<SEC-DOCUMENT>0000940394-23-000589.txt : 20230414
<SEC-HEADER>0000940394-23-000589.hdr.sgml : 20230414
<ACCEPTANCE-DATETIME>20230414160051
ACCESSION NUMBER:		0000940394-23-000589
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20230414
DATE AS OF CHANGE:		20230414
EFFECTIVENESS DATE:		20230414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Tax-Managed Buy-Write Opportunities Fund
		CENTRAL INDEX KEY:			0001322436
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-268498
		FILM NUMBER:		23821071

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>etvfinal.htm
<DESCRIPTION>EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">As filed with the Securities and Exchange Commission
on April 14, 2023</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">1933 Act File No. 333-268498</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: Black 4.5pt double; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SECURITIES AND EXCHANGE COMMISSION</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WASHINGTON, D.C. 20549</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FORM N-14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT of 1933</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#61551;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PRE-EFFECTIVE AMENDMENT NO. ____</FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#61551;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">POST-EFFECTIVE AMENDMENT NO. 1</FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">X</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Two International Place, Boston, Massachusetts 02110</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(617) 672-8305</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Registrant&#8217;s Telephone Number)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DEIDRE E. WALSH</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c/o Eaton Vance Management</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Two International Place, Boston, Massachusetts 02110</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Name and Address of Agent for Service)</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt">The Joint Prospectus/Proxy Statement and Statement of Additional
Information, each in the form filed on January 9, 2023 on Form N-14 8C/A (File No. 333-268498) (Accession No. 0000940394-23-000028), are
incorporated herein by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt">This amendment is being filed in order to file, as Exhibits 4 and
12 to this Registration Statement, the Agreement and Plan of Reorganization and the tax opinion of Ropes &amp; Gray LLP.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>PART C</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: center; background-color: white"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 15.</B></TD><TD><B>Indemnification</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">The Registrant&#8217;s Amended and Restated By-Laws and the Form of
Distribution Agreement contain provisions limiting the liability, and providing for indemnification, of the Trustees and officers under
certain circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Registrant&#8217;s Trustees and officers are insured under a standard
investment company errors and omissions insurance policy covering loss incurred by reason of negligent errors and omissions committed
in their official capacities as such. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended
(the &#8220;Securities Act&#8221;), may be permitted to directors, officers and controlling persons of the Registrant pursuant to the
provisions described in this Item 15, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 16.</B></TD><TD><B>Exhibits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 89%; padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1322436/000089843205000288/tmofdot.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreement and Declaration of Trust dated March 30, 2005 filed as Exhibit (1)(a) is incorporated herein by reference to the Registrant&#8217;s initial Registration Statement on Form N-2 (File Nos. 333-123770, 811-21735) as to the Registrant&#8217;s common shares of beneficial interest (&#8220;Common Shares&#8221;) filed with the Securities and Exchange Commission on April 1, 2005 (Accession No. 0000898432-05-003034) (&#8220;Initial Common Shares Registration Statement&#8221;).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1322436/000094039416003207/exhibita3_ex99za3.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment to Agreement and Declaration of Trust dated August 11, 2008 filed as Exhibit (1)(b) is incorporated herein by reference to the Registrant&#8217;s initial Shelf Registration Statement on Form N-2 (File Nos. 333-214545, 811-21735) as to the Registrant&#8217;s common shares of beneficial interest (&#8220;Common Shares&#8221;) filed with the Securities and Exchange Commission on November 10, 2016 (Accession No. 0000940394-16-003207) (&#8220;Initial Shelf Registration Statement&#8221;).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039420001216/exhibit503_ex-99z503.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amended and Restated By-Laws dated August 13, 2020 is incorporated herein by reference to the Registrant&#8217;s Form 8-K filed with the Securities and Exchange Commission on August 13, 2020 (Accession No. 0000940394-20-001216).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="exhibit4_ex99z4.htm">Agreement and Plan of Reorganization by and between Eaton Vance Tax-Managed Buy-Write Strategy Fund and the Registrant filed herewith.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1322436/000095013505003034/b55027a1exv99wxdy.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Specimen Certificate for Common Shares of Beneficial Interest filed as Exhibit (5) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Initial Common Shares Registration Statement as filed with the Commission on May 25, 2005 (Accession No. 0000950135-05-003034) (&#8220;Pre-Effective Amendment No. 1&#8221;).</FONT></A></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 89%; padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039421000773/exhibitg1_ex99zg1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment Advisory Agreement dated March 1, 2021 between the Registrant and Eaton Vance Management filed as Exhibit (6)(a) is incorporated herein by reference to the Registrant&#8217;s Post-Effective Amendment No. 2 to the Registrant&#8217;s Registration Statement on Form N-2 filed with the Securities and Exchange Commission on April 23, 2021 (Accession No. 0000940394-21-000773) (&#8220;Post-Effective Amendment No. 2&#8221;).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039421000773/exhibitg2_ex99zg2.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment Sub-Advisory Agreement dated March 1, 2021 between Eaton Vance Management and Parametric Portfolio Associates LLC filed as Exhibit (6)(b) is incorporated herein by reference to Post-Effective Amendment No. 2.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1322436/000095013505003034/b55027a1exv99wxhy.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Purchase Agreement filed as Exhibit (7)(a) is incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039422000949/exhibith2_ex-99zh2.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Distribution Agreement with respect to the Rule 415 shelf offering filed as Exhibit (7)(b) is incorporated herein by reference to the Registrant&#8217;s Initial Shelf Registration on Form N-2 filed with the Securities and Exchange Commission on April 29, 2022 (Accession No. 0000940394-22-000949).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039422000949/exhibith3_ex-99zh3.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Sub-Placement Agent Agreement filed as Exhibit (7)(c) is incorporated herein by reference to the Registrant&#8217;s Initial Shelf Registration on Form N-2 filed with the Securities and Exchange Commission on April 29, 2022 (Accession No. 0000940394-22-000949).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/745463/000094039413001073/exhibitg1_ex99zg1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amended and Restated Master Custodian Agreement between Eaton Vance Funds and State Street Bank &amp; Trust Company dated September 1, 2013 filed as Exhibit (9)(a) is incorporated herein by reference to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust&#8217;s Registration Statement on Form N-1A (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt 6pt 0pt"><A HREF="https://www.sec.gov/Archives/edgar/data/779991/000094039420001312/exhibitg1b_ex-99zg1b.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated August 13, 2020 and effective May 29, 2020 to Amended and Restated Master Custodian Agreement between Eaton Vance Funds and State Street Bank &amp; Trust Company dated September 1, 2013 filed as Exhibit (9)(b) is incorporated herein by reference to Post-Effective Amendment No. 79 of Eaton Vance Special Investment Trust&#8217;s Registration Statement on Form N-1A filed September 24, 2020 (Accession No. 0000940394-20-001312).