Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs) (2024)

Item1. Reports to Stockholders

Semiannual Report June 30, 2022

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

Table of Contents
Performance 2
Fund Profile 3
Endnotes and Additional Disclosures 4
Financial Statements 5
Annual Meeting of Shareholders 20
Board of Trustees’ Contract Approval 21
Officers and Trustees 25
Privacy Notice 26
Important Notices 28

Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Performance

Portfolio Manager(s) Thomas C.Seto of Parametric Portfolio Associates LLC and G.R. Nelson of Eaton Vance Management

% Average Annual Total Returns1 Inception Date Six Months One Year Five Years Ten Years
Fund at NAV 06/30/2005 (17.17)% (10.76)% 7.02% 8.67%
Fund at Market Price (15.43) (9.33) 6.97 10.65
S&P 500® Index (19.96)% (10.62)% 11.30% 12.95%
NASDAQ-100® Index (29.22) (20.38) 16.36 17.26
Cboe S&P 500 BuyWrite IndexSM (10.19) (2.62) 4.09 5.89
Cboe NASDAQ-100 BuyWrite IndexSM (15.41) (10.89) 4.93 6.32
% Premium/Discount to NAV2
5.96%
Distributions3
Total Distributions per share for the period $0.665
Distribution Rate at NAV 10.43%
Distribution Rate at Market Price 9.84

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns arehistorical 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 DividendReinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variationsin 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 equalto 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 toeatonvance.com.

2

Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Fund Profile

Sector Allocation (% of total investments)*

Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs) (1)

* Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents.
Top 10 Holdings (% of total investments)*
Apple, Inc. 9.4%
Microsoft Corp. 8.2
Amazon.com, Inc. 4.5
Alphabet, Inc., Class A 3.0
Alphabet, Inc., Class C 3.0
Tesla, Inc. 2.8
Meta Platforms, Inc., Class A 1.9
UnitedHealth Group, Inc. 1.6
Texas Instruments, Inc. 1.5
Adobe, Inc. 1.4
Total 37.3%
* Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents.

3

Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Endnotes andAdditional Disclosures

1 S&P 500® Index isan 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 largestdomestic 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’sthird 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 IndexSM measures the performance of a hypothetical buy-write strategy on the S&P 500® Index. Cboe NASDAQ-100 BuyWrite IndexSM measures the performance of a theoretical portfolio that owns stocks included in the NASDAQ-100® Index and writes (sells) NASDAQ-100® Index covered call options.Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2 The sharesof 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 tohttps://funds.eatonvance.com/closed-end-fund-prices.php.
3 The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amountscharacterized 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 6/30/22, distributions included estimates of return of capital. Foradditional 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 ashareholder 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, pleaserefer 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’sdistributions 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 offinancing 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.
Fund profile subject tochange due to active management.

4

Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Portfolio ofInvestments (Unaudited)

Common Stocks — 100.4%

Security Shares Value
Aerospace & Defense — 1.1%
Boeing Co. (The)(1)(2)    13,686 $    1,871,150
L3Harris Technologies, Inc.(2)     6,224     1,504,341
Northrop Grumman Corp.(2)    17,902     8,567,360
Raytheon Technologies Corp.    25,063     2,408,805
Textron, Inc.(2)    25,000     1,526,750
$   15,878,406
Airlines — 0.1%
Southwest Airlines Co.(1)(2)    52,956 $    1,912,771
$    1,912,771
Auto Components — 0.2%
Aptiv PLC(1)(2)    27,015 $    2,406,226
$    2,406,226
Automobiles — 3.0%
General Motors Co.(1)    20,000 $      635,200
Lucid Group, Inc.(1)    75,885     1,302,187
Tesla, Inc.(1)(2)    58,108    39,131,089
$   41,068,476
Banks — 2.3%
Bank of America Corp.(2)   130,000 $    4,046,900
Fifth Third Bancorp(2)    88,466     2,972,458
Huntington Bancshares, Inc.(2)   179,679     2,161,538
JPMorgan Chase & Co.(2)    78,928     8,888,082
KeyCorp(2)   427,924     7,373,131
Regions Financial Corp.(2)   254,924     4,779,825
Truist Financial Corp.(2)    41,626     1,974,321
$   32,196,255
Beverages — 2.1%
Coca-Cola Co. (The)(2)   153,082 $    9,630,389
Constellation Brands, Inc., Class A(2)     3,691       860,224
PepsiCo, Inc.(2)   107,974    17,994,947
$   28,485,560
Biotechnology — 2.7%
AbbVie, Inc.(2)    46,216 $    7,078,443
Amgen, Inc.(2)    59,770     14,542,041
Security Shares Value
Biotechnology (continued)
Biogen, Inc.(1)(2)    15,031 $    3,065,422
Gilead Sciences, Inc.(2)   202,361    12,507,933
$   37,193,839
Building Products — 0.6%
A.O. Smith Corp.    21,093 $    1,153,365
Allegion PLC(2)    10,516     1,029,516
Johnson Controls International PLC(2)    51,461     2,463,953
Trane Technologies PLC(2)    23,525     3,055,192
$    7,702,026
Capital Markets — 2.0%
Charles Schwab Corp. (The)(2)    26,678 $    1,685,516
CME Group, Inc.(2)    12,294     2,516,582
Goldman Sachs Group, Inc. (The)(2)    17,502     5,198,444
Moody's Corp.(2)    24,502     6,663,809
S&P Global, Inc.(2)    25,175     8,485,486
State Street Corp.(2)    31,991     1,972,245
T. Rowe Price Group, Inc.(2)    13,079     1,485,905
$   28,007,987
Chemicals — 1.1%
Air Products and Chemicals, Inc.(2)    13,083 $    3,146,200
Corteva, Inc.    20,341     1,101,262
Dow, Inc.(2)    20,341     1,049,799
DuPont de Nemours, Inc.(2)    20,341     1,130,553
FMC Corp.(2)    14,532     1,555,069
PPG Industries, Inc.(2)    59,416     6,793,625
$   14,776,508
Commercial Services & Supplies — 0.4%
Copart, Inc.(1)(2)    40,986 $    4,453,539
Waste Management, Inc.     6,187       946,487
$    5,400,026
Communications Equipment — 1.6%
Cisco Systems, Inc.(2)   462,325 $   19,713,538
F5, Inc.(1)(2)    13,112     2,006,660
$   21,720,198
Consumer Finance — 0.9%
American Express Co.(2)    30,565 $    4,236,920
Capital One Financial Corp.    10,757     1,120,772
Discover Financial Services(2)    72,596     6,866,130
$   12,223,822

