Eaton Vance Tax-Managed Buy-Write Opportunities Fund Report of Earnings as of June 30, 2008

Monday, August 25, 2008 4:56 PM

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 and six months ended June 30, 2008. The Fund’s fiscal year ends on December 31, 2008.

For the three months ended June 30, 2008, the Fund had net investment income of $1,677,681 ($0.027 per common share). The Funds net investment income for the six months ended June 30, 2008 was $3,261,932 ($0.052 per common share). In comparison, for the three months ended June 30, 2007, the Fund had net investment income of $1,222,201 ($0.019 per common share). The Funds net investment income for the six months ended June 30, 2007 was $3,394,874 ($0.054 per common share).

Net realized and unrealized losses for the three months ended June 30, 2008 were $1,473,760 ($0.022 per common share). The Funds net realized and unrealized losses for the six months ended June 30, 2008 were $87,991,998 ($1.392 per common share). In comparison, net realized and unrealized gains for the three months ended June 30, 2007 were $50,456,593 ($0.800 per common share). The Funds net realized and unrealized gains for the six months ended June 30, 2007 were $72,225,274 ($1.146 per common share).

On June 30, 2008, net assets applicable to common shares of the Fund were $1,061,462,591. The net asset value per common share on June 30, 2008 was $16.80 based on 63,173,419 common shares outstanding. In comparison, on June 30, 2007, net assets applicable to common shares of the Fund were $1,230,655,948. The net asset value per common share on June 30, 2007 was $19.48 based on 63,173,419 common shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp, which is listed on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates had approximately $155.8 billion in assets under management on July 31, 2008. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Marketing at (800) 262-1122.

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

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2008		2007		2008		2007
Gross investment income		$4,580		$4,479		$9,129		$9,843
Operating expenses		($2,902	)	($3,257	)	($5,867	)	($6,448	)
	Net investment income	$1,678		$1,222		$3,262		$3,395
Net realized and unrealized gains (losses) on investments		($1,474	)	$50,457		($87,992	)	$72,225
	Net increase (decrease) in net assets from operations	$204		$51,679		($84,730	)	$75,620

Earnings per Share Outstanding
Gross investment income		$0.073		$0.071		$0.145		$0.156
Operating expenses		($0.046	)	($0.052	)	($0.093	)	($0.102	)
	Net investment income	$0.027		$0.019		$0.052		$0.054
Net realized and unrealized gains (losses) on investments		($0.022	)	$0.800		($1.392	)	$1.146
	Net increase (decrease) in net assets from operations	$0.005		$0.819		($1.340	)	$1.200


Net Asset Value at June 30 (Common Shares)
	Net assets (000)					$1,061,463		$1,230,656
	Shares outstanding (000)					63,173		63,173
	Net asset value per share outstanding					$16.80		$19.48

Market Value Summary (Common Shares )
	Market price on NYSE at June 30					$16.37		$19.54
	High market price (period ended June 30)					$17.69		$20.78
	Low market price (period ended June 30)					$15.64		$19.40