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/31266/000094039410001000/exhibitg2.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (9)(c) is incorporated herein by reference to Post-Effective Amendment No. 108 of Eaton Vance Special Investment Trust&#8217;s Registration Statement on Form N-1A (File Nos. 02-27962, 811-1545) filed September 27, 2010 (Accession No. 0000940394-10-001000).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/914529/000094039412000641/exhibitg3_ex99zg3.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment Number 1 dated May 16, 2012 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (9)(d) is incorporated herein by reference to Post-Effective Amendment No. 39 of Eaton Vance Municipals Trust II&#8217;s Registration Statement on Form N-1A (File Nos. 033-71320, 811-08134) filed May 29, 2012 (Accession No. 0000940394-12-000641).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/745463/000094039413001073/exhibitg4_ex99zg4.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment dated September 1, 2013 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (9)(e) is incorporated herein by reference to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust&#8217;s Registration Statement on Form N-1A (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073).</FONT></A></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="width: 89%; padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/102816/000094039418001408/exhibitg5_ex-99zg5.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment dated July 18, 2018 and effective June 29, 2018 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (9)(f) to Post-Effective Amendment No. 212 of Eaton Vance Growth Trust&#8217;s Registration Statement on Form N-1A filed July 31, 2018 (Accession No. 0000940394-18-001408) and incorporated herein by reference.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/779991/000094039420001312/exhibith1e_ex-99zh1e.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment dated August 13, 2020 and effective May 29, 2020 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (9)(g) is incorporated herein by reference to Post-Effective Amendment No. 79 of Eaton Vance Investment Trust&#8217;s Registration Statement on Form N-1A (File Nos. 033-01121, 811-04443) filed September 24, 2020 (Accession No. 0000940394-20-001312).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039422001565/exhibit11_ex99z11.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Opinion and Consent of Counsel filed as Exhibit (11) to Pre-Effective Amendment No. 1 to the initial Registration Statement on Form N-14 of the Registrant (File No. 333-268498) filed December 22, 2022 (Accession No. 0000940394-22-001565).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="exhibit12_ex99z12.htm">Opinion of Ropes &amp; Gray LLP supporting the tax matters discussed in the Proxy Statement/ Prospectus filed herewith.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1379438/000095013507000974/b63412n4exv99wxkyx1y.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (13)(a) is incorporated herein by reference to Pre-Effective Amendment No. 3 to the initial Registration Statement on Form N-2 of Eaton Vance Tax-Managed Global Diversified Equity Income Fund (File Nos. 333-138318, 811-21973) filed February 21, 2007 (Accession No. 0000950135- 07- 000974).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1454741/000119312509083055/dex99k1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment dated April 21, 2008 to Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (13)(b) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the initial Registration Statement on Form N-2 of Eaton Vance National Municipal Opportunities Trust (File Nos. 333-156948, 811-22269) filed April 21, 2009 (Accession No. 0000950135- 09- 083055).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1665817/000119312516552383/d166897dex99k1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment dated June 13, 2012 to Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (13)(c) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the initial Registration Statement on Form N-2 of Eaton Vance High Income 2021 Target Term Trust (File Nos. 333-209436, 811-23136) filed April 25, 2016 (Accession No. 0000950135- 16- 552383).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-indent: 0pt; padding-right: 5.4pt; padding-left: 0pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039421000773/exhibitk4_ex99zk4.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administrative Services Agreement dated March 1, 2021 between the Registrant and Eaton Vance Management filed as Exhibit (13)(d) is incorporated herein by reference to Post-Effective Amendment No. 2.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1322436/000095013505003034/b55027a1exv99wxkyx4y.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Organizational and Expense Reimbursement Arrangement filed as Exhibit (13)(e) is incorporated herein by reference to Pre-Effective Amendment No. 1. </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1322436/000095013505003471/b55027a2exv99wxkyx6y.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Additional Compensation Agreement filed as Exhibit (13)(f) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Registrant&#8217;s initial Common Shares Registration Statement on Form N-2 as filed with the Commission on July 25, 2005 (Accession No. 0000950135-05-003471) (&#8220;Pre-Effective Amendment No. 2&#8221;).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1322436/000095013505003471/b55027a2exv99wxkyx7y.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Structuring Fee Agreement filed as Exhibit (13)(g) is incorporated herein by reference to Pre-Effective Amendment No. 2.</FONT></A></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1322436/000095013505003471/b55027a2exv99wxpy.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Letter Agreement with Eaton Vance Management dated June 16, 2005 filed as Exhibit (13) (h) is incorporated herein by reference to Pre-Effective Amendment No. 2.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039422001565/exhibit14_ex99z14.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm filed as Exhibit (14) to Pre-Effective Amendment No. 1 to the initial Registration Statement on Form N-14 of the Registrant (File No. 333-268498) filed December 22, 2022 (Accession No. 0000940394-22-001565).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt 6pt 0pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039422001565/exhibit16_ex99z16.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Power of Attorney filed as Exhibit (16) to Pre-Effective Amendment No. 1 to the initial Registration Statement on Form N-14 of the Registrant (File No. 333-268498) filed December 22, 2022 (Accession No. 0000940394-22-001565).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17)</FONT></TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 4%; padding: 6pt 5.4pt; font: 10pt NewsGoth Lt BT">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039422001565/proxyfinal.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Proxy is filed Pre-Effective Amendment No. 1 to the initial Registration Statement on Form N-14 of the Registrant (File No. 333-268498) filed December 22, 2022 (Accession No. 0000940394-22-001565).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1322436/000095013505003034/b55027a1exv99wxey.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Dividend Reinvestment Plan filed as Exhibit (17)(d) is incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt 6pt 0pt; text-indent: 0pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1322436/000094039422001565/exhibit18_ex99z18.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Calculation of Filing Fee Table filed as Exhibit (18) to Pre-Effective Amendment No. 1 to the initial Registration Statement on Form N-14 of the Registrant (File No. 333-268498) filed December 22, 2022 (Accession No. 0000940394-22-001565).</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 17.</B></TD><TD><B>Undertakings.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant
agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration
Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) under the Securities Act of 1933,
as amended (the &#8220;1933 Act&#8221;), the reoffering prospectus will contain the information called for by the applicable registration
form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the
applicable form.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant
agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the Registration Statement
and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective
amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at
that time shall be deemed to be the initial bona fide offering of them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant
agrees to file by post-effective amendment, an opinion of counsel supporting the tax consequences of the proposed Reorganization within
a reasonably prompt time after receipt of such opinion.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>NOTICE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A copy of the Agreement and Declaration of Trust of Eaton Vance Tax-Managed
Buy-Write Opportunities Fund is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that
this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and that the
obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually, but
are binding only upon the assets and property of the Registrant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt NewsGoth Lt BT,sans-serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As required by the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;),
this Registration Statement has been signed on its behalf by the Registrant, in the City of Boston, and the Commonwealth of Massachusetts,
on the 14<SUP>th</SUP> day of April, 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 3in">EATON VANCE TAX-MANAGED BUY-WRITE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 3in">OPPORTUNITIES FUND</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 3in">&nbsp;<U>/s/ R. Kelly Williams, Jr.&#9;</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4in">R. Kelly Williams, Jr.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4in">President</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Pursuant to the requirements of Section 6(a) of the 1933 Act, this Registration
Statement has been signed below by the following persons in the capacities and on the date indicated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Signatures</U></FONT></TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Title</U></FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; font: normal 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ R. Kelly Williams, Jr.</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">President (Chief Executive Officer)</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R. Kelly Williams, Jr.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">James F. Kirchner*</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Treasurer (Principal Financial</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">and Accounting Officer)</P></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">James F. Kirchner</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alan C. Bowser</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thomas E. Faust Jr.*</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thomas E. Faust Jr.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mark R. Fetting*</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mark R. Fetting</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cynthia E. Frost*</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cynthia E. Frost</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">George J. Gorman*</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">George J. Gorman</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Valerie A. Mosley*</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Valerie A. Mosley</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Anchal Pachnanda</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keith Quinton*</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keith Quinton</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marcus L. Smith*</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marcus L. Smith</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Susan J. Sutherland*</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Susan J. Sutherland</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scott E. Wennerholm*</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scott E. Wennerholm</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nancy A. Wiser*</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 14, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nancy A. Wiser</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">* By: /s/ Nicholas S. Di Lorenzo</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Nicholas S. Di Lorenzo</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">As Attorney-in-Fact</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The following exhibits are filed as a part of this Registration
Statement:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Exhibit Number</U>&#9;<U>Description</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 83%; padding: 6pt 5.4pt; font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Agreement and Plan of Reorganization by and between Eaton Vance Tax-Managed Buy-Write Strategy Fund and the Registrant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 6pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Opinion of Ropes &amp; Gray LLP supporting the tax matters discussed in the Proxy Statement/ Prospectus</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<TYPE>EX-99.(4)
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<FILENAME>exhibit4_ex99z4.htm
<DESCRIPTION>AGREEMENT AND PLAN OF REORGANIZATION
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: right"><B>EXHIBIT (4)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><B>AGREEMENT AND
PLAN OF REORGANIZATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THIS AGREEMENT AND PLAN
OF REORGANIZATION (&ldquo;<U>Agreement</U>&rdquo;) is made as of this 14th day of April, 2023, by and between Eaton Vance Tax-Managed
Buy-Write Strategy Fund (&ldquo;<U>Acquired Fund</U>&rdquo;), a Massachusetts business trust, and Eaton Vance Tax-Managed Buy-Write Opportunities
Fund (&ldquo;<U>Acquiring Fund</U>&rdquo; and together with Acquired Fund, the &ldquo;<U>Funds</U>&rdquo;), a Massachusetts business trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">WITNESSETH</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Funds are
registered under the Investment Company Act of 1940, as amended (the &ldquo;<U>1940 Act</U>&rdquo;), as closed-end management investment
companies;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Funds desire
to provide for the reorganization of Acquired Fund consisting of (i) the transfer of all of the assets of Acquired Fund in exchange for
shares of Acquiring Fund (&ldquo;<U>Acquiring Fund Shares</U>&rdquo;), (ii) the assumption by Acquiring Fund of all of the Assumed Liabilities
(as defined below) of Acquired Fund and (iii) the distribution, after the Closing Date, of Acquiring Fund Shares to the shareholders of
Acquired Fund, in complete liquidation of Acquired Fund, in the manner set forth herein (collectively, the &ldquo;<U>Reorganization</U>&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, it is intended
that the reorganization described in this Agreement shall be a reorganization within the meaning of Section 368 of the Internal Revenue
Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual promises herein contained, the parties hereto agree as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><U>Definitions</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>1933 Act</U>&rdquo; shall mean the Securities Act of 1933, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>1934 Act</U>&rdquo; shall mean the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Acquiring Fund N-14</U>&rdquo; shall mean Acquiring Fund&rsquo;s registration statement on Form N-14, including
a Proxy Statement/Prospectus as may be amended, that describes the transactions contemplated by this Agreement and registers Acquiring
Fund Shares to be issued in connection with this transaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Assumed Liabilities</U>&rdquo; shall mean all liabilities, expenses, obligations, duties, costs, charges and
receivables of any kind or nature of the Acquired Fund, whether accrued or contingent, known or unknown, existing as of the Close of Trading
on the NYSE on the Valuation Date. The Assumed Liabilities shall include, without limitation: (a) liabilities of the Acquired Fund to
indemnify each current or former trustee of the Acquired Fund against all liabilities and expenses incurred by such trustee, and to advance
related expenses, in each case in the manner and to the extent that such liabilities and expenses would have been indemnified under the
Acquired Fund&rsquo;s Declaration of Trust (as defined below); and (b) liabilities of the Acquired Fund to indemnify current and former
shareholders of the Acquired Fund, to the extent such shareholders would have been indemnified under the Acquired Fund&rsquo;s Declaration
