Eaton Vance Tax-Managed Buy-Write Opportunities Fund

N-CSRS 1 d200249dncsrs.htm EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND Eaton Vance Tax-Managed Buy-Write Opportunities Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21735

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

June 30, 2021

Date of Reporting Period

Item 1.

Reports to Stockholders

LOGO

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund (ETV)

Semiannual Report

June 30, 2021

LOGO

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

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

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

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

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

Semiannual Report June 30, 2021

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund


Table of Contents
Performance			2
Fund Profile			2
Endnotes and Additional Disclosures			3
Financial Statements			4
Joint Special Meeting of Shareholders			17
Annual Meeting of Shareholders			18
Officers and Trustees			19
Privacy Notice			20
Important Notices			22

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Performance¹

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


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years

Fund at NAV		06/30/2005		12.67	%		30.36	%		12.25	%		11.20	%
Fund at Market Price		—		10.85			26.42			11.82			12.70



S&P 500^® Index		—		15.25	%		40.79	%		17.64	%		14.83	%
NASDAQ–100^® Index		—		13.34			44.36			28.22			21.51
Cboe S&P 500 BuyWrite Index^SM		—		11.10			27.28			7.05			7.00
Cboe NASDAQ–100 BuyWrite Index^SM		—		4.95			20.26			10.88			8.53

% Premium/Discount to NAV²

													4.29	%

Distributions³

Total Distributions per share for the period												$	0.665
Distribution Rate at NAV													8.52	%
Distribution Rate at Market Price													8.17

Fund Profile

Sector Allocation (% of total investments)⁴

LOGO

Top 10 Holdings (% of total investments)⁴


Apple, Inc.	8.7	%

Microsoft Corp.	8.2

Amazon.com, Inc.	6.6

Facebook, Inc., Class A	3.7

Alphabet, Inc., Class A	3.2

Alphabet, Inc., Class C	3.1

Tesla, Inc.	2.4

Comcast Corp., Class A	1.7

Texas Instruments, Inc.	1.7

Adobe, Inc.	1.6

Total	40.9	%

See Endnotes and Additional Disclosures in this report.

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


		2

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Endnotes and Additional Disclosures

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

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

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. As of 6/30/2021, distributions included estimates of return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

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

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective July 1, 2021, the Fund is managed by Thomas C. Seto and G.R. Nelson.


		3

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Portfolio of Investments (Unaudited)