5

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Portfolio ofInvestments (Unaudited)—continued

Security Shares Value
Containers & Packaging — 0.1%
WestRock Co.    21,317 $      849,269
$      849,269
Distributors — 0.3%
Genuine Parts Co.(2)    13,533 $    1,799,889
LKQ Corp.(2)    37,949     1,862,916
$    3,662,805
Diversified Financial Services — 0.4%
Berkshire Hathaway, Inc., Class B(1)(2)    21,862 $    5,968,763
$    5,968,763
Diversified Telecommunication Services — 1.4%
AT&T, Inc.(2)   200,000 $    4,192,000
Lumen Technologies, Inc.(2)   190,409     2,077,362
Verizon Communications, Inc.(2)   249,050    12,639,288
$   18,908,650
Electric Utilities — 1.3%
Edison International(2)    98,963 $    6,258,420
NextEra Energy, Inc.(2)   144,161    11,166,711
NRG Energy, Inc.    23,696       904,477
$   18,329,608
Electrical Equipment — 0.2%
Generac Holdings, Inc.(1)     6,610 $    1,391,934
Rockwell Automation, Inc.(2)     8,828     1,759,508
$    3,151,442
Energy Equipment & Services — 0.2%
Baker Hughes Co.(2)   116,070 $    3,350,941
$    3,350,941
Entertainment — 1.2%
Netflix, Inc.(1)(2)    40,040 $    7,001,795
Take-Two Interactive Software, Inc.(1)     6,967       853,666
Walt Disney Co. (The)(1)(2)   100,149     9,454,066
$   17,309,527
Equity Real Estate Investment Trusts (REITs) — 1.2%
American Tower Corp.(2)    17,730 $    4,531,611
Apartment Income REIT Corp.(2)    34,427     1,432,163
Apartment Investment and Management Co., Class A(1)(2)    27,957       178,925
Digital Realty Trust, Inc.(2)     5,247        681,218
Security Shares Value
Equity Real Estate Investment Trusts (REITs) (continued)
Duke Realty Corp.(2)    20,602 $    1,132,080
Iron Mountain, Inc.(2)    30,000     1,460,700
Mid-America Apartment Communities, Inc.(2)    31,281     5,463,852
ProLogis, Inc.(2)    12,000     1,411,800
$   16,292,349
Food & Staples Retailing — 1.6%
Kroger Co. (The)(2)   154,189 $    7,297,765
Sysco Corp.(2)    55,629     4,712,333
Walmart, Inc.(2)    79,524     9,668,528
$   21,678,626
Food Products — 1.2%
Hershey Co. (The)     5,163 $    1,110,871
Hormel Foods Corp.(2)    21,160     1,002,138
Lamb Weston Holdings, Inc.(2)    16,086     1,149,505
Mondelez International, Inc., Class A(2)   212,633    13,202,383
$   16,464,897
Health Care Equipment & Supplies — 2.2%
Abbott Laboratories(2)    15,787 $    1,715,257
Baxter International, Inc.(2)    36,672     2,355,443
Edwards Lifesciences Corp.(1)(2)    66,378     6,311,884
Intuitive Surgical, Inc.(1)(2)    69,017    13,852,402
Stryker Corp.(2)    33,820     6,727,813
$   30,962,799
Health Care Providers & Services — 2.8%
Cigna Corp.(2)    31,281 $    8,243,169
CVS Health Corp.(2)    52,381     4,853,623
DaVita, Inc.(1)(2)    11,550       923,538
McKesson Corp.(2)     7,813     2,548,679
UnitedHealth Group, Inc.(2)    42,638    21,900,156
$   38,469,165
Hotels, Restaurants & Leisure — 1.9%
Chipotle Mexican Grill, Inc.(1)(2)     3,300 $    4,313,958
Darden Restaurants, Inc.(2)    21,181     2,395,995
Marriott International, Inc., Class A(2)    67,519     9,183,259
McDonald's Corp.(2)    35,561     8,779,300
Yum! Brands, Inc.(2)    14,466     1,642,035
$   26,314,547
Household Durables — 0.2%
PulteGroup, Inc.(2)    26,224 $    1,039,257

