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Eaton Vance Closed-End Fund Merger Complete

The merger of Eaton Vance Tax-Managed Buy-Write Strategy Fund (NYSE: EXD) into Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) was completed at the close of the New York Stock Exchange on April 14, 2023. EXD shareholder approval of the Agreement and Plan of Reorganization pursuant to which the merger was affected was previously obtained on March 16, 2023.

The merger was based upon the Funds’ closing net assets on April 14, 2023. The exchange ratio at which common shares of EXD were converted to common shares of ETV is listed below:

Acquired Fund (Trading Symbol)

Exchange Ratio

Eaton Vance Tax-Managed Buy-Write Strategy Fund (NYSE: EXD)

0.750447085

EXD is a closed-end management investment company sponsored and managed by Eaton Vance Management. Eaton Vance Management is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. 

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors’ expectations for future distribution changes, the clarity of the Fund’s investment strategy and future return expectations, and investors’ confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund’s investment objective, risks, charges and expenses.

Additional Information about the Funds

This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds; nor is this press release intended to solicit a proxy from any shareholder of the Funds.

Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Additional information about the Funds, including performance and portfolio characteristic information, is available at www.eatonvance.com.

Statements in this press release that are not historical facts are forward-looking statements as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond a Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.

Contacts

Investors: (800) 262-1122

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