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Special Meeting of Shareholders of Eaton Vance Tax-Managed Buy-Write Strategy Fund

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At a Special Meeting held in Boston, shareholders of the Eaton Vance Tax-Managed Buy-Write Strategy Fund (NYSE: EXD) approved a Reorganization to merge with the Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV). The merger is targeted for completion on or around April 14, 2023, subject to customary conditions. Shareholders will receive common shares of the Acquiring Fund based on net asset values. Additionally, advisory fee rate breakpoints will be implemented for the Acquiring Fund post-merger, with corresponding updates to its prospectus.

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  • Shareholder approval for the merger indicates strong backing for strategic realignment.
  • Implementation of advisory fee rate breakpoints may enhance investor appeal and cost-effectiveness.
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  • None.

BOSTON--(BUSINESS WIRE)-- At a Special Meeting of Shareholders held today, shareholders of Eaton Vance Tax-Managed Buy-Write Strategy Fund (NYSE: EXD) (the “Fund”) approved an Agreement and Plan of Reorganization pursuant to which the Fund will be reorganized with and into Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) (the “Acquiring Fund”) (the “Reorganization”), as approved by the Fund’s Board of Trustees.

The Reorganization is currently expected to be completed as of the close of business of the New York Stock Exchange on or about April 14, 2023, subject to the satisfaction of customary closing conditions. Each shareholder of the Fund will be issued common shares of the Acquiring Fund at an exchange ratio based on the Fund’s and Acquired Fund’s respective net asset values per share. Following the Reorganization, the Acquiring Fund will continue to be managed in accordance with its existing investment objectives and strategies.

Effective upon the closing of the Reorganization, Eaton Vance has agreed to implement breakpoints in the advisory fee rate schedule of the Acquiring Fund. The Acquiring Fund’s prospectus will be supplemented on or about the closing of the Reorganization to reflect the new advisory fee rate breakpoint schedule.

Additional Information about the Funds and the Reorganization

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.

The Funds’ 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 United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that 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.

Investor Contact: (800) 262-1122

Source: Eaton Vance

FAQ

What is the purpose of the merger between EXD and ETV?

The merger aims to reorganize the Eaton Vance Tax-Managed Buy-Write Strategy Fund (EXD) into the Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) to enhance investment management.

When will the merger between EXD and ETV be completed?

The merger is expected to be completed on or about April 14, 2023.

How will shareholders be affected by the merger between EXD and ETV?

Shareholders of EXD will receive common shares of ETV based on respective net asset values post-merger.

What changes will occur in advisory fees after the merger of EXD and ETV?

Post-merger, the Acquiring Fund (ETV) will implement breakpoints in its advisory fee rate schedule, potentially lowering costs for investors.

Eaton Vance Tax-Managed Buy-Write Strategy Fund

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