6

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Portfolio ofInvestments (Unaudited)—continued

Security Shares Value
Household Durables (continued)
Whirlpool Corp.(2)     8,566 $    1,326,617
$    2,365,874
Household Products — 0.7%
Clorox Co. (The)(2)    27,426 $    3,866,518
Procter & Gamble Co. (The)(2)    40,632     5,842,475
$    9,708,993
Industrial Conglomerates — 0.4%
3M Co.(2)    11,474 $    1,484,850
Honeywell International, Inc.(2)    26,647     4,631,515
$    6,116,365
Insurance — 1.4%
American International Group, Inc.(2)    70,241 $    3,591,422
Chubb, Ltd.(2)    35,393     6,957,556
Marsh & McLennan Cos., Inc.(2)    15,767     2,447,827
Travelers Cos., Inc. (The)(2)    35,246     5,961,156
$   18,957,961
Interactive Media & Services — 8.1%
Alphabet, Inc., Class A(1)(2)    19,539 $   42,580,561
Alphabet, Inc., Class C(1)(2)    19,042    41,653,423
Match Group, Inc.(1)(2)    23,275     1,622,035
Meta Platforms, Inc., Class A(1)(2)   160,805    25,929,806
Twitter, Inc.(1)    20,944       783,096
$  112,568,921
Internet & Direct Marketing Retail — 5.0%
Amazon.com, Inc.(1)(2)   594,180 $   63,107,858
Etsy, Inc.(1)    10,906       798,428
MercadoLibre, Inc.(1)(2)     5,488     3,495,143
Pinduoduo, Inc. ADR(1)(2)    42,023     2,597,021
$   69,998,450
IT Services — 2.7%
EPAM Systems, Inc.(1)     2,258 $      665,613
Fidelity National Information Services, Inc.(2)    62,742     5,751,559
Global Payments, Inc.    12,000     1,327,680
International Business Machines Corp.(2)    32,377     4,571,309
Mastercard, Inc., Class A(2)    27,922     8,808,832
Okta, Inc.(1)(2)    40,449     3,656,590
Visa, Inc., Class A(2)    67,790    13,347,173
$   38,128,756
Security Shares Value
Life Sciences Tools & Services — 1.6%
Agilent Technologies, Inc.(2)    61,507 $    7,305,186
Danaher Corp.(2)     5,686     1,441,515
Illumina, Inc.(1)(2)    12,000     2,212,320
IQVIA Holdings, Inc.(1)     5,328     1,156,123
PerkinElmer, Inc.(2)    23,065     3,280,304
Thermo Fisher Scientific, Inc.(2)    11,471     6,231,965
$   21,627,413
Machinery — 1.0%
Caterpillar, Inc.(2)     7,735 $    1,382,709
Dover Corp.(2)    25,606     3,106,520
Ingersoll Rand, Inc.(2)    20,758       873,497
Parker-Hannifin Corp.(2)    12,287     3,023,216
Stanley Black & Decker, Inc.(2)    43,010     4,510,028
Westinghouse Air Brake Technologies Corp.(2)    18,000     1,477,440
$   14,373,410
Media — 1.4%
Comcast Corp., Class A(2)   424,547 $   16,659,224
Paramount Global, Class B(2)    88,076     2,173,716
$   18,832,940
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.(2)    94,914 $    2,777,184
Newmont Corp.(2)    25,563     1,525,344
$    4,302,528
Multiline Retail — 0.3%
Dollar General Corp.(2)    14,843 $    3,643,066
Target Corp.(2)     8,193     1,157,097
$    4,800,163
Multi-Utilities — 1.1%
CMS Energy Corp.(2)   177,055 $   11,951,213
Dominion Energy, Inc.(2)    36,763     2,934,055
$   14,885,268
Oil, Gas & Consumable Fuels — 2.6%
Chevron Corp.(2)    52,902 $    7,659,152
Coterra Energy, Inc.    30,000       773,700
Devon Energy Corp.(2)    74,500     4,105,695
Diamondback Energy, Inc.(2)   112,944    13,683,166
Exxon Mobil Corp.(2)    36,671     3,140,504
ONEOK, Inc.(2)    26,014      1,443,777