Common Stocks — 101.7%
Security	Shares		Value

Aerospace & Defense — 1.0%

Boeing Co. (The)⁽¹⁾⁽²⁾		13,686	$	3,278,618

L3Harris Technologies, Inc.⁽²⁾		6,224		1,345,318

Northrop Grumman Corp.⁽²⁾		17,902		6,506,124

Raytheon Technologies Corp.		25,063		2,138,124

Textron, Inc.⁽²⁾		25,000		1,719,250

			$	14,987,434

Airlines — 0.2%

Southwest Airlines Co.⁽¹⁾⁽²⁾		52,956	$	2,811,434

			$	2,811,434

Auto Components — 0.3%

Aptiv PLC⁽¹⁾⁽²⁾		30,791	$	4,844,348

			$	4,844,348

Automobiles — 2.5%

General Motors Co.⁽¹⁾		20,000	$	1,183,400

Tesla, Inc.⁽¹⁾⁽²⁾		55,740		37,886,478

			$	39,069,878

Banks — 2.8%

Bank of America Corp.⁽²⁾		130,000	$	5,359,900

Fifth Third Bancorp⁽²⁾		88,466		3,382,055

Huntington Bancshares, Inc.⁽²⁾		179,679		2,564,020

JPMorgan Chase & Co.⁽²⁾		78,928		12,276,461

KeyCorp⁽²⁾		532,924		11,004,881

Regions Financial Corp.⁽²⁾		289,924		5,850,666

Truist Financial Corp.⁽²⁾		41,626		2,310,243

			$	42,748,226

Beverages — 1.6%

Coca-Cola Co. (The)⁽²⁾		153,082	$	8,283,267

Constellation Brands, Inc., Class A		3,691		863,288

PepsiCo, Inc.⁽²⁾		103,082		15,273,660

			$	24,420,215

Biotechnology — 2.2%

AbbVie, Inc.		6,412	$	722,248

Amgen, Inc.⁽²⁾		59,770		14,568,938

Biogen, Inc.⁽¹⁾⁽²⁾		15,031		5,204,784

Gilead Sciences, Inc.⁽²⁾		202,361		13,934,578

			$	34,430,548


Security	Shares		Value

Building Products — 0.5%

A.O. Smith Corp.⁽²⁾		29,207	$	2,104,656

Allegion PLC⁽²⁾		10,516		1,464,879

Trane Technologies PLC⁽²⁾		23,525		4,331,894

			$	7,901,429

Capital Markets — 2.2%

Charles Schwab Corp. (The)		14,451	$	1,052,177

CME Group, Inc.⁽²⁾		12,294		2,614,688

Goldman Sachs Group, Inc. (The)⁽²⁾		12,655		4,802,952

Moody’s Corp.⁽²⁾		25,502		9,241,160

S&P Global, Inc.⁽²⁾		28,313		11,621,071

State Street Corp.⁽²⁾		13,478		1,108,970

T. Rowe Price Group, Inc.⁽²⁾		13,079		2,589,249

			$	33,030,267

Chemicals — 1.2%

Air Products and Chemicals, Inc.⁽²⁾		13,083	$	3,763,717

Corteva, Inc.		20,341		902,123

Dow, Inc.⁽²⁾		20,341		1,287,179

DuPont de Nemours, Inc.⁽²⁾		20,341		1,574,597

FMC Corp.		8,245		892,109

PPG Industries, Inc.⁽²⁾		61,416		10,426,594

			$	18,846,319

Commercial Services & Supplies — 0.4%

Copart, Inc.⁽¹⁾⁽²⁾		40,986	$	5,403,184

Waste Management, Inc.		6,187		866,861

			$	6,270,045

Communications Equipment — 1.2%

Cisco Systems, Inc.⁽²⁾		358,876	$	19,020,428

			$	19,020,428

Consumer Finance — 1.1%

American Express Co.⁽²⁾		30,565	$	5,050,255

Capital One Financial Corp.		10,757		1,664,000

Discover Financial Services⁽²⁾		82,596		9,770,281

			$	16,484,536

Containers & Packaging — 0.1%

WestRock Co.		21,317	$	1,134,491

			$	1,134,491


		4		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Distributors — 0.1%

Genuine Parts Co.⁽²⁾		9,927	$	1,255,468

			$	1,255,468

Diversified Financial Services — 0.4%

Berkshire Hathaway, Inc., Class B⁽¹⁾⁽²⁾		19,434	$	5,401,097

			$	5,401,097

Diversified Telecommunication Services — 0.7%

Verizon Communications, Inc.⁽²⁾		187,280	$	10,493,298

			$	10,493,298

Electric Utilities — 1.0%

American Electric Power Co., Inc.⁽²⁾		6,004	$	507,878

Edison International⁽²⁾		82,790		4,786,918

NextEra Energy, Inc.⁽²⁾		80,000		5,862,400

NRG Energy, Inc.⁽²⁾		116,156		4,681,087

			$	15,838,283

Electronic Equipment, Instruments & Components — 0.2%

Zebra Technologies Corp., Class A⁽¹⁾		5,499	$	2,911,665

			$	2,911,665

Entertainment — 2.5%

Netflix, Inc.⁽¹⁾⁽²⁾		39,110	$	20,658,293

Walt Disney Co. (The)⁽¹⁾⁽²⁾		100,149		17,603,190

			$	38,261,483

Equity Real Estate Investment Trusts (REITs) — 1.1%

American Tower Corp.⁽²⁾		17,730	$	4,789,582

Apartment Income REIT Corp.⁽²⁾		34,427		1,632,872

