Eaton Vance Tax Managed Buy Write Strategy Fund : Fact Sheet

Closed-End Funds | Q1 2022

Eaton Vance Tax-Managed Buy-Write Strategy Fund

Objective

Fund Highlights

The Fund's primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.

Portfolio Facts1

Premium/Discount 4.63%

• ■ The Fund invests in a diversified portfolio of common stocks and writes call options on one or more U.S. indices on a substantial portion of the value of its common stock portfolio to seek to generate current earnings from the option premium. The Fund's portfolio managers use the adviser's and sub-adviser's internal research and proprietary modeling techniques in making investment decisions. The Fund evaluates returns on an after tax basis and seeks to minimize and defer federal income taxes incurred by shareholders in connection with their investment in the Fund.

• ■ The Fund pays monthly distributions to shareholders pursuant to a managed distribution plan.*

• ■ NYSE listing provides daily liquidity.

Market Price and NAV History $25

Portfolio Overview2

20

At NAV

At Market Price

15

10

5 4/12

2/14

2/16

2/18

2/20

3/22

% Average Annual Returns (as of 03/31/2022)

Q1

YTD

1 Year

3 Years

5 Years 10 YearsFund at NAV

Fund at Market Price

-5.19 -2.02

-5.19 -2.02

10.28 17.64

12.57 17.67

6.52 4.53

10.00 5.59

Distribution History (Last 6 Distributions)*

Distribution Rates*3

Ex Date

Distribution Per Share

Distribution Rate at NAV 7.57%

03/23/22 $0.07080 Distribution Rate at Market Price 7.23%

02/17/22 $0.07080

01/21/22 $0.07080

12/22/21 $0.07080

11/22/21 $0.07080

10/21/21 $0.07080

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Performance less than or equal to one year is cumulative. For performance as of the most recent month-end, please refer to eatonvance.com. Prior to 2/8/19, the Fund was called Eaton Vance Tax-Advantaged Bond and Option Strategies Fund, had a different objective and employed a different investment strategy.

1The premium/discount is calculated as [(market price/NAV)-1].

2Information presented as of total net assets. Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. 3The Distribution Rate is based on the Fund's last regular distribution per share (annualized) divided by the Fund's Net Asset Value (NAV) or market price (the price at which the Fund is traded on the exchange) at the end of the period.

*Fund currently makes distributions in accordance with a managed distribution plan. As of 03/31/2022, distributions include amounts characterized for federal income tax purposes as ordinary dividends (including qualified dividends), capital gain distributions and estimated nondividend distributions, also known as return of capital distributions. Return of capital distribution may include a return of some or all of the money that an investor invested in Fund shares. With each distribution, the Fund issues a notice to shareholders and a press release containing information about the amount and sources of the distribution and related information. Notices and press releases for the last 24 months are available on our website (http://funds.eatonvance.com/19a-Fund-Distribution-Notices.php). The amounts and sources of distributions are only estimates and are not provided for tax reporting purposes. Fund reports the character of distributions for federal income tax purposes each calendar year on Form 1099-DIV. In recent years, a significant portion of the Fund's distributions has been characterized as return of capital.

Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income." Distributions in excess of Fund returns will cause its NAV to erode. Investors should not draw any conclusions about a Fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan. The Fund's distributions are determined by the investment adviser based on its current assessment of the Fund's long-term return potential. As portfolio and market conditions change the rate of distributions paid by the Fund could change.

NOT FDIC INSURED | OFFER NO BANK GUARANTEE | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT A DEPOSIT

Tax-Managed Buy-Write Strategy Fund

Q1 2022
Comm.	Consumer	Consumer	Information	Utilities
Services	Discretionary	Staples	Technology

Energy

Top 10 Holdings (%)4

40

12.76 9.36

14.51 12.02

5.78 6.08

Apple Inc

Microsoft Corp Amazon.com Inc NVIDIA Corp Alphabet Inc - CL C Tesla Inc

Alphabet Inc - CL A Meta Platforms Inc PepsiCo Inc Adobe Inc

Portfolio Management

Thomas C. Seto

Head of Investment Management

Joined Parametric Portfolio Associates 1998 Managed Fund since 2019

FinancialsHealth CareIndustrials

MaterialsReal Estate

2.91 3.87

6.49 11.11

10.66 13.61

Expense Ratios (%)

5.09 7.86

35.81 28.02

1.82 2.62

1.65 2.53

2.72 2.74

10.26

8.67

5.97

3.76

3.54

3.22

3.10

2.13

1.95

1.70

G. R. Nelson

Vice President, Eaton Vance Management

Joined Eaton Vance 2004

Managed Fund since 2021

4Information presented as of total net assets. Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.5S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC ("S&P DJI") and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund's investment objective, risks, charges and expenses.

About Eaton Vance

Eaton Vance is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. It provides advanced investment strategies and wealth management solutions to forward-thinking investors around the world. Through its distinct investment brands Eaton Vance Management, Parametric, Atlanta Capital and Calvert, the Company offers a diversity of investment approaches, encompassing bottom-up fundamental active management, responsible investing, systematic investing and customized implementation of client-specified portfolio exposures. Exemplary service, timely innovation and attractive returns across market cycles have been hallmarks of Eaton Vance since 1924.

©2022 Eaton Vance Management | Two International Place, Boston, MA 02110 | 800.836.2414 | eatonvance.com

5042 | 4.27.22