Eaton Vance Tax-Managed Buy-Write Income Fund
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21676
Eaton Vance Tax-Managed Buy-Write Income Fund
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
December 31
Date of Fiscal Year End
June 30, 2011
Date of Reporting Period
 
 

 


 

Item 1. Reports to Stockholders

 


 

     
Eaton Vance
Tax-Managed
Buy-Write Income Fund (ETB)

Semiannual Report
June 30, 2011
 
(TROPHY GRAPHIC)

 
 
 
(EATON VANCE INVESTMENT MANAGERS LOGO)


 

 
 
Managed Distribution Plan. On March 10, 2009, the Fund received authorization from the Securities and Exchange Commission to distribute long-term capital gains to shareholders more frequently than once per year. In this connection, the Board of Trustees formally approved the implementation of a Managed Distribution Plan (MDP) to make quarterly cash distributions to common shareholders, stated in terms of a fixed amount per common share.
 
The Fund intends to pay quarterly cash distributions equal to $0.3240 per share. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees.
 
With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information required by the Fund’s exemptive order. The Fund’s Board of Trustees may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.
 
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.


 

Semiannual Report June 30, 2011
Eaton Vance
Tax-Managed Buy-Write Income Fund
Table of Contents
         
Performance
    2  
 
       
Fund Profile
    3  
 
       
Endnotes and Additional Disclosures
    4  
 
       
Financial Statements
    5  
 
       
Annual Meeting of Shareholders
    18  
 
       
Board of Trustees’ Contract Approval
    19  
 
       
Officers and Trustees
    22  
 
       
Important Notices
    23  

 


 

Eaton Vance
Tax-Managed Buy-Write Income Fund
June 30, 2011
Portfolio Managers Walter A. Row, III, CFA, CMT; Thomas Seto; David Stein, Ph.D
Performance
 
         
New York Stock Exchange (NYSE) Symbol   ETB
Inception Date (4/29/05)        
 
       
% Average Annual Total Returns at net asset value (NAV)
       
Six Months
    4.37  
One Year
    22.53  
Five Years
    6.03  
Since Inception
    6.76  
 
       
% Average Annual Total Returns at market price, NYSE
       
Six Months
    0.07  
One Year
    0.66  
Five Years
    4.92  
Since Inception
    5.32  
 
       
% Premium/Discount to NAV (6/30/11)
    -8.08  
 
       
Distributions
       
Total Distributions per share (12/31/10 – 6/30/11)
  $ 0.648  
Distribution Rate at NAV1
    8.65 %
Distribution Rate at market price1
    9.41 %
 
       
Comparative Performance2
  % Return
 
   
S&P 500 Index
       
Six Months
    6.02  
One Year
    30.69  
Five Years
    2.94  
Since Inception (4/29/05)
    4.31  
 
       
CBOE S&P 500 BuyWrite Index
       
Six Months
    2.42  
One Year
    19.52  
Five Years
    2.32  
Since Inception (4/29/05)
    3.45  
See Endnotes and Additional Disclosures on page 4.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

2


 

Eaton Vance
Tax-Managed Buy-Write Income Fund
June 30, 2011
Fund Profile
 
Sector Allocation (% of total investments)3
 
(BAR GRAPH)
         
Top 10 Holdings (% of total investments)3    
 
 
 
Exxon Mobil Corp.
    3.6  
Apple, Inc.
    2.7  
Microsoft Corp.
    2.0  
Johnson & Johnson
    2.0  
Chevron Corp.
    1.8  
JPMorgan Chase & Co.
    1.7  
Wells Fargo & Co.
    1.6  
Pfizer, Inc.
    1.6  
AT&T, Inc.
    1.6  
Coca-Cola Co. (The)
    1.6  
 
Total % of total investments
    20.2  
 
See Endnotes and Additional Disclosures on page 4.

3


 

Eaton Vance
Tax-Managed Buy-Write Income Fund
June 30, 2011
Endnotes and Additional Disclosures
 
1.   The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of ordinary income, net realized capital gains and return of capital.
 