Apartment Investment and Management Co., Class A⁽²⁾		34,427		231,005

Digital Realty Trust, Inc.		5,247		789,464

Duke Realty Corp.⁽²⁾		20,602		975,505

Iron Mountain, Inc.⁽²⁾		30,000		1,269,600

Mid-America Apartment Communities, Inc.⁽²⁾		31,281		5,268,346

ProLogis, Inc.⁽²⁾		12,000		1,434,360

			$	16,390,734

Food & Staples Retailing — 0.9%

Kroger Co. (The)⁽²⁾		103,892	$	3,980,103

Walmart, Inc.⁽²⁾		74,524		10,509,374

			$	14,489,477


Security	Shares		Value

Food Products — 1.1%

Hershey Co. (The)		5,163	$	899,291

Hormel Foods Corp.⁽²⁾		21,160		1,010,390

Lamb Weston Holdings, Inc.⁽²⁾		16,086		1,297,497

Mondelez International, Inc., Class A⁽²⁾		212,633		13,276,805

			$	16,483,983

Health Care Equipment & Supplies — 2.9%

Abbott Laboratories⁽²⁾		15,787	$	1,830,187

Baxter International, Inc.⁽²⁾		36,672		2,952,096

Danaher Corp.⁽²⁾		4,686		1,257,535

Edwards Lifesciences Corp.⁽¹⁾⁽²⁾		66,378		6,874,769

Intuitive Surgical, Inc.⁽¹⁾⁽²⁾		25,537		23,484,847

Stryker Corp.⁽²⁾		33,820		8,784,069

			$	45,183,503

Health Care Providers & Services — 2.1%

Cigna Corp.⁽²⁾		31,281	$	7,415,787

CVS Health Corp.⁽²⁾		52,381		4,370,671

DaVita, Inc.⁽¹⁾⁽²⁾		11,550		1,390,966

McKesson Corp.⁽²⁾		7,813		1,494,158

UnitedHealth Group, Inc.⁽²⁾		42,638		17,073,961

			$	31,745,543

Hotels, Restaurants & Leisure — 1.9%

Caesars Entertainment, Inc.⁽¹⁾		6,957	$	721,789

Chipotle Mexican Grill, Inc.⁽¹⁾⁽²⁾		3,300		5,116,122

Darden Restaurants, Inc.⁽²⁾		21,181		3,092,214

Marriott International, Inc., Class A⁽¹⁾⁽²⁾		75,775		10,344,803

McDonald’s Corp.⁽²⁾		35,561		8,214,235

Yum! Brands, Inc.⁽²⁾		14,466		1,664,024

			$	29,153,187

Household Durables — 0.2%

PulteGroup, Inc.⁽²⁾		26,224	$	1,431,044

Whirlpool Corp.⁽²⁾		8,566		1,867,559

			$	3,298,603

Household Products — 0.6%

Clorox Co. (The)⁽²⁾		27,426	$	4,934,212

Procter & Gamble Co. (The)⁽²⁾		36,664		4,947,073

			$	9,881,285

Industrial Conglomerates — 0.5%

3M Co.⁽²⁾		11,474	$	2,279,081

Honeywell International, Inc.⁽²⁾		26,647		5,845,019

			$	8,124,100


		5		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Insurance — 1.1%

American International Group, Inc.⁽²⁾		70,241	$	3,343,472

Chubb, Ltd.⁽²⁾		35,393		5,625,363

Marsh & McLennan Cos., Inc.⁽²⁾		15,767		2,218,101

Travelers Cos., Inc. (The)⁽²⁾		35,246		5,276,679

			$	16,463,615

Interactive Media & Services — 10.3%

Alphabet, Inc., Class A⁽¹⁾⁽²⁾		20,589	$	50,274,014

Alphabet, Inc., Class C⁽¹⁾⁽²⁾		19,392		48,602,557

Facebook, Inc., Class A⁽¹⁾⁽²⁾		165,505		57,547,744

Twitter, Inc.⁽¹⁾		16,742		1,152,017

			$	157,576,332

Internet & Direct Marketing Retail — 6.8%

Amazon.com, Inc.⁽¹⁾⁽²⁾		29,809	$	102,547,729

Pinduoduo, Inc. ADR⁽¹⁾		16,428		2,086,685

			$	104,634,414

IT Services — 4.0%

Cognizant Technology Solutions Corp., Class A⁽²⁾		95,346	$	6,603,664

Fidelity National Information Services, Inc.⁽²⁾		62,742		8,888,659

Mastercard, Inc., Class A⁽²⁾		27,000		9,857,430

PayPal Holdings, Inc.⁽¹⁾⁽²⁾		70,600		20,578,488

Visa, Inc., Class A⁽²⁾		63,696		14,893,399

			$	60,821,640

Life Sciences Tools & Services — 1.2%

Agilent Technologies, Inc.⁽²⁾		65,000	$	9,607,650

IQVIA Holdings, Inc.⁽¹⁾		5,328		1,291,081

PerkinElmer, Inc.⁽²⁾		23,065		3,561,467

Thermo Fisher Scientific, Inc.⁽²⁾		7,471		3,768,895

			$	18,229,093

Machinery — 1.4%

Caterpillar, Inc.		7,735	$	1,683,368

Dover Corp.⁽²⁾		29,870		4,498,422

Ingersoll Rand, Inc.⁽¹⁾⁽²⁾		20,758		1,013,198

Parker-Hannifin Corp.⁽²⁾		14,287		4,387,681

Stanley Black & Decker, Inc.⁽²⁾		46,905		9,615,056

			$	21,197,725

Media — 2.1%

Comcast Corp., Class A⁽²⁾		475,547	$	27,115,690

DISH Network Corp., Class A⁽¹⁾⁽²⁾		30,564		1,277,575


Security	Shares		Value

Media (continued)