7

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Portfolio ofInvestments (Unaudited)—continued

Security Shares Value
Oil, Gas & Consumable Fuels (continued)
Phillips 66(2)    57,101 $    4,681,711
Williams Cos., Inc. (The)    37,548     1,171,873
$   36,659,578
Personal Products — 0.5%
Estee Lauder Cos., Inc. (The), Class A(2)    29,712 $    7,566,755
$    7,566,755
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co.(2)   106,404 $    8,193,108
Eli Lilly & Co.(2)    12,046     3,905,675
Johnson & Johnson(2)    43,189     7,666,479
Merck & Co., Inc.(2)   111,665    10,180,498
Organon & Co.(2)    11,166       376,852
Pfizer, Inc.(2)   220,239    11,547,131
Viatris, Inc.(2)    30,036       314,477
$   42,184,220
Professional Services — 0.3%
Equifax, Inc.(2)    14,785 $    2,702,402
Robert Half International, Inc.    12,784       957,394
$    3,659,796
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(1)    14,698 $    1,081,920
$    1,081,920
Road & Rail — 1.0%
Canadian Pacific Railway, Ltd.    16,972 $    1,185,324
Norfolk Southern Corp.(2)     9,503     2,159,937
Union Pacific Corp.(2)    46,416     9,899,605
$   13,244,866
Semiconductors & Semiconductor Equipment — 9.0%
Advanced Micro Devices, Inc.(1)(2)   135,584 $   10,368,108
Analog Devices, Inc.(2)    79,903    11,673,029
ASML Holding NV - NY Shares(2)    16,394     7,801,577
Enphase Energy, Inc.(1)(2)    47,622     9,297,719
Intel Corp.(2)   285,158    10,667,761
Lam Research Corp.(2)    13,651     5,817,374
Microchip Technology, Inc.(2)   106,000     6,156,480
Monolithic Power Systems, Inc.(2)     9,182     3,526,255
NXP Semiconductors NV(2)    47,520     7,034,386
ON Semiconductor Corp.(1)(2)   110,775     5,573,090
Qorvo, Inc.(1)(2)    15,654     1,476,485
QUALCOMM, Inc.(2)   151,374     19,336,515
Security Shares Value
Semiconductors & Semiconductor Equipment (continued)
SolarEdge Technologies, Inc.(1)(2)    12,242 $    3,350,391
Teradyne, Inc.(2)    14,353     1,285,311
Texas Instruments, Inc.(2)   140,016    21,513,458
$  124,877,939
Software — 13.1%
Adobe, Inc.(1)(2)    54,797 $   20,058,990
Ceridian HCM Holding, Inc.(1)    30,000     1,412,400
DocuSign, Inc.(1)(2)    30,860     1,770,747
Fortinet, Inc.(1)(2)   176,080     9,962,606
Microsoft Corp.(2)   447,480   114,926,288
Oracle Corp.(2)   144,902    10,124,303
Paycom Software, Inc.(1)(2)    27,638     7,741,957
Salesforce, Inc.(1)(2)    66,213    10,927,794
ServiceNow, Inc.(1)(2)    10,249     4,873,604
$  181,798,689
Specialty Retail — 1.5%
Advance Auto Parts, Inc.(2)    23,636 $    4,091,156
Best Buy Co., Inc.(2)    28,506     1,858,306
Home Depot, Inc. (The)(2)    44,182    12,117,797
Ross Stores, Inc.(2)    38,301     2,689,879
$   20,757,138
Technology Hardware, Storage & Peripherals — 9.5%
Apple, Inc.(2)   957,934 $  130,968,736
$  130,968,736
Textiles, Apparel & Luxury Goods — 0.6%
NIKE, Inc., Class B(2)    87,185 $    8,910,307
$    8,910,307
Tobacco — 0.3%
Altria Group, Inc.(2)    33,058 $    1,380,833
Philip Morris International, Inc.(2)    24,163     2,385,854
$    3,766,687
Trading Companies & Distributors — 0.6%
Fastenal Co.(2)   158,488 $    7,911,721
$    7,911,721
Total Common Stocks
(identified cost $457,892,205)
$1,390,740,882

8

See Notes to Financial Statements.