2.   S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. CBOE S&P 500 BuyWrite Index measures the performance of a hypothetical buy-write strategy on the S&P 500 Index. Unless otherwise stated, indices do not reflect any applicable sales charges, commissions, leverage, taxes or other expenses of investing. It is not possible to invest directly in an index.
 
3.   Depictions do not reflect the Fund’s options positions. Excludes cash and cash equivalents.
 
    Fund profile subject to change due to active management.

4


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Portfolio of Investments (Unaudited)

                     
Common Stocks — 101.5%
 
Security   Shares     Value      
 
 
 
Aerospace & Defense — 3.3%
 
Boeing Co. (The)
    26,422     $ 1,953,379      
Honeywell International, Inc. 
    56,426       3,362,425      
Huntington Ingalls Industries, Inc.(1)
    3,600       124,200      
Northrop Grumman Corp. 
    21,600       1,497,960      
Rockwell Collins, Inc. 
    16,000       987,040      
Textron, Inc. 
    11,648       275,009      
United Technologies Corp. 
    44,353       3,925,684      
 
 
            $ 12,125,697      
 
 
 
 
Air Freight & Logistics — 1.3%
 
CH Robinson Worldwide, Inc. 
    15,365     $ 1,211,377      
Expeditors International of Washington, Inc. 
    21,522       1,101,711      
United Parcel Service, Inc., Class B
    36,126       2,634,669      
 
 
            $ 4,947,757      
 
 
 
 
Auto Components — 0.6%
 
Dana Holding Corp.(1)
    31,658     $ 579,341      
Goodyear Tire & Rubber Co. (The)(1)
    13,476       225,993      
Johnson Controls, Inc. 
    37,662       1,568,999      
 
 
            $ 2,374,333      
 
 
 
 
Automobiles — 0.3%
 
Ford Motor Co.(1)
    83,365     $ 1,149,603      
 
 
            $ 1,149,603      
 
 
 
 
Beverages — 2.6%
 
Coca-Cola Co. (The)
    86,673     $ 5,832,226      
PepsiCo, Inc. 
    55,700       3,922,951      
 
 
            $ 9,755,177      
 
 
 
 
Biotechnology — 1.2%
 
Amgen, Inc.(1)
    26,769     $ 1,561,971      
Celgene Corp.(1)
    32,350       1,951,352      
Gilead Sciences, Inc.(1)
    21,919       907,666      
 
 
            $ 4,420,989      
 
 
 
 
Capital Markets — 2.0%
 
Bank of New York Mellon Corp. (The)
    13,449     $ 344,564      
Federated Investors, Inc., Class B
    7,867       187,549      
Goldman Sachs Group, Inc. (The)
    17,532       2,333,334      
Invesco, Ltd. 
    38,480       900,432      
Legg Mason, Inc. 
    18,049       591,285      
State Street Corp. 
    27,413       1,236,052      
T. Rowe Price Group, Inc. 
    28,399       1,713,596      
 
 
            $ 7,306,812      
 
 
 
 
Chemicals — 1.8%
 
Dow Chemical Co. (The)
    40,267     $ 1,449,612      
E.I. Du Pont de Nemours & Co. 
    51,275       2,771,414      
Eastman Chemical Co. 
    1,804       184,134      
PPG Industries, Inc. 
    13,916       1,263,434      
Sherwin-Williams Co. (The)
    13,337       1,118,574      
 
 
            $ 6,787,168      
 
 
 
 
Commercial Banks — 3.0%
 
Banco Bilbao Vizcaya Argentaria SA ADR
    35,069     $ 411,710      
Fifth Third Bancorp
    91,535       1,167,071      
First Horizon National Corp. 
    16,952       161,722      
KeyCorp
    43,543       362,713      
M&T Bank Corp. 
    12,600       1,108,170      
Marshall & Ilsley Corp. 
    39,440       314,337      
PNC Financial Services Group, Inc. 
    24,325       1,450,013      
Wells Fargo & Co. 
    219,413       6,156,729      
 
 
            $ 11,132,465      
 
 
 
 
Commercial Services & Supplies — 1.0%
 
Avery Dennison Corp. 
    15,307     $ 591,310      
Pitney Bowes, Inc. 
    54,064       1,242,931      
RR Donnelley & Sons Co. 
    28,274       554,453      
Waste Management, Inc. 
    39,000       1,453,530      
 