ViacomCBS, Inc., Class B⁽²⁾		88,076	$	3,981,035

			$	32,374,300

Metals & Mining — 0.3%

Freeport-McMoRan, Inc.⁽²⁾		94,914	$	3,522,258

Newmont Corp.⁽²⁾		25,563		1,620,183

			$	5,142,441

Multi-Utilities — 0.9%

CMS Energy Corp.⁽²⁾		177,055	$	10,460,409

Dominion Energy, Inc.⁽²⁾		36,763		2,704,654

			$	13,165,063

Multiline Retail — 0.1%

Target Corp.⁽²⁾		8,193	$	1,980,576

			$	1,980,576

Oil, Gas & Consumable Fuels — 1.8%

Chevron Corp.⁽²⁾		52,902	$	5,540,956

Diamondback Energy, Inc.⁽²⁾		150,036		14,086,880

ONEOK, Inc.		26,014		1,447,419

Phillips 66⁽²⁾		57,101		4,900,408

Valero Energy Corp.		12,000		936,960

Williams Cos., Inc. (The)		37,548		996,899

			$	27,909,522

Personal Products — 0.7%

Estee Lauder Cos., Inc. (The), Class A⁽²⁾		32,008	$	10,181,105

			$	10,181,105

Pharmaceuticals — 2.4%

Bristol-Myers Squibb Co.⁽²⁾		132,017	$	8,821,376

Eli Lilly & Co.⁽²⁾		12,046		2,764,798

Johnson & Johnson⁽²⁾		43,189		7,114,956

Merck & Co., Inc.⁽²⁾		111,665		8,684,187

Organon & Co.⁽¹⁾⁽²⁾		11,166		337,883

Pfizer, Inc.⁽²⁾		220,239		8,624,559

Viatris, Inc.⁽²⁾		30,036		429,215

			$	36,776,974

Professional Services — 0.3%

Equifax, Inc.⁽²⁾		14,785	$	3,541,155

Robert Half International, Inc.⁽²⁾		12,784		1,137,393

			$	4,678,548


		6		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Real Estate Management & Development — 0.1%

CBRE Group, Inc., Class A⁽¹⁾		14,698	$	1,260,060

			$	1,260,060

Road & Rail — 0.8%

Kansas City Southern⁽²⁾		5,885	$	1,667,633

Norfolk Southern Corp.⁽²⁾		9,503		2,522,191

Union Pacific Corp.⁽²⁾		37,756		8,303,677

			$	12,493,501

Semiconductors & Semiconductor Equipment — 8.7%

Advanced Micro Devices, Inc.⁽¹⁾⁽²⁾		132,313	$	12,428,160

Analog Devices, Inc.⁽²⁾		56,522		9,730,828

ASML Holding NV - NY Shares⁽²⁾		17,623		12,174,673

Enphase Energy, Inc.⁽¹⁾⁽²⁾		33,910		6,226,893

Intel Corp.⁽²⁾		319,158		17,917,530

Microchip Technology, Inc.⁽²⁾		53,000		7,936,220

NXP Semiconductors NV⁽²⁾		47,520		9,775,815

ON Semiconductor Corp.⁽¹⁾⁽²⁾		99,333		3,802,467

Qorvo, Inc.⁽¹⁾⁽²⁾		15,654		3,062,705

QUALCOMM, Inc.⁽²⁾		140,545		20,088,097

Teradyne, Inc.⁽²⁾		27,000		3,616,920

Texas Instruments, Inc.⁽²⁾		140,016		26,925,077

			$	133,685,385

Software — 12.9%

Adobe, Inc.⁽¹⁾⁽²⁾		42,521	$	24,901,999

Fortinet, Inc.⁽¹⁾⁽²⁾		29,859		7,112,115

Microsoft Corp.⁽²⁾		469,480		127,182,132

Oracle Corp.⁽²⁾		217,080		16,897,507

Paycom Software, Inc.⁽¹⁾		4,241		1,541,476

salesforce.com, inc.⁽¹⁾⁽²⁾		62,922		15,369,957

ServiceNow, Inc.⁽¹⁾		3,002		1,649,749

Zoom Video Communications, Inc., Class A⁽¹⁾		6,132		2,373,268

			$	197,028,203

Specialty Retail — 1.7%

Advance Auto Parts, Inc.⁽²⁾		26,636	$	5,464,109

Best Buy Co., Inc.⁽²⁾		28,506		3,277,620

Home Depot, Inc. (The)⁽²⁾		53,182		16,959,208

			$	25,700,937

Technology Hardware, Storage & Peripherals — 8.9%

Apple, Inc.⁽²⁾		993,519	$	136,072,362

			$	136,072,362


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 1.0%

NIKE, Inc., Class B⁽²⁾		96,062	$	14,840,618

			$	14,840,618

Tobacco — 0.2%

Altria Group, Inc.⁽²⁾		25,875	$	1,233,720

Philip Morris International, Inc.⁽²⁾		24,163		2,394,795

			$	3,628,515

Trading Companies & Distributors — 0.5%

Fastenal Co.⁽²⁾		158,488	$	8,241,376

			$	8,241,376

Total Common Stocks — 101.7% (identified cost $357,246,654)			$	1,558,993,612

Total Written Call Options — (1.9)% (premiums received $17,114,705)			$	(30,168,865	)

