eaton vance tax-managed buy-write opportunities fund (etv)

Eaton VanceTax-Managed Buy-WriteOpportunities Fund (ETV)

Semiannual ReportJune 30, 2021

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 VanceTax-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 VanceTax-Managed Buy-Write Opportunities FundJune 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 21.51Cboe S&P 500 BuyWrite IndexSM — 11.10 27.28 7.05 7.00Cboe NASDAQ–100 BuyWrite IndexSM — 4.95 20.26 10.88 8.53

% Premium/Discount to NAV2

4.29%

Distributions3

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

Fund Profile

Sector Allocation (% of total investments)4

35.2%

15.3

14.4

10.7

7.3

5.6

5.1

1.9

1.8

1.6

1.1

Information Technology

Communication Services

Consumer Discretionary

Health Care

Financials

Industrials

Consumer Staples

Utilities

Energy

Materials

Real Estate

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 otherexpenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributionsreinvested in accordance with the Fund’s Dividend Reinvestment Plan. Performance at market price will differ from performance atNAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand forFund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and otherconsiderations 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 thequoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2


Endnotes and Additional Disclosures

1 S&P 500® Index is an unmanaged index of large-cap stockscommonly used as a measure of U.S. stock market performance. S&PDow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&PDJI”) and have been licensed for use. S&P® and S&P 500® areregistered trademarks of S&P DJI; Dow Jones® is a registeredtrademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&PDJI, Dow Jones and their respective affiliates do not sponsor, endorse,sell or promote the Fund, will not have any liability with respectthereto and do not have any liability for any errors, omissions, orinterruptions of the S&P Dow Jones Indices. NASDAQ-100® Indexincludes 100 of the largest domestic and international securities (bymarket cap), excluding financials, listed on NASDAQ. Source: Nasdaq,Inc. The information is provided by Nasdaq (with its affiliates, arereferred to as the “Corporations”) and Nasdaq’s third party licensors onan “as is” basis and the Corporations make no guarantees and bear noliability of any kind with respect to the information or the Fund. CboeS&P 500 BuyWrite IndexSM measures the performance of ahypothetical buy-write strategy on the S&P 500® Index. CboeNASDAQ–100 BuyWrite IndexSM measures the performance of atheoretical 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 anyapplicable sales charges, commissions, expenses, taxes or leverage, asapplicable. It is not possible to invest directly in an index.

2 The shares of the Fund often trade at a discount or premium totheir net asset value. The discount or premium may vary over timeand 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 distributionper share in the period (annualized) divided by the Fund’s NAV ormarket price at the end of the period. The Fund’s distributions may becomprised of amounts characterized for federal income tax purposesas qualified and non-qualified ordinary dividends, capital gains andnondividend distributions, also known as return of capital. As of6/30/2021, distributions included estimates of return of capital. Foradditional information about nondividend distributions, please refer toEaton Vance Closed-End Fund Distribution Notices (19a) posted onour website, eatonvance.com. The Fund will determine the federalincome tax character of distributions paid to a shareholder after theend of the calendar year. This is reported on the IRS form 1099-DIVand provided to the shareholder shortly after each year-end. Forinformation about the tax character of distributions made in priorcalendar years, please refer to Performance-Tax Character ofDistributions on the Fund’s webpage available at eatonvance.com. Inrecent years, a significant portion of the Fund’s distributions has beencharacterized as a return of capital. The Fund’s distributions aredetermined by the investment adviser based on its current assessmentof the Fund’s long-term return potential. Fund distributions may beaffected by numerous factors including changes in Fund performance,the cost of financing for leverage, portfolio holdings, realized andprojected returns, and other factors. As portfolio and market conditionschange, the rate of distributions paid by the Fund could change.

4 Depictions do not reflect the Fund’s option positions. Excludes cashand 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 andG.R. Nelson.