 
            $ 3,842,224      
 
 
 
 
Communications Equipment — 3.0%
 
Aviat Networks, Inc.(1)
    6,710     $ 26,437      
Cisco Systems, Inc. 
    222,878       3,479,126      
Harris Corp. 
    23,222       1,046,383      
JDS Uniphase Corp.(1)
    19,875       331,118      
Juniper Networks, Inc.(1)
    23,576       742,644      
QUALCOMM, Inc. 
    82,146       4,665,071      
Telefonaktiebolaget LM Ericsson, Class B ADR
    43,494       625,444      
 
 
            $ 10,916,223      
 
 
 
 
Computers & Peripherals — 3.2%
 
Apple, Inc.(1)
    30,468     $ 10,227,194      
Hewlett-Packard Co. 
    26,443       962,525      

 
See Notes to Financial Statements.
5


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Security   Shares     Value      
 
 
Computers & Peripherals (continued)
 
                     
QLogic Corp.(1)
    20,459     $ 325,707      
SanDisk Corp.(1)
    8,289       343,994      
 
 
            $ 11,859,420      
 
 
 
 
Construction & Engineering — 0.0%(2)
 
Shaw Group, Inc. (The)(1)
    4,322     $ 130,568      
 
 
            $ 130,568      
 
 
 
 
Consumer Finance — 1.0%
 
American Express Co. 
    49,193     $ 2,543,278      
Discover Financial Services
    40,754       1,090,170      
 
 
            $ 3,633,448      
 
 
 
 
Distributors — 0.5%
 
Genuine Parts Co. 
    34,078     $ 1,853,843      
 
 
            $ 1,853,843      
 
 
 
 
Diversified Consumer Services — 0.3%
 
H&R Block, Inc. 
    75,300     $ 1,207,812      
 
 
            $ 1,207,812      
 
 
 
 
Diversified Financial Services — 3.5%
 
Bank of America Corp. 
    178,927     $ 1,961,040      
Citigroup, Inc. 
    54,554       2,271,629      
CME Group, Inc. 
    3,193       931,047      
JPMorgan Chase & Co. 
    158,700       6,497,178      
Moody’s Corp. 
    29,272       1,122,581      
 
 
            $ 12,783,475      
 
 
 
 
Diversified Telecommunication Services — 3.5%
 
AT&T, Inc. 
    190,600     $ 5,986,746      
Frontier Communications Corp. 
    134,501       1,085,423      
Verizon Communications, Inc. 
    136,300       5,074,449      
Windstream Corp. 
    46,200       598,752      
 
 
            $ 12,745,370      
 
 
 
 
Electric Utilities — 0.9%
 
Duke Energy Corp. 
    88,867     $ 1,673,366      
Edison International
    20,090       778,488      
FirstEnergy Corp. 
    10,281       453,906      
Pinnacle West Capital Corp. 
    7,168       319,549      
 
 
            $ 3,225,309      
 
 
 
 
Electrical Equipment — 0.8%
 
Emerson Electric Co. 
    53,488     $ 3,008,700      
 
 
            $ 3,008,700      
 
 
 
 
Electronic Equipment, Instruments & Components — 0.1%
 
Molex, Inc. 
    13,181     $ 339,674      
 
 
            $ 339,674      
 
 
 
 
Energy Equipment & Services — 2.6%
 
Baker Hughes, Inc. 
    5,760     $ 417,946      
Diamond Offshore Drilling, Inc. 
    13,574       955,745      
Halliburton Co. 
    64,124       3,270,324      
Schlumberger, Ltd. 
    56,392       4,872,269      
 
 
            $ 9,516,284      
 
 
 
 
Food & Staples Retailing — 2.2%
 
CVS Caremark Corp. 
    86,869     $ 3,264,537      
Wal-Mart Stores, Inc. 
    79,592       4,229,519      
Walgreen Co. 
    17,421       739,696      
 
 
            $ 8,233,752      
 
 
 