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Portfolio ofInvestments (Unaudited)—continued

Short-Term Investments — 0.3%

Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.38%(3) 4,117,745 $    4,117,745
Total Short-Term Investments
(identified cost $4,117,745)
$    4,117,745
Total Investments — 100.7%
(identified cost $462,009,950)
$1,394,858,627
Total Written Call Options — (0.7)%
(premiums received $25,926,988)
$   (9,967,568)
Other Assets, Less Liabilities — 0.0%(4) $      616,678
Net Assets — 100.0% $1,385,507,737
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.
(3) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2022.
(4) Amount is less than 0.05%.
Written Call Options (Exchange-Traded) — (0.7)%
Description Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
NASDAQ 100 Index  37 $ 42,563,764 $ 12,950  7/1/22 $    (1,480)
NASDAQ 100 Index  37 42,563,764 12,950  7/5/22     (1,295)
NASDAQ 100 Index  37 42,563,764 13,000  7/6/22     (2,683)
NASDAQ 100 Index  38 43,714,136 12,350  7/8/22    (50,920)
NASDAQ 100 Index  39 44,864,508 11,850 7/11/22   (373,230)
NASDAQ 100 Index  38 43,714,136 11,800 7/13/22   (555,940)
NASDAQ 100 Index  38 43,714,136 11,600 7/15/22   (956,270)
NASDAQ 100 Index  37 42,563,764 11,900 7/18/22   (561,290)
NASDAQ 100 Index  38 43,714,136 12,050 7/20/22   (479,560)
NASDAQ 100 Index  37 42,563,764 12,350 7/22/22   (276,945)
NASDAQ 100 Index  38 43,714,136 12,350 7/25/22   (308,370)
NASDAQ 100 Index  38 43,714,136 12,000 7/27/22   (725,800)
S&P 500 Index 172 65,108,536  4,200  7/1/22       (430)
S&P 500 Index 167 63,215,846  4,210  7/5/22       (835)
S&P 500 Index 171 64,729,998  4,225  7/6/22       (855)
S&P 500 Index 172 65,108,536  4,025  7/8/22    (27,520)
S&P 500 Index 172 65,108,536  3,890 7/11/22   (325,940)
S&P 500 Index 172 65,108,536  3,875 7/13/22   (548,680)
S&P 500 Index 173 65,487,074  3,780 7/15/22 (1,438,495)

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Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Portfolio ofInvestments (Unaudited)—continued

Written Call Options (Exchange-Traded)(continued)
Description Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
S&P 500 Index 175 $ 66,244,150 $  3,850 7/18/22 $  (903,000)
S&P 500 Index 175 66,244,150  3,900 7/20/22   (668,500)
S&P 500 Index 173 65,487,074  3,950 7/22/22   (479,210)
S&P 500 Index 174 65,865,612  3,975 7/25/22   (422,820)
S&P 500 Index 175 66,244,150  3,910 7/27/22   (857,500)
Total $(9,967,568)
Abbreviations:
ADR – American Depositary Receipt

10

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Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Statement of Assetsand Liabilities (Unaudited)

June30, 2022
Assets
Unaffiliated investments, at value (identified cost $457,892,205) $1,390,740,882
Affiliated investment, at value (identified cost $4,117,745) 4,117,745
Cash 20,073
Dividends receivable 838,876
Dividends receivable from affiliated investment 8,811
Receivable from the transfer agent 1,190,695
Total assets $1,396,917,082
Liabilities
Written options outstanding, at value (premiums received $25,926,988) $9,967,568
Payable to affiliates:
Investment adviser fee 1,164,709
Trustees' fees 20,865
Accrued expenses 256,203
Total liabilities $11,409,345
Net Assets $1,385,507,737
Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares authorized $1,086,687
Additional paid-in capital 496,173,590
Distributable earnings 888,247,460
Net Assets $1,385,507,737
Common Shares Issued and Outstanding 108,668,691
Net Asset Value Per Common Share
Net assets ÷ common shares issued and outstanding $12.75

11

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Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Statement ofOperations (Unaudited)

SixMonths Ended
June 30, 2022
Investment Income
Dividend income (net of foreign taxes withheld of $22,391) $10,355,307
Dividend income from affiliated investment 14,439
Total investment income $10,369,746
Expenses
Investment adviser fee $7,632,982
Trustees’ fees and expenses 44,356
Custodian fee 199,461
Transfer and dividend disbursing agent fees 8,952
Legal and accounting services 29,121
Printing and postage 235,240
Miscellaneous 52,927
Total expenses $8,203,039
Deduct:
Waiver and/or reimbursem*nt of expenses by affiliate $2,001
Total expense reductions $2,001
Net expenses $8,201,038
Net investment income $2,168,708
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions $(28,557,562)
Written options 111,414,163
Foreign currency transactions (31)
Net realized gain $82,856,570
Change in unrealized appreciation (depreciation):
Investments $(398,252,611)
Written options 20,767,772
Foreign currency (7)
Net change in unrealized appreciation (depreciation) $(377,484,846)
Net realized and unrealized loss $(294,628,276)
Net decrease in net assets from operations $(292,459,568)

12

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Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Statements of Changesin Net Assets

SixMonths Ended
June 30, 2022
(Unaudited)
YearEnded
December 31, 2021
Increase (Decrease) in Net Assets
From operations:
Net investment income $2,168,708 $1,273,845
Net realized gain 82,856,570 11,109,187
Net change in unrealized appreciation (depreciation) (377,484,846) 272,161,285
Net increase (decrease) in net assets from operations $(292,459,568) $284,544,317
Distributions to shareholders $(71,374,074)* $
Tax return of capital to shareholders $$(130,762,327)
Capital share transactions:
Proceeds from shelf offering, net of offering costs (see Note 5) $47,396,813 $203,324,402
Reinvestment of distributions 7,127,833 10,362,778
Net increase in net assets from capital share transactions $54,524,646 $213,687,180
Net increase (decrease) in net assets $(309,308,996) $367,469,170
Net Assets
At beginning of period $1,694,816,733 $1,327,347,563
At end of period $1,385,507,737 $1,694,816,733
* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

