Company: ETV
Filing Date: 2025-05-01
Form Type: 424B5
Source: 0001193125-25-109401
Chunk: 169

Company: Eaton Vance Tax-Managed Buy-Write Opportunities Fund
Filing Date: 2025-05-01
Form: 424B5
Chunk 169
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 as of the Fund’s most recent fiscal year end are reflected in the table. |

| (4) | For “Other Accounts” that are part of a wrap or model account program, the number of accounts is the number of sponsors for which the portfolio manager provides advisory services rather than the number of individual customer accounts within each wrap or model account program. |

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Fund’s most recent fiscal year ended December 31, 2024 and in the Eaton Vance family of funds as of December 31, 2024.

| Portfolio Manager           |     | Dollar Range of Equity Securities 
 Beneficially Owned in the Fund    |     | Aggregate Dollar Range of Equity 
 Securities Beneficially Owned in 
 the Eaton Vance Family of Funds  |                      |
|:----------------------------|:----|:----------------------------------|:----|:---------------------------------|:---------------------|
| Charles B. Gaffney          |     | None                              |     | $                                | 100,001 - $500,000   |
| Douglas R. Rogers, CFA, CMT |     | None                              |     | $                                | 500,001 - $1,000,000 |
| Gordon Wotherspoon          |     | None                              |     |                                  | None                 |
| Xiaozhen Li                 |     | None                              |     |                                  | None                 |

It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his discretion in a manner that he believes is equitable to all interested persons. The investment adviser and sub-adviserhave adopted several policies and procedures designed to