3


Portfolio of Investments (Unaudited)

Common Stocks — 101.7%

Security Shares Value

Aerospace & Defense — 1.0%

Boeing Co. (The)(1)(2) 13,686 $ 3,278,618L3Harris Technologies, Inc.(2) 6,224 1,345,318Northrop Grumman Corp.(2) 17,902 6,506,124Raytheon Technologies Corp. 25,063 2,138,124Textron, 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 $ 1,183,400Tesla, Inc.(1)(2) 55,740 37,886,478

$ 39,069,878

Banks — 2.8%

Bank of America Corp.(2) 130,000 $ 5,359,900Fifth Third Bancorp(2) 88,466 3,382,055Huntington Bancshares, Inc.(2) 179,679 2,564,020JPMorgan Chase & Co.(2) 78,928 12,276,461KeyCorp(2) 532,924 11,004,881Regions Financial Corp.(2) 289,924 5,850,666Truist Financial Corp.(2) 41,626 2,310,243

$ 42,748,226

Beverages — 1.6%

Coca-Cola Co. (The)(2) 153,082 $ 8,283,267Constellation Brands, Inc., Class A 3,691 863,288PepsiCo, Inc.(2) 103,082 15,273,660

$ 24,420,215

Biotechnology — 2.2%

AbbVie, Inc. 6,412 $ 722,248Amgen, Inc.(2) 59,770 14,568,938Biogen, Inc.(1)(2) 15,031 5,204,784Gilead Sciences, Inc.(2) 202,361 13,934,578

$ 34,430,548


Building Products — 0.5%

A.O. Smith Corp.(2) 29,207 $ 2,104,656Allegion PLC(2) 10,516 1,464,879Trane Technologies PLC(2) 23,525 4,331,894

$ 7,901,429

Capital Markets — 2.2%

Charles Schwab Corp. (The) 14,451 $ 1,052,177CME Group, Inc.(2) 12,294 2,614,688Goldman Sachs Group, Inc. (The)(2) 12,655 4,802,952Moody’s Corp.(2) 25,502 9,241,160S&P Global, Inc.(2) 28,313 11,621,071State Street Corp.(2) 13,478 1,108,970T. Rowe Price Group, Inc.(2) 13,079 2,589,249

$ 33,030,267

Chemicals — 1.2%

Air Products and Chemicals, Inc.(2) 13,083 $ 3,763,717Corteva, Inc. 20,341 902,123Dow, Inc.(2) 20,341 1,287,179DuPont de Nemours, Inc.(2) 20,341 1,574,597FMC Corp. 8,245 892,109PPG Industries, Inc.(2) 61,416 10,426,594

$ 18,846,319

Commercial Services & Supplies — 0.4%

Copart, Inc.(1)(2) 40,986 $ 5,403,184Waste 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 $ 5,050,255Capital One Financial Corp. 10,757 1,664,000Discover 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.


Portfolio of Investments (Unaudited) — continued


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 $ 507,878Edison International(2) 82,790 4,786,918NextEra Energy, Inc.(2) 80,000 5,862,400NRG 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 $ 20,658,293Walt 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 $ 4,789,582Apartment Income REIT Corp.(2) 34,427 1,632,872Apartment Investment and Management Co., Class A(2) 34,427 231,005Digital Realty Trust, Inc. 5,247 789,464Duke Realty Corp.(2) 20,602 975,505Iron Mountain, Inc.(2) 30,000 1,269,600Mid-America Apartment Communities, Inc.(2) 31,281 5,268,346ProLogis, Inc.(2) 12,000 1,434,360

$ 16,390,734

Food & Staples Retailing — 0.9%

Kroger Co. (The)(2) 103,892 $ 3,980,103Walmart, Inc.(2) 74,524 10,509,374

$ 14,489,477


Food Products — 1.1%

Hershey Co. (The) 5,163 $ 899,291Hormel Foods Corp.(2) 21,160 1,010,390Lamb Weston Holdings, Inc.(2) 16,086 1,297,497Mondelez International, Inc., Class A(2) 212,633 13,276,805

$ 16,483,983

Health Care Equipment & Supplies — 2.9%

Abbott Laboratories(2) 15,787 $ 1,830,187Baxter International, Inc.(2) 36,672 2,952,096Danaher Corp.(2) 4,686 1,257,535Edwards Lifesciences Corp.(1)(2) 66,378 6,874,769Intuitive Surgical, Inc.(1)(2) 25,537 23,484,847Stryker Corp.(2) 33,820 8,784,069

$ 45,183,503

Health Care Providers & Services — 2.1%

Cigna Corp.(2) 31,281 $ 7,415,787CVS Health Corp.(2) 52,381 4,370,671DaVita, Inc.(1)(2) 11,550 1,390,966McKesson Corp.(2) 7,813 1,494,158UnitedHealth Group, Inc.(2) 42,638 17,073,961

