the borrower of the securities fails financially. Loans will be made only to organizations
whose credit quality or claims paying ability is considered by the Adviser to be at least investment grade and when the expected
returns, net of administrative expenses and any finders&#8217; fees, justifies the attendant risk. Securities loans currently are
required to be secured continuously by collateral in cash, cash equivalents (such as money market instruments) or other liquid
securities held by the custodian and maintained in an amount at least equal to the market value of the securities loaned. The financial
condition of the borrower will be monitored by the Adviser on an ongoing basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Borrowings</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may borrow money to the extent permitted under the 1940
Act as interpreted, modified or otherwise permitted by the regulatory authority having jurisdiction. Although it does not currently
intend to do so, the Fund may in the future from time to time borrow money to add leverage to the portfolio. The Fund may also
borrow money for temporary administrative purposes or to meet temporary cash needs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Reverse repurchase agreements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may enter into reverse repurchase agreements. Under
a reverse repurchase agreement, the Fund transfers possession of a portfolio instrument to a counterparty, such as a bank or broker-dealer,
in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed-upon time (normally within seven
days) and price, which reflects an interest payment. The Fund may enter into such agreements when it is able to invest the cash
acquired at a rate higher than the cost of the agreement, which would increase earned income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event of the insolvency of the counterparty to a reverse
repurchase agreement, recovery of the securities sold by the Fund may be delayed. In a reverse repurchase agreement, the counterparty&#8217;s
insolvency may result in a loss equal to the amount by which the value of the securities sold by the Fund exceeds the repurchase
price payable by the Fund.</P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Fund enters into a reverse repurchase agreement, any
fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds
may be invested would affect the market value of the Fund&#8217;s assets. As a result, such transactions may increase fluctuations
in the market value of the Fund&#8217;s assets. While there is a risk that large fluctuations in the market value of the Fund&#8217;s
assets could affect net asset value, this risk is not significantly increased by entering into reverse repurchase agreements, in
the opinion of the Adviser. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing
funds, they constitute a form of leverage and may be subject to leverage risks. The SEC views reverse repurchase transactions as
collateralized borrowings. Such agreements will be treated as subject to investment restrictions regarding borrowings. If the Fund
reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement
will lower the Fund&#8217;s cash available for distribution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Forward foreign currency exchange contracts</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A forward foreign currency exchange contract (&#8220;currency
forward&#8221;) involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number
of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts may
be bought or sold to protect against an adverse change in the relationship between currencies or to increase exposure to a particular
foreign currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain currency forwards may be individually negotiated and
privately traded, exposing them to credit and counterparty risks. The precise matching of the currency forward amounts and the
value of the instruments denominated in the corresponding currencies will not generally be possible. In addition, it may not be
possible to hedge against long-term currency changes. Currency forwards are subject to the risk of political and economic factors
applicable to the countries issuing the underlying currencies. Furthermore, unlike trading in most other types of instruments,
there is no systematic reporting of last sale information with respect to the foreign currencies underlying currency forwards.
As a result, available information may not be complete.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Portfolio turnover</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will buy and sell securities to seek to accomplish its
investment objectives. Portfolio turnover generally involves expense to the Fund, including brokerage commissions and other transaction
costs on the sale of securities and reinvestment in other securities. The Fund expects to maintain high turnover in index call
options, based on the Adviser&#8217;s intent to sell index call options on at least 80% of the full value of its assets. For its
stock holdings, the Fund&#8217;s annual portfolio turnover rate is expected to exceed that of the S&amp;P 500 and the NASDAQ-100
due to turnover in connection with the Fund&#8217;s tax loss harvesting, gain matching, dividend capture and other strategies.
On an overall basis, the Fund&#8217;s annual turnover rate may exceed 100%. A high turnover rate (100% or more) necessarily involves
greater trading expenses to the Fund. The portfolio turnover rate for the Fund for the fiscal years ended December 31, 2017 and
2016 were 4% and 4%, respectively.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">RISK CONSIDERATIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may receive little or no return on your investment or even that you
may lose part or all of your investment.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Discount from or premium to NAV</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Offering will be conducted only when Common Shares of the
Fund are trading at a price equal to or above the Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions.
As with any security, the market value of the Common Shares may increase or decrease from the amount initially paid for the Common
Shares. The Fund&#8217;s Common Shares have traded both at a premium and at a discount relative to net asset value. The shares
of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct
from the risk that the Fund&#8217;s NAV may decrease.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Secondary market for the Common Shares</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The issuance of Common Shares through the Offering may have an
adverse effect on the secondary market for the Common Shares. The increase in the amount of the Fund&#8217;s outstanding Common
Shares resulting from the Offering may put downward pressure on the market price for the Common Shares of the Fund. Common Shares
will not be issued pursuant to the Offering at any time when Common Shares are trading at a price lower than a price equal to the
Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund also issues Common Shares of the Fund through its dividend
reinvestment plan. See &#8220;Dividend Reinvestment Plan.&#8221; Common Shares may be issued under the plan at a discount to the
market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Fund.</P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Common Shares are trading at a premium, the Fund may
also issue Common Shares of the Fund that are sold through transactions effected on the NYSE. The increase in the amount of the
Fund&#8217;s outstanding Common Shares resulting from that offering may also put downward pressure on the market price for the
Common Shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The voting power of current shareholders will be diluted to the
extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient shares
to maintain their percentage interest. In addition, if the Adviser is unable to invest the proceeds of such offering as intended,
the Fund&#8217;s per share distribution may decrease (or may consist of return of capital) and the Fund may not participate in
market advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment and market risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An investment in Common Shares is subject to investment risk,
including the possible loss of the entire principal amount invested. An investment in Common Shares represents an indirect investment
in the securities owned by the Fund, which are generally traded on a securities exchange or in the over-the- counter markets. The
value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. Because the
Fund intends to sell index call options on a continuous basis on substantially the full value of its common stock holdings, the
Fund&#8217;s appreciation potential from equity market performance will be limited. The Common Shares at any point in time may
be worth less than the original investment, even after taking into account any reinvestment of distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The value of investments held by the Fund may increase or decrease
in response to economic, political and financial events (whether real, expected or perceived) in the U.S. and global markets. The
frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund
may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions.
Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases
or increases in short-term interest rates, could cause high volatility in markets.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Issuer risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The value of securities held by the Fund may decline for a number
of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s
goods and services.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Equity risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Fund will invest its managed
assets in a diversified portfolio of common stocks. Therefore, a principal risk of investing in the Fund is equity risk. The value
of equity investments and related instruments may decline in response to adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or
environmental developments; issuer- and sector-specific considerations; and other factors. Market conditions may affect certain
types of stocks to a greater extent than other types of stocks. If the stock market declines, the value of the Fund&#8217;s equity
securities will also likely decline. Although stock prices can rebound, there is no assurance that values will return to previous
levels. Preferred stocks and other hybrid securities may also be sensitive to changes in interest rates; when interest rates rise,
their value will generally fall.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Risks of mid-cap companies</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may make investments in stocks of companies whose market
capitalization is considered middle sized or &#8220;mid-cap.&#8221; Mid-cap companies often are newer or less established companies
than larger companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less
predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of
such companies may be dependent upon one person or a few key people. The market movements of equity securities of mid-cap companies
may be more abrupt or erratic than the market movements of equity securities of larger, more established companies or the stock
market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well
as larger companies. In addition, equity securities of mid-cap companies generally are less liquid than those of larger companies.
This means that the Fund could have greater difficulty selling such securities at the time and price that the Fund would like.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Risks of &#8220;growth&#8221; stock investing</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund expects to invest substantially in stocks with &#8220;growth&#8221;
characteristics. Growth stocks can react differently to issuer, political, market and economic developments than the market as
a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other
types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types
of stocks.</P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Risk of selling index call options</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund expects to sell S&amp;P 500 and NASDAQ-100 call options
on a continuous basis on at least 80% of the value of its total assets. The purchaser of an index call option has the right to
any appreciation in the value of the index over the exercise price of the call option as of the valuation date of the option. Because
their exercise is settled in cash, sellers of index call options such as the Fund cannot provide in advance for their potential
settlement obligations by acquiring and holding the underlying securities. The Fund intends to mitigate the risks of its written
index call positions by holding a diversified portfolio of stocks, Segment One of which is similar to the S&amp;P 500 and Segment
Two of which is similar to the NASDAQ-100. However, the Fund does not intend to acquire and hold a portfolio containing exactly
the same stocks as the S&amp;P 500 and the NASDAQ-100. Due to tax considerations, the Fund intends to limit the overlap between
its stock portfolio holdings (and any subset thereof) and each of the S&amp;P 500 and the NASDAQ-100 to less than 70% on an ongoing
basis. Consequently, the Fund bears the risk that the performance of the securities held will vary from the performance of the
S&amp;P 500 and the NASDAQ-100. For example, the Fund will suffer a loss if the S&amp;P 500 appreciates substantially above the
exercise price of the S&amp;P 500 call options written by the Fund while the securities held by the Fund in Segment One in the
aggregate fail to appreciate as much or decline in value over the life of the written option. Index options written by the Fund
will be priced on a daily basis. Their value will be affected primarily by changes in the price and dividend rates of the underlying
common stocks in the S&amp;P 500 and the NASDAQ-100, changes in actual or perceived volatility of the S&amp;P 500 and the NASDAQ-100
and the remaining time to the options&#8217; expiration. The trading price of S&amp;P 500 and NASDAQ-100 call options will also
be affected by liquidity considerations and the balance of purchase and sale orders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A decision as to whether, when and how to use options involves
the exercise of skill and judgment, and even a well-conceived and well-executed options program may be adversely affected by market
behavior or unexpected events. As the writer of S&amp;P 500 and NASDAQ-100 call options, the Fund will forgo, during the option&#8217;s
life, the opportunity to profit from increases in the value of the applicable index above the sum of the option premium received
and the exercise price of the call option, but retains the risk of loss, minus the option premium received, should the value of
the applicable index decline. When a call option is exercised, the Fund will be required to deliver an amount of cash determined
by the excess of the value of the applicable index at contract termination over the exercise price of the option. Thus, the exercise
of index call options sold by the Fund may require the Fund to sell portfolio securities to generate cash at inopportune times
or for unattractive prices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The trading price of options may be adversely affected if the
market for such options becomes less liquid or smaller. The Fund may close out a call option by buying the option instead of letting
it expire or be exercised. There can be no assurance that a liquid market will exist when the Fund seeks to close out a call option
position by buying the option. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there
may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions
or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular
classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the
facilities of an exchange or the OCC may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges
could, for economic or other reasons, decide or be compelled to discontinue the trading of options (or a particular class or series
of options) at some future date. If trading were discontinued, the secondary market on that exchange (or in that class or series
of options) would cease to exist. However, outstanding options on that exchange that had been issued by the OCC as a result of
trades on that exchange would continue to be exercisable in accordance with their terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The hours of trading for options may not conform to the hours
during which common stocks held by the Fund are traded. To the extent that the options markets close before the markets for securities,
significant price and rate movements can take place in the securities markets that would not be reflected concurrently in the options
markets. Index call options are marked to market daily and their value is substantially affected by changes in the value and dividend
rates of the securities represented in the underlying index, changes in interest rates, changes in the actual or perceived volatility
of the associated index and the remaining time to the options&#8217; expiration, as well as trading conditions in the options market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Tax risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Reference is made to &#8220;Federal Income Tax Matters&#8221;
for an explanation of the federal income tax consequences and attendant risks of investing in the Fund. Although the Fund seeks
to minimize and defer the federal income taxes incurred by Common Shareholders in connection with their investment in the Fund,
there can be no assurance that it will be successful in this regard. Market conditions may limit the Fund&#8217;s ability to generate
tax losses or to generate dividend income taxed at favorable tax rates. The Fund&#8217;s tax-managed strategy may cause the Fund
to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund&#8217;s
ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation, regulation
or interpretations. Distributions paid on the Common Shares may be characterized variously as net investment income (taxable at
ordinary income rates), qualified dividends and capital gains dividends (each taxable at long-term capital gains rates) or return
of</P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">capital (not currently taxable). The ultimate tax characterization
of the Fund&#8217;s distributions made in a calendar year may not finally be determined until after the end of that calendar year.
Distributions to a Common Shareholder that are return of capital will be tax free to the amount of the Common Shareholder&#8217;s
current tax basis in his or her Common Shares, with any distribution amounts exceeding such basis treated as capital gain on a
deemed sale of Common Shares. Common Shareholders are required to reduce their tax basis in Common Shares by the amount of tax-free
return of capital distributions received, thereby increasing the amount of capital gain (or decreasing the amount of capital loss)
to be recognized upon a later disposition of the Common Shares. In order for Fund distributions of qualified dividend income to
be taxable at favorable long-term capital gains rates, a Common Shareholder must meet certain prescribed holding period and other
requirements with respect to his or her Common Shares. If positions held by the Fund were treated as &#8220;straddles&#8221; for
federal income tax purposes, dividends on such positions would not constitute qualified dividend income subject to favorable income
tax treatment. Gain or loss on positions in a straddle are subject to special (and generally disadvantageous) rules as described
under &#8220;Federal Income Tax Matters.&#8221;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Foreign investment risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments in foreign issuers could be affected by factors not
present in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing
standards, less publicly available financial and other information, and potential difficulties in enforcing contractual obligations.
Because foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards, practices and requirements
and regulatory measures comparable to those in the United States, there may be less publicly available information about such foreign
issuers. Settlements of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally
less frequent than in the United States, which could affect the liquidity of the Fund&#8217;s assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Foreign issuers may become subject to sanctions imposed by the
United States or another country, which could result in the immediate freeze of the foreign issuers&#8217; assets or securities.
The imposition of such sanctions could impair the market value of the securities of such foreign issuers and limit the Fund&#8217;s
ability to buy, sell, receive or deliver the securities. Trading in certain foreign markets is also subject to liquidity risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As an alternative to holding foreign-traded investments, the
Fund may invest in U.S. dollar-denominated investments of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter
market including depositary receipts, which evidence ownership of shares of a foreign issuer and are alternatives to directly purchasing
the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the
risks associated with investing directly in foreign securities. These risks include the political and economic risks of the underlying
issuer&#8217;s country, as well as in the case of depositary receipts traded on foreign markets, currency risk. Depositary receipts
may be sponsored or unsponsored. Unsponsored depositary receipts are established without the participation of the issuer. As a
result, available information concerning the issuer of an unsponsored depository receipt may not be as current as for sponsored
depositary receipts, and the prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored
by the issuer. Unsponsored depositary receipts may involve higher expenses, may not pass through voting or other shareholder rights
and may be less liquid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Since the Fund may invest in securities denominated or quoted
in currencies other than the U.S. dollar, the value of foreign assets and currencies as measured in U.S. dollars may be affected
favorably or unfavorably by changes in foreign currency rates and exchange control regulations, application of foreign tax laws
(including withholding tax), governmental administration of economic or monetary policies (in this country or abroad), and relations
between nations and trading.&nbsp; Foreign currencies also are subject to settlement, custodial and other operational risks. Currency
exchange rates can be affected unpredictably by intervention, or the failure to intervene, by U.S. or foreign governments or central
banks or by currency controls or political developments in the United States or abroad.&nbsp; If the U.S. dollar rises in value
relative to a foreign currency, a security denominated in that foreign currency will be worth less in U.S. dollars. If the U.S.
dollar decreases in value relative to a foreign currency, a security denominated in that foreign currency will be worth more in
U.S. dollars.&nbsp; A devaluation of a currency by a country&#8217;s government or banking authority will have a significant impact
on the value of any investments denominated in that currency.&nbsp; Costs are incurred in connection with conversions between currencies.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Foreign securities may not be eligible for the reduced rate of
taxation applicable to qualified dividend income.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Emerging market investments risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest up to 5% of its total assets in securities
of issuers located in emerging markets. The risks of foreign investments can be more significant in emerging markets. Emerging
markets may offer higher potential for gains and losses than investments in the developed markets of the world. Political and economic
structures in emerging market countries generally lack the social, political and economic stability of developed countries, which
may affect the value of the Fund&#8217;s investments in these countries and also the ability of the Fund to access markets in such
countries. Governmental actions can have a significant effect on the economic conditions in emerging market countries, which also
may adversely affect the value and liquidity of the Fund&#8217;s investments. The laws of emerging market countries relating to</P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">the limited liability of corporate shareholders, fiduciary duties
of officers and directors, and bankruptcy of state enterprises are generally less developed than or different from such laws in
the United States. It may be more difficult to obtain a judgment in the courts of these countries than it is in the United States.
Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging
market securities are also subject to speculative trading, which contributes to their volatility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Also, investments in issuers domiciled in countries with emerging
capital markets may involve certain additional risks that do not generally apply to investments in issuers in more developed capital
markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for
such investments, as compared to investments in comparable issuers in more developed capital markets; (ii) uncertain national policies
and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation or
high rates of inflation; (iii) possible significant fluctuations in exchange rates, differing legal systems and the existence or
possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable
to such investments; (iv) national policies that may limit investment opportunities; and (v) the lack or relatively early development
of legal structures governing private and foreign investments and private property. Trading practices in emerging markets also
may be less developed, resulting in inefficiencies relative to trading in more developed markets, which may result in increased
transaction costs.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Interest rate risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The premiums from writing index call options and amounts available
for distribution from the Fund&#8217;s options activity may decrease in declining interest rate environments. The value of the
Fund&#8217;s common stock investments may also be influenced by changes in interest rates. Higher yielding stocks and stocks of
issuers whose businesses are substantially affected by changes in interest rates may be particularly sensitive to interest rate
risk.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Derivatives risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In addition to writing index call options, the risks of which
are described above, the Fund may invest up to 20% of its total assets in other derivative investments acquired for hedging, risk
management and investment purposes, provided that no more than 10% of the Fund&#8217;s total assets may be invested in such derivative
instruments acquired for non-hedging purposes. Other derivatives instruments may include purchase and sale of derivative contracts
based on equity and fixed-income indices and other instruments, covered short sales, purchase and sale of futures contracts and
options thereon, forward sales of stock, the purchase and sale of forward currency exchange contracts and currency futures, and
various transactions such as swaps, caps, floors or collars. The use of derivatives can lead to losses because of adverse movements
in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due
to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents non-cash exposure to the underlying
assets, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivative risks may be
more significant when they are used to enhance return or as a substitute for a cash investment position, rather than solely to
hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and
a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of
a derivative (including one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument.
Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide
swings in valuation caused by changes in the value of the underlying instrument. If a derivative&#8217;s counterparty is unable
to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral
or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment.&nbsp;
A derivative investment also involves the risks relating to the asset, index, rate or instrument underlying the investment. There
can be no assurance that the use of derivative instruments will be advantageous to the Fund.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Liquidity risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest up to 15% of its total assets in securities
for which there is no readily available trading market or which are otherwise illiquid. The Fund may not be able readily to dispose
of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded
and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary
to raise cash to meet its obligations. In addition, the limited liquidity could affect the market price of the securities, thereby
adversely affecting the Fund&#8217;s net asset value and ability to make distributions, and at times may make the disposition of
securities infeasible.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Inflation risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Inflation risk is the risk that the value of assets or income
from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value
of the Common Shares and distributions thereon can decline.</P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Market price of Common Shares</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As with any security, the market value of the Common Shares may
increase or decrease from the amount initially paid for the Common Shares. The Fund&#8217;s Common Shares have traded both at a
premium and at a discount relative to net asset value. The shares of closed-end management investment companies frequently trade
at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund&#8217;s NAV may decrease.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial leverage risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Although the Fund has no current intention to do so, the Fund
is authorized and reserves the flexibility to utilize leverage through the issuance of preferred shares and/or borrowings, including
the issuance of debt securities. In the event that the Fund determines in the future to utilize investment leverage, there can
be no assurance that such a leveraging strategy will be successful during any period in which it is employed. Leverage creates
risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common
Shares and the risk that fluctuations in distribution rates on any preferred shares or fluctuations in borrowing costs may affect
the return to Common Shareholders. To the extent the returns derived from securities purchased with proceeds received from leverage
exceeds the cost of leverage, the Fund&#8217;s distributions may be greater than if leverage had not been used. Conversely, if
the returns from the securities purchased with such proceeds are not sufficient to cover the cost of leverage, the amount available
for distribution to Common Shareholders will be less than if leverage had not been used. In the latter case, Eaton Vance, in its
best judgment, may nevertheless determine to maintain the Fund&#8217;s leveraged position if it deems such action to be appropriate.
The costs of an offering of preferred shares and/or a borrowing program would be borne by Common Shareholders and consequently
would result in a reduction of the net asset value of Common Shares. In addition, the fee paid to Eaton Vance will be calculated
on the basis of the Fund&#8217;s average daily gross assets, including proceeds from the issuance of preferred shares and/or borrowings,
so the fees will be higher when leverage is utilized. In this regard, holders of preferred shares do not bear the investment advisory
fee. Rather, Common Shareholders bear the portion of the investment advisory fee attributable to the assets purchased with the
proceeds of the preferred shares offering.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Technology risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The technology industries can be significantly affected by obsolescence
of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic
conditions.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Management risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is subject to management risk because it is an actively
managed portfolio. Eaton Vance, Parametric and the individual portfolio managers will apply investment techniques and risk analyses
in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Market disruption</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Instability in the Middle East, the wars in Afghanistan, Iraq
and Libya, geopolitical tensions elsewhere and terrorist attacks in the U.S. and around the world have resulted in market volatility
and may have long-term effects on the U.S. and worldwide financial markets and may cause further economic uncertainties in the
U.S. and worldwide. The Fund cannot predict the effects of significant future events on the global economy and securities markets.
A similar disruption of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation
and other factors relating to the Common Shares.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Anti-takeover provisions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Fund&#8217;s Agreement and Declaration of Trust includes
provisions that could limit the ability of other persons or entities to acquire control of the Fund or to change the composition
of its Board. See &#8220;Description of Capital Structure -- Anti-Takeover Provisions in the Declaration of Trust.&#8221;</P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Management of the Fund</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BOARD OF TRUSTEES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The management of the Fund, including general supervision of
the duties performed by the Adviser under the Advisory Agreement (as defined below) and the Sub-Adviser under the Sub-Advisory
Agreement (as defined below), is the responsibility of the Fund&#8217;s Board under the laws of The Commonwealth of Massachusetts
and the 1940 Act.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE ADVISER</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance acts as the Fund&#8217;s investment adviser under
an Investment Advisory Agreement (the &#8220;Advisory Agreement&#8221;). The Adviser&#8217;s principal office is located at Two
International Place, Boston, MA 02110. Eaton Vance, its affiliates and predecessor companies have been managing assets of individuals
and institutions since 1924 and of investment funds since 1931. As of April 30, 2018, Eaton Vance and its affiliates managed approximately
$440.1 billion of fund and separate account assets on behalf of clients, including approximately $117.8 billion in equity assets.
Eaton Vance is a wholly-owned subsidiary of Eaton Vance Corp., a publicly-held holding company, which through its subsidiaries
and affiliates engages primarily in investment management, administration and marketing activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the general supervision of the Fund&#8217;s Board, Eaton
Vance is responsible for managing the Fund&#8217;s overall investment program and executing the Fund&#8217;s options strategy.
Eaton Vance also is responsible for providing the Sub-Adviser with research support and supervising the performance of the Sub-Adviser.
As described below under the caption &#8220;The Sub-Adviser,&#8221; Parametric will be responsible for structuring and managing
the Fund&#8217;s common stock portfolio, including tax-loss harvesting (i.e., periodically selling positions that have depreciated
in value to realize capital losses that can be used to offset capital gains realized by the Fund) and other tax-management techniques,
relying in part on the fundamental research and analytical judgments of the Adviser. The Adviser will furnish to the Fund investment
advice and office facilities, equipment and personnel for servicing the investments of the Fund. The Adviser will compensate all
Trustees and officers of the Fund who are members of the Adviser&#8217;s organization and who render investment services to the
Fund, and will also compensate all other Adviser personnel who provide research and investment services to the Fund. In return
for these services, facilities and payments, the Fund has agreed to pay the Adviser as compensation under the Advisory Agreement
an annual fee in the amount of 1.00% of the average daily gross assets of the Fund. Gross assets of the Fund means total assets
of the Fund, including any form of investment leverage that the Fund may in the future determine to utilize, minus all accrued
expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to any future
investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility/commercial
paper program or the issuance of debt securities), (ii) the issuance of preferred shares or other similar preference securities,
(iii) the reinvestment of collateral received for securities loaned in accordance with the Fund&#8217;s investment objectives and
policies and/or (iv) any other means. During any future periods in which the Fund is using leverage, the fees paid to Eaton Vance
for investment advisory services will be higher than if the Fund did not use leverage because the fees paid will be calculated
on the basis of the Fund&#8217;s gross assets, including proceeds from any borrowings and from the issuance of preferred shares.
The Fund is responsible for all expenses not expressly stated by another party (such as the expenses required to be paid pursuant
to an agreement with the investment adviser or administrator).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund&#8217;s semiannual shareholder report contains information
regarding the basis for the Trustees&#8217; approval of the Fund&#8217;s Advisory Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Michael A. Allison is responsible for managing the Fund&#8217;s
overall investment program and executing the Fund&#8217;s options strategy, and also provides the Sub-Adviser with research support
and supervises the performance of the Sub-Adviser. Mr. Allison is a Vice President of Eaton Vance, is a member of Eaton Vance&#8217;s
Equity Strategy Committee and has been portfolio manager of the Fund since June 2015. Mr. Allison has managed other Eaton Vance
portfolios for more than five years.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE SUB-ADVISER</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance has engaged its affiliate Parametric as a sub-adviser
to the Fund. Parametric is responsible for structuring and managing the Fund&#8217;s common stock portfolio, including tax-loss
harvesting (i.e., periodically selling positions that have depreciated in value to realize capital losses that can be used to offset
capital gains realized by the Fund) and other tax-management techniques, relying in part on the fundamental research and analytical
judgments of the Adviser. Parametric&#8217;s principal office is located at 1918 Eighth Avenue, Suite 3100, Seattle, WA 98101.
Parametric is a Seattle, Washington based investment manager that has been providing investment advisory services since its formation
in 1987. Parametric managed approximately $231.5 billion in assets as of April 30, 2018.</P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the terms of the Sub-Advisory Agreement (a &#8220;Sub-Advisory
Agreement&#8221;) between Eaton Vance and Parametric, Eaton Vance (and not the Fund) pays Parametric a portion of the advisory
fee for sub-advisory services provided to the Fund. Pursuant to the terms of the Advisory Agreement, Eaton Vance, upon approval
by the Board, may terminate the Sub-Advisory Agreement, and Eaton Vance may assume full responsibility for the services provided
by Parametric without the need for approval by shareholders of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Thomas Seto is the Parametric portfolio manager responsible for
the day-to-day structuring and management of the Fund&#8217;s common stock portfolio. Mr. Seto manages two other Eaton Vance closed-end
investment companies that utilize a buy-write investment strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Mr. Seto is Head of Investment Management at Parametric&#8217;s
Seattle Investment Center and was previously Director of Portfolio Management at Parametric for more than five years. Mr. Seto
has been a portfolio manager of the Fund since June 2005 and has managed other Eaton Vance portfolios for more than five years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund, the Adviser and the Sub-Adviser have adopted codes
of ethics relating to personal securities transactions (the &#8220;Codes of Ethics&#8221;). The Codes of Ethics permit Adviser
and Sub-Adviser personnel to invest in securities (including securities that may be purchased or held by the Fund) for their own
accounts, subject to certain pre-clearance, reporting and other restrictions and procedures contained in such Codes of Ethics.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Additional Information Regarding Portfolio Managers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Statement of Additional Information provides additional information
about the portfolio managers&#8217; compensation, other accounts managed by the portfolio managers, and the portfolio managers&#8217;
ownership of securities in the Fund. The Statement of Additional Information is available free of charge by calling 1-800-262-1122
or by visiting the Fund&#8217;s website at http://www.eatonvance.com. The information contained in, or that can be accessed through,
the Fund&#8217;s website is not part of this prospectus or the Statement of Additional Information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>THE ADMINISTRATOR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance serves as administrator of the Fund. Under an Amended
and Restated Administrative Services Agreement with the Fund (the &#8220;Administration Agreement&#8221;), Eaton Vance is responsible
for managing the business affairs of the Fund, subject to the supervision of the Fund&#8217;s Board. Eaton Vance furnishes to the
Fund all office facilities, equipment and personnel for administering the affairs of the Fund. Eaton Vance&#8217;s administrative
services include recordkeeping, preparation and filing of documents required to comply with federal and state securities laws,
supervising the activities of the Fund&#8217;s custodian and transfer agent, providing assistance in connection with the Board
and shareholders&#8217; meetings, providing service in connection with any repurchase offers and other administrative services
necessary to conduct the Fund&#8217;s business. Eaton Vance currently receives no compensation for providing administrative services
to the Fund.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Plan of Distribution</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may sell the Common Shares being offered under this
Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount
arrangement between the Fund and its agents or underwriters, or among its underwriters, or the basis upon which such amount may
be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may distribute Common Shares from time to time in one
or more transactions at: (i) a fixed price or prices that may be changed; (ii) market prices prevailing at the time of sale; (iii)
prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price
per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund from time to time may offer its Common Shares through
or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may directly solicit offers to purchase Common Shares,
or the Fund may designate agents to solicit such offers. The Fund will, in a Prospectus Supplement relating to such Offering, name
any agent that could be viewed as an underwriter under the 1933 Act, and describe any commissions the Fund must pay to such agent(s).
Any such agent will be acting on a reasonable best efforts basis for the period of its appointment or, if indicated in the applicable
Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and underwriters may be customers
of, engage in transactions with, or perform services for the Fund in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If any underwriters or agents are used in the sale of Common
Shares in respect of which this Prospectus is delivered, the Fund will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Fund will set forth in the Prospectus Supplement relating to such Offering their
names and the terms of the Fund&#8217;s agreement with them.</P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a dealer is utilized in the sale of Common Shares in respect
of which this Prospectus is delivered, the Fund will sell such Common Shares to the dealer, as principal. The dealer may then resell
such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may engage in at-the-market offerings to or through
a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the 1933
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Agents, underwriters and dealers may be entitled under agreements
which they may enter into with the Fund to indemnification by the Fund against certain civil liabilities, including liabilities
under the 1933 Act, and may be customers of, engage in transactions with or perform services for the Fund in the ordinary course
of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to facilitate the Offering of Common Shares, any underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares the
prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the Offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the
price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such
other Common Shares in the open market. Finally, in any Offering of Common Shares through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing Common Shares in the Offering
if the syndicate repurchases previously distributed Common Shares in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of Common Shares above independent
market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any
time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may enter into derivative transactions with third parties,
or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable Prospectus
Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares covered by this Prospectus
and the applicable Prospectus Supplement or other offering materials, including in short sale transactions. If so, the third parties
may use Common Shares pledged by the Fund or borrowed from the Fund or others to settle those sales or to close out any related
open borrowings of securities, and may use Common Shares received from the Fund in settlement of those derivatives to close out
any related open borrowings of securities. The third parties in such sale transactions will be underwriters and, if not identified
in this Prospectus, will be identified in the applicable Prospectus Supplement or other offering materials (or a post-effective
amendment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund or one of the Fund&#8217;s affiliates may loan or pledge
Common Shares to a financial institution or other third party that in turn may sell Common Shares using this Prospectus. Such financial
institution or third party may transfer its short position to investors in Common Shares or in connection with a simultaneous Offering
of other Common Shares offered by this Prospectus or otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum amount of compensation to be received by any member
of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any security
being sold with respect to each particular Offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any underwriter, agent or dealer utilized in the initial Offering
of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Distributions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Pursuant to an exemptive order issued by the Securities and Exchange
Commission (&#8220;Order&#8221;), the Fund is authorized to distribute long-term capital gains to shareholders more frequently
than once per year. Pursuant to the Order, the Fund&#8217;s Board of Trustees approved a Managed Distribution Plan (&#8220;MDP&#8221;)
pursuant to which the Fund makes monthly cash distributions to Common Shareholders, stated in terms of a fixed amount per common
share. Shareholders should not draw any conclusions about the Fund&#8217;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&#8217;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&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221;
In addition, a return of capital is treated as a non-dividend distribution for tax purposes, is not subject to current tax and
reduces a shareholder&#8217;s tax cost basis in fund shares. 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&#8217;s distributions for tax purposes will be reported to shareholders on Form 1099-DIV
for each calendar year.</P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to its MDP, the Fund makes monthly distributions to Common
Shareholders sourced from the Fund&#8217;s cash available for distribution. &#8220;Cash available for distribution&#8221; consists
of the Fund&#8217;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 Fund&#8217;s distribution rate may
be adjusted from time-to-time. The Board may modify this distribution policy at any time without obtaining the approval of Common
Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund distinguishes between distributions on a tax basis and
a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions
in excess of tax basis earnings and profits be 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders may elect automatically to reinvest some
or all of their distributions in additional Common Shares under the Fund&#8217;s dividend reinvestment plan. See &#8220;Dividend
Reinvestment Plan.&#8221;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Federal Income Tax Matters</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund intends to elect to be treated and to qualify each year
as a regulated investment company (&#8220;RIC&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).
Accordingly, the Fund intends to satisfy certain requirements relating to sources of its income and diversification of its assets
and to distribute substantially all of its net income (including both investment company taxable income and net tax-exempt interest
income) and net short-term and long-term capital gains (after reduction by any available capital loss carryforwards) in accordance
with the timing requirements imposed by the Code, so as to maintain its RIC status and to avoid paying federal income or excise
tax thereon. If it qualifies for treatment as a RIC and satisfies the above-mentioned distribution requirements, the Fund will
not be subject to federal income tax on income paid to its shareholders in the form of dividends or capital gains distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To qualify as a RIC for federal income tax purposes, the Fund
must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains
from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to,
gains from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies,
and net income derived from an interest in a qualified publicly traded partnership. The Fund must also distribute to its shareholders
at least the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income for each taxable
year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund must also satisfy certain requirements with respect
to the diversification of its assets. The Fund must have, at the close of each quarter of its taxable year, at least 50% of the
value of its total assets represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities
that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the Fund or more than 10% of the
voting securities of that issuer. In addition, at those times, not more than 25% of the value of the Fund&#8217;s assets may be
invested in securities (other than U.S. Government securities or the securities of other RICs) of any one issuer, or of two or
more issuers that the Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses,
or of one or more qualified publicly traded partnerships.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Fund does not qualify as a RIC for any taxable year, the
Fund&#8217;s taxable income is subject to corporate income taxes, and all distributions from earnings and profits, including distributions
of net capital gain (if any), will be taxable to the shareholder as ordinary income. Such distributions will be treated as qualified
dividend income with respect to shareholders who are individuals and will be eligible for the dividends received deduction in the
case of shareholders taxed as corporations, provided certain holding period requirements are met. In order to requalify for taxation
as a RIC, the Fund may be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At least annually, the Fund intends to distribute any net capital
gain (which is the excess of net long-term capital gain over net short-term capital loss) or, alternatively, to retain all or a
portion of the year&#8217;s net capital gain and pay federal income tax on the retained gain. As provided under federal tax law,
Common Shareholders of record as of the end of the Fund&#8217;s taxable year will include their attributable share of the retained
gain in their income for the year as long-term capital gain (regardless of holding period in the Common Shares) and will be entitled
to a tax credit or refund for the tax paid on their behalf by the Fund. Common Shareholders of record for the retained capital
gain will also be entitled to increase their tax basis in their Common Shares by 65 percent of the allocated gain. Distributions
of the Fund&#8217;s net capital gain (&#8220;capital</P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">gain distributions&#8221;), if any, are taxable to Common Shareholders
as long-term capital gain, regardless of their holding period in the Common Shares. Distributions of gains from the sale of investments
that the Fund owned for one year or less will be taxable as ordinary income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If, for any calendar year, the Fund&#8217;s total distributions
exceed the Fund&#8217;s current and accumulated earnings and profits, the excess will be treated as a tax-free return of capital
to each Common Shareholder (up to the amount of the Common Shareholder&#8217;s basis in his or her Common Shares) and thereafter
as gain from the sale of Common Shares (assuming the Common Shares are held as a capital asset). The amount treated as a tax-free
return of capital will reduce the Common Shareholder&#8217;s adjusted basis in his or her Common Shares, thereby increasing his
or her potential gain or reducing his or her potential loss on the subsequent sale or other disposition of his or her Common Shares.
See below for a summary of the maximum tax rates applicable to long-term capital gain (including capital gain distributions). A
corporation that owns Fund shares generally will not be entitled to the dividends received deduction with respect to all (or any
prescribed percentage) of the distributions it receives from the Fund. Fund distributions that are attributable to qualified dividend
income received by the Fund from certain domestic corporations may be designated by the Fund as being eligible for the dividends
received deduction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain of the Fund&#8217;s investment practices are subject
to special and complex federal income tax provisions that may, among other things, (i) convert dividends that would otherwise constitute
qualified dividend income into ordinary income, (ii) treat dividends that would otherwise be eligible for the corporate dividends
received deduction as ineligible for such treatment, (iii) disallow, suspend or otherwise limit the allowance of certain losses
or deductions, (iv) convert long-term capital gain into short-term capital gain or ordinary income, (v) convert an ordinary loss
or deduction into a capital loss (the deductibility of which is more limited), (vi) cause the Fund to recognize income or gain
without a corresponding receipt of cash, (vii) adversely affect the time as to when a purchase or sale of stock or securities is
deemed to occur and (viii) adversely alter the characterization of certain complex financial transactions. While it may not always
be successful in doing so, the Fund seeks to avoid or minimize any adverse tax consequences of its investment practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the case of Fund transactions involving S&amp;P 500 and NASDAQ-100
call options (or other listed options on broad-based securities indices), Code Section 1256 generally will require any gain or
loss arising from the lapse, closing out or exercise of such positions to be treated as 60% long-term and 40% short-term capital
gain or loss. In addition, the Fund generally will be required to &#8220;mark to market&#8221; (i.e., treat as sold for fair market
value) each outstanding index option position at the close of each taxable year (and on October 31 of each year for excise tax
purposes). If a Section 1256 Contract held by the Fund at the end of a taxable year is sold in the following year, the amount of
any gain or loss realized on such sale will be adjusted to reflect the gain or loss previously taken into account under the &#8220;mark
to market&#8221; rules. In addition to most index call options, Section 1256 Contracts include certain other options contracts,
certain regulated futures contracts and certain other financial contracts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Code contains special rules that apply to &#8220;straddles,&#8221;
defined generally as the holding of &#8220;offsetting positions with respect to personal property.&#8221; For example, the straddle
rules normally apply when a taxpayer holds stock and an offsetting option with respect to such stock or substantially identical
stock or securities. In general, investment positions will be offsetting if there is a substantial diminution in the risk of loss
from holding one position by reason of holding one or more other positions. The Fund expects that the index call options it writes
will not be considered straddles for this purpose because the Fund&#8217;s portfolio of common stocks will be sufficiently dissimilar
from the components of the S&amp;P 500 and the NASDAQ-100 under applicable guidance established by the IRS. Under certain circumstances,
however, the Fund may enter into options transactions or certain other investments that may constitute positions in a straddle.
If two or more positions constitute a straddle, recognition of a realized loss from one position must generally be deferred to
the extent of unrecognized gain in an offsetting position. In addition, long-term capital gain may be recharacterized as short-term
capital gain, or short-term capital loss as long-term capital loss. Interest and other carrying charges allocable to personal property
that is part of a straddle are not currently deductible but must instead be capitalized. Similarly, &#8220;wash sale&#8221; rules
apply to prevent the recognition of loss by the Fund from the disposition of stock or securities at a loss in a case in which identical
or substantially identical stock or securities (or an option to acquire such property) is or has been acquired within a prescribed
period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Code allows a taxpayer to elect to offset gains and losses
from positions that are part of a &#8220;mixed straddle.&#8221; A &#8220;mixed straddle&#8221; is any straddle in which one or
more but not all positions are section 1256 contracts. The Fund may be eligible to elect to establish one or more mixed straddle
accounts for certain of its mixed straddle trading positions. The mixed straddle account rules require a daily &#8220;marking to
market&#8221; of all open positions in the account and a daily netting of gains and losses from all positions in the account. At
the end of a taxable year, the annual net gains or losses from the mixed straddle account are recognized for tax purposes. The
net capital gain or loss is treated as 60% long-term and 40% short-term capital gain or loss if attributable to the section 1256
contract positions, or all short-term capital gain or loss if attributable to the non-section 1256 contract positions.</P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may recognize gain (but not loss) from a constructive
sale of certain &#8220;appreciated financial positions&#8221; if the Fund enters into a short sale, offsetting notional principal
contract, or a forward contract transaction with respect to the appreciated position or substantially identical property. Appreciated
financial positions subject to this constructive sale treatment include interests (including options and forward contracts and
short sales) in stock and certain other instruments. Constructive sale treatment does not apply if the transaction is closed out
not later than thirty days after the end of the taxable year in which the transaction was initiated, and the underlying appreciated
securities position is held unhedged for at least the next sixty days after the hedging transaction is closed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Gain or loss from a short sale of property is generally considered
as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund&#8217;s
hands. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on
the date the short sale is entered into, gains on short sales generally are short-term capital gains. A loss on a short sale will
be treated as a long-term capital loss if, on the date of the short sale, &#8220;substantially identical property&#8221; has been
held by the Fund for more than one year. In addition, entering into a short sale may result in suspension of the holding period
of &#8220;substantially identical property&#8221; held by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Gain or loss on a short sale will generally not be realized until
such time as the short sale is closed. However, as described above in the discussion of constructive sales, if the Fund holds a
short sale position with respect to securities that have appreciated in value, and it then acquires property that is the same as
or substantially identical to the property sold short, the Fund generally will recognize gain on the date it acquires such property
as if the short sale were closed on such date with such property. Similarly, if the Fund holds an appreciated financial position
with respect to securities and then enters into a short sale with respect to the same or substantially identical property, the
Fund generally will recognize gain as if the appreciated financial position were sold at its fair market value on the date it enters
into the short sale. The subsequent holding period for any appreciated financial position that is subject to these constructive
sale rules will be determined as if such position were acquired on the date of the constructive sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain dividend distributions paid by the Fund (whether paid
in cash or reinvested in additional Common Shares) to individual taxpayers are taxed at rates applicable to net long-term capital
gains (20%, 15% or 0%, depending on an individual&#8217;s tax bracket). This tax treatment applies only if certain holding period
and other requirements are satisfied by the Common Shareholder and the dividends are attributable to qualified dividend income
received by the Fund itself. For this purpose, &#8220;qualified dividend income&#8221; means dividends received by the Fund from
U.S. corporations and &#8220;qualified foreign corporations,&#8221; provided that the Fund satisfies certain holding period and
other requirements in respect of the stock of such corporations. In order for qualified dividends paid by the Fund to a Common
Shareholder to be taxable at long-term capital gains rates, the Common Shareholder must hold his or her Common Shares for more
than 60 days during the 121-day period surrounding the ex-dividend date. For the Fund to receive tax-advantaged dividend income,
the Fund must hold stock paying qualified dividend income for more than 60 days during the 121-day period beginning 60 days before
the ex-dividend date (or more than 90 days during the associated 181-day period, in the case of certain preferred stocks). In addition,
the Fund cannot be obligated to make related payments (pursuant to a short sale or otherwise) with respect to positions in any
security that is substantially similar or related property with respect to such stock. Gains on option positions treated as short-term
and other short-term gains, interest income and non-qualified dividends are not eligible for the lower tax rate. There can be no
assurance as to what portion of the Fund&#8217;s dividend distributions will qualify for favorable treatment. The Fund&#8217;s
investment program and the tax treatment of Fund distributions may be affected by IRS interpretations of the Code and future changes
in tax laws and regulations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will inform Common Shareholders of the source and tax
status of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Selling Common Shareholders will generally recognize gain or
loss in an amount equal to the difference between the Common Shareholder&#8217;s adjusted tax basis in the Common Shares sold and
the sale proceeds. If the Common Shares are held as a capital asset, the gain or loss will be a capital gain or loss. The maximum
tax rate applicable to net capital gains recognized by individuals and other non-corporate taxpayers is (i) the same as the maximum
ordinary income tax rate for gains recognized on the sale of capital assets held for one year or less, or (ii) 20% for gains recognized
on the sale of capital assets held for more than one year (as well as any capital gain distributions) (15% or 0% for individuals
in certain tax brackets). Any loss on a disposition of Common Shares held for six months or less will be treated as a long-term
capital loss to the extent of any capital gain distributions received with respect to those Common Shares. For purposes of determining
whether Common Shares have been held for six months or less, the holding period is suspended for any periods during which the Common
Shareholder&#8217;s risk of loss is diminished as a result of holding one or more other positions in substantially similar or related
property, or through certain options or short sales. Any loss realized on a sale or exchange of Common Shares will be disallowed
to the extent those Common Shares are replaced by other Common Shares within a period of 61 days beginning 30 days before and ending
30 days after the date of disposition of the Common Shares (whether through the reinvestment of distributions or otherwise). In
that event, the basis of the replacement Common Shares will be adjusted to reflect the disallowed loss.</P>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An investor should be aware that, if Common Shares are purchased
shortly before the record date for any taxable distribution (including a capital gain distribution), the purchase price likely
will reflect the value of the distribution and the investor then would receive a taxable distribution that is likely to reduce
the trading value of such Common Shares, in effect resulting in a taxable return of some of the purchase price. Taxable distributions
to certain individuals and certain other non-corporate Common Shareholders, including those who have not provided their correct
taxpayer identification number and other required certifications, may be subject to &#8220;backup&#8221; federal income tax withholding
at the fourth lowest rate of tax applicable to a single individual.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An investor should also be aware that the benefits of the reduced
tax rate applicable to long-term capital gains and qualified dividend income may be impacted by the application of the alternative
minimum tax to individual shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain foreign entities including foreign entities acting as
intermediaries may be subject to a 30% withholding tax on dividend income paid and, after December 31, 2018, on gross redemption
proceeds paid under the Foreign Account Tax Compliance Act (&#8220;FATCA&#8221;). To avoid withholding, foreign financial institutions
subject to FATCA must agree to disclose to the relevant revenue authorities certain information regarding their direct and indirect
U.S. owners and other foreign entities must certify certain information regarding their direct and indirect U.S. owners to the
Fund. For more detailed information regarding FATCA withholding and compliance, please refer to the Statement of Additional Information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing briefly summarizes some of the important federal
income tax consequences to Common Shareholders of investing in Common Shares, reflects the federal tax law as of the date of this
Prospectus and does not address special tax rules applicable to certain types of investors, such as corporate and foreign investors.
Unless otherwise noted, this discussion assumes that an investor is a U.S. person and holds Common Shares as a capital asset. This
discussion is based upon current provisions of the Code, the regulations promulgated thereunder and judicial and administrative
ruling authorities, all of which are subject to change or differing interpretations by the courts or the IRS retroactively or prospectively.
Investors should consult their tax advisors regarding other federal, state or local tax considerations that may be applicable in
their particular circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Dividend Reinvestment Plan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund offers a dividend reinvestment plan (the &#8220;Plan&#8221;),
pursuant to which a Common Shareholder may elect to have distributions automatically reinvested in Common 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 Fund distributions in cash paid by check mailed directly to you by American Stock Transfer &amp; Trust Company,
LLC (&#8220;AST&#8221; or &#8220;Plan Agent&#8221;), as dividend paying agent. On the distribution payment date, if the net asset
value per Common Share is equal to or less than the market price per Common Share plus estimated brokerage commissions, then new
Common Shares will be issued. The number of Common Shares shall be determined by the greater of the net asset value per Common
Share or 95% of the market price. Otherwise, Common Shares generally will be purchased on the open market by the Plan Agent. Distributions
subject to income tax (if any) are taxable whether or not shares are reinvested.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">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 your shares be re-registered in your name with the Fund&#8217;s transfer agent, AST, or you will
not be able to participate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Plan Agent&#8217;s service fee for handling distributions
will be paid by the Fund. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Plan participants may withdraw from the Plan at any time by writing
to the Plan Agent at the address noted on page 51. If you withdraw, you will receive shares in your name for all Common Shares
credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell
part or all of his or her Common Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage
commissions from the proceeds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any inquiries regarding the Plan can be directed to the Plan
Agent, AST, at 1-866-439-6787.</P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Description of Capital Structure</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is an unincorporated business trust established under
the laws of The Commonwealth of Massachusetts by an Agreement and Declaration of Trust dated and filed with the Secretary of The
Commonwealth on March 30, 2005 (the &#8220;Declaration of Trust&#8221;). The Declaration of Trust provides that the Board may authorize
separate classes of shares of beneficial interest. The Board has authorized an unlimited number of Common Shares. The Fund intends
to hold annual meetings of Common Shareholders in compliance with the requirements of the NYSE.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>COMMON SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust permits the Fund to issue an unlimited
number of full and fractional Common Shares. Each Common Share represents an equal proportionate interest in the assets of the
Fund with each other Common Share in the Fund. Common Shareholders will be entitled to the payment of distributions when, as and
if declared by the Board. The 1940 Act or the terms of any future borrowings or issuance of preferred shares may limit the payment
of distributions to the Common Shareholders. Each whole Common Share shall be entitled to one vote as to matters on which it is
entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying
or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding
preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection,
the Board may distribute the remaining assets of the Fund among the Common Shareholders. The Declaration of Trust provides that
Common Shareholders are not liable for any liabilities of the Fund and permits inclusion of a clause to that effect in every agreement
entered into by the Fund and, in coordination with the Fund&#8217;s By-laws, indemnifies shareholders against any such liability.
Although shareholders of an unincorporated business trust established under Massachusetts law may, in certain limited circumstances,
be held personally liable for the obligations of the business trust as though they were general partners, the provisions of the
Fund&#8217;s Declaration of Trust and By-laws described in the foregoing sentence make the likelihood of such personal liability
remote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no current intention to issue preferred shares or
to borrow money. However, if at some future time there are any borrowings or preferred shares outstanding, the Fund may not be
permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i) all accrued distributions
on preferred shares or accrued interest on borrowings have been paid and (ii) the value of the Fund&#8217;s total assets (determined
after deducting the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior securities,
is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount
of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares. In addition to
the requirements of the 1940 Act, the Fund may be required to comply with other asset coverage requirements as a condition of the
Fund obtaining a rating of preferred shares from a nationally recognized statistical rating agency (a &#8220;Rating Agency&#8221;).
These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#8217;s
ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its
qualification for taxation as a regulated investment company for federal income tax purposes. If the Fund were in the future to
issue preferred shares or borrow money, it would intend, however, to the extent possible to purchase or redeem preferred shares
or reduce borrowings from time to time to maintain compliance with such asset coverage requirements and may pay special distributions
to the holders of the preferred shares in certain circumstances in connection with any potential impairment of the Fund&#8217;s
status as a regulated investment company. See &#8220;Federal Income Tax Matters.&#8221; Depending on the timing of any such redemption
or repayment, the Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the
holders thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no present intention of offering additional Common
Shares, except as described herein. Other offerings of its Common Shares, if made, will require approval of the Board. Any additional
offering will not be sold at a price per Common Share below the then current net asset value (exclusive of underwriting discounts
and commissions) except in connection with an offering to existing Common Shareholders or with the consent of a majority of the
outstanding Common Shares. The Common Shares have no preemptive rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund generally will not issue Common Share certificates.
However, upon written request to the Fund&#8217;s transfer agent, a share certificate will be issued for any or all of the full
Common Shares credited to an investor&#8217;s account. Common Share certificates that have been issued to an investor may be returned
at any time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>REPURCHASE OF COMMON SHARES AND OTHER DISCOUNT METHODS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Because shares of closed-end management investment companies
frequently trade at a discount to their net asset values, the Board has determined that from time-to-time it may be in the interest
of Common Shareholders for the Fund to take corrective actions to reduce trading discounts in the Common Shares. The Board, in
consultation with Eaton Vance, will review at least annually the possibility of open market repurchases and/or tender offers for
the Common Shares and will consider such factors as the market price of the Common Shares, the net asset value of the Common Shares,
the liquidity of the assets of the Fund, the effect on the Fund&#8217;s expenses, whether such transactions would impair the Fund&#8217;s</P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">status as a regulated investment company or result in a failure
to comply with applicable asset coverage requirements, general economic conditions and such other events or conditions that may
have a material effect on the Fund&#8217;s ability to consummate such transactions. There are no assurances that the Board will,
in fact, decide to undertake either of these actions or, if undertaken, that such actions will result in the Common Shares trading
at a price equal to or approximating their net asset value. In recognition of the possibility that the Common Shares might trade
at a discount to net asset value and that any such discount may not be in the interest of shareholders, the Board, in consultation
with Eaton Vance, from time to time may review possible actions to reduce any such discount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">On September 30, 2013, the Board of Trustees of the Fund authorized
the continuation of repurchase by the Fund of up to 10% of its then-currently outstanding Common Shares in open-market transactions
at a discount to net asset value. The repurchase program has been in effect since August 6, 2012 and does not obligate the Fund
to purchase a specific amount of shares. Results of the repurchase program are disclosed in the Fund&#8217;s annual and semiannual
reports to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no current intention of issuing any shares other
than the Common Shares. However, the Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial
interest with preference rights (the &#8220;preferred shares&#8221;) in one or more series, with rights as determined by the Board,
by action of the Board without the approval of the Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the requirements of the 1940 Act, the Fund must, immediately
after the issuance of any preferred shares, have an &#8220;asset coverage&#8221; of at least 200%. Asset coverage means the ratio
which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities (as
defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus
the aggregate liquidation preference of the preferred shares. If the Fund seeks a rating for preferred shares, asset coverage requirements
in addition to those set forth in the 1940 Act may be imposed. The liquidation value of any preferred shares would be expected
to equal their aggregate original purchase price plus redemption premium, if any, together with any accrued and unpaid distributions
thereon (on a cumulative basis), whether or not earned or declared. The terms of any preferred shares, including their distribution
rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law
and the Fund&#8217;s Declaration of Trust) if and when it authorizes preferred shares. The Fund may issue preferred shares that
provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing
procedure, although the terms of such preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution
rate on any preferred shares may exceed the Fund&#8217;s return after expenses on the investment of proceeds from the preferred
shares and the Fund&#8217;s leverage structure, resulting in a lower rate of return to Common Shareholders than if the Fund were
not so structured.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential
liquidating distribution (expected to equal the original purchase price per share plus redemption premium, if any, together with
accrued and unpaid dividends, whether or not earned or declared and on a cumulative basis) before any distribution of assets is
made to Common Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred
shareholders would not be entitled to any further participation in any distribution of assets by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Holders of preferred shares, voting as a class, would be entitled
to elect two of the Fund&#8217;s Trustees if any preferred shares are issued. The holders of both the Common Shares and the preferred
shares (voting together as a single class with each share entitling its holder to one vote) shall be entitled to elect the remaining
Trustees of the Fund. Under the 1940 Act, if at any time dividends on the preferred shares are unpaid in an amount equal to two
full years&#8217; dividends thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect
a majority of the Board until all distributions in arrears have been paid or declared and set apart for payment. In addition, if
required by a Rating Agency rating the preferred shares or if the Board determines it to be in the best interests of the Common
Shareholders, issuance of the preferred shares may result in more restrictive provisions than required under the 1940 Act. In this
regard, holders of preferred shares may be entitled to elect a majority of the Board in other circumstances, for example, if one
payment on the preferred shares is in arrears. The differing rights of the holders of preferred and Common Shares with respect
to the election of Trustees do not affect the obligation of all Trustees to take actions they believe to be consistent with the
best interests of the Fund. All such actions must be consistent with (i) the obligations of the Fund with respect to the holders
of preferred shares (which obligations arise primarily from the contractual terms of the preferred shares, as specified in the
Declaration of Trust and By-laws of the Fund) and (ii) the fiduciary duties owed to the Fund, which include the duties of loyalty
and care.</P>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event of any future issuance of preferred shares, the
Fund likely would seek a credit rating for such preferred shares from a Rating Agency. In such event, as long as preferred shares
are outstanding, the composition of its portfolio will reflect guidelines established by such Rating Agency. Based on previous
guidelines established by Rating Agencies for the securities of other issuers, the Fund anticipates that the guidelines with respect
to any preferred shares would establish a set of tests for portfolio composition and asset coverage that supplement (and in some
cases are more restrictive than) the applicable requirements under the 1940 Act. Although no assurance can be given as to the nature
or extent of the guidelines that may be imposed in connection with obtaining a rating of any preferred shares, the Fund anticipates
that such guidelines would include asset coverage requirements that are more restrictive than those under the 1940 Act, restrictions
on certain portfolio investments and investment practices and certain mandatory redemption requirements relating to any preferred
shares. No assurance can be given that the guidelines actually imposed with respect to any preferred shares by a Rating Agency
would be more or less restrictive than those described in this Prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>CREDIT FACILITY/COMMERCIAL PAPER PROGRAM</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has no current intention to borrow money for the purpose
of obtaining investment leverage. If, in the future, the Fund determines to engage in investment leverage using borrowings, the
Fund may enter into definitive agreements with respect to a credit facility/commercial paper program or other borrowing program,
pursuant to which the Fund would expect to be entitled to borrow up to a specified amount. Any such borrowings would constitute
financial leverage. Borrowings under such a facility/commercial paper program would not be expected to be convertible into any
other securities of the Fund. Outstanding amounts would be expected to be prepayable by the Fund prior to final maturity without
significant penalty, and no sinking fund or mandatory retirement provisions would be expected to apply. Outstanding amounts would
be payable at maturity or such earlier times as required by the agreement. The Fund may be required to prepay outstanding amounts
under the facility/program or incur a penalty rate of interest in the event of the occurrence of certain events of default. The
Fund would be expected to indemnify the lenders under the facility/program against liabilities they may incur in connection with
the facility/program.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Fund expects that any such credit facility/program
would contain covenants that, among other things, likely would limit the Fund&#8217;s ability to pay distributions in certain circumstances,
incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations,
and may require asset coverage ratios in addition to those required by the 1940 Act. The Fund may be required to pledge its assets
and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or principal payments and
expenses. The Fund expects that any credit facility/program would have customary covenant, negative covenant and default provisions.
There can be no assurance that the Fund will enter into an agreement for a credit facility/ program on terms and conditions representative
of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such credit facility/program
may in the future be replaced or refinanced by one or more credit facilities having substantially different terms or by the issuance
of preferred shares or debt securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>EFFECTS OF POSSIBLE FUTURE LEVERAGE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As discussed above, the Fund has no current intention to issue
preferred shares or to borrow money for the purpose of obtaining investment leverage. In the event that the Fund determines in
the future to utilize investment leverage, there can be no assurance that such a leveraging strategy would be successful during
any period in which it is employed. Leverage creates risks for Common Shareholders, including the likelihood of greater volatility
of net asset value and market price of the Common Shares and the risk that fluctuations in distribution rates on any preferred
shares or fluctuations in borrowing costs may affect the return to Common Shareholders. To the extent that amounts available for
distribution derived from securities purchased with the proceeds of leverage exceed the cost of such leverage, the Fund&#8217;s
distributions would be greater than if leverage had not been used. Conversely, if the amounts available for distribution derived
from securities purchased with leverage proceeds are not sufficient to cover the cost of leverage, distributions to Common Shareholders
would be less than if leverage had not been used. In the latter case, Eaton Vance, in its best judgment, may nevertheless determine
to maintain the Fund&#8217;s leveraged position if it deems such action to be appropriate. The costs of an offering of preferred
shares and/or a borrowing program would be borne by Common Shareholders and consequently would result in a reduction of the net
asset value of Common Shares. See &#8220;Risk Considerations -- Financial Leverage Risk.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the fee paid to Eaton Vance will be calculated on
the basis of the Fund&#8217;s average daily gross assets, including proceeds from the issuance of preferred shares and/or borrowings,
so the fees would be higher if leverage is utilized. In this regard, holders of preferred shares would not bear the investment
advisory fee. Rather, Common Shareholders would bear the portion of the investment advisory fee attributable to the assets purchased
with the proceeds of the preferred shares offering. See &#8220;Risk Considerations -- Financial Leverage Risk.&#8221;</P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>CERTAIN PROVISIONS OF THE DECLARATION OF TRUST</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Anti-Takeover Provisions in the Declaration of Trust</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust includes provisions that could have
the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of
its Board and could have the effect of depriving Common Shareholders of an opportunity to sell their Common Shares at a premium
over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions may have
the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses
of the Fund and interfering with the normal operation of the Fund. The Board is divided into three classes, with the term of one
class expiring at each annual meeting of shareholders. At each annual meeting, one class of Trustees is elected to a three-year
term. This provision could delay for up to two years the replacement of a majority of the Board. A Trustee may be removed from
office only for cause by a written instrument signed by the remaining Trustees or by a vote of the holders of at least two-thirds
of the class of shares of the Fund that elected such Trustee and are entitled to vote on the matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Declaration of Trust requires the favorable
vote of the holders of at least 75% of the outstanding shares of each class of the Fund, voting as a class, then entitled to vote
to approve, adopt or authorize certain transactions with 5%-or-greater holders of a class of shares and their associates, unless
the Board shall by resolution have approved a memorandum of understanding with such holders, in which case normal voting requirements
would be in effect. For purposes of these provisions, a 5%-or-greater holder of a class of shares (a &#8220;Principal Shareholder&#8221;)
refers to any person who, whether directly or indirectly and whether alone or together with its affiliates and associates, beneficially
owns 5% or more of the outstanding shares of any class of beneficial interest of the Fund. The transactions subject to these special
approval requirements are: (i) the merger or consolidation of the Fund or any subsidiary of the Fund with or into any Principal
Shareholder; (ii) the issuance of any securities of the Fund to any Principal Shareholder for cash; (iii) the sale, lease or exchange
of all or any substantial part of the assets of the Fund to any Principal Shareholder (except assets having an aggregate fair market
value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series
of similar transactions within a twelve-month period); or (iv) the sale, lease or exchange to the Fund or any subsidiary thereof,
in exchange for securities of the Fund, of any assets of any Principal Shareholder (except assets having an aggregate fair market
value of less than $1,000,000, aggregating for the purposes of such computation all assets sold, leased or exchanged in any series
of similar transactions within a twelve-month period).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has determined that provisions with respect to the
Board and the 75% voting requirements described above, which voting requirements are greater than the minimum requirements under
Massachusetts law or the 1940 Act, are in the best interest of Common Shareholders generally. Reference should be made to the Declaration
of Trust on file with the SEC for the full text of these provisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>CONVERSION TO OPEN-END FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may be converted to an open-end management investment
company at any time if approved by the lesser of (i) two-thirds or more of the Fund&#8217;s then outstanding Common Shares and
preferred shares (if any), each voting separately as a class, or (ii) more than 50% of the then outstanding Common Shares and preferred
shares (if any), voting separately as a class if such conversion is recommended by at least 75% of the Trustees then in office.
If approved in the foregoing manner, conversion of the Fund could not occur until 90 days after the shareholders&#8217; meeting
at which such conversion was approved and would also require at least 30 days&#8217; prior notice to all shareholders. Conversion
of the Fund to an open-end management investment company also would require the redemption of any outstanding preferred shares
and could require the repayment of borrowings, which would eliminate any future leveraged capital structure of the Fund with respect
to the Common Shares. In the event of conversion, the Common Shares would cease to be listed on the NYSE or other national securities
exchange or market system. The Board believes that the closed-end structure is desirable, given the Fund&#8217;s investment objectives
and policies. Investors should assume, therefore, that it is unlikely that the Board would vote to convert the Fund to an open-end
management investment company. Shareholders of an open-end management investment company may require the company to redeem their
shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less such
redemption charge, if any, as might be in effect at the time of a redemption. If the Fund were to convert to an open-end investment
company, the Fund expects it would pay all such redemption requests in cash, but would likely reserve the right to pay redemption
requests in a combination of cash or securities. If such partial payment in securities were made, investors may incur brokerage
costs in converting such securities to cash. If the Fund were converted to an open-end fund, it is likely that new Common Shares
would be sold at net asset value plus a sales load.</P>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Custodian and Transfer Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">State Street Bank and Trust Company (&#8220;State Street&#8221;),
State Street Financial Center, One Lincoln Street, Boston, MA 02111, is the custodian of the Fund and will maintain custody of
the securities and cash of the Fund. State Street maintains the Fund&#8217;s general ledger and computes net asset value per share
at least weekly. State Street also attends to details in connection with the sale, exchange, substitution, transfer and other dealings
with the Fund&#8217;s investments, and receives and disburses all funds. State Street also assists in preparation of shareholder
reports and the electronic filing of such reports with the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">American Stock Transfer &amp; Trust Company, LLC, 6201 15<SUP>th</SUP>
Avenue, Brooklyn, NY 11219 is the transfer agent and dividend disbursing agent of the Fund.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Legal Opinions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain legal matters in connection with the Common Shares will
be passed upon for the Fund by internal counsel for Eaton Vance.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Reports to Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will send to Common Shareholders unaudited semi-annual
and audited annual reports, including a list of investments held.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Independent Registered Public Accounting Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Deloitte &amp; Touche LLP, 200 Berkeley Street, Boston, MA 02116,
independent registered public accounting firm, audits the Fund&#8217;s financial statements and provides other audit, tax and related
services.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Prospectus and the Statement of Additional Information do
not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC. The complete Registration
Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations. The Statement of Additional
Information can be obtained without charge by calling 1-800-262-1122.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Statements contained in this Prospectus as to the contents
of any contract or other documents referred to are not necessarily complete, and, in each instance, reference is made to the copy
of such contract or other document filed as an exhibit to the Registration Statement of which this Prospectus forms a part, each
such statement being qualified in all respects by such reference.</P>