Other Assets, Less Liabilities — 0.2%			$	3,739,526

Net Assets — 100.0%			$	1,532,564,273

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

⁽¹⁾	Non-income producing security.

⁽²⁾	Security (or a portion thereof) has been pledged as collateral for written options.


		7		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Portfolio of Investments (Unaudited) — continued


Written Call Options — (1.9)%

Exchange-Traded Options — (1.9)%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value

NASDAQ 100 Index		34	$	49,486,320	$	13,825		7/2/21	$	(2,508,010	)

NASDAQ 100 Index		34		49,486,320		13,900		7/6/21		(2,264,230	)

NASDAQ 100 Index		34		49,486,320		13,950		7/7/21		(2,107,320	)

NASDAQ 100 Index		34		49,486,320		14,000		7/9/21		(1,969,110	)

NASDAQ 100 Index		34		49,486,320		14,200		7/12/21		(1,373,600	)

NASDAQ 100 Index		34		49,486,320		14,200		7/14/21		(1,427,830	)

NASDAQ 100 Index		34		49,486,320		14,200		7/16/21		(1,468,460	)

NASDAQ 100 Index		34		49,486,320		14,100		7/19/21		(1,803,190	)

NASDAQ 100 Index		34		49,486,320		14,400		7/21/21		(1,056,040	)

NASDAQ 100 Index		34		49,486,320		14,500		7/23/21		(893,010	)

NASDAQ 100 Index		34		49,486,320		14,450		7/26/21		(1,037,340	)

NASDAQ 100 Index		34		49,486,320		14,550		7/28/21		(900,320	)

S&P 500 Index		167		71,768,250		4,250		7/2/21		(834,165	)

S&P 500 Index		167		71,768,250		4,260		7/6/21		(717,265	)

S&P 500 Index		168		72,198,000		4,260		7/7/21		(755,160	)

S&P 500 Index		168		72,198,000		4,275		7/9/21		(624,960	)

S&P 500 Index		169		72,627,750		4,260		7/12/21		(875,420	)

S&P 500 Index		169		72,627,750		4,275		7/14/21		(752,895	)

S&P 500 Index		172		73,917,000		4,220		7/16/21		(1,607,340	)

S&P 500 Index		171		73,487,250		4,270		7/21/21		(1,004,625	)

S&P 500 Index		170		73,057,500		4,225		7/21/21		(1,610,750	)

S&P 500 Index		171		73,487,250		4,300		7/23/21		(712,215	)

S&P 500 Index		171		73,487,250		4,285		7/26/21		(922,545	)

S&P 500 Index		171		73,487,250		4,290		7/28/21		(943,065	)

Total									$	(30,168,865	)

Abbreviations:



ADR	–	American Depositary Receipt


		8		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Statement of Assets and Liabilities (Unaudited)


Assets	June 30, 2021

Unaffiliated investments, at value (identified cost, $357,246,654)	$	1,558,993,612

Cash		4,992,566

Dividends receivable		660,183

Receivable for premiums on written options		1,879,501

Receivable for Fund shares sold		1,771,570

Receivable from the transfer agent		611,772

Total assets	$	1,568,909,204

Liabilities

Written options outstanding, at value (premiums received, $17,114,705)	$	30,168,865

Payable for investments purchased		1,254,046

Payable for closed written options		3,371,384

Payable to affiliates:

Investment adviser fee		1,237,085

Trustees’ fees		16,455

Accrued expenses		297,096

Total liabilities	$	36,344,931

Net Assets	$	1,532,564,273

Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized, 98,182,266 shares issued and outstanding	$	981,823

Additional paid-in capital		460,451,747

Distributable earnings		1,071,130,703

Net Assets	$	1,532,564,273

Net Asset Value

($1,532,564,273 ÷ 98,182,266 common shares issued and outstanding)	$	15.61


		9		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Statement of Operations (Unaudited)