of Trust.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The term &ldquo;<U>Business Day</U>&rdquo; shall mean any day that the NYSE is open.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>By-Laws</U>&rdquo; shall mean (i) with respect to Acquiring Fund, the Amended and Restated By-Laws of Eaton
Vance Tax-Managed Buy-Write Opportunities Fund, dated as of August 13, 2020, and (ii) with respect to Acquired Fund, the Amended and Restated
By-Laws of Eaton Vance Tax&#45;Managed Buy-Write Strategy Fund, dated as of <FONT STYLE="background-color: white">August 13, 2020</FONT>,
each as subsequently amended, supplemented, amended and restated or otherwise revised from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Close of Trading on the NYSE</U>&rdquo; shall mean the close of regular trading on the New York Stock Exchange,
which is usually 4:00 p.m. Eastern time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Closing</U>&rdquo; shall mean the closing of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Closing Date</U>&rdquo; shall mean April 14, 2023, provided all necessary approvals have been received, or such
other date as may be agreed by the parties on which the Closing is to take place.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Commission</U>&rdquo; shall mean the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Custodian</U>&rdquo; shall mean State Street Bank and Trust Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Declaration of Trust</U>&rdquo; shall mean, (i) with respect to Acquiring Fund, the Agreement and Declaration
of Trust of Eaton Vance Tax-Managed Buy-Write Opportunities Fund, dated as of March 30, 2005, and (ii) with respect to Acquired Fund,
the Agreement and Declaration of Trust of Eaton Vance Tax-Managed Buy-Write Strategy Fund, dated as of <FONT STYLE="background-color: white">January&nbsp;14,
2010</FONT>, each as subsequently amended, supplemented, amended and restated or otherwise revised from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Delivery Date</U>&rdquo; shall mean the date contemplated by Section 3.3 of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>NYSE</U>&rdquo; shall mean the New York Stock Exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Proxy Statement</U>&rdquo; shall mean the Proxy Statement/Prospectus furnished to Acquired Fund shareholders
in connection with this transaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Securities List</U>&rdquo; shall mean the list of those securities and other assets owned by Acquired Fund on
the Delivery Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>Valuation Date</U>&rdquo; shall mean the day of the Closing Date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><U>Transfer and Exchange of Assets</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">2.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reorganization of Acquired Fund</U>. At the Closing, subject to the requisite approval of Acquired Fund&rsquo;s shareholders
and the terms and conditions set forth herein and on the basis of the representations and warranties contained herein, Acquired Fund agrees
to sell, assign, convey, transfer and deliver to Acquiring Fund all of Acquired Fund&rsquo;s assets and Acquiring Fund agrees in consideration
therefor: (i) to issue and deliver to Acquired Fund Acquiring Fund Shares (including fractional shares, if any) having
an aggregate net asset value equal to the aggregate net asset value of the shares of Acquired Fund, computed in the manner and as of the
time and date set forth in Section 2.2; and (ii) to assume all of the Assumed Liabilities of Acquired Fund.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">2.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Computation of Net Asset Value</U>. The net asset value per share of Acquiring Fund Shares and the net value of the assets of
Acquired Fund subject to this Agreement shall, in each case, be determined as of the Close of Trading on the NYSE on the Valuation Date,
after the declaration and payment of any dividend on that date. The net asset value of the Acquiring Fund Shares shall be determined pursuant
to the regular procedures of the investment adviser on behalf of the Funds. In determining the value of the securities transferred by
Acquired Fund to Acquiring Fund, the value of such assets shall be determined in accordance with the Acquiring Fund&rsquo;s valuation
policies and procedures.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><U>Closing, Valuation Date and Delivery</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">3.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing</U>. The Closing shall occur immediately after the close of business on the Closing Date. All acts taking place at Closing
shall be deemed to take place simultaneously as of the close of business on the Closing Date unless otherwise agreed in writing by the
parties. The Closing may be held in person, by facsimile, email or such other communication means as the parties may agree.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">3.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Valuation Date</U>. Pursuant to Section 2.2, the net value of the assets of Acquired Fund and the net asset value per share
of Acquiring Fund shall be determined as of the Close of Trading on the NYSE on the Valuation Date, after the declaration and payment
of any dividend on that date. The stock transfer books of Acquired Fund will be permanently closed, and sales of Acquired Fund shares
shall be suspended, as of the close of business of Acquired Fund on the Valuation Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event that trading
on the NYSE or on another exchange or market on which securities held by Acquired Fund are traded shall be disrupted on the Valuation
Date so that, in the judgment of Acquired Fund, accurate appraisal of the net assets of Acquired Fund to be transferred hereunder is impracticable,
the Valuation Date shall be postponed until the first Business Day after the day on which trading on such exchange or in such market shall,
in the judgment of Acquired Fund and Acquiring Fund, have been resumed without disruption. In such event, the Closing Date shall also
be postponed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">3.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Assets</U>. After the close of business on the Valuation Date, Acquired Fund shall issue instructions providing
for the delivery of all of its assets to the Custodian to be held for the account of Acquiring Fund, effective as of the Closing. Acquiring
Fund may inspect such securities at the offices of the Custodian prior to the Valuation Date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><U>Acquired Fund Distributions and Termination</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon consummation of the
transactions described in Section 2.1, Acquired Fund will distribute to Acquired Fund&rsquo;s shareholders of record Acquiring Fund Shares
received by Acquired Fund pursuant to Section 2.1. In addition, as soon as is reasonably practicable after the Closing Date, Acquired
Fund will completely liquidate. Such distribution and liquidation will be accomplished by the transfer of Acquiring Fund Shares then credited
to the account of Acquired Fund on the books of Acquiring Fund to open accounts on the share records of Acquiring Fund in</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">the names of the shareholders of record of
Acquired Fund&rsquo;s shares, determined as of the close of business on the Valuation Date. The aggregate net asset value of Acquiring
Fund Shares to be so credited to shareholders of Acquired Fund shall be equal to the aggregate net asset value of Acquired Fund shares
owned by such shareholders on the Valuation Date. All issued and outstanding Acquired Fund shares shall thereupon be canceled on the books
of Acquired Fund. Acquiring Fund shall have no obligation to inquire as to the correctness of any such instruction, but shall, in each
case, assume that such instruction is valid, proper and correct.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><U>Acquired Fund Securities</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On the Delivery Date, Acquired
Fund shall deliver the Securities List and tax records. Such records shall be made available to Acquiring Fund prior to the Closing Date
for inspection by the Treasurer (or his or her designee). Notwithstanding the foregoing, it is expressly understood that Acquired Fund
may hereafter until the close of business on the Valuation Date sell any securities owned by it in the ordinary course of its business
as a closed-end, management investment company.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><U>Liabilities and Expenses</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Acquiring Fund shall acquire
all Assumed Liabilities of Acquired Fund. Acquired Fund will discharge known liabilities, to the extent practicable, prior to the Closing