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents for the Statement of Additional Information</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%; padding-top: 6pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: gray">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 6pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: gray"><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif; font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Additional Investment Information and Restrictions &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Trustees and Officers &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Investment Advisory and Other Services &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Determination of Net Asset Value &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Portfolio Trading &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Taxes &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Other Information &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Custodian &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Independent Registered Public Accounting Firm &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">Financial Statements &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">APPENDIX A: Eaton Vance Funds Proxy Voting Policy and Procedures &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">APPENDIX B: Adviser Proxy Voting Policy and Procedures &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">APPENDIX C: Parametric Portfolio Associates LLC Proxy Voting Policy and Procedures &#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">41</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund&#8217;s Privacy Policy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Eaton Vance organization is committed to ensuring your financial
privacy. Each of the financial institutions identified below has in effect the following policy (&#8220;Privacy Policy&#8221;)
with respect to nonpublic personal information about its customers:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Only such information received from you, through application
forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such
as name, address, social security number, tax status, account balances and transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">None of such information about you (or former customers) will
be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account).
In the normal course of servicing a customer&#8217;s account, Eaton Vance may share information with unaffiliated third parties
that perform various required services such as transfer agents, custodians and broker/dealers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Policies and procedures (including physical, electronic and procedural
safeguards) are in place that are designed to protect the confidentiality of such information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link
on our homepage: <FONT STYLE="color: black">www.eatonvance.com.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Our pledge of privacy 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
Ltd., Eaton Vance Management&#8217;s Real Estate Investment Group and Boston Management and Research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, our Privacy Policy applies only to those Eaton Vance
customers who are individuals and who have a direct relationship with us. If a customer&#8217;s account (i.e., fund shares) is
held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser&#8217;s privacy policies
apply to the customer. This notice supersedes all previously issued privacy disclosures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For more information about Eaton Vance&#8217;s Privacy Policy,
please call 1-800-262-1122.</P>