$ 31,745,543

Hotels, Restaurants & Leisure — 1.9%

Caesars Entertainment, Inc.(1) 6,957 $ 721,789Chipotle Mexican Grill, Inc.(1)(2) 3,300 5,116,122Darden Restaurants, Inc.(2) 21,181 3,092,214Marriott International, Inc., Class A(1)(2) 75,775 10,344,803McDonald’s Corp.(2) 35,561 8,214,235Yum! Brands, Inc.(2) 14,466 1,664,024

$ 29,153,187

Household Durables — 0.2%

PulteGroup, Inc.(2) 26,224 $ 1,431,044Whirlpool Corp.(2) 8,566 1,867,559

$ 3,298,603

Household Products — 0.6%

Clorox Co. (The)(2) 27,426 $ 4,934,212Procter & Gamble Co. (The)(2) 36,664 4,947,073

$ 9,881,285

Industrial Conglomerates — 0.5%

3M Co.(2) 11,474 $ 2,279,081Honeywell International, Inc.(2) 26,647 5,845,019

$ 8,124,100





Insurance — 1.1%

American International Group, Inc.(2) 70,241 $ 3,343,472Chubb, Ltd.(2) 35,393 5,625,363Marsh & McLennan Cos., Inc.(2) 15,767 2,218,101Travelers 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 $ 50,274,014Alphabet, Inc., Class C(1)(2) 19,392 48,602,557Facebook, Inc., Class A(1)(2) 165,505 57,547,744Twitter, Inc.(1) 16,742 1,152,017

$ 157,576,332

Internet & Direct Marketing Retail — 6.8%

Amazon.com, Inc.(1)(2) 29,809 $ 102,547,729Pinduoduo, Inc. ADR(1) 16,428 2,086,685

$ 104,634,414

IT Services — 4.0%

Cognizant Technology Solutions Corp., Class A(2) 95,346 $ 6,603,664Fidelity National Information Services, Inc.(2) 62,742 8,888,659Mastercard, Inc., Class A(2) 27,000 9,857,430PayPal Holdings, Inc.(1)(2) 70,600 20,578,488Visa, Inc., Class A(2) 63,696 14,893,399

$ 60,821,640

Life Sciences Tools & Services — 1.2%

Agilent Technologies, Inc.(2) 65,000 $ 9,607,650IQVIA Holdings, Inc.(1) 5,328 1,291,081PerkinElmer, Inc.(2) 23,065 3,561,467Thermo Fisher Scientific, Inc.(2) 7,471 3,768,895

$ 18,229,093

Machinery — 1.4%

Caterpillar, Inc. 7,735 $ 1,683,368Dover Corp.(2) 29,870 4,498,422Ingersoll Rand, Inc.(1)(2) 20,758 1,013,198Parker-Hannifin Corp.(2) 14,287 4,387,681Stanley Black & Decker, Inc.(2) 46,905 9,615,056

$ 21,197,725

Media — 2.1%

Comcast Corp., Class A(2) 475,547 $ 27,115,690DISH Network Corp., Class A(1)(2) 30,564 1,277,575


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 $ 3,522,258Newmont Corp.(2) 25,563 1,620,183

$ 5,142,441

Multi-Utilities — 0.9%

CMS Energy Corp.(2) 177,055 $ 10,460,409Dominion 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 $ 5,540,956Diamondback Energy, Inc.(2) 150,036 14,086,880ONEOK, Inc. 26,014 1,447,419Phillips 66(2) 57,101 4,900,408Valero Energy Corp. 12,000 936,960Williams 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 $ 8,821,376Eli Lilly & Co.(2) 12,046 2,764,798Johnson & Johnson(2) 43,189 7,114,956Merck & Co., Inc.(2) 111,665 8,684,187Organon & Co.(1)(2) 11,166 337,883Pfizer, Inc.(2) 220,239 8,624,559Viatris, Inc.(2) 30,036 429,215

$ 36,776,974

Professional Services — 0.3%

Equifax, Inc.(2) 14,785 $ 3,541,155Robert Half International, Inc.(2) 12,784 1,137,393

$ 4,678,548





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 $ 1,667,633Norfolk Southern Corp.(2) 9,503 2,522,191Union Pacific Corp.(2) 37,756 8,303,677

