Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)

 

 

Filed pursuant to Rule 424(b)(3)
File No. 333-264574

 

EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND
Supplement to Prospectus dated April 29, 2022

The following replaces the Financial Highlights contained in the Prospectus:

 

	Year Ended December 31,
	2022	2021	2020	2019	2018
Net asset value – Beginning of year	$ 16.130	$ 14.480	$ 14.640	$ 13.360	$ 15.010
Income (Loss) From Operations
Net investment income(1)	$ 0.053	$ 0.013	$ 0.075	$ 0.083	$ 0.077
Net realized and unrealized gain (loss)	(2.798)	2.910	1.080	2.486	(0.436)
Total income (loss) from operations	$ (2.745)	$ 2.923	$ 1.155	$ 2.569	$ (0.359)
Less Distributions
From net investment income	$ (0.051)	$ —	$ (0.074)	$ (0.082)	$ (0.076)
From net realized gain	(0.396)	—	—	—	(0.394)
Tax return of capital	(0.851)	(1.330)	(1.256)	(1.248)	(0.860)
Total distributions	$ (1.298)	$ (1.330)	$ (1.330)	$ (1.330)	$ (1.330)
Premium from common shares sold through shelf offering(1)	$ 0.013	$ 0.057	$ 0.015	$ 0.041	$ 0.039
Net asset value – End of year	$ 12.100	$ 16.130	$ 14.480	$ 14.640	$ 13.360
Market value – End of year	$ 12.280	$ 16.740	$ 15.350	$ 14.950	$ 13.480
Total Investment Return on Net Asset Value(2)	(17.55)%	21.39%	9.14%	20.23%	(2.65)%
Total Investment Return on Market Value(2)	(19.37)%	18.84%	13.30%	21.68%	(4.08)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 1,321,452	$ 1,694,817	$ 1,327,348	$ 1,268,146	$ 1,039,071
Ratios (as a percentage of average daily net assets):
Expenses	1.08%(3)	1.08%	1.09%	1.08%	1.09%
Net investment income	0.39%	0.08%	0.55%	0.59%	0.52%
Portfolio Turnover	19%	9%	9%	6%	9%

(See related footnotes.)

 

 

 

	Year Ended December 31,
	2017	2016	2015	2014	2013
Net asset value – Beginning of year	$ 14.050	$ 14.570	$ 14.840	$ 14.840	$ 13.770
Income (Loss) From Operations
Net investment income(1)	$ 0.089	$ 0.119	$ 0.109	$ 0.110	$ 0.128
Net realized and unrealized gain	2.167	0.691	0.951	1.220	2.272
Total income from operations	$ 2.256	$ 0.810	$ 1.060	$ 1.330	$ 2.400
Less Distributions
From net investment income	$ (0.089)	$ (0.117)	$ (0.130)	$ (0.110)	$ (0.126)
From net realized gain	—	(0.435)	(0.800)	(0.215)	—
Tax return of capital	(1.241)	(0.778)	(0.400)	(1.005)	(1.204)
Total distributions	$ (1.330)	$ (1.330)	$ (1.330)	$ (1.330)	$ (1.330)
Premium from common shares sold through shelf offering(1)	$ 0.034	$ —	$ —	$ —	$ —
Net asset value – End of year	$ 15.010	$ 14.050	$ 14.570	$ 14.840	$ 14.840
Market value – End of year	$ 15.370	$ 14.840	$ 15.300	$ 14.060	$ 14.010
Total Investment Return on Net Asset Value(2)	16.93%	6.04%	7.32%	9.51%	19.08%
Total Investment Return on Market Value(2)	13.36%	6.58%	19.04%	9.91%	23.84%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 1,023,066	$ 898,991	$ 929,375	$ 945,200	$ 943,887
Ratios (as a percentage of average daily net assets):
Expenses(4)	1.08%	1.09%	1.08%	1.09%	1.09%
Net investment income	0.61%	0.85%	0.73%	0.74%	0.90%
Portfolio Turnover	4%	4%	5%	2%	2%

(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)

Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended December 31, 2022).

(4)

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

 

 

April 18, 2023