Date. Acquired Fund shall bear the expenses of carrying out this Agreement, provided that any costs of portfolio rebalancing are to be
borne by the Fund that directly incurs them.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><U>Representations and Warranties</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Acquiring Fund and Acquired
Fund each hereby represents, warrants and agrees as to itself as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legal Existence</U>. The Funds are each a business trust duly organized and validly existing under the laws of the Commonwealth
of Massachusetts, with power to own all of its properties and assets and to carry on its business as presently conducted. Each Fund is
authorized to issue an unlimited number of shares of beneficial interest.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration under 1940 Act</U>. Each Fund is duly registered as a closed-end management investment company under the 1940 Act
and such registrations are in full force and effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Statements</U>. The statement of assets and liabilities and the schedule of portfolio investments and the related
statements of operations and changes in net assets of Acquired Fund and Acquiring Fund, each dated December 31, 2022, fairly present the
financial condition of Acquired Fund and Acquiring Fund as of said dates in conformity with generally accepted accounting principles.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Contingent Liabilities</U>. There are no known contingent liabilities of Acquired Fund or Acquiring Fund not disclosed and
there are no legal, administrative or other proceedings pending, or to the knowledge of Acquired Fund threatened, against Acquired Fund
or to the knowledge of Acquiring Fund threatened against Acquiring Fund which would materially affect its financial condition.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Requisite Approvals</U>. The execution and delivery of this Agreement and the consummation of the transactions contemplated
herein, have been authorized by the Board of Trustees of each Fund by vote taken at a meeting of such Board duly called and held on November
8, 2022. No approval of the shareholders of Acquiring Fund is required in connection with this Agreement or the transactions contemplated
hereby. The Agreement has been executed and delivered by a duly authorized officer of Acquired Fund and Acquiring Fund and is a valid
and legally binding obligation of each of Acquired Fund and Acquiring Fund enforceable in accordance with its terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Violations</U>. Acquired Fund and Acquiring Fund are not, and the execution, delivery and performance of this Agreement
will not result, in a material violation of any provision of the Declaration of Trust or By-Laws, as may be amended, of Acquired Fund
or Acquiring Fund or of any agreement, indenture, instrument, contract, lease or other undertaking to which Acquired Fund or Acquiring
Fund is a party or by which they are bound.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes and Related Filings</U>. Except where failure to do so would not have a material adverse effect on Acquired Fund or Acquiring
Fund, each of Acquired Fund and Acquiring Fund has filed or will file or obtain valid extensions of filing dates for all required federal,
state and local tax returns and reports for all taxable years through and including its current taxable year and no such filings are currently
being audited or contested by the Internal Revenue Service or state or local taxing authority and all federal, state and local income,
franchise, property, sales, employment or other taxes or penalties payable pursuant to such returns have been paid or will be paid, so
far as due. Each of Acquired Fund and Acquiring Fund has elected to be treated as a &ldquo;regulated investment company&rdquo; for federal
tax purposes, has qualified as such for each taxable year of its operations and will qualify as such as of the Closing Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Good and Marketable Title</U>. On the Closing Date, Acquired Fund will have good and marketable title to its assets, free and
clear of all liens, mortgages, pledges, encumbrances, charges, claims and equities whatsoever, and full right, power and authority to
sell, assign, transfer and deliver such assets and shall deliver such assets to Acquiring Fund. Upon delivery of such assets, Acquiring
Fund will receive good and marketable title to such assets, free and clear of all liens, mortgages, pledges, encumbrances, charges, claims
and equities, except as to adverse claims under Article 8 of the Uniform Commercial Code of which Acquiring Fund has notice and necessary
documentation at or prior to the time of delivery.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acquiring Fund Registration Statement Not Misleading</U>. Acquiring Fund&rsquo;s registration statement conforms on the date
of the Agreement, and will conform on the date of the Proxy Statement and the Closing Date, in all material respects to the applicable
requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and does not include any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not materially misleading.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proxy Statement</U>. The Proxy Statement delivered to Acquired Fund shareholders in connection with this transaction (both at
the time of delivery to such shareholders in connection with the meeting of shareholders and at all times subsequent thereto and including
the Closing Date) in all material respects, conforms to the applicable requirements of the 1934 Act and the 1940 Act and the rules and
regulations of the Commission thereunder, and will not include any untrue statement of a material fact or omit to state any material fact
required to be stated thereon or necessary to make statements therein, in
light of the circumstances under which they were made, not materially misleading.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Books and Records</U>. Each of Acquired Fund and Acquiring Fund has maintained all records required under Section 31 of the
1940 Act and rules thereunder. Acquired Fund will deliver to Acquiring Fund copies of all relevant tax books and records and will otherwise
reasonably cooperate with Acquiring Fund in connection with (i) the preparation and filing of tax returns for Acquired Fund and/or Acquiring
Fund for tax periods or portions thereof ending on or before, or that include, the Closing Date and (ii) the declaration and payment of
any dividend or dividends, including pursuant to Section 855 of the Code, for purposes of making distributions of Acquired Fund&rsquo;s
or Acquiring Fund&rsquo;s, as applicable, (x) investment company taxable income (if any), net tax-exempt income (if any), and net capital
gains (if any) in respect of a taxable year of Acquired Fund or Acquiring Fund ending on or before, or that includes, the Closing Date
of an amount or amounts sufficient for Acquired Fund or Acquiring Fund, as applicable, to qualify for treatment as a regulated investment
company under Subchapter M of the Code and to otherwise avoid the incurrence of any fund level federal income taxes for any such taxable
year and (y) ordinary income and capital gain net income in an amount or amounts sufficient to avoid the incurrence of any fund-level
federal excise taxes under Section 4982 of the Code for any calendar year ending on or before, or that includes, the Closing Date, in
each case without any additional consideration therefor.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><U>Conditions Precedent to Closing</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The obligations of the
parties hereto shall be conditioned on the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. The representations and warranties of the parties made herein will be true and correct as
of the date of this Agreement and on the Closing Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shareholder Approval</U>. The Agreement and the transactions contemplated herein shall have been approved by the requisite vote
of the holders of Acquired Fund shares in accordance with the 1940 Act and the Declaration of Trust and By-Laws, each as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax-Free Reorganization</U>. It is the intention of the parties that the Reorganization will qualify as a reorganization within
the meaning of Section 368(a)(l) of the Code. Neither party to the Reorganization shall take any action or cause any action to be taken
(including, without limitation the filing of any tax return) that is inconsistent with such treatment or is reasonably likely to result
in the failure of the Reorganization to qualify as a reorganization within the meaning of Section 368(a)(l) of the Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Favorable Tax Opinion of Ropes &amp; Gray, LLP</U>. The Acquired Fund shall have received a favorable opinion of Ropes &amp;
