Fund Description: Eaton Vance Tax-Managed Buy-Write Opportunities Fund is a diversified, closed-end management investment company. The Fund's primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. In pursuing its investment objectives, the Fund will evaluate returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes. Under normal market conditions, the Fund's investment program will consist primarily of (1) owning a diversified portfolio of common stocks, a segment of which seeks to exceed the total return performance of the S&P 500 Composite Stock Price Index and a segment of which seeks to exceed the total return performance of the NASDAQ-100 Index(R) and (2) selling on a continuous basis S&P 500 call options on at least 80% of the value of Segment One and NASDAQ-100 call options on at least 80% of the value of Segment Two. The Fund's investment adviser is Eaton Vance Management.