$ 12,493,501

Semiconductors & Semiconductor Equipment — 8.7%

Advanced Micro Devices, Inc.(1)(2) 132,313 $ 12,428,160Analog Devices, Inc.(2) 56,522 9,730,828ASML Holding NV - NY Shares(2) 17,623 12,174,673Enphase Energy, Inc.(1)(2) 33,910 6,226,893Intel Corp.(2) 319,158 17,917,530Microchip Technology, Inc.(2) 53,000 7,936,220NXP Semiconductors NV(2) 47,520 9,775,815ON Semiconductor Corp.(1)(2) 99,333 3,802,467Qorvo, Inc.(1)(2) 15,654 3,062,705QUALCOMM, Inc.(2) 140,545 20,088,097Teradyne, Inc.(2) 27,000 3,616,920Texas Instruments, Inc.(2) 140,016 26,925,077

$ 133,685,385

Software — 12.9%

Adobe, Inc.(1)(2) 42,521 $ 24,901,999Fortinet, Inc.(1)(2) 29,859 7,112,115Microsoft Corp.(2) 469,480 127,182,132Oracle Corp.(2) 217,080 16,897,507Paycom Software, Inc.(1) 4,241 1,541,476salesforce.com, inc.(1)(2) 62,922 15,369,957ServiceNow, Inc.(1) 3,002 1,649,749Zoom 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 $ 5,464,109Best Buy Co., Inc.(2) 28,506 3,277,620Home 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


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 $ 1,233,720Philip 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 ofInvestments is based on net assets.

(1) Non-income producing security.(2) Security (or a portion thereof) has been pledged as collateral for written

options.




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



Statement of Assets and Liabilities (Unaudited)

Assets June 30, 2021

Unaffiliated investments, at value (identified cost, $357,246,654) $1,558,993,612Cash 4,992,566Dividends receivable 660,183Receivable for premiums on written options 1,879,501Receivable for Fund shares sold 1,771,570Receivable from the transfer agent 611,772

Total assets $1,568,909,204

Liabilities

Written options outstanding, at value (premiums received, $17,114,705) $ 30,168,865Payable for investments purchased 1,254,046Payable for closed written options 3,371,384Payable to affiliates:

Investment adviser fee 1,237,085Trustees’ 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 $ 981,823Additional paid-in capital 460,451,747Distributable 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



Statement of Operations (Unaudited)

Investment IncomeSix Months EndedJune 30, 2021

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

Total investment income $ 8,493,730

Expenses

Investment adviser fee $ 7,027,076Trustees’ fees and expenses 33,165Custodian fee 184,245Transfer and dividend disbursing agent fees 9,103Legal and accounting services 57,476Printing and postage 232,299Miscellaneous 73,511

Total expenses $ 7,616,875

Net investment income $ 876,855

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —Investment transactions $ 46,692,010Written options (15,289,806)

Net realized gain $ 31,402,204

Change in unrealized appreciation (depreciation) —Investments $142,715,119Written 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



Statements of Changes in Net Assets

Increase (Decrease) in Net Assets

Six Months EndedJune 30, 2021(Unaudited)

Year EndedDecember 31, 2020

From operations —Net investment income $ 876,855 $ 6,771,178Net 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 $ 67,348,625Reinvestment 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.



Financial Highlights

Six Months EndedJune 30, 2021(Unaudited)

Year Ended December 31,

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 $ 0.119Net 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 shelfoffering (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 $898,991Ratios (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.



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 of1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s primary investment objective is to providecurrent 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 inthe 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.

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 nosales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equitysecurities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities forwhich 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 PriceReporting Authority. Non-U.S. exchange-traded options and over-the-counter options are valued by a third party pricing service using techniques thatconsider 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 usingmethods 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 isthe amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is basedon 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, thetype of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of theissuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, informationobtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financialstatements, 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 losseson 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 haspassed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends andcapital 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 todistribute 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 Fundfiles 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 ofthree 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 assumptionsthat affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during thereporting 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 expensesarising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts businesstrust (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 anexpress disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon request by the shareholder, thedefense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personallyliable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course ofbusiness, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under thesearrangements 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 asa liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with theFund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiumsreceived from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determinethe 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