Gray LLP dated on the Closing Date (which opinion will be subject to certain qualifications) reasonably satisfactory to the Acquired Fund
substantially to the effect that, on the basis of the existing provisions of the Code, Treasury regulations promulgated thereunder, current
administrative rules, and court decisions, generally for federal income tax purposes, with respect to the Reorganization of the Acquired
Fund with and into the Acquiring Fund:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.4.1.</TD><TD STYLE="text-align: justify">The Reorganization will constitute a reorganization within the meaning of Section 368(a) of the Code,
and the Acquired Fund and the Acquiring Fund will each be &ldquo;a party to a reorganization&rdquo;
within the meaning of Section 368(b) of the Code.</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.4.2.</TD><TD STYLE="text-align: justify">No gain or loss will be recognized by the Acquired Fund (i) upon the transfer of its assets to the Acquiring
Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Assumed Liabilities of the Acquired
Fund and (ii) upon the distribution of the Acquiring Fund Shares by the Acquired Fund to its shareholders in liquidation, as contemplated
in Section 2 hereof, except for (A) any gain or loss recognized on (1) &ldquo;section 1256 contracts&rdquo; as defined in Section 1256(b)
of the Code or (2) stock in a &ldquo;passive foreign investment company&rdquo; as defined in Section 1297(a) of the Code, and (B) any
other gain or loss that may be required to be recognized (1) as a result of the closing, if any, of the tax year of Acquired Fund, (2)
upon the termination of a position, or (3) upon the transfer of an asset regardless of whether such a transfer would otherwise be a nontaxable
transaction under the Code.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.4.3.</TD><TD STYLE="text-align: justify">No gain or loss will be recognized by the Acquiring Fund upon the receipt of the assets of the Acquired
Fund solely in exchange for the assumption of the Assumed Liabilities of the Acquired Fund and issuance of the Acquiring Fund Shares as
contemplated in Section 2 hereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.4.4.</TD><TD STYLE="text-align: justify">Acquiring Fund&rsquo;s tax basis in the assets of Acquired Fund transferred to the Acquiring Fund in the
Reorganization will be the same as the tax basis of such assets in the hands of the Acquired Fund immediately prior to the transfer, increased
by any gain or decreased by any loss required to be recognized as described in Section 8.4.2 above.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.4.5.</TD><TD STYLE="text-align: justify">The holding period in the hands of Acquiring Fund of each Acquired Fund asset transferred to Acquiring
Fund in the Reorganization, other than any asset with respect to which gain or loss is required to be recognized as described in Section
8.4.2 above, will include the period during which such asset were held or treated for federal income tax purposes as held by Acquired
Fund.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.4.6.</TD><TD STYLE="text-align: justify">No gain or loss will be recognized by Acquired Fund shareholders upon the exchange of all of their Acquired
Fund shares for the Acquiring Fund Shares (including fractional shares to which they may be entitled).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.4.7.</TD><TD STYLE="text-align: justify">The aggregate tax basis of the Acquiring Fund Shares an Acquired Fund shareholder receives (including
fractional shares to which they may be entitled) will be the same as the aggregate tax basis of Acquired Fund shares exchanged therefor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.4.8.</TD><TD STYLE="text-align: justify">An Acquired Fund shareholder&rsquo;s holding period for the Acquiring Fund Shares (including
                                                                fractional shares to which they may be entitled) received in the Reorganization will be determined by including the period during
                                                                which such shareholder held or is treated for federal income tax purposes as having held the Acquired Fund Shares exchanged
                                                                therefor, provided that the shareholder held Acquired Fund Shares
as a capital asset on the date of the exchange.</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.4.9.</TD><TD STYLE="text-align: justify">The Acquiring Fund will succeed to and take into account the items of the Acquired Fund described in Section
381(c) of the Code subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the regulations
thereunder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">8.4.10.</TD><TD STYLE="text-align: justify">The opinion will be based on certain factual certifications made by officers of the Acquired Fund and
the Acquiring Fund and will also be based on customary assumptions. The opinion is not a guarantee that the tax consequences of the Reorganization
will be as described above. There is no assurance that the Internal Revenue Service or a court would agree with the opinion.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pending or Threatened Proceedings</U>. On the Closing Date, no action, suit or other proceeding shall be threatened or pending
before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection
with, this Agreement or the transactions contemplated herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Statement</U>. The Acquiring Fund N-14 shall have become effective under the 1933 Act; no stop orders suspending
the effectiveness of such Acquiring Fund N-14 shall have been issued; and, to the best knowledge of the parties hereto, no investigation
or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated under the 1933 Act. The Proxy Statement
has been delivered to each shareholder of record of Acquired Fund as of November 21, 2022 in accordance with the provisions of the 1934
Act and the rules thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Declaration of Dividend</U>. Acquired Fund shall have declared a dividend or dividends which, together with all previous such
dividends, shall have the effect of distributing to Acquired Fund shareholders all of Acquiring Fund&rsquo;s investment company taxable
income (as defined in Section 852 of the Code) (computed without regard to any deduction for dividends paid) for the final taxable period
of Acquired Fund, all of its net capital gain realized in the final taxable period of Acquired Fund (after reduction for any capital loss
carryforward) and all of the excess of (i) its interest income excludable from gross income under Section 103(a) of the Code over (ii)
its deductions disallowed under Sections 265 and 171(a)(2) of the Code for the final taxable period of Acquired Fund.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>State Securities Laws</U>. The parties shall have received all permits and other authorizations necessary, if any, under state
securities laws to consummate the transactions contemplated herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Performance of Covenants</U>. Each party shall have performed and complied in all material respects with each of the agreements
and covenants required by this Agreement to be performed or complied with by each such party prior to or at the Valuation Date and the
Closing Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Due Diligence</U>. Acquiring Fund shall have had reasonable opportunity to have its officers and agents review the records of
Acquired Fund.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>No Material Adverse Change</U>. From the date of this Agreement, through the Closing Date, there shall not have been:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 36.45pt">any change in the business, results of operations, assets or financial condition
or the manner of conducting the business of Acquired Fund or Acquiring Fund (other than changes in the ordinary course of its business,
including, without limitation, dividends and distributions in the ordinary course and changes in the net asset value per share) which
has had a material adverse effect on such business, results of operations, assets or financial condition, except in all instances as set
forth in the financial statements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 36.35pt">any loss (whether or not covered by insurance) suffered by Acquired Fund or Acquiring
Fund materially and adversely affecting Acquired Fund or Acquiring Fund, other than depreciation of securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; line-height: 102%">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 36.35pt">issued by Acquired Fund or Acquiring Fund to any person any option to <FONT STYLE="line-height: 102%">purchase