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">Prospectus dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>Up to 11,655,048 Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>Eaton Vance Tax-Managed Buy-Write Opportunities
Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>Prospectus May 31, 2018</B></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><I>Printed on recycled paper.</I></P>


<!-- Field: /Include-Text -->

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<!-- Field: Include-Text; File: T:\Filings with the SEC\497 Supplements\2018\Eaton Vance Tax%2DManaged Buy%2DWrite Opportunities Fund 497 Effectiveness dtd 5%2D31%2D18\edgar\etvsai.htm; Date: 2018%2D05%2D31T08:33:47; Size: 349375 -->
<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 4.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 4.5in">STATEMENT OF<BR>
ADDITIONAL INFORMATION</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 4.5in">May 31, 2018</P>

<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE TAX-MANAGED BUY-WRITE
OPPORTUNITIES FUND</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Two International Place</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02110</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">1-800-262-1122</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; padding-top: 6pt; padding-bottom: 6pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 6pt; padding-right: 4.5pt; padding-bottom: 6pt; text-align: right; line-height: normal">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Additional Investment Information and Restrictions &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Trustees and Officers &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Investment Advisory and Other Services &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Determination of Net Asset Value &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Portfolio Trading &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Taxes &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Other Information &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Custodian &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Independent Registered Public Accounting Firm &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">Financial Statements &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">APPENDIX A: Eaton Vance Funds Proxy Voting Policy and Procedures &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">APPENDIX B: Adviser Proxy Voting Policies and Procedures &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; line-height: normal">APPENDIX C: Parametric Portfolio Associates LLC Proxy Voting Policies and Procedures &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right; line-height: normal">41</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">THIS STATEMENT OF ADDITIONAL INFORMATION (&ldquo;SAI&rdquo;)
IS NOT A PROSPECTUS AND IS AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS ONLY IF PRECEDED OR ACCOMPANIED BY THE PROSPECTUS
OF EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) DATED MAY 31, 2018 (THE &ldquo;PROSPECTUS&rdquo;),
AS SUPPLEMENTED FROM TIME TO TIME, WHICH IS INCORPORATED HEREIN BY REFERENCE. THIS SAI SHOULD BE READ IN CONJUNCTION WITH SUCH
PROSPECTUS, A COPY OF WHICH MAY BE OBTAINED WITHOUT CHARGE BY CONTACTING YOUR FINANCIAL INTERMEDIARY OR CALLING THE FUND AT 1-800-262-1122.</P>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Capitalized terms used in this SAI and not otherwise defined
have the meanings given them in the Fund&rsquo;s Prospectus and any related Prospectus Supplements.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">ADDITIONAL INVESTMENT INFORMATION
AND RESTRICTIONS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Primary investment strategies are described in the Prospectus.
The following is a description of the various investment policies that may be engaged in, whether as a primary or secondary strategy,
and a summary of certain attendant risks. The Adviser and the Sub-Adviser may not buy any of the following instruments or use any
of the following techniques unless they believe that doing so will help to achieve the Fund&rsquo;s investment objectives.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Equity Investments</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">As described in the Prospectus, the Fund invests primarily
in common stocks.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Preferred Stocks</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest in preferred stocks of both domestic
and foreign issuers. Under normal market conditions, the Fund expects, with respect to that portion of its total assets invested
in preferred stocks, to invest only in preferred stocks of investment grade quality as determined by S&amp;P, Fitch or Moody&rsquo;s
or, if unrated, determined to be of comparable quality by Eaton Vance. The foregoing credit quality policies apply only at the
time a security is purchased, and the Fund is not required to dispose of a security in the event of a downgrade of an assessment
of credit quality or the withdrawal of a rating.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Preferred stock represents an equity interest in a corporation,
company or trust that has a higher claim on the assets and earnings than common stock. Preferred stock usually has limited voting
rights. Preferred stock involves credit risk, which is the risk that a preferred stock will decline in price, or fail to pay dividends
when expected, because the issuer experiences a decline in its financial status. A company&rsquo;s preferred stock generally pays
dividends after the company makes the required payments to holders of its bonds and other debt instruments but before dividend
payments are made to common stockholders. However, preferred stock may not pay scheduled dividends or dividend payments may be
in arrears. The value of preferred stock may react more strongly than bonds and other debt instruments to actual or perceived changes
in the company&rsquo;s financial condition or prospects. Certain preferred stocks may be convertible to common stock. Preferred
stock may be subject to redemption at the option of the issuer at a predetermined price. Because they may make regular income payments,
preferred stocks may be considered fixed-income securities for purposes of a Fund&rsquo;s investment restrictions. In addition
to credit risk, investment in preferred stocks involves certain other risks as more fully described in the Prospectus.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Derivative Instruments</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Generally, derivatives can be characterized as financial
instruments whose performance is derived at least in part from the performance of an underlying reference instrument. Derivative
instruments may be acquired in the United States or abroad and include the various types of exchange-traded and over-the-counter
(&ldquo;OTC&rdquo;) instruments described herein and other instruments with substantially similar characteristics and risks. Derivative
instruments may be based on securities, indices, currencies, commodities, economic indicators and events (referred to as &ldquo;reference
instruments&rdquo;). Fund obligations created pursuant to derivative instruments may be subject to the requirements described under
&ldquo;Asset Coverage&rdquo; herein.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to writing index call options, the risks of
which are described in the Prospectus, the Fund may invest up to 20% of its total assets in other derivative instruments acquired
for hedging, risk management and investment purposes (to gain exposure to securities, securities markets, markets indices and/or
currencies consistent with the Fund&rsquo;s investment objectives and policies), provided that no more than 10% of the Fund&rsquo;s
total assets may be invested in such derivative instruments acquired for non-hedging purposes. In the course of pursuing these
investment strategies, the Fund may: purchase and sell exchange-listed and over-the-counter put and call options on securities,
equity and fixed-income indices and other instruments; purchase and sell futures contracts and options thereon; and enter into
various transactions such as swaps, caps, floors or collars. In addition, derivatives may include new techniques, instruments or
strategies that are permitted as regulatory changes occur. Foreign exchange traded futures contracts and options thereon may be
used only if the Adviser determines that trading on such foreign exchange does not entail risks, including credit and liquidity
risks, that are materially greater than the risks associated with trading on CFTC-regulated exchanges.</P>


<!-- Field: Page; Sequence: 64; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Derivative instruments are subject to a number of risks,
including adverse or unexpected movements in the price of the reference instrument, and counterparty, liquidity, tax, correlation
and leverage risks. Use of derivative instruments may cause the realization of higher amounts of short-term capital gains (generally
taxed at ordinary income tax rates) than if such instruments had not been used. Success in using derivative instruments to hedge
portfolio assets depends on the degree of price correlation between the derivative instruments and the hedged asset. Imperfect
correlation may be caused by several factors, including temporary price disparities among the trading markets for the derivative
instrument, the reference instrument and the Fund&rsquo;s assets. To the extent that a derivative instrument is intended to hedge
against an event that does not occur, the Fund may realize losses. Derivatives permit the Fund to increase or decrease the level
of risk, or change the character of the risk, to which its portfolio is exposed in much the same way as the Fund can increase or
decrease the level of risk, or change the character of the risk, of its portfolio by making investments in specific securities.
There can be no assurance that the use of derivative instruments will benefit the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Options. </I>An option contract is a contract that
gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case
of a put) the writer of the option the reference instrument underlying the option (or the cash value of the index) at a specified
exercise price at any time during the term of the option. The writer of an option on a security has the obligation upon exercise
of the option to deliver the reference instrument (or the cash) upon payment of the exercise price or to pay the exercise price
upon delivery of the reference instrument (or the cash). Upon exercise of an index option, the writer of an option on an index
is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier
for the index option. Options may be &ldquo;covered,&rdquo; meaning that the party required to deliver the reference instrument
if the option is exercised owns that instrument (or has set aside sufficient assets to meet its obligation to deliver the instrument).
Options may be listed on an exchange or traded in the OTC market. In general, exchange-traded options have standardized exercise
prices and expiration dates and may require the parties to post margin against their obligations, and the performance of the parties&rsquo;
obligations in connection with such options is guaranteed by the exchange or a related clearing corporation. OTC options have more
flexible terms negotiated between the buyer and the seller, but generally do not require the parties to post margin and are subject
to counterparty risk. The ability of the Fund to transact business with any one or any number of counterparties, the lack of any
independent evaluation of the counterparties or their financial capabilities, and the absence of a regulated market to facilitate
settlement, may increase the potential for losses to the Fund. OTC options also involve greater liquidity risk. This risk may be
increased in times of financial stress, if the trading market for OTC derivative contracts becomes limited. The staff of the SEC
takes the position that certain purchased OTC options, and assets used as cover for written OTC options, are illiquid. Derivatives
on economic indicators generally are offered in an auction format and are booked and settled as OTC options. Options on futures
contracts are discussed herein under &ldquo;Futures and Options Thereon.&rdquo;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a written option expires unexercised, the Fund realizes
a capital gain equal to the premium received at the time the option was written. If a purchased option expires unexercised, the
Fund realizes a capital loss equal to the premium paid. Prior to the earlier of exercise or expiration, an exchange traded option
may be closed out by an offsetting purchase or sale of an option of the same series (type, exchange, reference instrument, exercise
price, and expiration). A capital gain will be realized from a closing purchase transaction if the cost of the closing option is
less than the premium received from writing the option, or, if it is more, a capital loss will be realized. If the premium received
from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a capital gain or,
if it is less, the Fund will realize a capital loss. The principal factors affecting the market value of a put or a call option
include supply and demand, the current market price of the reference instrument in relation to the exercise price of the option,
the volatility of the reference instrument, and the time remaining until the expiration date. There can be no assurance that a
closing purchase or sale transaction can be consummated when desired.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Straddles are a combination of a call and a put written
on the same reference instrument. A straddle is deemed to be covered when sufficient assets are deposited to meet the Fund&rsquo;s
immediate obligations. The same liquid assets may be used to cover both the call and put options where the exercise price of the
call and put are the same, or the exercise price of the call is higher than that of the put. The Fund may also buy and write call
options on the same reference instrument to cover its obligations. Because such combined options positions involve multiple trades,
they result in higher transaction costs and may be more difficult to open or close. In an equity collar, the Fund simultaneously
writes a call option and purchases a put option on the same instrument.</P>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">To the extent that the Fund writes a call option on an
instrument it holds and intends to use such instrument as the sole means of &ldquo;covering&rdquo; its obligation under the call
option, the Fund has, in return for the premium on the option, given up the opportunity to profit from a price increase in the
instrument above the exercise price during the option period, but, as long as its obligation under such call option continues,
has retained the risk of loss should the value of the reference instrument decline. If the Fund were unable to close out such a
call option, it would not be able to sell the instrument unless the option expired without exercise. Uncovered calls have speculative
characteristics and are riskier than covered calls because there is no instrument or cover held by the Fund that can act as a partial
hedge.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The writer of an option has no control over the time when
it may be required to fulfill its obligation under the option. Once an option writer has received an exercise notice, it cannot
effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying reference
instrument at the exercise price. If a put or call option purchased by the Fund is not sold when it has remaining value, and if
the market price of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains
less than or equal to the exercise price (in the case of a call), the Fund will lose the premium it paid for the option. Furthermore,
if trading restrictions or suspensions are imposed on options markets, the Fund may be unable to close out a position.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Futures and Options Thereon</I>. The Fund may engage
in transactions in futures and options on futures. Futures are standardized, exchange-traded contracts that obligate a purchaser
to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price.
No price is paid upon entering into a futures contract. Rather, upon purchasing or selling a futures contract the Fund is required
to deposit collateral (&ldquo;margin&rdquo;) equal to a percentage (generally less than 10%) of the contract value. Each day thereafter
until the futures position is closed, the Fund will pay additional margin representing any loss experienced as a result of the
futures position the prior day or be entitled to a payment representing any profit experienced as a result of the futures position
the prior day. Futures involve substantial leverage risk. The sale of a futures contract limits the Fund&rsquo;s risk of loss from
a decline in the market value of portfolio holdings correlated with the futures contract prior to the futures contract&rsquo;s
expiration date. In the event the market value of the Fund holdings correlated with the futures contract increases rather than
decreases, however, the Fund will realize a loss on the futures position and a lower return on the Fund holdings than would have
been realized without the purchase of the futures contract.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The purchase of a futures contract may protect the Fund
from having to pay more for securities as a consequence of increases in the market value for such securities during a period when
the Fund was attempting to identify specific securities in which to invest in a market the Fund believes to be attractive. In the
event that such securities decline in value or the Fund determines not to complete an anticipatory hedge transaction relating to
a futures contract, however, the Fund may realize a loss relating to the futures position.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is also authorized to purchase or sell call and
put options on futures contracts including financial futures and stock indices. Generally, these strategies would be used under
the same market and market sector conditions (i.e., conditions relating to specific types of investments) in which the Fund entered
into futures transactions. The Fund may purchase put options or write call options on futures contracts and stock indices in lieu
of selling the underlying futures contract in anticipation of a decrease in the market value of its securities. Similarly, the
Fund can purchase call options, or write put options on futures contracts and stock indices, as a substitute for the purchase of
such futures to hedge against the increased cost resulting from an increase in the market value of securities which the Fund intends
to purchase.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risks Associated with Futures. The primary risks associated
with the use of futures contracts and options are (a) the imperfect correlation between the change in market value of the instruments
held by the Fund and the price of the futures contract or option; (b) possible lack of a liquid secondary market for a futures
contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements,
which are potentially unlimited; (d) the investment adviser&rsquo;s inability to predict correctly the direction of securities
prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will
default in the performance of its obligations.</P>


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Swap Agreements</I>. Swap agreements are two-party
contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard
&quot;swap&quot; transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized
on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross
returns to be exchanged or &quot;swapped&quot; between the parties are generally calculated with respect to a &quot;notional amount&quot;
(<I>i.e.</I>, the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a &quot;basket&quot;
of securities representing a particular index). Other types of swap agreements may calculate the obligations of the parties to
the agreement on a &ldquo;net basis.&rdquo; Consequently, a party&rsquo;s current obligations (or rights) under a swap agreement
will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions
held by each party to the agreement (the &ldquo;net amount&rdquo;).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Whether the use of swap agreements will be successful
will depend on the investment adviser's ability to predict correctly whether certain types of reference instruments are likely
to produce greater returns than other instruments. Swap agreements may be subject to contractual restrictions on transferability
and termination and they may have terms of greater than seven days. The Fund&rsquo;s obligations under a swap agreement will be
accrued daily (offset against any amounts owed to the Fund under the swap). Developments in the swaps market, including government
regulation, could adversely affect the Fund&rsquo;s ability to terminate existing swap agreements or to realize amounts to be received
under such agreements, as well as to participate in swap agreements in the future. If there is a default by the counterparty to
a swap, the Fund will have contractual remedies pursuant to the swap agreement, but any recovery may be delayed depending on the
circumstances of the default. To limit the counterparty risk involved in swap agreements, the Fund will only enter into swap agreements
with counterparties that meet certain criteria. Although there can be no assurance that the Fund will be able to do so, the Fund
may be able to reduce or eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering
into an offsetting swap agreement with the same party or another creditworthy party. The Fund may have limited ability to eliminate
its exposure under a credit default swap if the credit of the referenced entity or underlying asset has declined.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The swaps market was largely unregulated prior to the
enactment of federal legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &ldquo;Dodd-Frank
Act&rdquo;), which was enacted in 2010 in response to turmoil in the financial markets and other market events. Among other things,
the Dodd-Frank Act sets forth a new regulatory framework for certain OTC derivatives, such as swaps, in which the Fund may invest.
The Dodd-Frank Act requires many swap transactions to be executed on registered exchanges or through swap execution facilities,
cleared through a regulated clearinghouse, and publicly reported. In addition, many market participants are now regulated as swap
dealers or major swap participants, and are, or will be, subject to certain minimum capital and margin requirements and business
conduct standards. The statutory requirements of the Dodd-Frank Act are being implemented primarily through rules and regulations
adopted by the SEC and/or the CFTC. There is a prescribed phase-in period during which most of the mandated rulemaking and regulations
are being implemented, and temporary exemptions from certain rules and regulations have been granted so that current trading practices
will not be unduly disrupted during the transition period.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Currently, central clearing is only required for certain
market participants trading certain instruments, although central clearing for additional instruments is expected to be implemented
by the CFTC until the majority of the swaps market is ultimately subject to central clearing. In addition, uncleared OTC swaps
will be subject to regulatory collateral requirements that could adversely affect the Fund&rsquo;s ability to enter into swaps
in the OTC market. These developments could cause the Fund to terminate new or existing swap agreements or to realize amounts to
be received under such instruments at an inopportune time. Until the mandated rulemaking and regulations are implemented completely,
it will not be possible to determine the complete impact of the Dodd-Frank Act and related regulations on the Fund, and the establishment
of a centralized exchange or market for swap transactions may not result in swaps being easier to value or trade. However, it is
expected that swap dealers, major market participants, and swap counterparties will experience other new and/or additional regulations,
requirements, compliance burdens, and associated costs. The legislation and rules yet to be promulgated and/or implemented may
exert a negative effect on the Fund&rsquo;s ability to meet its investment objective, either through limits or requirements imposed
on the Fund or its counterparties. The swap market could be disrupted or limited as a result of the implementation of this legislation,
and the new requirements may increase the cost of the Fund&rsquo;s investments and of doing business, which could adversely affect
the ability of the Fund to buy or sell OTC derivatives.</P>