13

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Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

FinancialHighlights

Six Months Ended
June 30, 2022
(Unaudited)
Year Ended December 31,
2021 2020 2019 2018 2017
Net asset value — Beginning of period $16.130 $14.480 $14.640 $13.360 $15.010 $14.050
Income (Loss) From Operations
Net investment income(1) $0.020 $0.013 $0.075 $0.083 $0.077 $0.089
Net realized and unrealized gain (loss) (2.749) 2.910 1.080 2.486 (0.436) 2.167
Total income (loss) from operations $(2.729) $2.923 $1.155 $2.569 $(0.359) $2.256
Less Distributions
From net investment income $(0.665)* $$(0.074) $(0.082) $(0.076) $(0.089)
From net realized gain (0.394)
Tax return of capital (1.330) (1.256) (1.248) (0.860) (1.241)
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) $0.014 $0.057 $0.015 $0.041 $0.039 $0.034
Net asset value — End of period $12.750 $16.130 $14.480 $14.640 $13.360 $15.010
Market value — End of period $13.510 $16.740 $15.350 $14.950 $13.480 $15.370
Total Investment Return on Net Asset Value(2) (17.17)%(3) 21.39% 9.14% 20.23% (2.65)% 16.93%
Total Investment Return on Market Value(2) (15.43)%(3) 18.84% 13.30% 21.68% (4.08)% 13.36%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted) $1,385,508 $1,694,817 $1,327,348 $1,268,146 $1,039,071 $1,023,066
Ratios (as a percentage of average daily net assets):
Expenses 1.08%(4)(5) 1.08% 1.09% 1.08% 1.09% 1.08%
Net investment income 0.28%(4) 0.08% 0.55% 0.59% 0.52% 0.61%
Portfolio Turnover 5%(3) 9% 9% 6% 9% 4%
(1) Computedusing average shares outstanding.
(2) Returnsare 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) Notannualized.
(4) Annualized.
(5) Theinvestment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2022).
* A portion of the distributions may be deemed from net realized gain or a tax return of capital at year-end. See Note 2.

14

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Notes to FinancialStatements (Unaudited)

1Significant 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 incomeand gains, with a secondary objective of capital appreciation.

The following is a summary of significant accounting policiesof 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 AccountingStandards Board (FASB) Accounting Standards Codification Topic 946.

AInvestmentValuationThe following methodologies are used to determine the market value or fair value ofinvestments.

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 askprices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices orclosing 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 pricingservice 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.

ForeignCurrencies.Foreign currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determinethe exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Other.Investments inmanagement investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

Fair Valuation. Investments forwhich 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 thesecurity’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 publictrading 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 appropriatestock 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 andsold.

BInvestment TransactionsInvestment transactions for financial statement purposes are accounted for on a trade date basis. Realizedgains and losses on investments sold are determined on the basis of identified cost.

CIncomeDividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date haspassed, 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 theapplicable countries’ tax rules and rates.

DFederalTaxesTheFund's policy is to comply with the provisions of the Internal Revenue Code applicableto 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 taxis necessary.

As of June 30, 2022, the Fund had nouncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. TheFund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the InternalRevenue Service for a period of three years from the date of filing.

EForeign Currency TranslationOther assets and liabilities initially expressed in foreign currencies are translated each business dayinto U.S. dollars based upon current exchange rates. Income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions.

FUse ofEstimatesThe preparation of the financial statements in conformity with U.S. GAAP requires managementto 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 thoseestimates.

GIndemnificationsUnder the Fund’s organizational documents, its officers and Trustees may be indemnified againstcertain 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

15

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Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Notes to FinancialStatements (Unaudited)—continued

trust (such as theFund) 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 shallassume, 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 ashareholder 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 underthese arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

HWrittenOptionsUpon the writing of a call or a put option, the premium received by the Fund is included inthe 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 valuationsdiscussed 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 thetransaction 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 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 orother 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.

IInterim Financial StatementsThe interim financial statements relating to June 30, 2022 and for the six months then ended have not beenaudited 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 financialstatements.

2Distributions toShareholders and Income Tax Information

Subject to itsManaged 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 andunrealized 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 withincome 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 andtax 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 ofcapital component. For the six months ended June 30, 2022, the amount of distributions estimated to be a tax return of capital was approximately $33,505,000. The final determination of tax characteristics of the Fund’s distributions will occurat the end of the year, at which time it will be reported to the shareholders.

At December 31, 2021, the Fund, for federal income taxpurposes, had deferred capital losses of $63,214,150 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 theamount 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 taxableyear and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2021, $63,214,150 are short-term.