or other right to acquire shares of any class of Acquired Fund or Acquiring Fund Shares (other than in the ordinary course of Acquiring
Fund&rsquo;s or Acquiring Fund&rsquo;s business as a closed-end management investment company);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 36.4pt">any indebtedness incurred by Acquired Fund or Acquiring Fund for borrowed money
or any commitment to borrow money entered into by Acquired Fund or Acquiring Fund except as permitted in Acquired Fund&rsquo;s registration
statement or Acquiring Fund&rsquo;s registration statement and disclosed in financial statements required to be provided under this Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 36.3pt">any amendment to the Declaration of Trust or By-Laws of Acquired Fund or Acquiring
Fund that will adversely affect the ability of either Fund to comply with the terms of this Agreement; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 36.4pt">any grant or imposition of any lien, claim, charge or encumbrance upon any asset
of Acquired Fund except as provided in Acquired Fund&rsquo;s registration statement so long as it will not prevent Acquired Fund from
complying with Section 7.8.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lawful Sale of Shares</U>. On the Closing Date, Acquiring Fund Shares to be issued pursuant to Section 2.1 of this Agreement
will be duly authorized, duly and validly issued and outstanding, and fully paid and non-assessable, and conform in all substantial respects
to the description thereof contained in Acquiring Fund&rsquo;s registration statement and Proxy Statement furnished to the Acquired Fund
shareholders and the Acquiring Fund Shares to be issued pursuant to paragraph 2.1 of this Agreement will be duly registered under the
1933 Act by Acquiring Fund&rsquo;s registration statement and will be offered and sold in compliance with all applicable state securities
laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Documentation and Other Actions</U>. Acquired Fund and Acquiring Fund shall have executed such documents and shall have taken
such other actions, if any, as reasonably requested to fully effectuate the transactions contemplated hereby.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Listing</U>. The Acquiring Fund Shares shall have been accepted for listing by the NYSE.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><U>Addresses</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All notices required or
permitted to be given under this Agreement shall be given in writing to Acquired Fund or Acquiring Fund, as applicable, Two International
Place, Boston, MA 02110 (Attention: Chief Legal Officer), or at such other place as shall be specified in written notice given by either
party to the other party to this Agreement and shall be validly given if mailed by first-class mail, postage prepaid.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify"><U>Termination</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Agreement may be terminated
by either party upon the giving of written notice to the other, if any of the representations, warranties or conditions specified in Sections
7 or 8 hereof have not been performed or do not exist on or before October 14, 2023. In the event of termination of this Agreement pursuant
to this provision, neither party (nor its officers, Trustees or shareholders) shall have any liability to the other.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify"><U>Miscellaneous</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Agreement shall be
governed by, construed and enforced in accordance with the laws of the Commonwealth of Massachusetts. Acquired Fund and Acquiring Fund
represent that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein.
Each Fund represents that this Agreement constitutes the entire agreement between the parties as to the subject matter hereof. The representations,
warranties and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall not
survive the consummation of the transactions contemplated hereunder. The Section headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. This Agreement shall be executed in any
number of counterparts, each of which shall be deemed an original. Whenever used herein, the use of any gender shall include all genders.
In the event that any provision of this Agreement is unenforceable at law or in equity, the remainder of the Agreement shall remain in
full force and effect.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify"><U>Amendments</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At any time prior to or
after approval of this Agreement by Acquired Fund shareholders (i) the parties hereto may, by written agreement and without shareholder
approval, amend any of the provisions of this Agreement, and (ii) either party may waive without such approval any default by the other
party or the failure to satisfy any of the conditions to its obligations (such waiver to be in writing); provided, however, that following
shareholder approval, no such amendment may have the effect of changing the provisions for determining the number of Acquiring Fund Shares
to be received by Acquired Fund shareholders under this Agreement to the detriment of such shareholders without their further approval.
The failure of a party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver
of any such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of any party thereafter
to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent
breach.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify"><U>Massachusetts Business Trust</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">References in this Agreement
to Acquired Fund or Acquiring Fund mean and refer to the Trustees from time to time serving under its Declarations of Trust on file with
the Secretary of the Commonwealth of Massachusetts, as the same may be amended from time to time, pursuant to which they conduct their
businesses. It is expressly agreed that the obligations of Acquired Fund or Acquiring Fund hereunder shall not be binding upon any of
the trustees, shareholders, nominees, officers, agents or employees of either Fund personally, but bind only the trust property of the
applicable Fund as provided in said Declaration of Trust. The execution and delivery of this Agreement has been authorized by the respective
trustees and signed by an authorized officer of each Fund, acting as such, and neither such authorization by such trustees nor such execution
and delivery by such officer shall be deemed to have been made by any of them but shall bind only the trust property of the applicable
Fund as provided in such Declaration of Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><I>[Remainder of page intentionally
left blank]</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, each
of the parties hereto has caused this Agreement to be executed by their officers thereunto duly authorized, as of the day and year first
above written.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 2.25in">ATTEST:</TD><TD><FONT STYLE="text-transform: uppercase">EATON VANCE Tax-Managed Buy-Write Opportunities Fund</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.25in; text-indent: -2.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.25in">By:&#9;<U>&#9;/s/ Deidre E. Walsh&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.25in; text-indent: 0.5in">Deidre E. Walsh, Vice President</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.25in"><FONT STYLE="text-transform: uppercase">EATON VANCE Tax-Managed
Buy-Write Strategy Fund</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.25in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.25in">By:&#9;<U>&#9;/s/ Nicholas S. Di Lorenzo&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.25in; text-indent: 0.5in">Nicholas S. Di Lorenzo, Secretary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.25in; text-indent: 0.5in"></P>

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<TYPE>EX-99.(12)
<SEQUENCE>3
<FILENAME>exhibit12_ex99z12.htm
<DESCRIPTION>TAX OPINION OF ROPES & GRAY LLP
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: right"><B>EXHIBIT (12)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt -20pt; text-indent: 0pt">&nbsp;<IMG SRC="image_001.gif" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0">April 14, 2023</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eaton Vance Tax-Managed Buy-Write Strategies Fund</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Two International Place</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Boston, Massachusetts 02110</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eaton Vance Tax-Managed Buy-Write Opportunities Fund</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Two International Place</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Boston, Massachusetts 02110</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have acted as counsel in connection with