 
Food Products — 2.0%
 
ConAgra Foods, Inc. 
    36,224     $ 934,942      
General Mills, Inc. 
    19,286       717,825      
Green Mountain Coffee Roasters, Inc.(1)
    15,366       1,371,569      
Kellogg Co. 
    31,044       1,717,354      
Kraft Foods, Inc., Class A
    54,344       1,914,539      
Tyson Foods, Inc., Class A
    28,696       557,276      
 
 
            $ 7,213,505      
 
 
 
 
Gas Utilities — 0.2%
 
Nicor, Inc. 
    11,699     $ 640,403      
 
 
            $ 640,403      
 
 
 
 
Health Care Equipment & Supplies — 1.6%
 
Baxter International, Inc. 
    42,233     $ 2,520,888      
Boston Scientific Corp.(1)
    75,455       521,394      
Covidien PLC
    24,361       1,296,736      
Medtronic, Inc. 
    13,780       530,943      
St. Jude Medical, Inc. 
    16,051       765,312      
Zimmer Holdings, Inc.(1)
    5,294       334,581      
 
 
            $ 5,969,854      
 
 
 

 
See Notes to Financial Statements.
6


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Security   Shares     Value      
 
 
Health Care Providers & Services — 1.8%
 
Catalyst Health Solutions, Inc.(1)
    5,847     $ 326,379      
Express Scripts, Inc.(1)
    15,796       852,668      
Medco Health Solutions, Inc.(1)
    26,655       1,506,541      
Quest Diagnostics, Inc. 
    21,510       1,271,241      
UnitedHealth Group, Inc. 
    49,739       2,565,538      
 
 
            $ 6,522,367      
 
 
 
 
Hotels, Restaurants & Leisure — 1.4%
 
McDonald’s Corp. 
    39,136     $ 3,299,948      
Wyndham Worldwide Corp. 
    26,139       879,577      
Yum! Brands, Inc.(1)
    16,501       911,515      
 
 
            $ 5,091,040      
 
 
 
 
Household Durables — 0.8%
 
D.R. Horton, Inc. 
    22,646     $ 260,882      
Leggett & Platt, Inc. 
    11,383       277,518      
Lennar Corp., Class A
    21,018       381,477      
Newell Rubbermaid, Inc. 
    76,798       1,211,872      
Whirlpool Corp. 
    11,922       969,497      
 
 
            $ 3,101,246      
 
 
 
 
Household Products — 1.8%
 
Clorox Co. (The)
    14,825     $ 999,798      
Kimberly-Clark Corp. 
    19,850       1,321,216      
Procter & Gamble Co. 
    65,845       4,185,767      
 
 
            $ 6,506,781      
 
 
 
 
Industrial Conglomerates — 1.7%
 
3M Co. 
    17,125     $ 1,624,306      
General Electric Co. 
    252,137       4,755,304      
 
 
            $ 6,379,610      
 
 
 
 
Insurance — 4.5%
 
ACE, Ltd. 
    14,012     $ 922,270      
AON Corp. 
    15,101       774,681      
Berkshire Hathaway, Inc., Class B(1)
    34,964       2,705,864      
Cincinnati Financial Corp. 
    23,600       688,648      
Genworth Financial, Inc., Class A(1)
    4,317       44,379      
Lincoln National Corp. 
    38,463       1,095,811      
Marsh & McLennan Cos., Inc. 
    50,188       1,565,364      
MetLife, Inc. 
    51,866       2,275,361      
Principal Financial Group, Inc. 
    44,928       1,366,710      
Prudential Financial, Inc. 
    28,337       1,801,950      
Travelers Companies, Inc. (The)
    43,007       2,510,749      
XL Group PLC
    38,726       851,197      
 
 
            $ 16,602,984      
 
 
 
 
Internet & Catalog Retail — 0.6%
 
Amazon.com, Inc.(1)
    5,804     $ 1,186,860      
Priceline.com, Inc.(1)
    2,341       1,198,428      
 
 
            $ 2,385,288      
 
 
 
 
Internet Software & Services — 2.0%
 
AOL, Inc.(1)
    2,315     $ 45,976      
Google, Inc., Class A(1)
    10,119       5,124,059      
Monster Worldwide, Inc.(1)
    16,352       239,720      
Rackspace Hosting, Inc.(1)
    13,373       571,562      
VeriSign, Inc. 
    43,013       1,439,215      
 