The cost and unrealized appreciation (depreciation) ofinvestments, including open derivative contracts, of the Fund at June 30, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost $451,889,021
Gross unrealized appreciation $940,610,879
Gross unrealized depreciation (7,608,841)
Net unrealized appreciation $933,002,038

3Investment Adviser Feeand Other Transactions with Affiliates

The investmentadviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Fund’saverage daily gross assets, as defined in the investment advisory agreement, and is payable monthly. For purposes of this calculation, gross assets represent net assets plus obligations attributable to investment leverage. During the six monthsended June 30, 2022, the Fund had no obligations attributable to investment leverage. For the six months ended June 30, 2022, the investment adviser fee amounted to $7,632,982.

16

Table of Contents

Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Notes to FinancialStatements (Unaudited)—continued

Pursuant to an investment sub-advisory agreement, EVM hasdelegated a portion of the investment management to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays Parametric a portion of its investment adviser fee forsub-advisory services provided to the Fund. Effective April 26, 2022, the Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”),an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro-rata share of theadvisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended June 30, 2022, the investment adviser fee paid was reduced by $2,001 relating to the Fund’s investment in the LiquidityFund. EVM also serves as administrator of the Fund, but receives no compensation.

Trustees and officers of the Fund who are members ofEVM’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 accordancewith the terms of the Trustees Deferred Compensation Plan. For the six months ended June 30, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4Purchases and Sales of Investments

Purchases and sales of investments, other than short-termobligations, aggregated $184,140,131 and $81,925,241, respectively, for the six months ended June 30, 2022.

5Common Shares of Beneficial Interest and ShelfOffering

Common shares issued by the Fund pursuant to itsdividend reinvestment plan for the six months ended June 30, 2022 and the year ended December 31, 2021 were 504,022 and 666,642, respectively.

In August 2012, the Board of Trustees initially approved ashare 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 theprior 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 Fundfor the six months ended June 30, 2022 and the year ended December 31, 2021.

Pursuant to its most recent registration statement filed withthe SEC on April 29, 2022, the Fund is authorized to issue up to an additional 19,503,313 common shares through an equity shelf offering program (the “shelf offering”). A portion of the registered shares was carried forward from theApril 27, 2020 registration statement under which an additional 19,485,108 common shares were authorized for issuance. Under the shelf offering, the Fund, subject to market conditions, may raise additional capital from time to time and in varyingamounts and offering methods at a net price at or above the Fund's net asset value per common share.

During the six months ended June 30, 2022 and the year endedDecember 31, 2021, the Fund sold 3,087,599 and 12,748,313 common shares, respectively, and received proceeds (net of offering costs) of $47,396,813 and $203,324,402, respectively, through its shelf offering. The net proceeds in excess of the netasset value of the shares sold were $1,455,922 for the six months ended June 30, 2022 and $5,628,154 for the year ended December 31, 2021. Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offeringwere 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 portionof 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, 2022 and the year ended December 31, 2021 were $95,752 and $410,759, respectively.

6Financial Instruments

The Fund may trade in financial instruments with off-balancesheet 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. Thenotional 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 risksassociated 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, 2022 is included in the Portfolio of Investments. At June 30,2022, 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 courseof 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 applicableindex 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.

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Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Notes to FinancialStatements (Unaudited)—continued

Thefair 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, 2022 was as follows:

Fair Value
Derivative Asset Derivative Liability Derivative(1)
Written options $ — $(9,967,568)
(1) Statement of Assets and Liabilities location: Written options outstanding, at value.

The effect of derivative instruments (not considered to behedging 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, 2022 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 $111,414,163 $20,767,772
(1) Statementof 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 outstandingduring the six months ended June 30, 2022, which is indicative of the volume of this derivative type, was 2,455 contracts.

7Investments in Affiliated Funds

At June 30, 2022, the value of the Fund's investment inaffiliated funds was $4,117,745, which represents 0.3% of the Fund's net assets. Transactions in affiliated funds by the Fund for the six months ended June 30, 2022 were as follows:

Name Value,
beginning
of period
Purchases Sales
proceeds
Net
realized
gain (loss)
Change in
unrealized
appreciation
(depreciation)
Value, end
of period
Dividend
income
Shares,
end of period
Short-Term Investments
Liquidity Fund $ — $83,168,305 $(79,050,560) $ — $ — $4,117,745 $14,439 4,117,745

8Fair ValueMeasurements

Under generally accepted accountingprinciples 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 levelslisted below.

Level 1 – quoted pricesin active markets for identical investments
Level 2 – othersignificant 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 indifferent 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 notnecessarily an indication of the risk associated with investing in those securities.