<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Interest Rate Swaps, Caps and Floors. </I>Interest
rate swaps are OTC contracts in which each party agrees to make a periodic interest payment based on an index or the value of an
asset in return for a periodic payment from the other party based on a different index or asset. The purchase of an interest rate
floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments
of interest on a notional principal amount from the party selling such interest rate floor. The purchase of an interest rate cap
entitles the purchaser, to the extent that a specified index rises above a predetermined interest rate, to receive payments of
interest on a notional principal amount from the party selling such interest rate cap. The Fund usually will enter into interest
rate swap transactions on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the
case may be, only the net amount of the two payments). The net amount of the excess, if any, of the Fund&rsquo;s obligations over
its entitlements with respect to each interest rate swap will be accrued on a daily basis. If the interest rate swap transaction
is entered into on other than a net basis, the full amount of the Fund&rsquo;s obligations will be accrued on a daily basis. Certain
federal income tax requirements may limit the Fund&rsquo;s ability to engage in certain interest rate transactions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>OTC Derivatives</I>. OTC derivative instruments involve
an additional risk in that the issuer or counterparty may fail to perform its contractual obligations. Some derivative instruments
are not readily marketable or may become illiquid under adverse market conditions. In addition, during periods of market volatility,
an option or commodity exchange or swap execution facility or clearinghouse may suspend or limit trading in an exchange-traded
derivative instrument, which may make the contract temporarily illiquid and difficult to price. Commodity exchanges may also establish
daily limits on the amount that the price of a futures contract or futures option can vary from the previous day&rsquo;s settlement
price. Once the daily limit is reached, no trades may be made that day at a price beyond the limit. This may prevent the closing
out of positions to limit losses. The staff of the SEC takes the position that certain purchased OTC options, and assets used as
cover for written OTC options, are illiquid. The ability to terminate OTC derivative instruments may depend on the cooperation
of the counterparties to such contracts. For thinly traded derivative instruments, the only source of price quotations may be the
selling dealer or counterparty. In addition, certain provisions of the Code limit the use of derivative instruments. Derivatives
permit the Fund to increase or decrease the level of risk, or change the character of the risk, to which its portfolio is exposed
in much the same way as the Fund can increase or decrease the level of risk, or change the character of the risk, of its portfolio
by making investments in specific securities. There can be no assurance that the use of derivative instruments will benefit the
Fund.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Short Sales</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may sell a security short if it owns at least
an equal amount of the security sold short or another security convertible or exchangeable for an equal amount of the security
sold short without payment of further compensation (a short sale against-the-box). If the price of the security in the short sale
decreases, the Fund will realize a profit to the extent that the short sale price for the security exceeds the market price. If
the price of the security increases, the Fund will realize a loss to the extent that the market price exceeds the short sale price.
Selling securities short runs the risk of losing an amount greater than the initial investment therein.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Purchasing securities to close out the short position
can itself cause the price of the securities to rise further, thereby exacerbating the loss. Short-selling exposes the Fund to
unlimited risk with respect to that security due to the lack of an upper limit on the price to which an instrument can rise. Although
the Fund reserves the right to utilize short sales, the Adviser is under no obligation to utilize short-sales at all.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">When-Issued, Delayed Delivery and Forward Commitment
Transactions</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Securities may be purchased on a &ldquo;forward commitment,&rdquo;
&ldquo;when-issued&rdquo; or &ldquo;delayed delivery&rdquo; basis (meaning securities are purchased or sold with payment and delivery
taking place in the future) in order to secure what is considered to be an advantageous price and yield at the time of entering
into the transaction. When the Fund agrees to purchase such securities, it assumes the risk of any decline in value of the security
from the date of the agreement to purchase. The Fund does not earn interest on the securities it has committed to purchase until
they are paid for and delivered on the settlement date.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">From the time of entering into the transaction until delivery
and payment is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations.
In forward commitment, when-issued or delayed delivery transactions, if the seller or buyer, as the case may be, fails to consummate
the transaction the counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. However,
no payment or delivery is made until payment is received or delivery is made from the other party to the transaction.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will make commitments to purchase when-issued
securities only with the intention of actually acquiring the securities, but may sell such securities before the settlement date
if it is deemed advisable as a matter of investment strategy.</P>


<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Securities Lending</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">As described in the Prospectus, the Fund may lend a portion
of its portfolio securities to broker-dealers or other institutional borrowers. Loans will be made only to organizations whose
credit quality or claims paying ability is considered by the Adviser to be at least investment grade. All securities loans will
be collateralized on a continuous basis by cash, cash equivalents (such as money market instruments) or U.S. Government securities
having a value, marked to market daily, of at least 100% of the market value of the loaned securities. The Fund may receive loan
fees in connection with loans that are collateralized by securities or on loans of securities for which there is special demand.
The Fund may also seek to earn income on securities loans by reinvesting cash collateral in securities consistent with its investment
objectives and policies, seeking to invest at rates that are higher than the &ldquo;rebate&rdquo; rate that it normally will pay
to the borrower with respect to such cash collateral. Any such reinvestment will be subject to the investment policies, restrictions
and risk considerations described in the Prospectus and in this SAI.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Securities loans may result in delays in recovering, or
a failure of the borrower to return, the loaned securities. The defaulting borrower ordinarily would be liable to the Fund for
any losses resulting from such delays or failures, and the collateral provided in connection with the loan normally would also
be available for that purpose. Securities loans normally may be terminated by either the Fund or the borrower at any time. Upon
termination and the return of the loaned securities, the Fund would be required to return the related cash or securities collateral
to the borrower and it may be required to liquidate longer term portfolio securities in order to do so. To the extent that such
securities have decreased in value, this may result in the Fund realizing a loss at a time when it would not otherwise do so. The
Fund also may incur losses if it is unable to reinvest cash collateral at rates higher than applicable rebate rates paid to borrowers
and related administrative costs. These risks are substantially the same as those incurred through investment leverage and will
be subject to the investment policies, restrictions and risk considerations described in the Prospectus and in this SAI.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will receive amounts equivalent to any interest
or other distributions paid on securities while they are on loan, and the Fund will not be entitled to exercise voting or other
beneficial rights on loaned securities. The Fund will exercise its right to terminate loans and thereby regain these rights whenever
the Adviser considers it to be in the Fund&rsquo;s interest to do so, taking into account the related loss of reinvestment income
and other factors.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Cybersecurity Risk</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">With the increased use of technologies by Fund service
providers, such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks.
In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited
to, gaining unauthorized access to digital systems (e.g., through &ldquo;hacking&rdquo; or malicious software coding) for purposes
of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also
be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites
(i.e., efforts to make network services unavailable to intended users). Cybersecurity failures or breaches by the Fund&rsquo;s
investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent),
and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations potentially
resulting in financial losses, interference with the Fund&rsquo;s ability to calculate its NAV, impediments to trading, violations
of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs,
or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.
While various Fund service providers have established business continuity plans and risk management systems intended to identify
and mitigate cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks
have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers
to the Fund and issuers in which the Fund invests. The Fund and its shareholders could be negatively impacted as a result.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Operational Risk</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&rsquo;s service providers, including the investment
adviser, may experience disruptions or operating errors that could negatively impact the Fund. While service providers are expected
to have appropriate operational risk management policies and procedures, their methods of operational risk management may differ
from the Fund&rsquo;s in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.
It also is not possible for Fund service providers to identify all of the operational risks that may affect the Fund or to develop
processes and controls to completely eliminate or mitigate their occurrence or effects.</P>


<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Illiquid Securities</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Illiquid securities include obligations legally restricted
as to resale, and may include commercial paper issued pursuant to Section 4(a)(2) of the 1933 Act and securities eligible for resale
pursuant to Rule 144A thereunder. Section 4(a)(2) and Rule 144A obligations may, however, be treated as liquid by the Adviser pursuant
to procedures adopted by the Trustees, which require consideration of factors such as trading activity, availability of market
quotations and number of dealers willing to purchase the security. Even if determined to be liquid, Rule 144A securities may increase
the level of portfolio illiquidity if eligible buyers become uninterested in purchasing such securities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">It may be difficult to sell illiquid securities at a price
representing fair value until such time as the securities may be sold publicly. It also may be more difficult to determine the
fair value of such securities for purposes of computing the Fund&rsquo;s net asset value. Where registration is required, a considerable
period of time may elapse between a decision to sell the securities and the time when the Fund would be permitted to sell. Thus,
the Fund may not be able to obtain as favorable a price as that prevailing at the time of the decision to sell. The Fund may incur
additional expense when disposing of illiquid securities, including all or a portion of the cost to register the securities. The
Fund also may acquire securities through private placements under which it may agree to contractual restrictions on the resale
of such securities that are in addition to applicable legal restrictions. Such restrictions might prevent the sale of such securities
at a time when such sale would otherwise be desirable.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">At times, a portion of the Fund&rsquo;s assets may be
invested in securities as to which the Fund, by itself or together with other accounts managed by the Adviser and its affiliates,
holds a major portion or all of such securities. Under adverse market or economic conditions or in the event of adverse changes
in the financial condition of the issuer, the Fund could find it more difficult to sell such securities when the Adviser believes
it advisable to do so or may be able to sell such securities only at prices lower than if such securities were more widely held.
It may also be more difficult to determine the fair value of such securities for purposes of computing the Fund&rsquo;s net asset
value.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Asset Coverage Requirements</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">To the extent required by SEC guidelines, if a transaction
creates a future obligation of the Fund to another party the Fund will: (1) cover the obligation by entering into an offsetting
position or transaction; and/or (2) segregate cash and/or liquid securities with a value (together with any collateral posted with
respect to the obligation) at least equal to the marked-to market value of the obligations. Assets used as cover or segregated
cannot be sold while the position(s) requiring cover is open unless replaced with other appropriate assets. The types of transactions
that may require asset coverage include (but are not limited to) reverse repurchase agreements, repurchase agreements, short sales,
securities lending, forward contracts, certain options, forward commitments, futures contracts, when-issued securities, swap agreements,
residual interest bonds, and participation in revolving credit facilities.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Temporary Investments</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest in cash equivalents to invest daily
cash balances or for temporary defensive purposes. Cash equivalents are highly liquid, short-term securities such as commercial
paper, time deposits, certificates of deposit, short-term notes and short-term U.S. Government obligations.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment Restrictions</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following investment restrictions of the Fund are
designated as fundamental policies and as such cannot be changed without the approval of the holders of a majority of the Fund&rsquo;s
outstanding voting securities, which as used in this SAI means the lesser of (a) 67% of the shares of the Fund present or represented
by proxy at a meeting if the holders of more than 50% of the outstanding shares are present or represented at the meeting or (b)
more than 50% of outstanding shares of the Fund. As a matter of fundamental policy the Fund may not:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Borrow money, except as permitted by the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). The 1940
Act currently requires that any indebtedness incurred by a closed-end investment company have an asset coverage of at least 300%;</TD></TR></TABLE>


<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Issue senior securities, as defined in the 1940 Act, other than (a) preferred shares which immediately after issuance will
have asset coverage of at least 200%, (b) indebtedness which immediately after issuance will have asset coverage of at least 300%
or (c) the borrowings permitted by investment restriction (1) above. The 1940 Act currently defines &ldquo;senior security&rdquo;
as any bond, debenture, note or similar obligation or instrument constituting a security and evidencing indebtedness and any stock
of a class having priority over any other class as to distribution of assets or payment of dividends. Debt and equity securities
issued by a closed-end investment company meeting the foregoing asset coverage provisions are excluded from the general 1940 Act
prohibition on the issuance of senior securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Purchase securities on margin (but the Fund may obtain such short-term credits as may be necessary for the clearance of purchases
and sales of securities). The purchase of investment assets with the proceeds of a permitted borrowing or securities offering will
not be deemed to be the purchase of securities on margin;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Underwrite securities issued by other persons, except insofar as it may technically be deemed to be an underwriter under the
Securities Act of 1933, as amended, in selling or disposing of a portfolio investment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Make loans to other persons, except by (a) the acquisition of loan interests, debt securities and other obligations in which
the Fund is authorized to invest in accordance with its investment objectives and policies, (b) entering into repurchase agreements
and (c) lending its portfolio securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Purchase or sell real estate, although it may purchase and sell securities which are secured by interests in real estate and
securities of issuers which invest or deal in real estate. The Fund reserves the freedom of action to hold and to sell real estate
acquired as a result of the ownership of securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Purchase or sell physical commodities or contracts for the purchase or sale of physical commodities. Physical commodities do
not include futures contracts with respect to securities, securities indices, currencies, interest or other financial instruments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>With respect to 75% of its total assets, invest more than 5% of its total assets in the securities of a single issuer or purchase
more than 10% of the outstanding voting securities of a single issuer, except obligations issued or guaranteed by the U.S. government,
its agencies or instrumentalities and except securities of other investment companies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>Invest 25% or more of its total assets in any single industry or group of industries (other than securities issued or guaranteed
by the U.S. government or its agencies or instrumentalities).</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may borrow money as a temporary measure for extraordinary
or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require
untimely dispositions of Fund securities. The 1940 Act currently requires that the Fund have 300% asset coverage with respect to
all borrowings other than temporary borrowings.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">For purposes of construing restriction (9), a large economic
or market sector shall not be construed as a group of industries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund has adopted the following nonfundamental investment
policy which may be changed by the Board without approval of the Fund&rsquo;s shareholders. As a matter of nonfundamental policy,
the Fund may not make short sales of securities or maintain a short position, unless at all times when a short position is open
the Fund either owns an equal amount of such securities or owns securities convertible into or exchangeable, without payment of
any further consideration, for securities of the same issue as, and equal in amount to, the securities sold short.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest more than 10% of its total assets
in one or more other management investment companies (or may invest in affiliated investment companies) to the extent permitted
by section 12(d) of the 1940 Act and rules thereunder.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Whenever an investment policy or investment restriction
set forth in the Prospectus or this SAI states a maximum percentage of assets that may be invested in any security or other asset
or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after
and as a result of the Fund&rsquo;s acquisition of such security or asset. Accordingly, any later increase or decrease resulting
from a change in values, assets or other circumstances or any subsequent rating change made by a rating service (or as determined
by the Adviser if the security is not rated by a rating agency) will not compel the Fund to dispose of such security or other asset.
Notwithstanding the foregoing, the Fund must always be in compliance with the borrowing policies set forth above.</P>


<!-- Field: Page; Sequence: 71 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">TRUSTEES AND OFFICERS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board of Trustees of the Fund (the &ldquo;Board&rdquo;)
is responsible for the overall management and supervision of the affairs of the Fund. The Board members 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 &ldquo;noninterested Trustees&rdquo; consist of those Trustees who are not &ldquo;interested persons&rdquo; of
the Fund, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International
Place, Boston, Massachusetts 02110. As used in this SAI, &ldquo;EVC&rdquo; refers to Eaton Vance Corp., &ldquo;EV&rdquo; refers
to Eaton Vance, Inc., &ldquo;BMR&rdquo; refers to Boston Management and Research and &ldquo;EVD&rdquo; refers to Eaton Vance Distributors
Inc. EVC and EV are the corporate parent and trustee, respectively, of Eaton Vance 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 Eaton Vance listed below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Name and Year of Birth</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Fund Position(s)<SUP>(1)</SUP></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Term of Office and Length of Service</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Principal Occupation(s) During Past Five Years and Other Relevant Experience</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Other Directorships Held During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt">Interested Trustee</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">THOMAS E. FAUST JR.<BR>
1958</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 0.1in 6pt 2.9pt">Class I Trustee</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt">Until 2021.<BR>
3 years.<BR>
Since 2007.</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of Eaton Vance and BMR, and Director of EVD.&nbsp;&nbsp;Trustee and/or officer of 175 registered investment companies. Mr. Faust is an interested person because of his positions with BMR, Eaton Vance, EVC, EVD and EV, which are affiliates of the Fund.</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt; text-align: center">175</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">Director of EVC and Hexavest Inc. (investment management firm).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 12pt; padding-bottom: 6pt">Noninterested Trustees</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.5pt; line-height: normal">&nbsp;</TD>
    <TD STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">&nbsp;</TD>
    <TD STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">&nbsp;</TD>
    <TD STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt">MARK R. FETTING<BR>
1954</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">Class III Trustee</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt">Until 2020.<BR>
3 years.<BR>
Since 2016.</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">Private investor.&nbsp;&nbsp;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).&nbsp;&nbsp;Formerly, President of Legg Mason family of funds (2001-2008).&nbsp;&nbsp;Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt; text-align: center">175</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt">CYNTHIA E. FROST<BR>
1961</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">Class I Trustee</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt">Until 2021. <BR>
3 years.<BR>
Since 2014.</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">Private investor.&nbsp;&nbsp;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).</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt; text-align: center">175</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 6pt 5.5pt 6pt 2.9pt">None</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 72 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Fund Position(s)<SUP>(1)</SUP></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Term of Office and Length of Service</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five Years and Other Relevant Experience</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt; line-height: 10pt; text-align: center">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Other Directorships Held During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">GEORGE J. GORMAN<BR>
1952</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Class II Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2019. <BR>
3 years.<BR>
Since 2014.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst &amp; Young LLP (a registered public accounting firm) (1974-2009).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center">175</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">VALERIE A. MOSLEY<BR>
1960</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class III Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2020. <BR>
3 years.&nbsp;&nbsp;<BR>
Since 2014.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm).&nbsp;&nbsp;Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012).&nbsp;&nbsp;Former Chief Investment Officer, PG Corbin Asset Management (1990-1992).&nbsp;&nbsp;Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center">175</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">WILLIAM H. PARK<BR>
1947</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Chairperson of the Board and Class II Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2019.<BR>
3 years.<BR>
Chairperson of the Board since 2016 and Trustee since 2003.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">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).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center">175</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">HELEN FRAME PETERS<BR>
1948</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class III Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2020.<BR>
3 years.<BR>
Since 2008.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">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).&nbsp;&nbsp;Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center">175</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">SUSAN J. SUTHERLAND<BR>
1957</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class II Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2019.<BR>
3 years.<BR>
Since 2015.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher &amp; Flom LLP (law firm) (1982-2013).</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center">175</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Fund Position(s)<SUP>(1)</SUP></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Term of Office and Length of Service</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five Years and Other Relevant Experience</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt; line-height: 10pt; text-align: center">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Other Directorships Held During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">HARRIETT TEE TAGGART<BR>
1948</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Class II Trustee</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Until 2019.<BR>
3 years.<BR>
Since 2011.</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006).&nbsp;&nbsp;Ms. Taggart has apprised the Board of Trustees that she intends to retire as a Trustee of all Eaton Vance funds effective December 31, 2018.</TD>
    <TD STYLE="padding: 6pt 5.5pt; line-height: 10pt; text-align: center">175</TD>
    <TD STYLE="padding: 6pt 5.5pt 6pt 2.9pt; line-height: 10pt">Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">SCOTT E. WENNERHOLM<BR>
1959</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Class I Trustee</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Until 2021.<BR>
3 years.<BR>
Since 2016.</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">Trustee at Wheelock College (postsecondary institution) (since 2012). 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).&nbsp;&nbsp;Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004).&nbsp;&nbsp;Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 5.5pt; line-height: 10pt; text-align: center">175</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.5pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>&#8194;</SUP></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>The Board of Trustees is divided into three classes, each class having a term of three years to expire on the date of the third
annual meeting following its election.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>Includes both master and feeder funds in a master-feeder structure.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm)
also served as Board members of one or more of the following funds (which operated in the years noted): eUnits<SUP>TM</SUP> 2 Year
U.S. Market Participation Trust: Upside to Cap/Buffered Downside (launched in 2012 and terminated in 2014); and eUnits<SUP>TM</SUP>
2 Year U.S. Market Participation Trust II: Upside to Cap/Buffered Downside (launched in 2012 and terminated in 2014). However,
Ms. Mosley did not serve as a Board member of eUnits<SUP>TM</SUP> 2 Year U.S. Market Participation Trust: Upside to Cap/Buffered
Downside (launched in 2012 and terminated in 2014).</TD></TR></TABLE>


<!-- Field: Page; Sequence: 74 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Principal Officers who are not Trustees</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Fund Position(s)</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Term&nbsp;of Office and<BR>
Length of Service</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five&nbsp;Years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Edward J. Perkin<BR>
1972</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">President</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Since 2017</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Chief Equity Investment Officer and Vice President of Eaton Vance and BMR since 2014.&nbsp;&nbsp;Formerly, Chief Investment Officer, International and Emerging Markets Equity, and Managing Director, Portfolio Manager, Europe, EAFE and Global at Goldman Sachs Asset Management (2002-2014). Officer of 27 registered investment companies managed by Eaton Vance or BMR.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Maureen A. Gemma<BR>
1960</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President, Secretary and Chief Legal Officer</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President of Eaton Vance and BMR. Officer of 175 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of Calvert Research and Management (&ldquo;CRM&rdquo;) and officer of 39 registered investment companies advised or administered by CRM since 2016.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">James F. Kirchner<BR>
1967</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Treasurer</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Since 2013</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President of Eaton Vance and BMR. Officer of 175 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2016.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Richard F. Froio<BR>
1968</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Chief Compliance Officer</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Since 2017</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President of Eaton Vance and BMR since 2017.&nbsp;&nbsp;Officer of 174 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;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).</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has general oversight responsibility with respect
to the business and affairs of the Fund. The Board has engaged an investment adviser and (if applicable) a sub-adviser (collectively
the &ldquo;adviser&rdquo;) to manage the&nbsp;Fund and an administrator to administer the&nbsp;Fund and is responsible for overseeing
such adviser and administrator and other service providers to the Fund. The Board is currently composed of ten Trustees, including
nine Trustees who are not &ldquo;interested persons&rdquo; of the&nbsp;Fund, as that term is defined in the 1940 Act (each a &ldquo;noninterested
Trustee&rdquo;). In addition to six regularly scheduled meetings per year, the Board holds special meetings or informal conference
calls to discuss specific matters that may require action prior to the next regular meeting. As discussed below, the Board has
established six committees to assist the Board in performing its oversight responsibilities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has appointed a noninterested Trustee to serve
in the role of Chairperson. The Chairperson&rsquo;s primary role is to participate in the preparation of the agenda for meetings
of the Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the
Board. The Chairperson also presides at all meetings of the Board and acts as a liaison with service providers, officers, attorneys,
and other Board members generally between meetings. The Chairperson may perform such other functions as may be requested by the
Board from time to time. In addition, the Board may appoint a noninterested Trustee to serve in the role of Vice-Chairperson. The
Vice-Chairperson has the power and authority to perform any or all of the duties and responsibilities of the Chairperson in the
absence of the Chairperson and/or as requested by the Chairperson. Except for any duties specified herein or pursuant to the Fund&rsquo;s
Declaration of Trust or By-laws, the designation of Chairperson or Vice-Chairperson does not impose on such noninterested Trustee
any duties, obligations or liability that is greater than the duties, obligations or liability imposed on such person as a member
of the Board, generally.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is subject to a number of risks, including, among
others, investment, compliance, operational, and valuation risks. Risk oversight is part of the Board&rsquo;s general oversight
of the Fund and is addressed as part of various activities of the Board and its Committees. As part of its oversight of the Fund,
the Board directly, or through a Committee, relies on and reviews reports from, among others, Fund management, the adviser, the
administrator, the principal underwriter, the Chief Compliance Officer (the &ldquo;CCO&rdquo;), and other Fund service providers
responsible for day-to-day oversight of Fund investments, operations and compliance to assist the Board in identifying and understanding
the nature and extent of risks and determining whether, and to what extent, such risks can or should be mitigated. The Board also
interacts with the CCO and with senior personnel of the adviser, administrator, principal underwriter and other Fund service providers
and provides input on risk management issues during meetings of the Board and its Committees. Each of the adviser, administrator,
principal underwriter and the other Fund service providers has its own, independent interest and responsibilities in risk management,
and its policies and methods for carrying out risk management functions will depend, in part, on its individual priorities, resources
and controls. It is not possible to identify all of the risks that may affect the&nbsp;Fund or to develop processes and controls
to eliminate or mitigate their occurrence or effects. Moreover, it is necessary to bear certain risks (such as investment-related
risks) to achieve the&nbsp;Fund&rsquo;s goals.</P>


<!-- Field: Page; Sequence: 75 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board, with the assistance of management and with
input from the Board's various committees, reviews investment policies and risks in connection with its review of Fund performance.
The Board has appointed a Fund CCO who oversees the implementation and testing of the Fund compliance program and reports to the
Board regarding compliance matters for the Fund and its principal service providers. In addition, as part of the Board&rsquo;s
periodic review of the advisory, subadvisory (if applicable), distribution and other service provider agreements, the Board may
consider risk management aspects of their operations and the functions for which they are responsible. With respect to valuation,
the Board approves and periodically reviews valuation policies and procedures applicable to valuing the&nbsp;Fund&rsquo;s shares.
The administrator, the investment adviser and the sub-adviser (if applicable) are responsible for the implementation and day-to-day
administration of these valuation policies and procedures and provides reports to the Audit Committee of the Board and the Board
regarding these and related matters. In addition, the Audit Committee of the Board or the Board receives reports periodically from
the independent public accounting firm for the Fund regarding tests performed by such firm on the valuation of all securities,
as well as with respect to other risks associated with mutual funds. Reports received from service providers, legal counsel and
the independent public accounting firm assist the Board in performing its oversight function.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&rsquo;s Declaration of Trust&nbsp;does not set
forth any specific qualifications to serve as a Trustee. The Charter of the Governance Committee also does not set forth any specific
qualifications, but does set forth certain factors that the Committee may take into account in considering noninterested Trustee
candidates. In general, no one factor is decisive in the selection of an individual to join the Board. Among the factors the Board
considers when concluding that an individual should serve on the Board are the following: (i) knowledge in matters relating to
the mutual fund industry; (ii) experience as a director or senior officer of public companies; (iii) educational background; (iv)
reputation for high ethical standards and professional integrity; (v) specific financial, technical or other expertise, and the
extent to which such expertise would complement the Board members&rsquo; existing mix of skills, core competencies and qualifications;
(vi) perceived ability to contribute to the ongoing functions of the Board, including the ability and commitment to attend meetings
regularly and work collaboratively with other members of the Board; (vii) the ability to qualify as a noninterested Trustee for
purposes of the 1940 Act and any other actual or potential conflicts of interest involving the individual and the Fund; and (viii)
such other factors as the Board determines to be relevant in light of the existing composition of the Board.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Among the attributes or skills common to all Board members
are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with
the other members of the Board, management, sub-advisers, other service providers, counsel and independent registered public accounting
firms, and to exercise effective and independent business judgment in the performance of their duties as members of the Board.
Each Board member&rsquo;s ability to perform his or her duties effectively has been attained through the Board member&rsquo;s business,
consulting, public service and/or academic positions and through experience from service as a member of the Boards of the Eaton
Vance family of funds (&ldquo;Eaton Vance Fund Boards&rdquo;) (and/or in other capacities, including for any predecessor funds),
public companies, or non-profit entities or other organizations as set forth below. Each Board member&rsquo;s ability to perform
his or her duties effectively also has been enhanced by his or her educational background, professional training, and/or other
life experiences.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">In respect of each current member of the Board, the individual&rsquo;s
substantial professional accomplishments and experience, including in fields related to the operations of registered investment
companies, were a significant factor in the determination that the individual should serve as a member of the Board. The following
is a summary of each Board member&rsquo;s particular professional experience and additional considerations that contributed to
the Board&rsquo;s conclusion that he or she should serve as a member of the Board:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Thomas
E. Faust Jr.</I></FONT> Mr. Faust has served as a member of the Eaton Vance Fund Boards since 2007. He is currently Chairman, Chief
Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of Eaton Vance and
BMR, and Director of EVD. Mr. Faust has served as a Director of Hexavest Inc. since 2012 and of SigFig Wealth Management LLC since
2016. Mr. Faust previously served as an equity analyst, portfolio manager, Director of Equity Research and Management and Chief
Investment Officer of Eaton Vance (1985-2007). He holds B.S. degrees in Mechanical Engineering and Economics from the Massachusetts
Institute of Technology and an MBA from Harvard Business School. Mr. Faust has been a Chartered Financial Analyst since 1988.</P>


