EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND 
By BOSTON, March 31, 2014 /PRNewswire/ -- Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV), today announced important information concerning its distribution declared in March 2014. This press release is issued as required by the Fund's managed distribution plan (Plan) and an exemptive order received from the U.S. Securities and Exchange Commission. The Board of Trustees has approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the March distribution. It is not determinative of the tax character of the Fund's distributions for the 2014 calendar year. Shareholders should note that the Fund's total regular distribution amount is subject to change as a result of market conditions or other factors.
The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: March 2014
Distribution Amount per Common Share: $0.1108
The following table sets forth an estimate of the sources of the Fund's March distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
Eaton Vance Tax-Managed Buy-Write Opportunities Fund
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Source Current Distribution % of Current Cumulative % of the Cumulative
Distribution Distributions for the Distributions for the Fiscal
Fiscal Year-to-Date(1) Year-to-Date(1)
--- --- -------------- ---------------
Net Investment Income $0.0098 8.8% $0.0286 8.6%
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Net Realized Short-Term Capital Gains $0.0000 0.0% $0.0000 0.0%
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Net Realized Long-Term Capital Gains $0.0000 0.0% $0.0000 0.0%
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Return of Capital or Other Capital Source(s) $0.1010 91.2% $0.3038 91.4%
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Total per common share $0.1108 100.0% $0.3324 100.0%
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(1) The Fund's fiscal year is January 1, 2014 to December 31, 2014
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.' The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Fund's performance based on its net asset value (NAV) for certain periods.
Average annual total
return at NAV for the
5-year period ended on
February 28, 2014(1) 19.70%
----------------------- -----
Annualized current
distribution rate
expressed as a
percentage of NAV as
of February 28,
2014(2) 9.02%
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Cumulative total return
at NAV for the fiscal
year through February
28, 2014(3) 0.91%
----------------------- ----
Cumulative fiscal year
to date distribution
rate as a percentage
of NAV as of February
28, 20144 1.50%
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(1) Average annual total return at NAV
represents the simple arithmetic
average of the annual NAV total returns
of the Fund for the 5-year period ended
on February 28, 2014.
(2) The annualized current distribution
rate is the cumulative distribution
rate annualized as a percentage of the
Fund's NAV as of February 28, 2014.
(3) Cumulative total return at NAV is
the percentage change in the Fund's NAV
for the period from the beginning of
its fiscal year to February 28, 2014
including distributions paid and
assuming reinvestment of those
distributions.
4 Cumulative fiscal year distribution
rate for the period from the beginning
of its fiscal year to February 28, 2014
measured on the dollar value of
distributions in the year-to-date
period as a percentage of the Fund's
NAV as of February 28, 2014.
SOURCE Eaton Vance Management