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Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Notes to FinancialStatements (Unaudited)—continued

AtJune 30, 2022, 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 $1,390,740,882* $    — $    — $1,390,740,882
Short-Term Investments     4,117,745     —     —     4,117,745
Total Investments $1,394,858,627 $    — $    — $1,394,858,627
Liability Description 
Written Call Options $   (9,967,568) $    — $    — $   (9,967,568)
Total $   (9,967,568) $    — $    — $   (9,967,568)
* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

9Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novelcoronavirus 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 of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social andeconomic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the marketin significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fundinvests.

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Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Annual Meeting ofShareholders (Unaudited)

TheFund held its Annual Meeting of Shareholders on April 14, 2022. The following action was taken by the shareholders:

Proposal 1(b): The election ofGeorge J. Gorman, William H. Park, Keith Quinton and Susan J. Sutherland as Class II Trustees of the Fund for a three-year term expiring in 2025.

Number of Shares
Nominees for Trustee For Withheld
George J. Gorman 73,103,966 1,121,623
William H. Park* 72,985,868 1,239,721
Keith Quniton 73,042,814 1,182,775
Susan J. Sutherland 72,996,134 1,229,455

* Mr. Park retired as Trusteeeffective July 1, 2022.

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Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Board ofTrustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on June 8, 2022, the Boards ofTrustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including amajority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisoryagreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which isa committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including informationspecifically requested by the Board) for a series of formal meetings held between April and June 2022. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extentsuch information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

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

Information about Fees, Performance and Expenses

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

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

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

•In certain instances, dataregarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of IndependentTrustees);

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

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

Information about Portfolio Management and Trading

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

•The procedures and processesused to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policiesand practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about theallocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through clientcommission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolioturnover rate of each fund and related information regarding active management in the context of particular strategies;

Information about each Adviser and Sub-adviser

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

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

1Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly,references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Following the “Overview” section,further information regarding the Board’s evaluation of a fund’s contractual arrangements is included under the “Results of the Contract Review Process” section.

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Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Board ofTrustees’ Contract Approval—continued

• Information regarding theadviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a particularly competitive marketplace for talent, as well as the ongoing uniqueenvironment presented by hybrid, remote and other alternative work arrangements;

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

• Policies and proceduresrelating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding thehandling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

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

Other Relevant Information

• Information regardingongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of MorganStanley’s acquisition of Eaton Vance on March 1, 2021;

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

• Information concerningoversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning effortsto implement policies and procedures with respect to various new regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);

•For an Eaton Vance Fundstructured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s netasset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;

•The risks which the adviserand/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and

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

During thevarious meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of thefunds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniquesemployed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, andreceived and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, theIndependent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

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

Results of the Contract Review Process

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

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Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Board ofTrustees’ Contract Approval—continued

Nature, Extent and Quality of Services

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

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

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

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

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

Fund Performance

The Board compared the Fund’s investment performance tothat of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a custom peer group of similarly managed funds. The Board’s review included comparative performance data withrespect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and consistent withthe median performance of the Fund’s custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its blended benchmark index, higher than two of its secondary benchmark indexes, lower thanone other secondary benchmark index and lower than its primary benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fundfor advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31,2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on the Fund’s total expense ratiorelative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

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

Profitability and “Fall-Out” Benefits

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

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Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Board ofTrustees’ Contract Approval—continued

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

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

Economies of Scale

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

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Eaton Vance

Tax-Managed Buy-Write Opportunities Fund

June 30, 2022

Officers andTrustees

Officers
Edward J. Perkin
President
Jill R.Damon
Secretary
Deidre E. Walsh
Vice President and Chief Legal Officer
Richard F.Froio
Chief Compliance Officer
James F. Kirchner
Treasurer
Trustees
George J. Gorman
Chairperson
Thomas E. Faust Jr.*
Mark R. Fetting
Cynthia E. Frost
Valerie A. Mosley
Keith Quinton
Marcus L. Smith
Susan J. Sutherland
Scott E. Wennerholm
Nancy A. Wiser**
* InterestedTrustee
** Ms. Wiser began serving as a Trustee effective April 4, 2022.

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PrivacyNotice 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 readthis 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
■ investmentexperience 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 Vancechooses 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.comPlease 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 contactus at any time to limit our sharing.
Questions? Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

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PrivacyNotice — continued April 2021

Page2

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 EstateInvestment 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 ofcustomer 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 informationWe 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 informationto market to you
■ sharing for nonaffiliates to market to youState 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 WealthManagement, 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 financialcompanies 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 toyou.
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 suchinformation.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharingsuch personal information with our Affiliates to comply with California privacy laws that apply to us.

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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 andshareholder 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 documentsindefinitely 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 financialintermediary. 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.

PortfolioHoldings.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 theSEC. 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.

ProxyVoting.From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlyingPortfolios (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 orPortfolios 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 RepurchaseProgram.The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common sharesoutstanding 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 orrating 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 shortlyafter 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 postedto 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 “Closed-End Funds & Term Trusts.”

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Table of Contents

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 15th Avenue
Brooklyn, NY 11219

Fund Offices

Two International Place
Boston, MA 02110

Table of Contents

77456.30.22

Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs) (2024)
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