Eaton Vance Closed-End Fund Merger Complete
April 17 2023 - 8:30AM
Business Wire
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.
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