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 caseof 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, asa 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 bearthe 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 byan independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurringadjustments, 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’sdividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fundintends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholdersare 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 taxbasis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating todistributions 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 distributionsestimated to be a tax return of capital was approximately $62,220,000. 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, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $75,432,693 which would reduce its taxable incomearising 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. Thedeferred 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 whenoriginally 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 afederal 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. OnMarch 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of MorganStanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with EVM, which tookeffect 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), thefee 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 representnet assets plus obligations attributable to investment leverage, if any. For the six months ended June 30, 2021, the Fund’s investment adviser feeamounted 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 theTransaction, EVM entered into a new sub-advisory agreement with Parametric, which took effect on March 1, 2021. EVM pays Parametric a portion of itsinvestment 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 adviserfee. 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 termsof the Trustees Deferred Compensation Plan. For the six months ended June 30, 2021, no significant amounts have been deferred. Certain officers andTrustees of the Fund are officers of EVM.

14



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 endedJune 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 repurchaseprogram 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 ofthe 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 Fundto 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 yearended 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, subjectto 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 netasset 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 issuean 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 inexcess 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 endedDecember 31, 2020, respectively. Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were bornedirectly 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 salescommission 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 thesales 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 mayinclude 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 notnecessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when allrelated and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2021 is included in the Portfolioof 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 currentvalue 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 thevalue 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 underlyingrisk 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



The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations andwhose 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 thisderivative 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, isused 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 lowestlevel input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily anindication 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 asfollows:

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. Thiscoronavirus 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 asthe coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. Theimpact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market ingeneral, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any suchimpact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

16


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 andadjourned until January 22, 2021 for the following purpose: approval of a new investment advisory agreement with EVM (“Proposal 1”) and approval of anew 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 onthe 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 toeach Proposal because brokers are required to receive instructions from the beneficial owners or persons entitled to vote in order to submit proxies.

17


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 termending in 2024.

Nominee for Trustee

Number of Shares

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


Officers and Trustees

Officers

Edward J. PerkinPresident

Deidre E. WalshVice President and Chief Legal Officer

James F. KirchnerTreasurer

Kimberly M. RoessigerSecretary

Richard F. FroioChief Compliance Officer

Trustees

George J. GormanChairperson

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

FACTSWHAT 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 limitsome but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personalinformation. 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. Thisinformation 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 sectionbelow, we list the reasons financial companies can share their customers’ personal information; the reasons EatonVance 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 youraccount(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 aboutyour transactions, experiences, and creditworthiness

Yes Yes

For our affiliates’ everyday business purposes — information about your transactions andexperiences

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 oursharing

Call toll-free 1-800-262-1122 or email: [email protected]

Please note:

If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. Whenyou are no longer our customer, we continue to share your information as described in this notice. However, you cancontact us at any time to limit our sharing.

Questions? Call toll-free 1-800-262-1122 or email: [email protected]

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 VanceManagement (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global AdvisorsLimited, 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 advisoryaffiliates (“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 thatcomply with federal law. These measures include computer safeguards and secured files and buildings. Wehave policies governing the proper handling of customer information by personnel and requiring thirdparties 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 othercompanies.

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 onyour 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 entitiesassociated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC andMorgan 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 asMorgan Stanley Smith Barney LLC and Morgan Stanley & Co.

Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancialcompanies.

� 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 orservices 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 unlessyou 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 wewill 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 shareholderdocuments, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential orpost office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American StockTransfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of yourdocuments indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documentsnot be householded, please contact AST or your financial intermediary. Your instructions that householding not apply to delivery of yourEaton 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 toForm N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, bycalling 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 theirunderlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. Youmay obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfoliosecurities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessingthe 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 to10% 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 thenumber of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports toshareholders.

Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintaincompliance 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 characteristicsavailable on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. Thefunds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are alsoposted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fundinformation pages under “Individual Investors — Closed-End Funds”.

22

This Page Intentionally Left Blank

Investment Adviser and AdministratorEaton Vance ManagementTwo International PlaceBoston, MA 02110

Investment Sub-AdviserParametric Portfolio Associates LLC800 Fifth Avenue, Suite 2800Seattle, WA 98104

CustodianState Street Bank and Trust CompanyState Street Financial Center, One Lincoln StreetBoston, MA 02111

Transfer AgentAmerican Stock Transfer & Trust Company, LLC6201 15th AvenueBrooklyn, NY 11219

Fund OfficesTwo International PlaceBoston, MA 02110

7745 6.30.21