<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Mark
R. Fetting.</I></FONT> Mr. Fetting has served as a member of the Eaton Vance Fund Boards since September 1, 2016. He has over 30
years of experience in the investment management industry as an executive and in various leadership roles. From 2000 through 2012,
Mr. Fetting served in several capacities at Legg Mason, Inc., including most recently serving as President, Chief Executive Officer,
Director and Chairman from 2008 to his retirement in 2012. He also served as a Director/Trustee and Chairman of the Legg Mason
family of funds (2008-2012) and Director/Trustee of the Royce family of funds (2001-2012). From 2001 through 2008, Mr. Fetting
also served as President of the Legg Mason family of funds. From 1991 through 2000, Mr. Fetting served as Division President and
Senior Officer of Prudential Financial Group, Inc. and related companies. Early in his professional career, Mr. Fetting was a Vice
President at T. Rowe Price and served in leadership roles within the firm&rsquo;s mutual fund division from 1981 through 1987.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Cynthia E. Frost</I>. Ms. Frost has served as a member
of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the Portfolio Management Committee. From 2000 through 2012,
Ms. Frost was the Chief Investment Officer of Brown University, where she oversaw the evaluation, selection and monitoring of the
third party investment managers who managed the university&rsquo;s endowment. From 1995-2000, Ms. Frost was a Portfolio Strategist
for Duke Management Company, which oversaw Duke University&rsquo;s endowment. Ms. Frost also served in various investment and consulting
roles at Cambridge Associates (1989-1995), Bain and Company (1987-1989) and BA Investment Management Company (1983-1985). She serves
as a member of an advisory board of Creciente Partners Investment Management, LLC, a manager of a hedge fund of funds, and has
additional experience as a member of the investment committee of several non-profit organizations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>George
J. Gorman</I></FONT>. Mr. Gorman has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the
Audit Committee. From 1974 through 2009, Mr. Gorman served in various capacities at Ernst &amp; Young LLP, including as a Senior
Partner in the Asset Management Group (from 1988) specializing in managing engagement teams responsible for auditing mutual funds
registered with the SEC, hedge funds and private equity funds. Mr. Gorman also has experience serving as an independent trustee
of other mutual fund complexes, including the Bank of America Money Market Funds Series Trust (2011-2014) and the Ashmore Funds
(2010-2014).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Valerie
A. Mosley.</I></FONT> Ms. Mosley has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the
Governance Committee&nbsp;and of the Ad Hoc Committee for Closed-End Fund Matters. She currently owns and manages a consulting
and investment firm, Valmo Ventures and is a Director of Progress Investment Management Company, a manager of emerging managers.
From 1992 through 2012, Ms. Mosley served in several capacities at Wellington Management Company, LLP, an investment management
firm, including as a Partner, Senior Vice President, Portfolio Manager and Investment Strategist. Ms. Mosley also served as Chief
Investment Officer at PG Corbin Asset Management from 1990-1992 and worked in institutional corporate bond sales at Kidder Peabody
from 1986-1990. Ms. Mosley is a Director of Dynex Capital, Inc., a mortgage REIT, where she serves on the board&rsquo;s audit and
investment committees. She also serves as a trustee or board member of several major non-profit organizations and endowments, including
New Profit, a non-profit venture philanthropy fund. She is a member of the Risk Audit Committee of the United Auto Workers Retiree
Medical Benefits Trust and a member of the Investment Advisory Committee of New York State Common Retirement Fund. She is also
an advisor to New Technology Ventures, a venture capital firm, and to Auditchain, a decentralized audit and reporting ecosystem.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>William
H. Park.</I></FONT> Mr. Park has served as a member of the Eaton Vance Fund Boards since 2003 and is the Independent Chairperson
of the Board. Mr. Park was formerly a consultant from 2012-2014 and formerly the Chief Financial Officer of Aveon Group, L.P. from
2010-2011. Mr. Park also served as Vice Chairman of Commercial Industrial Finance Corp. from 2006-2010, as President and Chief
Executive Officer of Prizm Capital Management, LLC from 2002-2005, as Executive Vice President and Chief Financial Officer of United
Asset Management Corporation from 1982-2001 and as Senior Manager of Price Waterhouse (now PricewaterhouseCoopers) from 1972-1981.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Helen
Frame Peters.</I></FONT> Dr. Peters has served as a member of the Eaton Vance Fund Boards since 2008. Dr. Peters is currently a
Professor of Finance at Carroll School of Management, Boston College and was formerly Dean of Carroll School of Management from
2000-2002. Dr. Peters was previously a Director of BJ&rsquo;s Wholesale Club, Inc. from 2004-2011. In addition, Dr. Peters was
the Chief Investment Officer, Fixed Income at Scudder Kemper Investments from 1998-1999 and Chief Investment Officer, Equity and
Fixed Income at Colonial Management Associates from 1991-1998. Dr. Peters also served as a Trustee of SPDR Index Shares Funds and
SPDR Series Trust from 2000-2009 and as a Director of the Federal Home Loan Bank of Boston from 2007-2009.</P>


<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Susan
J. Sutherland. </I></FONT>Ms. Sutherland has served as a member of the Eaton Vance Fund Boards since 2015 and is the Chairperson
of the Compliance Reports and Regulatory Matters Committee. Ms. Sutherland also serves as a Director of Hagerty Holding Corp.,
a leading provider of specialized automobile and marine insurance, where she serves on the board&rsquo;s audit and human resources
and compensation committees. She is also a Director of Ascot Group Limited which, through its related businesses including Syndicate
1414 at Lloyd&rsquo;s of London, is a leading global underwriter of specialty property and casualty insurance and reinsurance.
Ms. Sutherland was a Director of Montpelier Re Holdings Ltd., a global provider of customized reinsurance and insurance products,
from 2013 until its sale in 2015. From 1982 through 2013, Ms. Sutherland was an associate, counsel and then a partner in the Financial
Institutions Group of Skadden, Arps, Slate, Meagher &amp; Flom LLP, where she primarily represented U.S. and international insurance
and reinsurance companies, investment banks and private equity firms in insurance-related corporate transactions. In addition,
Ms. Sutherland is qualified as a Governance Fellow of the National Association of Corporate Directors and has also served as a
board member of prominent non-profit organizations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Harriett
Tee Taggart.</I></FONT> Ms. Taggart has served as a member of the Eaton Vance Fund Boards since 2011. Ms. Taggart currently manages
a professional practice, Taggart Associates. Since 2007, Ms. Taggart has been a Director of Albemarle Corporation, a specialty
chemical company where she serves as a member of the Executive Compensation Committee. Since 2009 she has served as a Director
of the Hanover Insurance Group, Inc. where she serves as Chair of the Nomination and Governance Committee. Ms. Taggart is also
a trustee or member of several major non-profit boards, advisory committees and endowment investment companies. From 1983 through
2006, Ms. Taggart served in several capacities at Wellington Management Company, LLP, an investment management firm, including
as a Partner, Senior Vice President and chemical industry sector portfolio manager. Ms. Taggart also served as a Director of the
Lubrizol Corporation, a specialty chemicals manufacturer from 2007-2011.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Scott
E. Wennerholm.</I></FONT> Mr. Wennerholm has served as a member of the Eaton Vance Fund Boards since September 1, 2016 and is the
Chairperson of the Contract Review Committee. He has over 30 years of experience in the financial services industry in various
leadership and executive roles. Mr. Wennerholm served as Chief Operating Officer and Executive Vice President at BNY Mellon Asset
Management from 2005-2011. He also served as Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management
from 1997-2004 and was a Vice President at Fidelity Investments Institutional Services from 1994-1997. Mr. Wennerholm currently
serves as a Trustee at Wheelock College, a postsecondary institution.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board(s) of the Fund&nbsp;has several standing Committees,
including the Governance Committee, the Audit Committee, the Portfolio Management Committee, the Compliance Reports and Regulatory
Matters Committee, the Contract Review Committee and the Ad Hoc Committee for Closed-End Fund Matters. Each of the Committees are
comprised of only noninterested Trustees.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Mmes. Mosley (Chairperson), Frost, Peters, Sutherland
and Taggart, and Messrs. Fetting, Gorman, Park and Wennerholm are members of the Governance Committee. The purpose of the Governance
Committee is to consider, evaluate and make recommendations to the Board with respect to the structure, membership and operation
of the Board and the Committees thereof, including the nomination and selection of noninterested Trustees and a Chairperson of
the Board and the compensation of such persons. During the fiscal year ended December 31, 2017, the Governance Committee convened
six times.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Governance Committee will, when a vacancy exists,
consider a nominee for Trustee recommended by a shareholder, provided that such recommendation is submitted in writing to the Fund&rsquo;s
Secretary at the principal executive office of the Fund. Such recommendations must be accompanied by biographical and occupational
data on the candidate (including whether the candidate would be an &ldquo;interested person&rdquo; of the Fund), a written consent
by the candidate to be named as a nominee and to serve as Trustee if elected, record and ownership information for the recommending
shareholder with respect to the Fund, and a description of any arrangements or understandings regarding recommendation of the candidate
for consideration.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Messrs. Gorman (Chairperson), Park and Wennerholm and
Ms. Mosley are members of the Audit Committee. The Board has designated Messrs. Gorman and Park, each a noninterested Trustee,
as audit committee financial experts. The Audit Committee&rsquo;s purposes are to (i) oversee the&nbsp;Fund's accounting and financial
reporting processes, its internal control over financial reporting, and, as appropriate, the internal control over financial reporting
of certain service providers; (ii) oversee or, as appropriate, assist Board oversight of the quality and integrity of the&nbsp;Fund's
financial statements and the independent audit thereof; (iii) oversee, or, as appropriate, assist Board oversight of, the&nbsp;Fund's
compliance with legal and regulatory requirements that relate to the&nbsp;Fund's accounting and financial reporting, internal control
over financial reporting and independent audits; (iv) approve prior to appointment the engagement and, when appropriate, replacement
of the independent registered public accounting firm, and, if applicable, nominate the independent registered public accounting
firm to be proposed for shareholder ratification in any proxy statement of the&nbsp;Fund; (v) evaluate the qualifications, independence
and performance of the independent registered public accounting firm and the audit partner in charge of leading the audit; and
(vi) prepare, as necessary, audit committee reports consistent with the requirements of applicable SEC and stock exchange rules for inclusion
in the proxy statement of the&nbsp;Fund. During the fiscal year ended December 31, 2017, the Audit Committee convened fourteen
times.</P>


<!-- Field: Page; Sequence: 78 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Messrs. Wennerholm (Chairperson), Fetting, Gorman and
Park, and Mmes. Frost, Mosley, Peters, Sutherland and Taggart are members of the Contract Review Committee. The purposes of the
Contract Review Committee are to consider, evaluate and make recommendations to the Board concerning the following matters: (i)
contractual arrangements with each service provider to the Fund, including advisory, sub-advisory, transfer agency, custodial and
fund accounting, distribution services and administrative services; (ii) any and all other matters in which any service provider
(including Eaton Vance or any affiliated entity thereof) has an actual or potential conflict of interest with the interests of
the Fund; and (iii) any other matter appropriate for review by the noninterested Trustees, unless the matter is within the responsibilities
of the other Committees of the Board. During the fiscal year ended December 31, 2017, the Contract Review Committee convened seven
times.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Mmes. Frost (Chairperson), Mosley and Peters and Mr. Fetting
are members of the Portfolio Management Committee. The purposes of the Portfolio Management Committee are to: (i) assist the Board
in its oversight of the portfolio management process employed by the Fund and its investment adviser and sub-adviser(s), if applicable,
relative to the Fund's stated objective(s), strategies and restrictions; (ii) assist the Board in its oversight of the trading
policies and procedures and risk management techniques applicable to the Fund; and (iii) assist the Board in its monitoring of
the performance results of all funds and portfolios, giving special attention to the performance of certain funds and portfolios
that it or the Board identifies from time to time. During the fiscal year ended December 31, 2017, the Portfolio Management Committee
convened eight times.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Mmes. Sutherland (Chairperson) and Taggart and Messrs.
Gorman and Wennerholm are members of the Compliance Reports and Regulatory Matters Committee. The purposes of the Compliance Reports
and Regulatory Matters Committee are to: (i) assist the Board in its oversight role with respect to compliance issues and certain
other regulatory matters affecting the Fund; (ii) serve as a liaison between the Board and the Fund's CCO; and (iii) serve as a
&ldquo;qualified legal compliance committee&rdquo; within the rules promulgated by the SEC. During the fiscal year ended December
31, 2017, the Compliance Reports and Regulatory Matters Committee convened ten times.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Ms. Mosley (Chairperson) and Messrs. Gorman and Park are
members of the Ad Hoc Committee for Closed-End Fund Matters. The purpose of the Ad Hoc Committee for Closed-End Fund Matters is
to consider, evaluate and make recommendations to the Board with respect to issues specifically related to Eaton Vance Closed-End
Funds. During the fiscal year ended December 31, 2017, the Ad Hoc Committee for Closed-End Fund Matters  did not meet.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Share
Ownership.</B></FONT> The following table shows the dollar range of equity securities beneficially owned by each Trustee in the
Fund and in the Eaton Vance family of funds overseen by the Trustee as of December 31, 2017.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; padding: 3pt 5.4pt; line-height: 10pt; text-align: center"><U>Name of Trustee</U></TD>
    <TD STYLE="width: 27%; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Dollar Range of Equity Securities<BR>
<U>Beneficially Owned in the Fund</U></TD>
    <TD STYLE="width: 45%; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Aggregate Dollar Range of Equity<BR>
Securities Beneficially Owned in Funds<BR>
Overseen by Trustee in the<BR>
<U>Eaton Vance Family of Funds</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Interested Trustee</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Thomas E. Faust Jr.</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Noninterested Trustees</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Mark R. Fetting</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Cynthia E. Frost</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">George J. Gorman</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Valerie A. Mosley</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">William H. Park</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Helen Frame Peters</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Susan J. Sutherland</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Harriett Tee Taggart</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Scott E. Wennerholm</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-left: 0.05in; line-height: 10pt"><SUP>&#8194;</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-left: 0.05in; line-height: 10pt"><SUP>(1)</SUP> Includes shares which may be deemed to be beneficially owned through the Trustee Deferred Compensation Plan.</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 79 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">As of December 31, 2017, no noninterested Trustee
or any of their immediate family members owned beneficially or of record any class of securities of EVC, EVD, any sub-adviser,
if applicable, or any person controlling, controlled by or under common control with EVC or EVD or any sub-adviser, if applicable,
collectively (&ldquo;Affiliated Entity&rdquo;).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">During the calendar years ended December 31, 2016 and
December 31, 2017, no noninterested Trustee (or their immediate family members) had:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Any direct or indirect interest in any Affiliated Entity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Any direct or indirect material interest in any transaction or series of similar transactions with (i) the Fund; (ii) another
fund managed or distributed by any Affiliated Entity; (iii) any Affiliated Entity; or (iv) an officer of any of the above; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Any direct or indirect relationship with (i) the Fund; (ii) another fund managed or distributed by any Affiliated Entity; (iii)
any Affiliated Entity; or (iv) an officer of any of the above.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">During the calendar years ended December 31, 2016 and
December 31, 2017, no officer of any Affiliated Entity served on the board of directors of a company where a noninterested Trustee
of the Fund or any of their immediate family members served as an officer.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Noninterested Trustees may elect to defer receipt of
all or a percentage of their annual fees in accordance with the terms of a Trustees Deferred Compensation Plan (the &ldquo;Deferred
Compensation Plan&rdquo;). Under the Deferred Compensation Plan, an eligible Board member may elect to have his or her deferred
fees invested in the shares of one or more funds in the Eaton Vance family of funds, and the amount paid to the Board members under
the Deferred Compensation Plan will be determined based upon the performance of such investments. Deferral of Board member&rsquo;s
fees in accordance with the Deferred Compensation Plan will have a negligible effect on the assets, liabilities, and net income
of a participating fund or portfolio, and do not require that a participating Board member be retained. There is no retirement
plan for Board members.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The fees and expenses of the Board members of the
Fund are paid by the Fund. (A Board member of the Fund who is a member of the Eaton Vance organization receives no compensation
from the Fund.) During the fiscal year ended December 31, 2017, the Board members of the Fund earned the following compensation
in their capacities as Board members from the Fund. For the year ended December 31, 2017, the Board members earned the following
compensation in their capacities as Board members of the funds in the Eaton Vance fund complex<SUP>(1)</SUP>:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Source of Compensation</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Mark R.<BR>
Fetting</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Cynthia E.<BR>
Frost</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">George J.<BR>
Gorman</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Valerie A.<BR>
Mosley</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">William H.<BR>
Park</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Helen Frame<BR>
Peters</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Susan J.<BR>
Sutherland</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Harriett Tee<BR>
Taggart</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Scott E.<BR>
Wennerholm</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Fund</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;4,811</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;4,458</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;4,884</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;4,458<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;6,234</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;4,884</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;4,563<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;4,884</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;4,469<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Fund and Fund Complex<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;338,333</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;313,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;343,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;313,750<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;438,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;343,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;321,250<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;343,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&#9;316,250<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>&#8194;</SUP></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>As of May 29, 2018, the Eaton Vance fund complex consists of 175 registered investment companies or series thereof. Ralph F.
Verni retired as a Trustee effective July 1, 2017. For the fiscal year ended December 31, 2017, Mr. Verni received Trustee fees
of $3,654 from the Fund. For the calendar year ended December 31, 2017, he received $256,250 from the Fund and Fund Complex. Scott
E. Eston retired as a Trustee effective September 30, 2017. For the fiscal year ended December 31, 2017, Mr. Eston received Trustee
fees of $4,849 from the Fund. For the calendar year ended December 31, 2017, he received $341,250 from the Fund and Fund Complex.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>Includes $1,359 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>Includes $4,563 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD><TD>Includes $2,372 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD><TD>Includes $94,125 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD><TD STYLE="padding-right: 9pt">Includes $316,231 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT></TD><TD STYLE="padding-right: 9pt">Includes $164,858 of deferred compensation.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 80 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Proxy Voting Policy</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board adopted a proxy voting policy and procedures
(the &ldquo;Fund Policy&rdquo;), pursuant to which the Board has delegated proxy voting responsibility to the Adviser and Sub-Adviser
and adopted the proxy voting policies and procedures of the Adviser and Sub-Adviser (the &ldquo;Adviser Policies&rdquo;). An independent
proxy voting service has been retained to assist in the voting of Fund proxies through the provision of vote analysis, implementation
and recordkeeping and disclosure services. The members of the Board will review the Fund&rsquo;s proxy voting records from time
to time and will annually consider approving the Adviser Policies for the upcoming year. In the event that a material conflict
of interest exists between the Fund&rsquo;s shareholders and the Adviser or any of its affiliates or any affiliate of the Fund,
the Adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it notifies
and consults with the appropriate Board, or any committee, sub-committee or group of Independent Trustees identified by the Board
concerning the material conflict. The Fund&rsquo;s, the Adviser&rsquo;s and the Sub-Adviser&rsquo;s Proxy Voting Policies and Procedures
are attached as Appendix A, B and C, respectively, to this SAI. Pursuant to certain provisions of the 1940 Act and certain exemptive
orders relating to funds investing in other funds, a Fund may be required or may elect to vote its interest in another fund in
the same proportion as the holders of all other shares of that fund. 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 SEC&rsquo;s website at http://www.sec.gov.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">INVESTMENT ADVISORY AND OTHER
SERVICES</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Investment Adviser</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance, its affiliates and its predecessor companies
have been managing assets of individuals and institutions since 1924 and of investment companies since 1931. They maintain a large
staff of experienced fixed-income, senior loan and equity investment professionals to service the needs of their clients. The equity
group covers stocks ranging from blue chip to emerging growth companies. The fixed-income group focuses on all kinds of taxable
investment-grade and high-yield securities, tax-exempt investment-grade and high-yield securities, and U.S. government securities.
The senior loan group focuses on senior floating rate loans, unsecured loans and other floating rate debt securities such as notes,
bonds and asset backed securities. Eaton Vance and its affiliates act as adviser to a family of mutual funds, and individual and
various institutional accounts, including corporations, hospitals, retirement plans, universities, foundations and trusts.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will be responsible for all of its costs and
expenses not expressly stated to be payable by Eaton Vance under the Investment Advisory Agreement (the &ldquo;Advisory Agreement&rdquo;)
or the Amended and Restated Administrative Services Agreement (the &ldquo;Administration Agreement&rdquo;). Such costs and expenses
to be borne by the Fund include, without limitation: (i) expenses of maintaining the Fund and continuing its existence; (ii) commissions,
fees and other expenses connected with the acquisition and disposition of securities and other investments; (iii) auditing, accounting
and legal expenses; (iv) taxes and interest; (v) governmental fees; (vi) expenses of repurchase and redemption (if any) of shares,
including all expenses incurred in conducting repurchase and tender offers for the purpose of repurchasing Fund shares; (vii) expenses
of registering and qualifying the Fund and its shares under federal and state securities laws and of preparing registration statements
and amendments for such purposes, and fees and expenses of registering and maintaining registrations of the Fund under state securities
laws; (viii) registration of the Fund under the Investment Company Act of 1940; (ix) expenses of reports and notices to shareholders
and of meetings of shareholders and proxy solicitations therefor; (x) expenses of reports to regulatory bodies; (xi) insurance
expenses; (xii) association membership dues; (xiii) fees, expenses and disbursements of custodians and subcustodians for all services
to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts
and determination of net asset values); (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents,
shareholder servicing agents and registrars for all services to the Fund; (xv) expenses of listing shares with a stock exchange;
(xvi) any direct charges to shareholders approved by the Trustees of the Fund; (xvii) compensation and expenses of Trustees of
the Fund who are not members of the Administrator&rsquo;s organization; (xviii) all payments to be made and expenses to be assumed
by the Fund in connection with the distribution of Fund shares; (xix) any pricing and valuation services employed by the Fund to
value its investments including primary and comparative valuation services; (xx) any investment advisory, sub-advisory or similar
management fee payable by the Fund; (xxi) all expenses incurred in connection with the Fund&rsquo;s use of a line of credit, or
issuing and maintaining preferred shares; and (xxii) such non-recurring items as may arise, including expenses incurred in Fund
connection with litigation, proceedings and claims and the obligation of the Fund to indemnify its Trustees and officers with respect
thereto.</P>


<!-- Field: Page; Sequence: 81 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the Advisory Agreement between the Adviser
and the Fund, the Fund has agreed to pay an investment advisory fee, payable on a monthly basis, at an annual rate of 1.00% of
the average daily gross assets of the Fund. Gross assets of the Fund means total assets of the Fund, including any form of investment
leverage that the Fund may in the future determine to utilize, minus all accrued expenses incurred in the normal course of operations,
but not excluding any liabilities or obligations attributable to any future investment leverage obtained through (i) indebtedness
of any type (including, without limitation, borrowing through a credit facility/commercial paper program or the issuance debt securities),
(ii) the issuance of preferred shares or other similar preference securities, (iii) the reinvestment of collateral received for
securities loaned in accordance with the Fund&rsquo;s investment objectives and policies and/or (iv) any other means.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="color: windowtext">As of December 31, 2017,
the Fund had net assets of $1,023,066,274. For the </FONT>fiscal years ended December 31, 2017, 2016 and 2015, the Fund incurred
$9,517,058, $8,936,581 and $9,488,220, respectively, in advisory fees.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Pursuant to a Sub-Advisory Agreement between the Adviser and
the Sub-Adviser, Eaton Vance has delegated a portion of the investment management to Parametric. Eaton Vance pays Parametric a
portion of its advisory fee for sub-advisory services provided to the Fund.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For the fiscal years ended December 31, 2017, 2016 and 2015,
Parametric received $2,379,264, $2,234,145 and $2,372,055, respectively, in sub-advisory fees.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the Administration Agreement, based on the
current level of compensation payable to Eaton Vance by the Fund under the Advisory Agreement, Eaton Vance receives no compensation
from the Fund in respect of the services rendered and the facilities provided as administrator under the Administration Agreement.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisory Agreement with the Adviser continues in effect
indefinitely so long as such continuance is approved at least annually (i) by the vote of a majority of the noninterested Trustees
of the Fund or of the Adviser, such vote being cast in person at a meeting specifically called for the purpose of voting on such
approval and (ii) by the Board of Trustees of the Fund or by vote of a majority of the outstanding shares of the Fund. The Fund&rsquo;s
Administration Agreement continues in effect from year to year so long as such continuance is approved at least annually by the
vote of a majority of the Fund&rsquo;s Trustees. Each agreement may be terminated at any time without penalty on sixty (60) days&rsquo;
written notice by the Trustees of the Fund or Eaton Vance, as applicable, or by vote of the majority of the outstanding shares
of the Fund. Each agreement will terminate automatically in the event of its assignment. Each agreement provides that, in the absence
of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations or duties to the Fund under such agreements
on the part of Eaton Vance, Eaton Vance shall not be liable to the Fund for any loss incurred, to the extent not covered by insurance.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Advisory Agreement provides that Eaton Vance may
engage one or more investment sub-advisers to assist with some or all aspects of the management of the Fund&rsquo;s investments
subject to such approvals as are required under the 1940 Act. Pursuant to these provisions, Eaton Vance has engaged Parametric
as a sub-adviser to structure and manage the Fund&rsquo;s common stock portfolio, including tax harvesting and other tax management
techniques. The Advisory Agreement provides that Eaton Vance may terminate any sub-advisory agreement entered into and directly
assume any functions performed by the sub-adviser, upon approval of the Board of Trustees, without the need for approval of the
shareholders of the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance is a business trust organized under the laws
of The Commonwealth of Massachusetts. EV serves as trustee of Eaton Vance. EV and Eaton Vance are wholly-owned subsidiaries of
EVC, a Maryland corporation and publicly-held holding company. BMR is an indirect subsidiary of EVC. EVC through its subsidiaries
and affiliates engages primarily in investment management, administration and marketing activities. The Directors of EVC are Thomas
E. Faust Jr., Ann E. Berman, Leo I. Higdon, Jr., Brian D. Langstraat, Dorothy E. Puhy, Winthrop H. Smith, Jr. and Richard A. Spillane,
Jr. All shares of the outstanding Voting Common Stock of EVC are deposited in a Voting Trust, the Voting Trustees of which are
Mr. Faust, Craig R. Brandon, Daniel C. Cataldo, Michael A. Cirami, Cynthia J. Clemson, James H. Evans, Maureen
A. Gemma, Laurie G. Hylton, Mr. Langstraat, Frederick S. Marius, David C. McCabe, Scott H. Page, Edward J. Perkin, Lewis R. Piantedosi,
Charles B. Reed, Craig P. Russ, John L. Shea, Eric A. Stein, Payson F. Swaffield, Michael W. Weilheimer, R. Kelly Williams and
Matthew J. Witkos (all of whom are officers of Eaton Vance or its affiliates). The Voting Trustees have unrestricted voting rights
for the election of Directors of EVC. All of the outstanding voting trust receipts issued under said Voting Trust are owned by
certain of the officers of BMR and Eaton Vance who may also be officers, or officers and Directors of EVC and EV. As indicated
under &ldquo;Management and Organization,&rdquo; all of the officers of the Fund (as well as Mr. Faust who is also a Trustee) hold
positions in the Eaton Vance organization.</P>


<!-- Field: Page; Sequence: 82 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Sub-Adviser</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Parametric acts as an investment sub-adviser to the Fund
subject to the supervision of the Fund&rsquo;s Board of Trustees and the Adviser and structures and manages the Fund&rsquo;s common
stock portfolio, including tax harvesting and other tax management techniques, pursuant to a sub-advisory agreement between the
Adviser and Parametric (the &ldquo;Sub-Advisory Agreement&rdquo;). Eaton Vance pays Parametric a portion of its advisory fee for
sub-advisory services provided to the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Parametric&rsquo;s principal office is located at 1918
Eighth Avenue, Suite 3100, Seattle, WA 98101. Parametric is a Seattle, Washington based investment manager that has been providing
investment advisory services since its formation in 1987. Parametric serves its clients through Investment Centers located in Seattle,
WA, Minneapolis, MN and Westport, CT. In addition, in order to meet the needs of its clients, Parametric has offices in Boston,
MA and Sydney, Australia. Parametric managed approximately $231.5 billion in assets as of April 30, 2018. Parametric is a wholly-owned
subsidiary of EVC.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Sub-Advisory Agreement with Parametric continues in
effect indefinitely so long as such continuance is approved at least annually (i) by the Fund&rsquo;s Board of Trustees or by the
holders of a majority of its outstanding voting securities and (ii) by a majority of the Trustees who are not &ldquo;interested
persons&rdquo; (as defined in the 1940 Act) of any party to the Sub-Advisory Agreement, by vote cast in person at a meeting called
for the purpose of voting on such approval. The Sub-Advisory Agreement terminates automatically on its assignment and may be terminated
without penalty on sixty (60) days&rsquo; written notice at the option of either the Adviser, by the Fund&rsquo;s Board of Trustees
or by a vote of a majority (as defined in the 1940 Act) of the Fund&rsquo;s outstanding shares or by Parametric upon three (3)
months&rsquo; notice. As discussed above, Eaton Vance may terminate the Sub-Advisory Agreement with Parametric and directly assume
responsibility for the services provided by Parametric upon approval by the Board of Trustees without the need for approval of
the shareholders of the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Sub-Advisory Agreement with Parametric provides that
in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder,
Parametric is not liable for any error or judgment or mistake of law or for any loss suffered by the Fund.</P>