 
            $ 7,420,532      
 
 
 
 
IT Services — 2.4%
 
Fidelity National Information Services, Inc. 
    26,132     $ 804,604      
International Business Machines Corp. 
    33,173       5,690,828      
MasterCard, Inc., Class A
    7,359       2,217,561      
 
 
            $ 8,712,993      
 
 
 
 
Leisure Equipment & Products — 0.4%
 
Mattel, Inc. 
    59,998     $ 1,649,345      
 
 
            $ 1,649,345      
 
 
 
 
Life Sciences Tools & Services — 0.3%
 
Thermo Fisher Scientific, Inc.(1)
    15,567     $ 1,002,359      
 
 
            $ 1,002,359      
 
 
 
 
Machinery — 1.3%
 
Caterpillar, Inc. 
    31,778     $ 3,383,086      
Eaton Corp. 
    2,862       147,250      
Snap-On, Inc. 
    6,380       398,622      
Stanley Black & Decker, Inc. 
    10,773       776,195      
 
 
            $ 4,705,153      
 
 
 
 
Media — 4.1%
 
CBS Corp., Class B
    64,211     $ 1,829,372      
Comcast Corp., Class A
    121,712       3,084,182      
IMAX Corp.(1)
    7,282       236,155      
McGraw-Hill Cos., Inc. (The)
    51,266       2,148,558      
Omnicom Group, Inc. 
    40,818       1,965,795      

 
See Notes to Financial Statements.
7


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Security   Shares     Value      
 
 
Media (continued)
 
                     
Scripps Networks Interactive, Class A
    6,991     $ 341,720      
Time Warner, Inc. 
    25,474       926,489      
Time Warner Cable, Inc. 
    9,267       723,197      
Walt Disney Co. (The)
    102,056       3,984,266      
 
 
            $ 15,239,734      
 
 
 
 
Metals & Mining — 1.5%
 
AK Steel Holding Corp. 
    13,180     $ 207,717      
Allegheny Technologies, Inc. 
    16,248       1,031,260      
Cliffs Natural Resources, Inc. 
    4,838       447,273      
Freeport-McMoRan Copper & Gold, Inc. 
    56,000       2,962,400      
Nucor Corp. 
    18,291       753,955      
 
 
            $ 5,402,605      
 
 
 
 
Multi-Utilities — 2.5%
 
Centerpoint Energy, Inc. 
    17,504     $ 338,702      
CMS Energy Corp. 
    91,625       1,804,096      
Dominion Resources, Inc. 
    17,163       828,458      
DTE Energy Co. 
    10,342       517,307      
Integrys Energy Group, Inc. 
    10,554       547,119      
NiSource, Inc. 
    49,999       1,012,480      
Public Service Enterprise Group, Inc. 
    69,335       2,263,094      
TECO Energy, Inc. 
    92,229       1,742,206      
Xcel Energy, Inc. 
    12,009       291,819      
 
 
            $ 9,345,281      
 
 
 
 
Multiline Retail — 1.1%
 
Kohl’s Corp. 
    26,447     $ 1,322,614      
Macy’s, Inc. 
    72,452       2,118,497      
Nordstrom, Inc. 
    12,248       574,921      
 
 
            $ 4,016,032      
 
 
 
 
Office Electronics — 0.1%
 
Xerox Corp. 
    38,326     $ 398,974      
 
 
            $ 398,974      
 
 
 
 
Oil, Gas & Consumable Fuels — 10.3%
 
Alpha Natural Resources, Inc.(1)
    1,004     $ 45,622      
Chevron Corp. 
    65,682       6,754,737      
ConocoPhillips
    67,500       5,075,325      
El Paso Corp. 
    53,383       1,078,337      
EOG Resources, Inc. 
    20,592       2,152,894      
Exxon Mobil Corp. 
    164,807       13,411,994      
Occidental Petroleum Corp. 
    39,289       4,087,627      
Peabody Energy Corp. 
    15,263       899,143      
Petrohawk Energy Corp.(1)
    16,345       403,231      
Range Resources Corp. 
    22,418       1,244,199      
Tesoro Corp.(1)
    25,722       589,291      
Williams Cos., Inc. 
    72,366       2,189,071      
 
