Eaton Vance Tax-Managed Buy-Write Opportunities Fund Report of Earnings

BOSTON, Dec. 14  /PRNewswire-FirstCall/ -- Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE:ETV), a diversified closed-end investment company, today announced the earnings of the Fund for the three months ended September 30, 2009 and the nine months ended September 30, 2009.  The Fund's fiscal year ends on December 31, 2009.

For the three months ended September 30, 2009, the Fund had net investment income of $1,479,223 ($0.023 per common share). For the nine months ended September 30, 2009, the Fund had net investment income of $5,651,840 ($0.089 per common share).  In comparison, for the three months ended September 30, 2008, the Fund had net investment income of $1,783,809 ($0.028 per common share).  For the nine months ended September 30, 2008, the Fund had net investment income of $5,045,741 ($0.080 per common share).

Net realized and unrealized gains for the three months ended September 30, 2009 were $72,994,475 ($1.150 per common share) and net realized and unrealized gains for the nine months ended September 30, 2009 were $189,200,052 ($2.994 per common share). In comparison, net realized and unrealized losses for the three months ended September 30, 2008 were $95,518,875 ($1.513 per common share) and net realized and unrealized losses for the nine months ended September 30, 2008 were $183,510,873 ($2.905 per common share).

On September 30, 2009, net assets of the Fund were $867,205,370.  The net asset value per common share on September 30, 2009 was $13.71 based on 63,258,114 common shares outstanding.  In comparison, on September 30, 2008, net assets of the Fund were $937,720,150.  The net asset value per common share on September 30, 2008 was $14.84 based on 63,173,419 common shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE:EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $154.9 billion in assets as of October 31, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions.  The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors.  For more information about Eaton Vance, visit http://www.eatonvance.com/.

             EATON VANCE TAX MANAGED BUY-WRITE OPPORTUNITIES FUND
                       SUMMARY OF RESULTS OF OPERATIONS
                   (in thousands, except per share amounts)

                                  Three Months Ended   Nine Months Ended
                                    September 30,       September 30,
                                    --------------      --------------
                                     2009      2008      2009       2008
                                     ----      ----      ----       ----
  Gross investment income          $3,825    $4,582   $12,074    $13,711
  Operating expenses              ($2,346)  ($2,798)  ($6,422)   ($8,665)
                                  -------   -------   -------    -------
    Net investment income          $1,479    $1,784    $5,652     $5,046
  Net realized and
   unrealized gains
   (losses) on investments        $72,994  ($95,519) $189,200  ($183,511)
                                  -------  --------  --------  ---------
    Net increase (decrease) in
     net assets from operations   $74,473  ($93,735) $194,852  ($178,465)
                                  =======  ========  ========  =========

  Earnings per Share Outstanding
  ------------
  Gross investment income          $0.060    $0.072    $0.191     $0.217
  Operating expenses              ($0.037)  ($0.044)  ($0.102)   ($0.137)
                                  -------   -------   -------    -------
    Net investment income          $0.023    $0.028    $0.089     $0.080
  Net realized and
   unrealized gains
   (losses) on investments         $1.150   ($1.513)   $2.994    ($2.905)
                                   ------   -------    ------    -------
    Net increase (decrease) in
     net assets from operations    $1.173   ($1.485)   $3.083    ($2.825)
                                   ======   =======    ======    =======


  Net Asset Value at September 30
   (Common Shares)
  ------------------------------
    Net assets                                       $867,205   $937,720
    Shares outstanding                                 63,258     63,173
    Net asset value per share
     outstanding                                       $13.71     $14.84

  Market Value Summary (Common
   Shares)
  ------------------------------
    Market price on NYSE at
     September 30                                      $14.29     $11.97
    High market price (period ended
     September 30)                                     $15.46     $17.69
    Low market price (period ended
     September 30)                                      $8.62     $11.65


DATASOURCE: Eaton Vance Management



CONTACT:  Eaton Vance Management Investors, [phone]



Web Site:  http://www.eatonvance.com/ 

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