<P STYLE="font: 10pt/normal NewsGoth Dm BT,sans-serif; margin: 0">Portfolio Managers</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The portfolio managers of the Fund are listed below.
The following table shows, as of the Fund&rsquo;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.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">Number of</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>All Accounts</U></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">Total Assets of</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0"><U>All Accounts</U></P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">Number of Accounts</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>Paying a Performance Fee</U></P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0">Total Assets of Accounts</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0"><U>Paying a Performance Fee</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Michael A. Allison</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">16</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;31,588.1</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Pooled Investment Vehicles</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">14</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;18,730.5<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Accounts</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">25</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;52.2</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Thomas C. Seto</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.5pt 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">39</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;26,998.5<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Pooled Investment Vehicles</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">12</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;4,191.4</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Other Accounts</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 29.5pt 3pt 5.4pt; text-align: right"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">17,174</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt -6.8pt 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;92,429.9<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">2</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 3pt 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;210.2</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>&#8194;</SUP></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>Certain of these &ldquo;Other Pooled Investment Vehicles&rdquo; invest a substantial portion of their assets either in a registered
investment company or in a separate pooled investment vehicle managed by this portfolio manager or another Eaton Vance portfolio
manager.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>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&rsquo;s most recent fiscal year end are reflected in the table.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>For &ldquo;Other Accounts&rdquo; that are part of a wrap 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
account program.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 83 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following table shows the dollar range of Fund
shares beneficially owned by each portfolio manager as of the Fund&rsquo;s most recent fiscal year end and in the Eaton Vance family
of funds as of December 31, 2017.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Manager</TD>
    <TD STYLE="width: 39%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Dollar Range of Equity Securities<BR>
Beneficially Owned in the Fund</TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center">Aggregate Dollar Range of Equity<BR>
Securities Beneficially Owned<BR>
in all Registered Funds in<BR>
the Eaton Vance Family of Funds</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Michael A. Allison</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">$1 - $10,000</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">$500,001 - $1,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Thomas C. Seto</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center">$500,001 - $1,000,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt">It is possible that conflicts of interest may arise
in connection with a portfolio manager&rsquo;s management of the Fund&rsquo;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.
The investment adviser and sub-adviser have adopted several policies and procedures designed to address these potential conflicts
including a code of ethics and policies that govern the investment adviser&rsquo;s and sub-adviser&rsquo;s trading practices, including
among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Compensation Structure of Eaton Vance</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Compensation of the Adviser&rsquo;s portfolio managers
and other investment professionals has three primary components: (1)&nbsp;a base salary, (2)&nbsp;an annual cash bonus, and (3)&nbsp;annual
non-cash compensation consisting of options to purchase shares of 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. The Adviser&rsquo;s
investment professionals also receive certain retirement, insurance and other benefits that are broadly available to the Adviser&rsquo;s
employees. Compensation of the Adviser&rsquo;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&nbsp;31st
fiscal year-end of EVC.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Eaton Vance&rsquo;s Method to Determine Compensation</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser 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, the Sharpe ratio (Sharpe Ratio 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&rsquo;s peer group as determined by Lipper or Morningstar is deemed by the Adviser&rsquo;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. 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 to achieve
a specified target average annual gross return over a three year period in excess of the account benchmark. The cash bonus 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. 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&rsquo;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.</P>


<!-- Field: Page; Sequence: 84 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">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&rsquo; performance in meeting them.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser seeks to compensate portfolio managers commensurate
with their responsibilities and performance, and competitive with other firms within the investment management industry. The Adviser
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 the Adviser 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 the Adviser&rsquo;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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Compensation Structure of Parametric</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">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&rsquo;s fiscal year-end, October 31.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Parametric&rsquo;s Method to Determine Compensation</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Parametric seeks to compensate portfolio managers commensurate
with their responsibilities and performance while remaining competitive with other firms within the investment management industry.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Salaries, bonuses and stock-based compensation are also
influenced by the operating performance of Parametric and its parent company, EVC. While the salaries of Parametric portfolio managers
are comparatively fixed, cash bonuses and stock-based compensation may fluctuate from year to year, based on changes in financial
performance and other factors.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Parametric participates in compensation surveys that benchmark
salaries, total cash and total compensation against other firms in the industry. This data is reviewed, along with a number of
other factors, to ensure that compensation remains competitive with other firms in the industry.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Code of Ethics</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser, the Sub-Adviser and the Fund have adopted
Codes of Ethics governing personal securities transactions pursuant to Rule 17j-1 under the 1940 Act. Under the Codes, employees
of the Adviser and the Sub-Adviser may purchase and sell securities (including securities held or eligible for purchase by the
Fund) subject to the provisions of the Codes and certain employees are also subject to pre-clearance, reporting requirements and/or
other procedures.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Codes of Ethics can be reviewed and copied at the
Securities and Exchange Commission&rsquo;s public reference room in Washington, DC (call 1-202-551-8090 for information on the
operation of the public reference room); on the EDGAR Database on the SEC&rsquo;s Internet site (http://www.sec.gov); or, upon
payment of copying fees, by writing the SEC&rsquo;s public reference section, Washington, DC 20549-1520, or by electronic mail
at publicinfo@sec.gov.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment Advisory Services</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the general supervision of the Fund&rsquo;s Board,
Eaton Vance will carry out the investment and reinvestment of all or a portion of the assets of the Fund, will furnish continuously
an investment program with respect to the Fund, will determine which securities should be purchased, sold or exchanged, and will
implement such determinations and will supervise the overall activities of the Sub-Adviser. Eaton Vance will furnish to the Fund
investment advice and provide related office facilities and personnel for servicing the investments of the Fund. Eaton Vance will
compensate all Trustees and officers of the Fund who are members of the Eaton Vance organization and who render investment services
to the Fund, and will also compensate all other Eaton Vance personnel who provide research and investment services to the Fund.</P>


<!-- Field: Page; Sequence: 85 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Administrative Services</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the Administration Agreement, Eaton Vance is responsible
for managing the business affairs of the Fund, subject to the supervision of the Fund&rsquo;s Board. Eaton Vance will furnish to
the Fund all office facilities, equipment and personnel for administering the affairs of the Fund. Eaton Vance will compensate
all Trustees and officers of the Fund who are members of the Eaton Vance organization and who render executive and administrative
services to the Fund, and will also compensate all other Eaton Vance personnel who perform management and administrative services
for the Fund. Eaton Vance&rsquo;s administrative services include recordkeeping, preparation and filing of documents required to
comply with federal and state securities laws, supervising the activities of the Fund&rsquo;s custodian and transfer agent, providing
assistance in connection with the Trustees&rsquo; and shareholders&rsquo; meetings, providing services in connection with repurchase
offers, if any, and other administrative services necessary to conduct the Fund&rsquo;s business.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">CFTC Registration</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Effective December 31, 2012, the Commodity Futures Trading
Commission (&ldquo;CFTC&rdquo;) 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 swaps agreements) or markets itself as providing investment exposure to such instruments. The Fund
has claimed an exclusion from the definition of the term &ldquo;commodity pool operator&rdquo; 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, Eaton Vance is registered with the CFTC as a commodity pool operator. Eaton Vance is also
registered as a commodity trading advisor. The CFTC has neither reviewed nor approved the Fund&rsquo;s investment strategies or
this Statement of Additional Information.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">DETERMINATION OF NET ASSET VALUE</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The net asset value of the Fund is determined by State
Street Bank and Trust Company (as agent and custodian) by subtracting the liabilities of the Fund from the value of its total assets.
The Fund is closed for business and will not issue a net asset value on the following business holidays and any other business
day that the New York Stock Exchange (the &ldquo;Exchange&rdquo;) is closed: New Year&rsquo;s Day, Martin Luther King, Jr. Day,
Presidents&rsquo; Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has approved procedures pursuant to which investments
are valued for purposes of determining the Fund&rsquo;s net asset value. Listed below is a summary of the methods generally used
to value investments (some or all of which may be held by the Trust) under the procedures.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Equity securities (including common stock, exchange-traded funds, closed end funds, preferred equity securities, exchange-traded
notes and other instruments that trade on recognized stock exchanges) are valued at the last sale, official close or if there are
no reported sales at the mean between the bid and asked price on the primary exchange on which they are traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Most debt obligations are valued on the basis of market valuations furnished by a pricing service or at the mean of the bid
and asked prices provided by recognized broker/dealers of such securities. The pricing service may use a pricing matrix to determine
valuation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Short-term instruments with remaining maturities of less than 397 days are valued on the basis of market valuations furnished
by a pricing service or based on dealer quotations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange quotations supplied by a pricing
service.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Senior and Junior Loans are valued on the basis of prices furnished by a pricing service. The pricing service uses transactions
and market quotations from brokers in determining values.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Futures contracts are valued at the settlement or closing price on the primary exchange or board of trade on which they are
traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Exchange-traded options are valued at the mean of the bid and asked prices. Over-the-counter options are valued based on quotations
obtained from a pricing service or from a broker (typically the counterparty to the option).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Non-exchange traded derivatives (including swap agreements, forward contracts and equity participation notes) are generally
valued on the basis of valuations provided by a pricing service or using quotes provided by a broker/dealer (typically the counterparty).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Precious metals are valued are valued at the New York Composite mean quotation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Liabilities with a payment or maturity date of 364 days or less are stated at their principal value and longer dated liabilities
generally will be carried at their fair value.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 86 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Valuations of foreign equity securities and total return swaps and exchange-traded futures contracts on non-North American
equity indices may be adjusted from prices in effect at the close of trading on foreign exchanges to more accurately reflect their
fair value as of the close of regular trading on the Exchange. Such fair valuations may be based on information provided by a pricing
service.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments which are unable to be valued in accordance
with the foregoing methodologies are valued at fair value using methods determined in good faith by or at the direction of the
members of the Board. Such methods may include consideration of relevant factors, including but not limited to (i) the type of
security, the existence of any contractual restrictions on the security&rsquo;s disposition, (ii) the price and extent of public
trading in similar securities of the issuer or of comparable companies or entities, (iii) quotations or relevant information obtained
from broker-dealers or other market participants, (iv) information obtained from the issuer, analysts, and/or the appropriate stock
exchange (for exchange-traded securities), (v) an analysis of the company&rsquo;s or entity&rsquo;s financial condition, (vi) an
evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (vii) an analysis
of the terms of any transaction involving the issuer of such securities; and (viii) any other factors deemed relevant by the investment
adviser. The portfolio managers of one Eaton Vance fund that invests in Senior and Junior Loans may not possess the same information
about a Senior or Junior Loan as the portfolio managers of another Eaton Vance fund. As such, at times the fair value of a Loan
determined by certain Eaton Vance portfolio managers may vary from the fair value of the same Loan determined by other portfolio
managers.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PORTFOLIO TRADING</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Decisions concerning the execution of portfolio security
transactions, including the selection of the market and the executing firm, are made by Eaton Vance, the Fund&rsquo;s Adviser,
or Parametric as the Fund&rsquo;s Sub-Adviser. As used below, &ldquo;Adviser&rdquo; refers to Eaton Vance and Parametric, as applicable.
The Fund is responsible for the expenses associated with its portfolio transactions. The Adviser is also responsible for the execution
of transactions for all other accounts managed by it. The Adviser places the portfolio security transactions for execution with
one or more broker-dealer firms. The Adviser uses its best efforts to obtain execution of portfolio security transactions at prices
which in the Adviser&rsquo;s judgment are advantageous to the client and at reasonably competitive spreads or (when a disclosed
commission is being charged) at reasonably competitive commission rates. In seeking such execution, the Adviser will use its best
judgment in evaluating the terms of a transaction, and will give consideration to various relevant factors, including without limitation
the full range and quality of the broker-dealer firm&rsquo;s services including the responsiveness of the firm to the Adviser,
the size and type of the transaction, the nature and character of the market for the security, the confidentiality, speed and certainty
of effective execution required for the transaction, the general execution and operational capabilities of the broker-dealer firm,
the reputation, reliability, experience and financial condition of the firm, the value and quality of the services rendered by
the firm in other transactions, and the amount of the spread or commission, if any. In addition, the Adviser may consider the receipt
of Research Services (as defined below), provided it does not compromise the adviser&rsquo;s obligation to seek best overall execution
for the Fund and is otherwise in compliance with applicable law. The Adviser may engage in portfolio brokerage transactions with
a broker-dealer firm that sells shares of Eaton Vance funds, provided such transactions are not directed to that firm as compensation
for the promotion or sale of such shares.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Transactions on stock exchanges and other agency transactions
involve the payment of negotiated brokerage commissions. Such commissions vary among different broker-dealer firms, and a particular
broker-dealer may charge different commissions according to such factors as the difficulty and size of the transaction and the
volume of business done with such broker-dealer. Transactions in foreign securities often involve the payment of brokerage commissions,
which may be higher than those in the United States. There is generally no stated commission in the case of securities traded in
the over-the-counter markets including transactions in fixed-income securities which are generally purchased and sold on a net
basis (i.e., without commission) through broker-dealers and banks acting for their own account rather than as brokers. Such firms
attempt to profit from such transactions by buying at the bid price and selling at the higher asked price of the market for such
obligations, and the difference between the bid and asked price is customarily referred to as the spread. Fixed-income transactions
may also be transactions directly with the issuer of the obligations. In an underwritten offering the price paid often includes
a disclosed fixed commission or discount retained by the underwriter or dealer. Although spreads or commissions paid on portfolio
security transactions will, in the judgment of the investment adviser, be reasonable in relation to the value of the services provided,
commissions exceeding those which another firm might charge may be paid to broker-dealers who were selected to execute transactions
on behalf of the investment adviser&rsquo;s clients in part for providing brokerage and research services to the investment adviser
as permitted by applicable law.</P>


<!-- Field: Page; Sequence: 87 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the safeharbor provided in Section 28(e) of
the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;), and to the extent permitted by other applicable law,
a broker or dealer who executes a portfolio transaction on behalf of the investment adviser client may receive a commission which
is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the investment
adviser determines in good faith that such compensation was reasonable in relation to the value of the brokerage and research services
provided. This determination may be made on the basis of either that particular transaction or on the basis of the overall responsibility
which the investment adviser and its affiliates have for accounts over which they exercise investment discretion. &ldquo;Research
Services&rdquo; as used herein includes any and all brokerage and research services to the extent permitted by Section 28(e) and
other applicable law. Generally, Research Services may include, but are not limited to, such matters as research, analytical and
quotation services, data, information and other services products and materials which assist the investment adviser in the performance
of its investment responsibilities. More specifically, Research Services may include general economic, political, business and
market information, industry and company reviews, evaluations of securities and portfolio strategies and transactions, technical
analysis of various aspects of the securities markets, recommendations as to the purchase and sale of securities and other portfolio
transactions, certain financial, industry and trade publications, certain news and information services, and certain research oriented
computer software, data bases and services. Any particular Research Service obtained through a broker-dealer may be used by the
investment adviser in connection with client accounts other than those accounts which pay commissions to such broker-dealer, to
the extent permitted by applicable law. Any such Research Service may be broadly useful and of value to the investment adviser
in rendering investment advisory services to all or a significant portion of its clients, or may be relevant and useful for the
management of only one client&rsquo;s account or of a few clients&rsquo; accounts, or may be useful for the management of merely
a segment of certain clients&rsquo; accounts, regardless of whether any such account or accounts paid commissions to the broker-dealer
through which such Research Service was obtained. The investment adviser evaluates the nature and quality of the various Research
Services obtained through broker-dealer firms and, to the extent permitted by applicable law, may attempt to allocate sufficient
portfolio security transactions to such firms to ensure the continued receipt of Research Services which the investment adviser
believes are useful or of value to it in rendering investment advisory services to its clients. The investment adviser may also
receive brokerage and Research Services from underwriters and dealers in fixed-price offerings, when permitted by applicable law.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Research Services provided by (and produced by) broker-dealers
that execute portfolio transactions or from affiliates of executing broker-dealers are referred to as &ldquo;Proprietary Research&rdquo;.
Except for trades executed in jurisdictions where such considerations is not permissible, the investment adviser may and does consider
the receipt of Proprietary Research Services as a factor in selecting broker-dealers to execute client portfolio transactions,
provided it does not compromise the investment adviser&rsquo;s obligation to seek best overall execution. In jurisdictions where
permissible, the investment adviser also may consider the receipt of Research Services under so called &ldquo;client commission
arrangements&rdquo; or &ldquo;commission sharing arrangements&rdquo; (both referred to as &ldquo;CCAs&rdquo;) as a factor in selecting
broker dealers to execute transactions, provided it does not compromise the investment adviser&rsquo;s obligation to seek best
overall execution. Under a CCA arrangement, the investment adviser may cause client accounts to effect transactions through a broker-dealer
and request that the broker-dealer allocate a portion of the commissions paid on those transactions to a pool of commission credits
that are paid to other firms that provide Research Services to the investment adviser. Under a CCA, the broker-dealer that provides
the Research Services need not execute the trade. Participating in CCAs may enable the investment adviser to consolidate payments
for research using accumulated client commission credits from transactions executed through a particular broker-dealer to periodically
pay for Research Services obtained from and provided by other firms, including other broker-dealers that supply Research Services.
The investment adviser believes that CCAs offer the potential to optimize the execution of trades and the acquisition of a variety
of high quality Research Services that the investment adviser might not be provided access to absent CCAs. The investment adviser
will only enter into and utilize CCAs to the extent permitted by Section 28(e) and other applicable law.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Fund trades may implicate laws of the United Kingdom,
including rules of the UK Financial Conduct Authority, which govern client trading commissions and Research Services (&ldquo;UK
Law&rdquo;). Broadly speaking, under UK Law the investment adviser may not accept any good or service when executing an order unless
that good or service either is directly related to the execution of trades on behalf of its clients/customers or amounts to the
provision of substantive research (as defined under UK Law). These requirements may also apply with respect to orders in connection
with which the investment adviser receives goods and services under a CCA or other bundled brokerage arrangement. Fund trades may
also implicate UK Law requiring the investment adviser to direct any research portion of a brokerage commission to an account controlled
by the investment adviser.</P>


<!-- Field: Page; Sequence: 88 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The investment companies sponsored by the investment adviser
or its affiliates may also allocate brokerage commissions to acquire information relating to the performance, fees and expenses
of such companies and other investment companies, which information is used by the Trustees of such companies to fulfill their
responsibility to oversee the quality of the services provided to various entities, including the investment adviser, to such companies.
Such companies may also pay cash for such information.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Securities considered as investments for the Fund may
also be appropriate for other investment accounts managed by the investment adviser or its affiliates. Whenever decisions are made
to buy or sell securities by the Fund and one or more of such other accounts simultaneously, the investment adviser will allocate
the security transactions (including &ldquo;new&rdquo; issues) in a manner which it believes to be equitable under the circumstances.
As a result of such allocations, there may be instances where the Fund will not participate in a transaction that is allocated
among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made on a pro rata basis.
An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to portfolio managers who have
been instrumental in developing or negotiating a particular investment; (ii) consideration is given to an account with specialized
investment policies that coincide with the particulars of a specific investment; (iii) pro rata allocation would result in odd-lot
or de minimis amounts being allocated to a portfolio or other client; or (iv) where the investment adviser reasonably determines
that departure from a pro rata allocation is advisable. While these aggregations and allocation policies could have a detrimental
effect on the price or amount of the securities available to a Portfolio from time to time, it is the opinion of the members of
the Board that the benefits from the investment adviser organization outweigh any disadvantage that may arise from exposure to
simultaneous transactions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">The following table shows brokerage commissions paid
during the fiscal years ended December 31, 2017, 2016 and 2015 as well as the amount of portfolio security transactions for the
most recent fiscal year (if any) that were directed to firms that provided some Research Services to the investment adviser or
its affiliates (see above), and the commissions paid in connection therewith.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Fiscal Year End</U></FONT></TD>
    <TD STYLE="width: 22%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Brokerage Commission Paid</U></FONT></TD>
    <TD STYLE="width: 33%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt/normal Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Amount of Transactions Directed to Firms</FONT><BR>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Providing Research</U></FONT></TD>
    <TD STYLE="width: 28%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt/normal Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Commissions Paid on Transactions</FONT><BR>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Directed to Firms Providing Research</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">December 31, 2017</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$82,844</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$316,651,373</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$76,671</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">December 31, 2016</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$109,217</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">December 31, 2015</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$105,236</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0">During the fiscal year ended December 31, 2017, the Fund
held securities of its &ldquo;regular brokers or dealers&rdquo;, as that term is defined in Rule 10b-1 of the 1940 Act, and the
value of such securities of the Fund&rsquo;s fiscal year end was as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 6pt 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Regular Broker or Dealer (or Parent)</U></FONT></TD>
    <TD STYLE="width: 50%; padding: 6pt 5.4pt; font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><U>Aggregate Value</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley</FONT></TD>
    <TD STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; padding: 6pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">$2,785,947</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: center">TAXES</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund intends to qualify each year as a regulated investment
company (&ldquo;RIC&rdquo;) under the Code.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Accordingly, the Fund intends to satisfy certain requirements
relating to sources of its income and diversification of its assets and to distribute substantially all of its net income and net
short-term and long-term capital gains (after reduction by any available capital loss carryforwards) in accordance with the timing
requirements imposed by the Code, so as to maintain its RIC status and to avoid paying any federal income or excise tax. To the
extent it qualifies for treatment as a RIC and satisfies the above-mentioned distribution requirements, the Fund will not be subject
to federal income tax on income paid to its shareholders in the form of dividends or capital gain distributions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">To qualify as a RIC for federal income tax purposes, the
Fund must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains
from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to,
gains from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies,
and net income derived from an interest in a qualified publicly traded partnership. The Fund must also distribute to its shareholders
at least the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income for each taxable
year.</P>


<!-- Field: Page; Sequence: 89 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Fund must also satisfy certain requirements with respect
to the diversification of its assets. The Fund must have, at the close of each quarter of its taxable year, at least 50% of the
value of its total assets represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities
that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the Fund or more than 10% of the
voting securities of that issuer. In addition, at those times, not more than 25% of the value of the Fund&rsquo;s assets may be
invested in securities (other than U.S. Government securities or the securities of other RICs) of any one issuer, or of two or
more issuers that the Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses,
or of one or more qualified publicly traded partnerships. For purposes of asset diversification testing, obligations issued or
guaranteed by certain agencies or instrumentalities of the U.S. government, such as the Federal Agricultural Mortgage Corporation,
the Federal Farm Credit System Financial Assistance Corporation, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation,
Federal National Mortgage Association, Government National Mortgage Association, and Student Loan Marketing Corporation are treated
as U.S. government securities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund also seeks to avoid the imposition of a federal
excise tax on its ordinary income and capital gain net income. However, if the Fund fails to distribute in a calendar year substantially
all of its ordinary income for such year and substantially all of its capital gain net income for the one-year period ending October
31 (or later if the Fund is permitted so to elect and so elects), plus any retained amount from the prior year, the Fund will be
subject to a 4% excise tax on the undistributed amounts. In order to avoid incurring a federal excise tax obligation, the Code
requires that a RIC distribute (or be deemed to have distributed) by December 31 of each calendar year (i) at least 98% of its
ordinary income (not including tax-exempt income) for such year, (ii) at least 98.2% of its capital gain net income (which is the
excess of its realized capital gains over its realized capital losses), generally computed on the basis of the one-year period
ending on October 31 of such year, after reduction by any available capital loss carryforwards and (iii) 100% of any income and
capital gains from the prior year (as previously computed) that was not paid out during such year and on which the Fund paid no
federal income tax. If the Fund fails to meet these requirements it will be subject to a nondeductible 4% excise tax on the undistributed
amounts. For the foregoing purposes, a RIC is treated as having distributed any amount on which it is subject to income tax for
any tax year ending in such calendar year and, if it so elects, the amounts on which qualified estimated tax payments are made
by it during such calendar year (in which case the amount it is treated as having distributed in the following calendar year will
be reduced.)If the Fund does not qualify as a RIC for any taxable year, the Fund&rsquo;s taxable income will be subject to corporate
income taxes, and all distributions from earnings and profits, including distributions of net capital gain (if any), will be taxable
to the shareholder as ordinary income. Such distributions will be treated as qualified dividend income with respect to shareholders
who are individuals and will be eligible for the dividends received deduction (&ldquo;DRD&rdquo;) in the case of shareholders taxed
as corporations. In order to requalify for taxation as a RIC, the Fund may be required to recognize unrealized gains, pay substantial
taxes and interest, and make substantial distributions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">For U.S. federal income tax purposes, distributions paid
out of the Fund&rsquo;s current or accumulated earnings and profits will, except in the case of distributions of qualified dividend
income and capital gain dividends described below, be taxable as ordinary dividend income. Certain income distributions paid by
the Fund (whether paid in cash or reinvested in additional Fund shares) to individual taxpayers are taxed at rates applicable to
net long-term capital gains (20%, 15%, or 0%, depending on an individual&rsquo;s tax bracket). This tax treatment applies only
if certain holding period requirements and other requirements are satisfied by the shareholder and the dividends are attributable
to qualified dividend income received by the Fund itself. For this purpose, &ldquo;qualified dividend income&rdquo; means dividends
received by the Fund from United States corporations and &ldquo;qualified foreign corporations,&rdquo; provided that the Fund satisfies
certain holding period and other requirements in respect of the stock of such corporations. There can be no assurance as to what
portion of the Fund&rsquo;s dividend distributions will qualify for favorable treatment.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Shareholders receiving any distribution from the Fund
in the form of additional shares pursuant to the dividend reinvestment plan will be treated as receiving a taxable distribution
in an amount equal to the fair market value of the shares received, determined as of the reinvestment date.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Dividends of investment company taxable income designated
by the Fund and received by corporate shareholders of the Fund will qualify for the DRD to the extent of the amount of qualifying
dividends received by the Fund from domestic corporations for the taxable year. A dividend received by the Fund will not be treated
as a qualifying dividend (i) if the stock on which the dividend is paid is considered to be &ldquo;debt-financed&rdquo; (generally,
acquired with borrowed funds), (ii) if the Fund fails to meet certain holding period requirements for the stock on which the dividend
is paid or (iii) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments
with respect to positions in substantially similar or related property. Moreover, the DRD may be disallowed or reduced if the corporate
shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or by application of the Code.</P>