Investment Income	Six Months Ended June 30, 2021

Dividends (net of foreign taxes, $12,961)	$	8,493,730

Total investment income	$	8,493,730

Expenses

Investment adviser fee	$	7,027,076

Trustees’ fees and expenses		33,165

Custodian fee		184,245

Transfer and dividend disbursing agent fees		9,103

Legal and accounting services		57,476

Printing and postage		232,299

Miscellaneous		73,511

Total expenses	$	7,616,875

Net investment income	$	876,855

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	46,692,010

Written options		(15,289,806	)

Net realized gain	$	31,402,204

Change in unrealized appreciation (depreciation) —

Investments	$	142,715,119

Written options		(8,153,995	)

Net change in unrealized appreciation (depreciation)	$	134,561,124

Net realized and unrealized gain	$	165,963,328

Net increase in net assets from operations	$	166,840,183


		10		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020

From operations —

Net investment income	$	876,855		$	6,771,178

Net realized gain (loss)		31,402,204			(9,630,928	)

Net change in unrealized appreciation (depreciation)		134,561,124			108,592,611

Net increase in net assets from operations	$	166,840,183		$	105,732,861

Distributions to shareholders	$	(62,966,831	)*	$	(6,682,009	)

Tax return of capital to shareholders	$	—		$	(113,840,293	)

Capital share transactions —

Proceeds from shelf offering, net of offering costs (see Note 5)	$	97,754,871		$	67,348,625

Reinvestment of distributions		3,588,487			6,642,422

Net increase in net assets from capital share transactions	$	101,343,358		$	73,991,047

Net increase in net assets	$	205,216,710		$	59,201,606

Net Assets

At beginning of period	$	1,327,347,563		$	1,268,145,957

At end of period	$	1,532,564,273		$	1,327,347,563

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


		11		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Financial Highlights


	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	14.480		$	14.640		$	13.360		$	15.010		$	14.050		$	14.570

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.009		$	0.075		$	0.083		$	0.077		$	0.089		$	0.119

Net realized and unrealized gain (loss)		1.755			1.080			2.486			(0.436	)		2.167			0.691

Total income (loss) from operations	$	1.764		$	1.155		$	2.569		$	(0.359	)	$	2.256		$	0.810

Less Distributions

From net investment income	$	(0.665	)*	$	(0.074	)	$	(0.082	)	$	(0.076	)	$	(0.089	)	$	(0.117	)

From net realized gain		—			—			—			(0.394	)		—			(0.435	)

Tax return of capital		—			(1.256	)		(1.248	)		(0.860	)		(1.241	)		(0.778	)

Total distributions	$	(0.665	)	$	(1.330	)	$	(1.330	)	$	(1.330	)	$	(1.330	)	$	(1.330	)

Premium from common shares sold through shelf offering (see Note 5)⁽¹⁾	$	0.031		$	0.015		$	0.041		$	0.039		$	0.034		$	—

Net asset value — End of period	$	15.610		$	14.480		$	14.640		$	13.360		$	15.010		$	14.050

Market value — End of period	$	16.280		$	15.350		$	14.950		$	13.480		$	15.370		$	14.840

Total Investment Return on Net Asset Value⁽²⁾		12.67	%⁽³⁾		9.14	%		20.23	%		(2.65	)%		16.93	%		6.04	%

Total Investment Return on Market Value⁽²⁾		10.85	%⁽³⁾		13.30	%		21.68	%		(4.08	)%		13.36	%		6.58	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	1,532,564		$	1,327,348		$	1,268,146		$	1,039,071		$	1,023,066		$	898,991

Ratios (as a percentage of average daily net assets):

Expenses		1.08	%⁽⁴⁾		1.09	%		1.08	%		1.09	%		1.08	%		1.09	%

Net investment income		0.12	%⁽⁴⁾		0.55	%		0.59	%		0.52	%		0.61	%		0.85	%

Portfolio Turnover		4	%⁽³⁾		9	%		6	%		9	%		4	%		4	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Not annualized.

⁽⁴⁾	Annualized.

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


		12		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

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

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

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

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

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

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

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

As of June 30, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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


		13

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Notes to Financial Statements (Unaudited) — continued

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

H Interim Financial Statements — The interim financial statements relating to June 30, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

Subject to its Managed Distribution Plan, the Fund makes monthly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of capital component. For the six months ended June 30, 2021, the amount of distributions estimated to be a tax return of capital was approximately $62,220,000. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.

At December 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $75,432,693 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2020, $75,432,693 are short-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at June 30, 2021, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	356,473,744

Gross unrealized appreciation	$	1,187,949,027

Gross unrealized depreciation		(15,598,024	)

Net unrealized appreciation	$	1,172,351,003

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory agreement with EVM in effect prior to March 1, 2021), the fee is computed at an annual rate of 1.00% of the Fund’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage, if any. For the six months ended June 30, 2021, the Fund’s investment adviser fee amounted to $7,027,076.