the Agreement and Plan of Reorganization (the &#8220;Agreement&#8221;) dated April 14, 2023, between Eaton Vance Tax-Managed Buy-Write
Strategies Fund, a Massachusetts business trust (&#8220;Acquired Fund&#8221;), and Eaton Vance Tax-Managed Buy-Write Opportunities Fund,
a Massachusetts business trust (&#8220;Acquiring Fund&#8221;, together with Acquired Fund, the &#8220;Funds&#8221;). The Agreement describes
a proposed transaction (the &#8220;Reorganization&#8221;) to occur as of the date of this letter (the &#8220;Closing Date&#8221;), pursuant
to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund
(the &#8220;Acquiring Fund Shares&#8221;) and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which
the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its shareholders in liquidation and termination
of Acquired Fund. Capitalized terms not defined herein are used herein as defined in the Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Acquired Fund is registered under the Investment
Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), as a closed-end management investment company. Acquired Fund has elected
to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended
(the &#8220;Code&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Acquiring Fund is registered under the 1940
Act as a closed-end management investment company. Acquiring Fund has elected to be a regulated investment company for federal income
tax purposes under Section 851 of the Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For purposes of this opinion, we have considered
the Agreement, the combined prospectus/proxy statement dated January 11, 2023, and such other items as we have deemed necessary to render
this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively,
the &#8220;Representation Letters&#8221;) representing as to certain facts, occurrences and information upon which each of Acquired Fund
and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and
items referred to above).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In reviewing the foregoing materials, we have
assumed, with your permission, the authenticity of original documents, the accuracy of copies, the <FONT STYLE="font-size: 11pt">genuineness</FONT>
of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties
to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents,
and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or
modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations
contained in the Representation Letters, are true and complete.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Based on and subject to the foregoing and subject
to the final paragraphs hereof, we are of the opinion that, for U.S. federal income tax purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt; font-weight: normal">(i)</FONT></TD><TD><FONT STYLE="font-size: 12pt; font-weight: normal">The Reorganization will constitute a &#8220;reorganization&#8221; within the meaning
of Section 368(a) of the Code, and Acquiring Fund and Acquired Fund each will be &#8220;a party to a reorganization&#8221; within the
meaning of Section 368(b) of the Code;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt; font-weight: normal">(ii)</FONT></TD><TD><FONT STYLE="font-size: 12pt; font-weight: normal">Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain
or loss upon the transfer of its assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of
all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its shareholders in liquidation,
except for (A) any gain or loss recognized on (1) &#8220;section 1256 contracts&#8221; as defined in Section 1256(b) of the Code or (2)
stock in a &#8220;passive foreign investment company&#8221; as defined in Section 1297(a) of the Code, and (B) any other gain or loss
that may be required to be recognized (1) as a result of the closing of the tax year of Acquired Fund, (2)&nbsp;upon the termination of
a position, or (3) upon the transfer of an asset regardless of whether such a transfer would otherwise be a nontaxable transaction under
the Code;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #365F91; font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt; font-weight: normal; color: windowtext">(iii)</FONT></TD><TD><FONT STYLE="font-size: 12pt; font-weight: normal; color: windowtext">Under Section 354 of the Code, Acquired Fund shareholders will
not recognize gain or loss upon the exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization </FONT><FONT STYLE="font-size: 12pt; font-weight: normal; color: black">(including
fractional shares to which they may be entitled)</FONT><FONT STYLE="font-size: 12pt; font-weight: normal; color: windowtext">;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt; font-weight: normal">(iv)</FONT></TD><TD><FONT STYLE="font-size: 12pt; font-weight: normal">Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares
an Acquired Fund shareholder receives in the Reorganization (including fractional shares to which they may be entitled) will be the same
as the aggregate tax basis of the Acquired Fund shares exchanged therefor;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt; font-weight: normal">(v)</FONT></TD><TD><FONT STYLE="font-size: 12pt; font-weight: normal">Under Section 1223(1) of the Code, an Acquired Fund shareholder&#8217;s holding
period for the Acquiring Fund Shares received (including fractional shares to which they may be entitled) in the Reorganization will be
determined by including the period during which such shareholder held or is treated for federal income tax purposes as having held the
Acquired Fund shares exchanged therefor, provided that the shareholder held those Acquired Fund shares as capital assets; </FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">ROPES &amp; GRAY LLC</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">April 14, 2023</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt; font-weight: normal">(vi)</FONT></TD><TD><FONT STYLE="font-size: 12pt; font-weight: normal">Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss
upon the receipt of the assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the
liabilities of Acquired Fund;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt; font-weight: normal">(vii)</FONT></TD><TD><FONT STYLE="font-size: 12pt; font-weight: normal">Under Section 362(b) of the Code, Acquiring Fund&#8217;s tax basis in the assets
of Acquired Fund transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund&#8217;s tax basis immediately prior
to the transfer, increased by any gain or decreased by any loss required to be recognized as described in (ii) above;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt; font-weight: normal">(viii)</FONT></TD><TD><FONT STYLE="font-size: 12pt; font-weight: normal">Under Section 1223(2) of the Code, the holding period in the hands of Acquiring
Fund of each Acquired Fund asset transferred to Acquiring Fund in the Reorganization, other than certain assets with respect to which
gain or loss is required to be recognized as described in (ii) above, will include the period during which such asset was held or treated
for federal income tax purposes as held by Acquired Fund; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt; font-weight: normal">(ix)</FONT></TD><TD><FONT STYLE="font-size: 12pt; font-weight: normal">Acquiring Fund will succeed to and take into account the items of Acquired Fund
described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the
Code and the Regulations thereunder.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We believe that (i) Acquiring Fund will continue
Acquired Fund&#8217;s historic business within the meaning of Treas. Reg. &sect;&nbsp;1.368-1(d), as a closed-end management investment
company that seeks current income and gains, with a secondary objective of capital appreciation, by investing in a diversified portfolio
of common stocks and selling covered index call options, and that therefore (ii) the continuity of business enterprise test required for
qualification under Section 368(a) of the Code is met.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">No ruling has been or will be obtained from
the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion
set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority,
all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such
changes may be retroactively applied and could modify the opinions expressed above.</P>

<P STYLE="font: 12pt/13.5pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Very truly yours,</P>

<P STYLE="font: 12pt/13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/13.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 12pt/13.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 12pt/13.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 3in">/s/ Ropes &amp; Gray LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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