<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Distributions of net capital gain, if any, designated
as capital gains dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has
held Fund shares. A distribution of an amount in excess of the Fund&rsquo;s current and accumulated earnings and profits will be
treated by a shareholder as a return of capital which is applied against and reduces the shareholder&rsquo;s basis in his or her
shares. To the extent that the amount of any such distribution exceeds the shareholder&rsquo;s basis in his or her shares, the
excess will be treated by the shareholder as gain from a sale or exchange of the shares. Distributions of gains from the sale of
investments that the Fund owned for one year or less will be taxable as ordinary income.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may elect to retain its net capital gain or a
portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained
amount as undistributed capital gains in a notice to its shareholders who will be treated as if each received a distribution of
his pro rata share of such gain, with the result that each shareholder will (i) be required to report his pro rata share of such
gain on his tax return as long-term capital gain, (ii) receive a refundable tax credit for his pro rata share of tax paid by the
Fund on the gain and (iii) increase the tax basis for his shares by an amount equal to the deemed distribution less the tax credit.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Selling shareholders will generally recognize gain or
loss in an amount equal to the difference between the shareholder&rsquo;s adjusted tax basis in the shares sold and the sale proceeds.
If the shares are held as a capital asset, the gain or loss will be a capital gain or loss. The maximum tax rate applicable to
net capital gains recognized by individuals and other non-corporate taxpayers is (i) the same as the maximum ordinary income tax
rate for gains recognized on the sale of capital assets held for one year or less, or (ii) 20% for gains recognized on the sale
of capital assets held for more than one year (as well as certain capital gain distributions) (15% or 0% for individuals in certain
tax brackets).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any loss realized upon the sale or exchange of Fund shares
with a holding period of six months or less will be treated as a long-term capital loss to the extent of any capital gain distributions
received with respect to such shares.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, all or a portion of a loss realized on a
sale or other disposition of Fund shares may be disallowed under &ldquo;wash sale&rdquo; rules to the extent the shareholder acquires
other shares of the same Fund (whether through the reinvestment of distributions or otherwise) within a period of 61 days beginning
30 days before and ending 30 days after the date of disposition of the common shares. Any disallowed loss will result in an adjustment
to the shareholder&rsquo;s tax basis in some or all of the other shares acquired.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales charges paid upon a purchase of shares cannot be
taken into account for purposes of determining gain or loss on a sale of the shares before the 91st day after their purchase to
the extent a sales charge is reduced or eliminated in a subsequent acquisition of shares of the Fund (or of another fund), during
the period beginning on the date of such sale and ending on January 31 of the calendar year following the calendar year in which
the sale was made, pursuant to the reinvestment or exchange privilege. Any disregarded amounts will result in an adjustment to
the shareholder&rsquo;s tax basis in some or all of any other shares acquired.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Dividends and distributions on the Fund&rsquo;s shares
are generally subject to federal income tax as described herein to the extent they do not exceed the Fund&rsquo;s realized income
and gains, even though such dividends and distributions may economically represent a return of a particular shareholder&rsquo;s
investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund&rsquo;s net asset value
reflects gains that are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed
even when the Fund&rsquo;s net asset value also reflects unrealized losses. Certain distributions declared in October, November
or December and paid in the following January will be taxed to shareholders as if received on December 31 of the year in which
they were declared. In addition, certain other distributions made after the close of a taxable year of the Fund may be &ldquo;spilled
back&rdquo; and treated as paid by the Fund (except for purposes of the non-deductible 4% federal excise tax) during such taxable
year. In such case, shareholders will be treated as having received such dividends in the taxable year in which the distributions
were actually made.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund will inform shareholders of the source and tax
status of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The benefits of the reduced tax rates applicable to long-term
capital gains and qualified dividend income may be impacted by the application of the alternative minimum tax to individual shareholders.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the case of Fund transactions involving S&amp;P 500
call options (or other listed options on broad-based securities indices), Code Section 1256 generally will require any gain or
loss arising from the lapse, closing out or exercise of such positions to be treated as 60% long-term and 40% short-term capital
gain or loss. In addition, the Fund generally will be required to &ldquo;mark to market&rdquo; (i.e., treat as sold for fair market
value) each such outstanding position which it holds on October 31 or at the close of each taxable year. If a Section 1256 Contract
held by the Fund at the end of a taxable year is sold in the following year, the amount of any gain or loss realized on such sale
will be adjusted to reflect the gain or loss previously taken into account under the &ldquo;mark to market&rdquo; rules. In addition
to most index call options, Section 1256 Contracts include certain other options contracts, certain regulated futures contracts,
and certain other financial contracts.</P>


<!-- Field: Page; Sequence: 91 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Code contains special rules that apply to &ldquo;straddles,&rdquo;
defined generally as the holding of &ldquo;offsetting positions with respect to personal property.&rdquo; For example, the straddle
rules normally apply when a taxpayer holds stock and an offsetting option with respect to such stock or substantially identical
stock or securities. In general, investment positions will be offsetting if there is a substantial diminution in the risk of loss
from holding one position by reason of holding one or more other positions. The Fund expects that the index call options it writes
will not be considered straddles for this purpose because the Fund&rsquo;s portfolio of common stocks will be sufficiently dissimilar
from the components of the S&amp;P 500 and the NASDAQ-100 under applicable guidance established by the IRS. Under certain circumstances,
however, the Fund may enter into options transactions or certain other investments that may constitute positions in a straddle.
If two or more positions constitute a straddle, recognition of a realized loss from one position must generally be deferred to
the extent of unrecognized gain in an offsetting position. In addition, long-term capital gain may be recharacterized as short-term
capital gain, or short-term capital loss as long-term capital loss. Interest and other carrying charges allocable to personal property
that is part of a straddle are not currently deductible but must instead be capitalized. Similarly, &ldquo;wash sale&rdquo; rules
apply to prevent the recognition of loss by the Fund from the disposition of stock or securities at a loss in a case in which identical
or substantially identical stock or securities (or an option to acquire such property) is or has been acquired within a prescribed
period.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Code allows a taxpayer to elect to offset gains and
losses from positions that are part of a &ldquo;mixed straddle.&rdquo; A &ldquo;mixed straddle&rdquo; is any straddle in which
one or more but not all positions are Section 1256 Contracts. The Fund may be eligible to elect to establish one or more mixed
straddle accounts for certain of its mixed straddle trading positions. The mixed straddle account rules require a daily &ldquo;marking
to market&rdquo; of all open positions in the account and a daily netting of gains and losses from all positions in the account.
At the end of a taxable year, the annual net gains or losses from the mixed straddle account are recognized for tax purposes. The
net capital gain or loss is treated as 60% long-term and 40% short-term capital gain or loss if attributable to the Section 1256
Contract positions, or all short-term capital gain or loss if attributable to the non-Section 1256 Contract positions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may recognize gain (but not loss) from a constructive
sale of certain &ldquo;appreciated financial positions&rdquo; if the Fund enters into a short sale, offsetting notional principal
contract, or forward contract transaction with respect to the appreciated position or substantially identical property. Appreciated
financial positions subject to this constructive sale treatment include interests (including options and forward contracts and
short sales) in stock and certain other instruments. Constructive sale treatment does not apply if the transaction is closed out
not later than thirty days after the end of the taxable year in which the transaction was initiated, and the underlying appreciated
securities position is held unhedged for at least the next sixty days after the hedging transaction is closed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Gain or loss from a short sale of property is generally
considered as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund&rsquo;s
hands. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on
the date the short sale is entered into, gains on short sales generally are short-term capital gains. A loss on a short sale will
be treated as a long-term capital loss if, on the date of the short sale, &ldquo;substantially identical property&rdquo; has been
held by the Fund for more than one year. In addition, these rules may also terminate the running of the holding period of &ldquo;substantially
identical property&rdquo; held by the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Gain or loss on a short sale will generally not be realized
until such time as the short sale is closed. However, as described above in the discussion of constructive sales, if the Fund holds
a short sale position with respect to securities that have appreciated in value, and it then acquires property that is the same
as or substantially identical to the property sold short, the Fund generally will recognize gain on the date it acquires such property
as if the short sale were closed on such date with such property. Similarly, if the Fund holds an appreciated financial position
with respect to securities and then enters into a short sale with respect to the same or substantially identical property, the
Fund generally will recognize gain as if the appreciated financial position were sold at its fair market value on the date it enters
into the short sale. The subsequent holding period for any appreciated financial position that is subject to these constructive
sale rules will be determined as if such position were acquired on the date of the constructive sale.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&rsquo;s transactions in futures contracts and
options will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses
realized by the Fund (i.e., may affect whether gains or losses are ordinary or capital, or short-term or long-term), may accelerate
recognition of income to the Fund and may defer Fund losses. These rules could, therefore, affect the character, amount and timing
of distributions to shareholders. These provisions also (a) will require the Fund to mark-to-market certain types of the positions
in its portfolio (i.e., treat them as if they were closed out), and (b) may cause the Fund to recognize income without receiving
cash with which to make distributions in amounts necessary to satisfy the 90% distribution requirement for qualifying to be taxed
as a RIC and the 98% and 98.2% distribution requirements for avoiding excise taxes. The Fund will monitor its transactions, will
make the appropriate tax elections and will make the appropriate entries in its books and records when it acquires any futures
contract, option or hedged investment in order to mitigate the effect of these rules and prevent disqualification of the Fund from
being taxed as a regulated investment company.</P>


<!-- Field: Page; Sequence: 92 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Further, certain of the Fund&rsquo;s investment practices
are subject to special and complex federal income tax provisions that may, among other things, (i) convert dividends that would
otherwise constitute qualified dividend income into short-term capital gain or ordinary income taxed at the higher rate applicable
to ordinary income, (ii) treat dividends that would otherwise be eligible for the corporate dividends received deduction as ineligible
for such treatment, (iii) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (iv) convert long-term
capital gain into short-term capital gain or ordinary income, (v) convert an ordinary loss or deduction into a capital loss (the
deductibility of which is more limited) and (vi) cause the Fund to recognize income or gain without a corresponding receipt of
cash; (vii) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (viii) adversely
alter the characterization of certain complex financial transactions, and (ix) produce income that will not qualify as good income
for purposes of the 90% annual gross income requirement described above.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Dividends and interest received, and gains realized, by
the Fund on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions
(collectively &ldquo;foreign taxes&rdquo;) that would reduce the return on its securities. Tax conventions between certain countries
and the United States, however, may reduce or eliminate foreign taxes, and many foreign countries do not impose taxes on capital
gains in respect of investments by foreign investors. Shareholders will generally not be entitled to claim a credit or deduction
with respect to foreign taxes paid by the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may invest in the stock of &ldquo;passive foreign
investment companies&rdquo; (&ldquo;PFICs&rdquo;). A PFIC is any foreign corporation (with certain exceptions) that, in general,
meets either of the following tests: (1) at least 75% of its gross income is passive or (2) an average of at least 50% of its assets
produce, or are held for the production of, passive income. Under certain circumstances, the Fund will be subject to federal income
tax on a portion of any &ldquo;excess distribution&rdquo; received on the stock of a PFIC or of any gain from disposition of that
stock (collectively &ldquo;PFIC income&rdquo;), plus interest thereon, even if the Fund distributes the PFIC income as a taxable
dividend to its shareholders. The balance of the PFIC income will be included in the Fund&rsquo;s investment company taxable income
and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Fund invests in a PFIC and elects to treat the
PFIC as a &ldquo;qualified electing fund&rdquo; (&ldquo;QEF&rdquo;), then in lieu of the foregoing tax and interest obligation,
the Fund will be required to include in income each year its pro rata share of the QEF&rsquo;s annual ordinary earnings and net
capital gain -- which it may have to distribute to satisfy the distribution requirement and avoid imposition of the excise tax
-- even if the QEF does not distribute those earnings and gain to the Fund. In most instances it will be very difficult, if not
impossible, to make this election because of certain of its requirements.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund may elect to &ldquo;mark to market&rdquo; its
stock in any PFIC. &ldquo;Marking-to-market,&rdquo; in this context, means including in ordinary income each taxable year the excess,
if any, of the fair market value of a PFIC&rsquo;s stock over the Fund&rsquo;s adjusted basis therein as of the end of that year.
Pursuant to the election, the Fund also would be allowed to deduct (as an ordinary, not capital, loss) the excess, if any, of its
adjusted basis in PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market
gains (reduced by any prior deductions) with respect to that stock included by the Fund for prior taxable years under the election.
The Fund&rsquo;s adjusted basis in each PFIC&rsquo;s stock with respect to which it has made this election will be adjusted to
reflect the amounts of income included and deductions taken thereunder.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under Section 988 of the Code, gains or losses attributable
to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated
in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are generally
treated as ordinary income or loss.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Amounts paid by the Fund to individuals and certain other
shareholders who have not provided the Fund with their correct taxpayer identification number (&ldquo;TIN&rdquo;) and certain certifications
required by the Service as well as shareholders with respect to whom the Fund has received certain information from the Service
or a broker may be subject to &ldquo;backup&rdquo; withholding of federal income tax arising from the Fund&rsquo;s taxable dividends
and other distributions as well as the gross proceeds of sales of shares. An individual&rsquo;s TIN is generally his or her social
security number. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from payments
made to a shareholder may be refunded or credited against such shareholder&rsquo;s federal income tax liability, if any, provided
that the required information is furnished to the Service.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Properly reported dividends are generally exempt from
U.S. federal withholding tax where they (i) are paid in respect of the Fund&rsquo;s &ldquo;qualified net interest income&rdquo;
(generally, the Fund&rsquo;s U.S. source interest income, other than certain contingent interest and interest from obligations
of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such
income) or (ii) are paid in respect of the Fund&rsquo;s &ldquo;qualified short-term capital gains&rdquo; (generally, the excess
of the Fund&rsquo;s net short-term capital gain over the Fund&rsquo;s long-term capital loss for such taxable year). However, depending
on its circumstances, the Fund may report all, some or none of its potentially eligible dividends as such qualified net interest
income or as qualified short-term capital gains and/or treat such dividends,</P>


<!-- Field: Page; Sequence: 93 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">in whole or in part, as ineligible for this exemption
from withholding. In order to qualify for this exemption from withholding, a non-U.S. shareholder would need to comply with applicable
certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E,
or substitute Form). In the case of shares held through an intermediary, the intermediary could withhold even if the Fund designates
the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. shareholders should contact their intermediaries
with respect to the application of these rules to their accounts.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Compliance with FATCA. A 30% withholding tax is imposed
on U.S.-source dividends, including those paid by the Fund and, after December 31, 2018, will be imposed on gross proceeds from
the sale of property producing U.S.-source dividends, including interests in the Fund, to (i) foreign financial institutions including
non-U.S. investment funds and foreign financial institutions acting as intermediaries unless they agree to collect and disclose
to the IRS information regarding their direct and <FONT STYLE="color: #231F20">indirect U.S. account holders and (ii) certain other
foreign entities, unless they certify certain information regarding their direct and indirect U.S. owners. </FONT>If a payment
by the Fund is subject to withholding under FATCA, the Fund is required to withhold even if such payment would otherwise be exempt
from withholding under the rules applicable to foreign shareholders described above (e.g., short-term capital gain dividends and
dividends attributable to qualified net interest income). <FONT STYLE="color: #231F20">To avoid withholding, foreign financial
institutions will need to either enter into agreements with the IRS that state that they will provide the IRS information, including
the names, addresses and taxpayer identification numbers of direct and indirect U.S. account holders, comply with due diligence
procedures with respect to the identification of U.S. accounts, report to the IRS certain information with respect to U.S. accounts
maintained, agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to account holders
who fail to provide the required information, and determine certain other information as to their account holders or, in the event
that an applicable intergovernmental agreement and implementing legislation are adopted, agree to provide certain information to
other revenue authorities for transmittal to the IRS. Other foreign entities will need to either provide the name, address, and
taxpayer identification number of each substantial U.S. owner or certifications of no substantial U.S. ownership unless certain
exceptions apply or agree to provide certain information to other revenue authorities for transmittal to the IRS. Shareholders
should consult their own tax advisors regarding the possible implications of these requirements on their investment in the Fund.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing briefly summarizes some of the important
federal income tax consequences to Common Shareholders of investing in Common Shares, reflects the federal tax law as of the date
of this Statement of Additional Information, and does not address special tax rules applicable to certain types of investors, such
as corporate and foreign investors. Unless otherwise noted, this discussion assumes that an investor is a U.S. person and holds
Common Shares as a capital asset. This discussion is based upon current provisions of the Code, the regulations promulgated thereunder,
and judicial and administrative ruling authorities, all of which are subject to change or differing interpretations by the courts
or the IRS retroactively or prospectively. Investors should consult their tax advisors regarding other federal, state or local
tax considerations that may be applicable in their particular circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">State and local taxes</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Shareholders should consult their own tax advisors as
the state or local tax consequences of investing in the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: center"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund is an organization of the type commonly known
as a &ldquo;Massachusetts business trust.&rdquo; Under Massachusetts law, shareholders of such a trust may, in certain circumstances,
be held personally liable as partners for the obligations of the trust. The Declaration of Trust contains an express disclaimer
of shareholder liability in connection with Fund property or the acts, obligations or affairs of the Fund. The Declaration of Trust,
in coordination with the Fund&rsquo;s By-laws, also provides for indemnification out of Fund property of any shareholder held personally
liable for the claims and liabilities to which a shareholder may become subject by reason of being or having been a shareholder.
Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which
the Fund itself is unable to meet its obligations. The Fund has been advised by its counsel that the risk of any shareholder incurring
any liability for the obligations of the Fund is remote.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust provides that the Trustees will
not be liable for errors of judgment or mistakes of fact or law; but nothing in the Declaration of Trust protects a Trustee against
any liability to the Fund or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad
faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. Voting rights are not
cumulative, which means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the
Trustees and, in such event, the holders of the remaining less than 50% of the shares voting on the matter will not be able to
elect any Trustees.</P>


<!-- Field: Page; Sequence: 94 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust provides that no person shall
serve as a Trustee if shareholders holding two-thirds of the outstanding shares have removed him from that office either by a written
declaration filed with the Fund&rsquo;s custodian or by votes cast at a meeting called for that purpose. The Declaration of Trust
further provides that the Trustees of the Fund shall promptly call a meeting of the shareholders for the purpose of voting upon
a question of removal of any such Trustee or Trustees when requested in writing to do so by the record holders of not less than
10 per centum of the outstanding shares.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Fund&rsquo;s Prospectus, any related Prospectus Supplement
and this SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC.
The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its Rules and Regulations.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Custodian</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">State Street Bank and Trust Company (&ldquo;State Street&rdquo;),
State Street Financial Center, One Lincoln Street, Boston, MA 02111, is the custodian of the Fund and will maintain custody of
the securities and cash of the Fund. State Street maintains the Fund&rsquo;s general ledger and computes net asset value per share
at least weekly. State Street also attends to details in connection with the sale, exchange, substitution, transfer and other dealings
with the Fund&rsquo;s investments, and receives and disburses all funds. State Street also assists in preparation of shareholder
reports and the electronic filing of such reports with the SEC.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Deloitte &amp; Touche LLP, 200 Berkeley Street, Boston,
MA 02116, independent registered public accounting firm, audits the Fund&rsquo;s financial statements and provides other audit,
tax and related services.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">FINANCIAL STATEMENTS</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The audited financial statements and the report of the
independent registered public accounting firm of the Fund for the fiscal year ended December 31, 2017 are incorporated herein by
reference from the Fund&rsquo;s most recent Annual Report to Common Shareholders filed with the SEC <FONT STYLE="color: windowtext">(Accession
No. 0001193125-18-060731) </FONT>on Form N-CSR pursuant to Rule 30b2-1 under the 1940 Act.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0.25in 6pt 0; text-align: right">APPENDIX A</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Funds</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Proxy Voting Policy and Procedures</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">I.&#8194; &#8194;Overview</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Boards of Trustees (the &ldquo;Board&rdquo;) of the
Eaton Vance Funds<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT> have determined
that it is in the interests of the Funds&rsquo; shareholders to adopt these written proxy voting policy and procedures (the &ldquo;Policy&rdquo;).
For purposes of this Policy:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>&ldquo;Fund&rdquo; means each registered investment company sponsored by the Eaton Vance organization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>&ldquo;Adviser&rdquo; means the adviser or sub-adviser responsible for the day-to-day management of all or a portion of the
Fund&rsquo;s assets.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">II.&#8194; &#8194;Delegation of Proxy Voting Responsibilities</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board hereby delegates to the Adviser responsibility
for voting the Fund&rsquo;s proxies as described in this Policy. In this connection, the Adviser is required to provide the Board
with a copy of its proxy voting policies and procedures (&ldquo;Adviser Procedures&rdquo;) and all Fund proxies will be voted in
accordance with the Adviser Procedures, provided that in the event a material conflict of interest arises with respect to a proxy
to be voted for the Fund (as described in Section IV below) the Adviser shall follow the process for voting such proxy as described
in Section IV below.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser is required to report any material change
to the Adviser Procedures to the Board in the manner set forth in Section V below. In addition, the Board will review the Adviser
Procedures annually.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">III.&#8194; &#8194;Delegation of Proxy Voting Disclosure
Responsibilities</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to Rule 30b1-4 promulgated under the Investment
Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Fund is required to file Form N-PX no later than August 31st
of each year. On Form N-PX, the Fund is required to disclose, among other things, information concerning proxies relating to the
Fund&rsquo;s portfolio investments, whether or not the Fund (or its Adviser) voted the proxies relating to securities held by the
Fund and how it voted on the matter and whether it voted for or against management.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">To facilitate the filing of Form N-PX for the Fund:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Adviser is required to record, compile and transmit in a timely manner all data required to be filed on Form N-PX for the
Fund that it manages. Such data shall be transmitted to Eaton Vance Management, which acts as administrator to the Fund (the &ldquo;Administrator&rdquo;)
or the third party service provider designated by the Administrator; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the Administrator is required to file Form N-PX on behalf of the Fund with the Securities and Exchange Commission (&ldquo;Commission&rdquo;)
as required by the 1940 Act. The Administrator may delegate the filing to a third party service party provided each such filing
is reviewed and approved by the Administrator.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">IV.&#8194; &#8194;Conflicts of Interest</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board expects the Adviser, as a fiduciary to the Fund
it manages, to put the interests of the Fund and its shareholders above those of the Adviser. When required to vote a proxy for
the Fund, the Adviser may have material business relationships with the issuer soliciting the proxy that could give rise to a potential
material conflict of interest for the Adviser.<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT>
In the event such a material conflict of interest arises, the Adviser, to the extent it is aware or reasonably should have been
aware of the material conflict, will refrain from voting any proxies related to companies giving rise to such material conflict
until it notifies and consults with the appropriate Board, or any committee, sub-committee or group of Independent Trustees identified
by the Board (as long as such committee, sub-committee or group contains at least two or more Independent Trustees) (the &ldquo;Board
Members&rdquo;), concerning the material conflict.<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT>
For ease of communicating with the Board Members, the Adviser is required to provide the foregoing notice to the Fund&rsquo;s Chief
Legal Officer who will then notify and facilitate a consultation with the Board Members.</P>


<!-- Field: Page; Sequence: 96 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Once the Board Members have been notified of the material
conflict:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>They shall convene a meeting to review and consider all relevant materials related to the proxies involved. This meeting shall
be convened within 3 business days, provided that it an effort will be made to convene the meeting sooner if the proxy must be
voted in less than 3 business days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In considering such proxies, the Adviser shall make available all materials requested by the Board Members and make reasonably
available appropriate personnel to discuss the matter upon request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Board Members will then instruct the Adviser on the appropriate course of action with respect to the proxy at issue.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Board Members are unable to meet and the failure
to vote a proxy would have a material adverse impact on the Fund(s) involved, the Adviser will have the right to vote such proxy,
provided that it discloses the existence of the material conflict to the Chairperson of the Board as soon as practicable and to
the Board at its next meeting. Any determination regarding the voting of proxies of the Fund that is made by the Board Members
shall be deemed to be a good faith determination regarding the voting of proxies by the full Board.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">V.&#8194; &#8194; Reports and Review</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Administrator shall make copies of each Form N-PX
filed on behalf of the Fund available for the Boards&rsquo; review upon the Boards&rsquo; request. The Administrator (with input
from the Adviser for the Fund) shall also provide any reports reasonably requested by the Board regarding the proxy voting records
of the Fund.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser shall report any material changes to the Adviser
Procedures to the Board as soon as practicable and the Boards will review the Adviser Procedures annually.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser also shall report any changes to the Adviser
Procedures to the Fund Chief Legal Officer prior to implementing such changes in order to enable the Administrator to effectively
coordinate the Fund&rsquo;s disclosure relating to the Adviser Procedures.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">To the extent requested by the Commission, the Policy
and the Adviser Procedures shall be appended to the Fund&rsquo;s statement of additional information included in its registration
statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">_____________________</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></TD><TD>The Eaton Vance Funds may be organized as trusts or corporations. For ease of reference, the Funds may be referred to herein
as Trusts and the Funds&rsquo; Board of Trustees or Board of Directors may be referred to collectively herein as the Board.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></TD><TD>An Adviser is expected to maintain a process for identifying a potential material conflict of interest. As an example only,
such potential conflicts may arise when the issuer is a client of the Adviser and generates a significant amount of fees to the
Adviser or the issuer is a distributor of the Adviser&rsquo;s products.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></TD><TD>If a material conflict of interest exists with respect to a particular proxy and the proxy voting procedures of the relevant
Adviser require that proxies are to be voted in accordance with the recommendation of a third party proxy voting vendor, the requirements
of this Section IV shall only apply if the Adviser intends to vote such proxy in a manner inconsistent with such third party recommendation.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 97 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0.25in 6pt 0; text-align: right">APPENDIX B</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">BOSTON MANAGEMENT AND RESEARCH</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE INVESTMENT COUNSEL</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE TRUST COMPANY</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT (INTERNATIONAL)
LIMITED</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE ADVISERS INTERNATIONAL
LTD.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PROXY VOTING POLICIES AND PROCEDURES</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">I. Introduction</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance Management, Boston Management and Research,
Eaton Vance Investment Counsel, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd. and Eaton
Vance Trust Company (each an &ldquo;Adviser&rdquo; and collectively the &ldquo;Advisers&rdquo;) have each adopted and implemented
policies and procedures that each Adviser believes are reasonably designed to ensure that proxies are voted in the best interest
of clients, in accordance with its fiduciary duties and, to the extent applicable, Rule 206(4)-6 under the Investment Advisers
Act of 1940, as amended. The Advisers&rsquo; authority to vote the proxies of their clients is established by their advisory contracts
or similar documentation, such as the Eaton Vance Funds Proxy Voting Policy and Procedures. These proxy policies and procedures
reflect the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) requirements governing advisers and the long-standing fiduciary
standards and responsibilities for ERISA accounts set out in the Department of Labor Bulletin 94-2 C.F.R. 2509.94-2 (July 29, 1994).</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">II. Overview</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Each Adviser manages its clients&rsquo; assets with the
overriding goal of seeking to provide the greatest possible return to such clients consistent with governing laws and the investment
policies of each client. In pursuing that goal, each Adviser seeks to exercise its clients&rsquo; rights as shareholders of voting
securities to support sound corporate governance of the companies issuing those securities with the principle aim of maintaining
or enhancing the companies&rsquo; economic value.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The exercise of shareholder rights is generally done by
casting votes by proxy at shareholder meetings on matters submitted to shareholders for approval (for example, the election of
directors or the approval of a company&rsquo;s stock option plans for directors, officers or employees). Each Adviser has established
guidelines (&ldquo;Guidelines&rdquo;) as described below and generally will utilize such Guidelines in voting proxies on behalf
of its clients. The Guidelines are largely based on those developed by the Agent (defined below) but also reflect input from the
Global Proxy Group (defined below) and other Adviser investment professionals and are believed to be consistent with the views
of the Adviser on the various types of proxy proposals. These Guidelines are designed to promote accountability of a company&rsquo;s
management and board of directors to its shareholders and to align the interests of management with those of shareholders. The
Guidelines provide a framework for analysis and decision making but do not address all potential issues.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Except as noted below, each Adviser will vote any proxies
received by a client for which it has sole investment discretion through a third-party proxy voting service (&ldquo;Agent&rdquo;)
in accordance with the Guidelines in a manner that is reasonably designed to eliminate any potential conflicts of interest, as
described more fully below. The Agent is currently Institutional Shareholder Services Inc. Where applicable, proxies will be voted
in accordance with client-specific guidelines or, in the case of an Eaton Vance Fund that is sub-advised, pursuant to the sub-adviser&rsquo;s
proxy voting policies and procedures. Although an Adviser retains the services of the Agent for research and voting recommendations,
the Adviser remains responsible for proxy voting decisions.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">III. Roles and Responsibilities</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. Proxy Administrator</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Proxy Administrator and/or her designee
coordinate the consideration of proxies referred back to the Adviser by the Agent, and otherwise administers these Procedures.
In the Proxy Administrator&rsquo;s absence, another employee of the Adviser may perform the Proxy Administrator&rsquo;s responsibilities
as deemed appropriate by the Global Proxy Group. The Proxy Administrator also may designate another employee to perform certain
of the Proxy Administrator&rsquo;s duties hereunder, subject to the oversight of the Proxy <FONT STYLE="color: windowtext">Administrator.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 98 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Agent</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent is responsible for coordinating with
the clients&rsquo; custodians and the Advisers to ensure that all proxy materials received by the custodians relating to the portfolio
securities are processed in a timely fashion. Each Adviser shall instruct the custodian for its clients to deliver proxy ballots
and related materials to the Agent. The Agent shall vote and/or refer all proxies in accordance with the Guidelines. The Agent
shall retain a record of all proxy votes handled by the Agent. With respect to each Eaton Vance Fund memorialized therein, such
record must reflect all of the information required to be disclosed in the Fund&rsquo;s Form N-PX pursuant to Rule 30b1-4 under
the Investment Company Act of 1940, to the extent applicable. In addition, the Agent is responsible for maintaining copies of all
proxy statements received by issuers and to promptly provide such materials to an Adviser upon request.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Subject to the oversight of the Advisers, the
Agent shall establish and maintain adequate internal controls and policies in connection with the provision of proxy voting services
to the Advisers, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict
of interest, and shall disclose such controls and policies to the Advisers when and as provided for herein. Unless otherwise specified,
references herein to recommendations of the Agent shall refer to those in which no conflict of interest has been identified. The
Advisers are responsible for the ongoing oversight of the Agent as contemplated by SEC Staff Legal Bulletin No. 20 (June 30, 2014).
Such oversight currently may include one or more of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>periodic review of Agent&rsquo;s proxy voting platform and reporting capabilities (including recordkeeping);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>periodic review of a sample of ballots for accuracy and correct application of the Guidelines;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>periodic meetings with Agent&rsquo;s client services team;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>periodic in-person and/or web-based due diligence meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>receipt and review of annual certifications received from the Agent; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>annual review of due diligence materials provided by the Agent, including review of procedures and practices regarding potential
conflicts of interests.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Global Proxy Group</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Adviser shall establish a Global Proxy
Group which is responsible for establishing the Guidelines (described below) and reviewing such Guidelines at least annually. The
Global Proxy Group shall also review recommendations to vote proxies in a manner that is contrary to the Guidelines and when the
proxy relates to a conflicted company of the Adviser or the Agent as described below.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The members of the Global Proxy Group shall
include the Chief Equity Investment Officer of Eaton Vance Management (&ldquo;EVM&rdquo;) and selected members of the Equity Departments
of EVM and Eaton Vance Advisers International Ltd. (&ldquo;EVAIL&rdquo;) and EVM&rsquo;s Global Income Department. The Proxy Administrator
is not a voting member of the Global Proxy Group. Members of the Global Proxy Group may be changed from time to time at the Advisers&rsquo;
discretion. Matters that require the approval of the Global Proxy Group may be acted upon by its member(s) available to consider
the matter.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">IV. Proxy Voting</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. The Guidelines</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Global Proxy Group shall establish recommendations
for the manner in which proxy proposals shall be voted (the &ldquo;Guidelines&rdquo;). The Guidelines shall identify when ballots
for specific types of proxy proposals shall be voted<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(1)
</SUP></FONT>or referred to the Adviser. The Guidelines shall address a wide variety of individual topics, including, among other
matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director
compensation, reorganizations, mergers, issues of corporate social responsibility and other proposals affecting shareholder rights.
In determining the Guidelines, the Global Proxy Group considers the recommendations of the Agent as well as input from the Advisers&rsquo;
portfolio managers and analysts and/or other internally developed or third party research.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Global Proxy Group shall review the Guidelines
at least annually and, in connection with proxies to be voted on behalf of the Eaton Vance Funds, the Adviser will submit amendments
to the Guidelines to the Fund Boards each year for approval.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">With respect to the types of proxy proposals
listed below, the Guidelines will generally provide as follows:</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Proposals Regarding Mergers and Corporate
Restructurings/Disposition of Assets/Termination/Liquidation and Mergers</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent shall be directed to refer proxy
proposals accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee for all
proposals relating to Mergers and Corporate Restructurings.</P>