Pursuant to an investment sub-advisory agreement, EVM has delegated a portion of the investment management to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new sub-advisory agreement with Parametric, which took effect on March 1, 2021. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund. EVM also serves as administrator of the Fund, but receives no compensation.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended June 30, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.


		14

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Notes to Financial Statements (Unaudited) — continued

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $76,609,149 and $55,923,841, respectively, for the six months ended June 30, 2021.

5 Common Shares of Beneficial Interest and Shelf Offering

Common shares issued by the Fund pursuant to its dividend reinvestment plan for the six months ended June 30, 2021 and the year ended December 31, 2020 were 239,215 and 493,326, respectively.

In August 2012, the Board of Trustees initially approved a share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the six months ended June 30, 2021 and the year ended December 31, 2020.

The Fund is authorized to issue common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Fund, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Fund’s net asset value per common share. As of April 27, 2020, pursuant to its most recent registration statement filed with the SEC, the Fund is authorized to issue an additional 19,485,108 common shares.

During the six months ended June 30, 2021 and the year ended December 31, 2020, the Fund sold 6,280,936 and 4,551,521 common shares, respectively, and received proceeds (net of offering costs) of $97,754,871 and $67,348,625, respectively, through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were $2,927,248 and $1,375,648 for the six months ended June 30, 2021 and the year ended December 31, 2020, respectively. Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, is the distributor of the Fund’s shares and is entitled to receive a sales commission from the Fund of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Fund was informed that the sales commissions retained by EVD during the six months ended June 30, 2021 and the year ended December 31, 2020 were $197,486 and $136,061, respectively.

6 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2021 is included in the Portfolio of Investments. At June 30, 2021, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at June 30, 2021 was as follows:


	Fair Value
Derivative	Asset Derivative		Liability Derivative⁽¹⁾

Written options	$	—	$	(30,168,865	)

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


		15

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Notes to Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended June 30, 2021 was as follows:


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Written options	$	(15,289,806	)	$	(8,153,995	)

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

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

The average number of written options contracts outstanding during the six months ended June 30, 2021, which is indicative of the volume of this derivative type, was 2,416 contracts.

7 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•

Level 1 – quoted prices in active markets for identical investments

•

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

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

At June 30, 2021, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2		Level 3		Total

Common Stocks	$	1,558,993,612	*	$	—	$	—	$	1,558,993,612

Total Investments	$	1,558,993,612		$	—	$	—	$	1,558,993,612

Liability Description

Written Call Options	$	(30,168,865	)	$	—	$	—	$	(30,168,865	)

Total	$	(30,168,865	)	$	—	$	—	$	(30,168,865	)

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

8 Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.


		16

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Joint Special Meeting of Shareholders (Unaudited)

The Fund held a Joint Special Meeting of Shareholders (the “Special Meeting”) with certain other Eaton Vance closed-end funds on January 7, 2021 and adjourned until January 22, 2021 for the following purpose: approval of a new investment advisory agreement with EVM (“Proposal 1”) and approval of a new investment sub-advisory agreement with Parametric Portfolio Associates LLC (“Proposal 2”). The shareholder meeting results are as follows:


	Number of Shares⁽¹⁾
	For		Against		Abstain⁽²⁾		Broker Non-Votes⁽²⁾

Proposal 1		41,584,181		1,094,269		3,334,832		0

Proposal 2		40,898,009		1,279,167		3,836,107		0

⁽¹⁾	Fractional shares were voted proportionately.

⁽²⁾

All shares that were voted and votes to abstain were counted towards establishing a quorum, as were broker non-votes. (Broker non-votes are shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter.) Abstentions and broker non-votes had the effect of a negative vote on each Proposal. Broker non-votes were not expected with respect to each Proposal because brokers are required to receive instructions from the beneficial owners or persons entitled to vote in order to submit proxies.


		17

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Annual Meeting of Shareholders (Unaudited)

The Fund held its Annual Meeting of Shareholders on April 15, 2021. The following action was taken by the shareholders:

Proposal 1: The election of Thomas E. Faust Jr., Cynthia E. Frost and Scott E. Wennerholm as Class I Trustees of the Fund, each for a three-year term ending in 2024.