<!-- Field: Page; Sequence: 99 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Corporate Structure Matters/Anti-Takeover
Defenses</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">As a general matter, the Advisers will normally
vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions
(except in the case of closed-end management investment companies).</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Proposals Regarding Proxy Contests</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent shall be directed to refer contested
proxy proposals accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Social and Environmental Issues</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Advisers will vote social and environmental
proposals on a &ldquo;case-by-case&rdquo; basis taking into consideration industry best practices and existing management policies
and practices.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Interpretation and application of the Guidelines
is not intended to supersede any law, regulation, binding agreement or other legal requirement to which an issuer or the Adviser
may be or become subject. The Guidelines generally relate to the types of proposals that are most frequently presented in proxy
statements to shareholders. In certain circumstances, an Adviser may determine to vote contrary to the Guidelines subject to the
voting procedures set forth below.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Voting Procedures</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Except as noted in Section V below, the Proxy
Administrator and/or her designee shall instruct the Agent to vote proxies as follows:</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Vote in Accordance with Guidelines</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If the Guidelines prescribe the manner in which
the proxy is to be voted, the Agent shall vote in accordance with the Guidelines, which for certain types of proposals, are recommendations
of the Agent made on a case-by-case basis.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Seek Guidance for a Referred Item or
a Proposal for which there is No Guideline</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If (i) the Guidelines state that the proxy
shall be referred to the Adviser to determine the manner in which it should be voted or (ii) a proxy is received for a proposal
for which there is no Guideline, the Proxy Administrator and/or her designee shall consult with the analyst(s) covering the company
subject to the proxy proposal and shall instruct the Agent to vote in accordance with the determination of the analyst. The Proxy
Administrator and/or her designee will maintain a record of all proxy proposals that are referred by the Agent, as well as all
applicable recommendations, analysis and research received and the resolution of the matter. Where more than one analyst covers
a particular company and the recommendations of such analysts for voting a proposal subject to this Section IV.B.2 conflict, the
Global Proxy Group shall 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 clients (including Funds).</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Votes Contrary to the Guidelines or
Where Agent is Conflicted</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">In the event an analyst with respect to companies
within his or her coverage area may recommend a vote contrary to the Guidelines, the Proxy Administrator and/or her designee will
provide the Global Proxy Group with the Agent&rsquo;s recommendation for the Proposal along with any other relevant materials,
including a description of the basis for the analyst&rsquo;s recommendation via email and the Proxy Administrator and/or designee
will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. <FONT STYLE="color: windowtext">Should
the vote <FONT STYLE="letter-spacing: 0.1pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Global</FONT> <FONT STYLE="letter-spacing: 0.05pt">Proxy</FONT>
Group concerning one or <FONT STYLE="letter-spacing: -0.05pt">more recommendations</FONT> result in a <FONT STYLE="letter-spacing: -0.05pt">tie,
EVM&rsquo;s Chief </FONT>Equity <FONT STYLE="letter-spacing: -0.05pt">Investment Officer </FONT>will <FONT STYLE="letter-spacing: -0.05pt">determine</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">manner </FONT>in <FONT STYLE="letter-spacing: -0.05pt">which</FONT> the proxy <FONT STYLE="letter-spacing: -0.05pt">will</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">voted. </FONT></FONT>The Adviser will provide a report to the Boards of Trustees of the
Eaton Vance Funds reflecting any votes cast on behalf of the Eaton Vance Funds contrary to the Guidelines, and shall do so quarterly.
A similar process will be followed if the Agent has a conflict of interest with respect to a proxy as described in Section VI.B.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Do Not Cast a Vote</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">It shall generally be the policy of the Advisers
to take no action on a proxy for which no client holds a position or otherwise maintains an economic interest in the relevant security
at the time the vote is to be cast. In addition, the Advisers may determine not to vote (i) if the economic effect on shareholders'
interests or the value of the portfolio holding is indeterminable or insignificant (<I>e.g.,</I> proxies in connection with securities
no longer held in the portfolio of a client or proxies being considered on behalf of a client that is no longer in existence);
(ii) if the cost of voting a proxy outweighs the benefits (<I>e.g.,</I> certain international proxies, particularly in cases in
which share blocking practices may impose trading restrictions on the relevant portfolio security); or (iii) in markets in which
shareholders' rights are limited, and the Adviser is unable to timely access ballots or other proxy information. Non-Votes may
also result in certain cases in which the Agent's recommendation has been deemed to be conflicted, as provided for herein.</P>


<!-- Field: Page; Sequence: 100 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Securities on Loan</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">When a fund client participates in the lending
of its securities and the securities are on loan at the record date for a shareholder meeting, proxies related to such securities
generally will not be forwarded to the relevant Adviser by the fund&rsquo;s custodian and therefore will not be voted. In the event
that the Adviser determines that the matters involved would have a material effect on the applicable fund&rsquo;s investment in
the loaned securities, the Adviser will make reasonable efforts to terminate the loan in time to be able to cast such vote or exercise
such consent. The Adviser shall instruct the fund&rsquo;s security lending agent to refrain from lending the full position of any
security held by a fund to ensure that the Adviser receives notice of proxy proposals impacting the loaned security.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">V. Recordkeeping</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisers will maintain records relating to the proxies
they vote on behalf of their clients in accordance with Section 204-2 of the Investment Advisers Act of 1940, as amended. Those
records will include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A copy of the Advisers&rsquo; proxy voting policies and procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Proxy statements received regarding client securities. Such proxy statements received from issuers are either in the SEC&rsquo;s
EDGAR database or are kept by the Agent and are available upon request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A record of each vote cast;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A copy of any document created by the Advisers that was material to making a decision on how to vote a proxy for a client or
that memorializes the basis for such a decision; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Each written client request for proxy voting records and the Advisers&rsquo; written response to any client request (whether
written or oral) for such records.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">All records described above will be maintained in an easily
accessible place for five years and will be maintained in the offices of the Advisers or their Agent for two years after they are
created.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Notwithstanding anything contained in this Section V,
Eaton Vance Trust Company shall maintain records relating to the proxies it votes on behalf of its clients in accordance with laws
and regulations applicable to it and its activities. In addition, EVAIL shall maintain records relating to the proxies it votes
on behalf of its clients in accordance with UK law.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">VI. Assessment of Agent and Identification and Resolution
of Conflicts with Clients</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="text-transform: uppercase">A.
A</FONT>ssessment of Agent</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Advisers shall establish that the Agent
(i) is independent from the Advisers, (ii) has resources that indicate it can competently provide analysis of proxy issues, and
(iii) can make recommendations in an impartial manner and in the best interests of the clients and, where applicable, their beneficial
owners. The Advisers shall utilize, and the Agent shall comply with, such methods for establishing the foregoing as the Advisers
may deem reasonably appropriate and shall do so not less than annually as well as prior to engaging the services of any new proxy
voting service. The Agent shall also notify the Advisers in writing within fifteen (15) calendar days of any material change to
information previously provided to an Adviser in connection with establishing the Agent&rsquo;s independence, competence or impartiality.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Conflicts of Interest</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">As fiduciaries to their clients, each Adviser
puts the interests of its clients ahead of its own. In order to ensure that relevant personnel of the Advisers are able to identify
potential material conflicts of interest, each Adviser will take the following steps:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Quarterly, the Eaton Vance Legal and Compliance Department will seek information from the department heads of each department
of the Advisers and of Eaton Vance Distributors, Inc. (&ldquo;EVD&rdquo;) (an affiliate of the Advisers and principal underwriter
of certain Eaton Vance Funds). Each department head will be asked to provide a list of significant clients or prospective clients
of the Advisers or EVD.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A representative of the Legal and Compliance Department will compile a list of the companies identified (the &ldquo;Conflicted
Companies&rdquo;) and provide that list to the Proxy Administrator.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Proxy Administrator will compare the list of Conflicted Companies with the names of companies for which he or she has been
referred a proxy statement (the &ldquo;Proxy Companies&rdquo;). If a Conflicted Company is also a Proxy Company, the Proxy Administrator
will report that fact to the Global Proxy Group.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If the Proxy Administrator expects to instruct the Agent to vote the proxy of the Conflicted Company strictly according to
the Guidelines contained in these Proxy Voting Policies and Procedures (the &ldquo;Policies&rdquo;) or the recommendation of the
Agent, as applicable, he or she will (i) inform the Global Proxy Group of that fact, (ii) instruct the Agent to vote the proxies
and (iii) record the existence of the material conflict and the resolution of the matter.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 101 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy
Group will then determine if a material conflict of interest exists between the relevant Adviser and its clients (in consultation
with the Legal and Compliance Department if needed). If the Global Proxy Group determines that a material conflict exists, prior
to instructing the Agent to vote any proxies relating to these Conflicted Companies the Adviser will seek instruction on how the
proxy should be voted from:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The client, in the case of an individual, corporate, institutional or benefit plan client;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In the case of a Fund, its board of directors, any committee, sub-committee or group of Independent Trustees (as long as such
committee, sub-committee or group contains at least two or more Independent Trustees); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The adviser, in situations where the Adviser acts as a sub-adviser to such adviser.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser will provide all reasonable assistance to
each party to enable such party to make an informed decision.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the client, Fund board or adviser, as the case may
be, fails to instruct the Adviser on how to vote the proxy, the Adviser will generally instruct the Agent, through the Proxy Administrator,
to abstain from voting in order to avoid the appearance of impropriety. If however, the failure of the Adviser to vote its clients&rsquo;
proxies would have a material adverse economic impact on the Advisers&rsquo; clients&rsquo; securities holdings in the Conflicted
Company, the Adviser may instruct the Agent, through the Proxy Administrator, to vote such proxies in order to protect its clients&rsquo;
interests. In either case, the Proxy Administrator will record the existence of the material conflict and the resolution of the
matter.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisers shall also identify and address conflicts
that may arise from time to time concerning the Agent. Upon the Advisers&rsquo; request, which shall be not less than annually,
and within fifteen (15) calendar days of any material change to such information previously provided to an Adviser, the Agent shall
provide the Advisers with such information as the Advisers deem reasonable and appropriate for use in determining material relationships
of the Agent that may pose a conflict of interest with respect to the Agent&rsquo;s proxy analysis or recommendations. Such information
shall include, but is not limited to, a monthly report from the Agent detailing the Agent&rsquo;s Corporate Securities Division
clients and related revenue data. The Advisers shall review such information on a monthly basis. The Proxy Administrator shall
instruct the Agent to refer any proxies for which a material conflict of the Agent is deemed to be present to the Proxy Administrator.
Any such proxy referred by the Agent shall be referred to the Global Proxy Group for consideration accompanied by the Agent&rsquo;s
written analysis and voting recommendation. The Proxy Administrator will instruct the Agent to vote the proxy as recommended by
the Global Proxy Group.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>The Guidelines will prescribe how a proposal shall be voted or provide factors to be considered on a case-by-case basis by
the Agent in recommending a vote pursuant to the Guidelines.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 102 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0.25in 6pt 0; text-align: right">APPENDIX C</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PARAMETRIC PORTFOLIO ASSOCIATES
LLC</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PROXY VOTING POLICIES AND PROCEDURES</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Policy</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Parametric Portfolio Associates LLC (&ldquo;Parametric&rdquo;)
has adopted and implemented these policies and procedures which it believes are reasonably designed to ensure that proxies are
voted in the best interests of clients, in accordance with its fiduciary obligations and applicable regulatory requirements. When
it has been delegated the responsibility to vote proxies on behalf of a client, Parametric will generally vote them in accordance
with its Proxy Voting Guidelines, attached hereto as Exhibit A. The Proxy Voting Guidelines are set and annually reviewed by the
firm&rsquo;s Corporate Governance Committee. Parametric will consider potential conflicts of interest when voting proxies and disclose
material conflicts to clients. Parametric will promptly provide these policies and procedures, as well as proxy voting records,
to its clients upon request. As required, Parametric will retain appropriate proxy voting books and records. In the event that
Parametric engages a third party service provider to administer and vote proxies or provide other proxy voting services on behalf
a client, it will evaluate the service provider&rsquo;s conflicts of interest procedures and confirm its abilities to vote proxies
in the client&rsquo;s best interest.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Regulatory Requirements</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Rule 206(4)-6 under the Investment Advisers Act requires
that an investment adviser that exercises voting authority over client proxies to adopt and implement policies and procedures that
are reasonably designed to ensure that the adviser votes proxies in the best interest of the client. The rule specifically requires
that the policies and procedures describe how the adviser addresses material conflicts of interest with respect to proxy voting.
The rule also requires an adviser to disclose to its clients information about those policies and procedures, and how the client
may obtain information on how the adviser has voted the client&rsquo;s proxies. In addition, Rule 204-2 under the Act requires
an adviser to retain certain records related to proxy voting.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Responsibility</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Manager, Investment Operations (the &ldquo;Manager&rdquo;)
is responsible for the day-to-day administration of the firm&rsquo;s proxy voting practices. One or more Operations personnel (each
a &ldquo;Proxy Voting Coordinator&rdquo;) are responsible for ensuring proxy ballots are received and voted in accordance with
the firm&rsquo;s Proxy Voting Guidelines. The Director of Responsible Investing is responsible for providing guidance with regard
to the Proxy Voting Guidelines. The Proxy Voting Committee is responsible for monitoring Parametric&rsquo;s proxy voting practices
and evaluating any service providers engaged to vote proxies on behalf of clients. The Corporate Governance Committee is responsible
for setting and annually reviewing the firm&rsquo;s Proxy Voting Policies and Procedures and Proxy Voting Guidelines. The Compliance
Department is responsible for annually reviewing these policies and procedures to verify that they are adequate, appropriate and
effective.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Procedures</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">Parametric has adopted and implemented procedures to ensure
the firm&rsquo;s proxy voting policies are observed, executed properly and amended or updated, as appropriate. The procedures are
summarized as follows:</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">New Accounts</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric is generally delegated the responsibility to vote proxies on behalf of clients. (The Minneapolis and Westport Investment
Centers, which manage overlay and options-based strategies, generally do not vote proxies on behalf of their clients but may be
required to do so, from time to time.) This responsibility is typically established in the investment advisory agreement between
the client and Parametric. If not set forth in the advisory agreement, Parametric will assume the responsibility to vote proxies
on the client&rsquo;s behalf unless it has received written instruction from the client not to.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>When a new client account is established, Parametric will instruct the client&rsquo;s custodian to forward all proxy materials
to Broadridge Financial Solutions (Broadridge) or Institutional Shareholder Services (ISS), proxy voting service providers engaged
by Parametric to administer proxy voting.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>On a monthly basis, Operations performs a reconciliation to ensure that Broadridge or ISS are receiving proxies for all client
accounts for which Parametric is responsible for voting client proxies.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 103 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Proxy Voting Administration &ndash; Seattle Investment
Center</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric&rsquo;s proxy voting is administered on a daily basis by the Proxy Voting Coordinator, who is a member of Parametric&rsquo;s
Operations Department. The Coordinator is responsible for ensuring proxies are voted in accordance with Parametric&rsquo;s Proxy
Voting Guidelines or other specified guidelines set and provided by a client.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Director of Responsible Investing will actively review research and guidance issued by third party proxy voting analysts
regarding proxy voting issues relevant to Parametric&rsquo;s clients and monitor upcoming shareholder meetings and votes. The Director
will provide guidance to the Manager and Proxy Voting Coordinators with regard to the Proxy Voting Guidelines and how they apply
to proxy ballots. The Director will ensure that rationale for votes cast is properly documented and reviewed by other Committee
members, as warranted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric utilizes the Broadridge ProxyEdge and ISS ProxyExchange tools to manage, track, reconcile and report proxy voting.
Parametric relies on these applications to ensure that all proxies are received and voted in timely manner.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In the unlikely event that a ballot proposal is not addressed by the Proxy Voting Guidelines, the Proxy Voting Coordinator
will consult with the Manager to confirm that the Proxy Voting Guidelines do not address the proxy issue. If confirmed, the Manager
will refer the proposal to the Proxy Voting Committee for their consideration. The Proxy Voting Committee may review research and
guidance issued by third party proxy voting service providers when making a vote determination. A vote determination must be approved
in writing by not less than two Committee members before Operations may vote the ballot item. The rationale for making the determination
will be documented by the Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Proxy Voting Coordinator may abstain from voting a proxy on behalf of a client account if the economic effect on shareholders&rsquo;
interests or the value of the holding is indeterminable or insignificant (e.g., the security is no longer held in the client portfolio)
or if the cost of voting the proxy outweighs the potential benefit (e.g., international proxies which share blocking practices
may impose trading restrictions).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A secondary review of proxy votes submitted by the Proxy Voting Coordinator is performed by the Manager or his/her delegate
on a regular basis, to verify that Parametric has voted all proxies and voted them consistent with the appropriate proxy voting
guidelines.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Proxy Voting Administration &ndash; Minneapolis Investment
Center</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0">From time to time, the Minneapolis Investment Center may
be required to vote a proxy ballot on behalf of a client. Proxy ballots mailed to the Minneapolis Investment Center or sent directly
to Broadridge are logged into ProxyEdge. The Minneapolis Operations Team is responsible for monitoring proxy ballots received.
The Minneapolis Operations Team will request and receive instruction from the Proxy Voting Coordinator or Manager as how to vote
the ballot in accordance with the firm&rsquo;s Proxy Voting Guidelines.</P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Proxy Voting Committee</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric has established a Proxy Voting Committee (the &ldquo;Committee&rdquo;), which shall meet on a quarterly basis to
oversee and monitor the firm&rsquo;s proxy voting practices. The Committee&rsquo;s charter is attached hereto as Exhibit B.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Committee will consider requests (from clients or Portfolio Managers) to vote a proxy contrary to the firm&rsquo;s Proxy
Voting Guidelines. The Committee will document its rationale for approving or denying the request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>On an annual basis, the Committee will review the firm&rsquo;s Proxy Voting Policies and Procedures and Proxy Voting Guidelines
to ensure they are current, appropriate and designed to serve the best interests of clients and fund shareholders and recommend
any changes to the Corporate Governance Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In the event that Parametric deems it to be in a client&rsquo;s best interest to engage a third party proxy voting service
provider, the Committee will exercise due diligence to ensure that the service provider firm can provide objective research, make
recommendations or vote proxies in an impartial manner and in the best interest of the client. This evaluation will consider the
proxy voting firm&rsquo;s business and conflict of interest procedures, and confirm that the procedures address the firm&rsquo;s
conflicts. On an annual basis, the Committee will evaluate the performance of any third-party proxy voting firms and reconsider
if changes have impacted their conflict of interest procedures. Initial and ongoing due diligence evaluations shall be documented
in writing.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 104 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Conflicts of interest</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Using the criteria set by the Proxy Voting Committee the Compliance Department will identify and actively monitor potential
conflicts of interest which may compromise the firm&rsquo;s ability to vote a proxy ballot in the best interest of clients. Compliance
will maintain a List of Potentially Conflicted Companies and provide it to Operations whenever it is updated. The list shall identify
potential conflicts resulting from business relationships with clients, potential clients, service providers, and the firm&rsquo;s
affiliates.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>All proxies are voted by Parametric in accordance with the firm&rsquo;s Proxy Voting Guidelines. If a proxy ballot is received
from an issuer on the List of Conflicted Companies and a proposal is not addressed by the Proxy Voting Guidelines, the Voting Coordinator
will forward the proposal to the Manager to confirm that the guidelines do not address the proposal. If confirmed, the Manager
will forward the proposal to the Proxy Voting Committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If the Proxy Voting Committee determines a material conflict exists, Parametric will refrain from voting the proxy until it
has disclosed the conflict to clients and obtained their consent or instruction as how to vote the proxy. Parametric shall provide
all necessary information to clients when seeking their instruction and/or consent in voting the proxy.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If a client is unresponsive and fails to provide Parametric with instruction or consent to vote the proxy, the Proxy Voting
Committee shall make a good faith determination as how to vote the proxy (which may include abstaining from voting the proxy) and
provide appropriate instruction to the Proxy Voting Coordinator. The Committee shall document the rationale for making its final
determination.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Proxy Voting Disclosure Responsibilities</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>As a sub-adviser to various mutual funds registered under the Investment Company Act of 1940, Parametric will, upon each fund&rsquo;s
request, compile and transmit in a timely manner all data required to be filed on Form N-PX to the appropriate fund&rsquo;s administrator
or third party service provider designated by the fund&rsquo;s administrator.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric will promptly report any material changes to these policies and procedures to its mutual fund clients in accordance
with their respective policies and procedures, to ensure that the revised policies and procedures may be properly reviewed by the
funds&rsquo; Boards of Trustees/Directors and included in the funds&rsquo; annual registration statements.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Solicitations and Information Requests</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric&rsquo;s proxy voting policies and procedures are summarized and described to clients in Item 17 of the firm&rsquo;s
Form ADV Brochure (Form ADV Part 2A). Parametric will promptly provide a copy of these proxy voting policies and procedures, which
may be updated from time to time, to a client upon their request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric&rsquo;s Form ADV Brochure discloses to clients how they may obtain information from Parametric about how it voted
proxies on their behalf. Parametric will provide proxy voting information free of charge upon written request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric will not reveal or disclose to any third-party how it may have voted or intends to vote a proxy until its vote has
been counted at the respective shareholder&rsquo;s meeting. Parametric may in any event disclose its general voting guidelines.
No employee of Parametric may accept any benefit in the solicitation of proxies.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Compliance Review</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>On a regular basis, but not less than annually, the Compliance Department will review a sample of proxies voted to verify that
Parametric has voted proxies in accordance with the firm&rsquo;s proxy voting guidelines and in clients&rsquo; best interests.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>On an annual basis, the Compliance Department will review the firm&rsquo;s proxy voting policies and procedures, as required
per Rule 206(4)-7, to confirm that they are adequate, effective, and designed to ensure that proxies are voted in clients&rsquo;
best interests.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Class Actions</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric generally does not file or respond to class action claims on behalf of clients unless specifically obligated to
do so under the terms of the client&rsquo;s investment advisory agreement. Parametric will retain appropriate documentation regarding
any determinations made on behalf of a client with regard to a class action claim or settlement.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 105 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Recordkeeping</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric will maintain proxy voting books and records in an easily accessible place for a period of six years, the first
two years in the Seattle Investment Center.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Parametric will maintain all requisite proxy voting books and records, including but not limited to: (1) proxy voting policies
and procedures, (2) proxy statements received on behalf of client accounts, (3) proxies voted, (4) copies of any documents that
were material to making a decision how to vote proxies, and (5) client requests for proxy voting records and Parametric&rsquo;s
written response to any client request.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 106 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal NewsGoth Dm BT,sans-serif; margin: 3pt 0; text-align: center">Eaton Vance Tax-Managed Buy-Write Opportunities
Fund</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Statement of Additional Information</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">May 31, 2018</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">________________</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Investment Adviser and Administrator
of</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Tax-Managed Buy-Write
Opportunities Fund</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Management</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Two International Place</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02110</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Sub-Adviser of</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Tax-Managed Buy-Write
Opportunities Fund</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Parametric Portfolio Associates LLC</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">1918 Eighth Avenue, Suite 3100</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Seattle, WA 98101</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Custodian</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Bank and Trust&nbsp;Company</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Financial Center, One
Lincoln Street</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02111</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Transfer Agent</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">American Stock Transfer &amp; Trust
Company, LLC</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">6201 15<SUP>th</SUP> Avenue</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Brooklyn, NY 11219</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Independent Registered Public Accounting
Firm</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Deloitte &amp; Touche LLP</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">200 Berkeley Street</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02116</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 107; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 40%; text-align: right">SAI dated May 31, 2018</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"></P>


<!-- Field: /Include-Text -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  F )8# 2(  A$! Q$!_\0
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M/W3WWAO2[N141Y[2*5EC7"@L@) '8<T <%J_PHO=8\<P^+9/$JQW]NZ-"BV
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M)G=P[2QS/&Q(39U4@XV\$=#WKE[WX:XU"232+J&QMVABAA91*);14SCRV60
M\DGY@<9[CBBB@#H!X*\/YGW6&Y9E=61IG*+O.7VKG:FXC)V@59F\,Z3<:N-4
?EMF:Z#I(?WKA&=!A6*9VE@.A(ST]*** ->BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0!817AI9@  34T *@    @ ! $Q  (
M   1    /E$0  $    ! 0   %$1  0    !     %$2  0    !
M  !!9&]B92!);6%G95)E861Y  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  F )8# 2(  A$! Q$!_\0
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M8T_X9?\ !67X^:'X=L[?0]&L?%MS]FL;)?)M[<-M=@B+PH+,QP  ,\5^C/\
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MU#P5'>S^));ZYO[*?4[Q]+>YOHFAO+I+(R_9HKB:-G#SQQK(=[G=EF)9IO\
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B+B\M4\NUNY;)91:RW$*X"2O$77:I!RJD%% 'K5%%% '_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