Nominee for Trustee	Number of Shares
Nominee for Trustee	For		Withheld

Thomas E. Faust Jr.		68,714,835		1,087,465

Cynthia E. Frost		54,579,483		15,222,817

Scott E. Wennerholm		54,572,479		15,229,821


		18

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2021

Officers and Trustees

Officers

Edward J. Perkin

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Kimberly M. Roessiger

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

*	Interested Trustee


		19

Eaton Vance Funds


Privacy Notice		April 2021



FACTS		WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?



Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.


What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: ^∎ Social Security number and income ^∎ investment experience and risk tolerance ^∎ checking account number and wire transfer instructions


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.


Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share


To limit our sharing		Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.



Questions?		Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com


		20

Eaton Vance Funds


Privacy Notice — continued		April 2021


Page 2


Who we are
Who is providing this notice?		Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?		We collect your personal information, for example, when you ^∎ open an account or make deposits or withdrawals from your account ^∎ buy securities from us or make a wire transfer ^∎ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only ^∎ sharing for affiliates’ everyday business purposes — information about your creditworthiness ^∎ affiliates from using your information to market to you ^∎ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates		Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ^∎ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ^∎ Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ^∎ Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.


		21

Eaton Vance Funds

IMPORTANT NOTICES

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

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

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

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

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


		22

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15^th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

LOGO

7745 6.30.21

Item 2.

Code of Ethics

Not required in this filing.

Item 3.

Audit Committee Financial Expert

Not required in this filing.

Item 4.

Principal Accountant Fees and Services

Not required in this filing.

Item 5.

Audit Committee of Listed Registrants

Not required in this filing.

Item 6.

Schedule of Investments

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

Item 7.

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

Not required in this filing.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

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

Mr. Nelson is a Vice President of Eaton Vance, has been an equity analyst at Eaton Vance since 2004 and has been a portfolio manager of the Fund since July 2021. Mr. Seto is Head of Investment Management at Parametric, has managed other Eaton Vance portfolios for more than five years and has been a portfolio manager of the Fund since April 2005. This information is provided as of the date of filing this report.

The following table shows, as of June 30, 2021, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.


	Number of All Accounts		Total Assets of All Accounts			Number of Accounts Paying a Performance Fee		Total Assets of Accounts Paying a Performance Fee
G.R. Nelson

Registered Investment Companies		3	$	3,519.3			0	$	0
Other Pooled Investment Vehicles		0	$	0			0	$	0
Other Accounts		1	$	1.6			0	$	0

Thomas C. Seto

Registered Investment Companies		45	$	32,494.8	⁽¹⁾		0	$	0
Other Pooled Investment Vehicles		7	$	1,674.4			0	$	0
Other Accounts		55,725	$	190,323.0	⁽²⁾		0	$	0

⁽¹⁾	This portfolio manager provides investment advice with respect to only a portion of the total assets of certain of these accounts. Only the assets allocated to this portfolio manager as of the Fund’s most recent fiscal year end are reflected in the table.

⁽²⁾	For “Other Accounts” that are part of a wrap or model account program, the number of accounts is the number of sponsors for which the portfolio manager provides advisory services rather than the number of individual customer accounts within each wrap or model account program.

The following table shows, as of June 30, 2021, the dollar range of Fund shares beneficially owned by each portfolio manager.


Portfolio Manager		Dollar Range of Equity Securities Beneficially Owned in the Fund
G.R. Nelson		None
Thomas C. Seto		None

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

Compensation Structure for EVM

Compensation of EVM’s portfolio managers and other investment professionals has the following primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual non-cash compensation consisting of restricted shares of Morgan Stanley stock that are subject to a fixed vesting and distribution schedule. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the December 31^st fiscal year end of Morgan Stanley.

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

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

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

Compensation Structure for Parametric

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

Method to Determine Compensation. Parametric seeks to compensate portfolio managers commensurate with their responsibilities and performance while remaining competitive with other firms within the investment management industry. In the case of investment strategies that are systematic, including the Fund’s, portfolio managers primarily are measured with respect to whether a strategy’s rules as implemented delivered on the strategy’s objectives. In evaluating the foregoing, Parametric evaluates the manner in which the strategy is implemented relative to strategy targets, rebalancing portfolio exposures consistent with pre-determined triggers, and judicious trade construction. Portfolio managers are also expected to monitor factors that may impact implementation of a strategy and to seek potential ways to address them as needed.

Salaries, bonuses and stock-based compensation are also influenced by the operating performance of Parametric and Morgan Stanley. 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.

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.

Item 9.

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

No such purchases this period.

Item 10.

Submission of Matters to a Vote of Security Holders

No material changes.

Item 11.

Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

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

Item 12.

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

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

Item 13.

Exhibits


(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.

(c)		Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Tax-Managed Buy-Write Opportunities Fund


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

Date:		August 19, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		August 19, 2021

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

Date:		August 19, 2021