 
            $ 37,931,471      
 
 
 
 
Paper & Forest Products — 0.2%
 
MeadWestvaco Corp. 
    21,446     $ 714,366      
 
 
            $ 714,366      
 
 
 
 
Personal Products — 0.1%
 
Estee Lauder Cos., Inc. (The), Class A
    1,663     $ 174,931      
 
 
            $ 174,931      
 
 
 
 
Pharmaceuticals — 6.8%
 
Abbott Laboratories
    82,540     $ 4,343,255      
Bristol-Myers Squibb Co. 
    83,905       2,429,889      
Johnson & Johnson
    112,193       7,463,078      
Merck & Co., Inc. 
    134,719       4,754,234      
Pfizer, Inc. 
    294,969       6,076,361      
 
 
            $ 25,066,817      
 
 
 
 
Professional Services — 0.2%
 
Dun & Bradstreet Corp. 
    1,472     $ 111,195      
Robert Half International, Inc. 
    28,288       764,624      
 
 
            $ 875,819      
 
 
 
 
Real Estate Investment Trusts (REITs) — 1.6%
 
Apartment Investment & Management Co., Class A
    12,428     $ 317,287      
AvalonBay Communities, Inc. 
    11,002       1,412,657      
Equity Residential
    14,774       886,440      
Host Hotels & Resorts, Inc. 
    32,755       555,197      
Kimco Realty Corp. 
    78,276       1,459,065      
Plum Creek Timber Co., Inc. 
    12,612       511,290      
ProLogis, Inc. 
    18,733       671,391      
 
 
            $ 5,813,327      
 
 
 
 
Real Estate Management & Development — 0.1%
 
CB Richard Ellis Group, Inc., Class A(1)
    19,604     $ 492,256      
 
 
            $ 492,256      
 
 
 

 
See Notes to Financial Statements.
8


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
Security   Shares     Value      
 
 
Road & Rail — 0.6%
 
J.B. Hunt Transport Services, Inc. 
    3,521     $ 165,804      
Norfolk Southern Corp. 
    28,268       2,118,121      
 
 
            $ 2,283,925      
 
 
 
 
Semiconductors & Semiconductor Equipment — 2.5%
 
Advanced Micro Devices, Inc.(1)
    12,153     $ 84,949      
Analog Devices, Inc. 
    24,272       950,006      
Applied Materials, Inc. 
    38,827       505,139      
Broadcom Corp., Class A(1)
    42,173       1,418,700      
Cypress Semiconductor Corp.(1)
    32,222       681,173      
First Solar, Inc.(1)
    6,318       835,682      
Intel Corp. 
    154,529       3,424,363      
Microchip Technology, Inc. 
    15,385       583,245      
Micron Technology, Inc.(1)
    56,773       424,662      
Teradyne, Inc.(1)
    32,470       480,556      
 
 
            $ 9,388,475      
 
 
 
 
Software — 3.9%
 
Concur Technologies, Inc.(1)
    33,500     $ 1,677,345      
Microsoft Corp. 
    287,979       7,487,454      
Oracle Corp. 
    115,163       3,790,014      
Quest Software, Inc.(1)
    11,338       257,713      
Symantec Corp.(1)
    56,043       1,105,168      
 
 
            $ 14,317,694      
 
 
 
 
Specialty Retail — 1.8%
 
Abercrombie & Fitch Co., Class A
    5,734     $ 383,719      
Best Buy Co., Inc. 
    16,503       518,359      
GameStop Corp., Class A(1)
    2,593       69,155      
Home Depot, Inc. 
    35,890       1,299,936      
Limited Brands, Inc. 
    35,932       1,381,586      
RadioShack Corp. 
    19,049       253,542      
Staples, Inc. 
    88,922       1,404,968      
Tiffany & Co. 
    14,641       1,149,611      
 
 
            $ 6,460,876      
 
 
 
 
Textiles, Apparel & Luxury Goods — 0.3%
 
Coach, Inc. 
    4,244     $ 271,319      
Hanesbrands, Inc.(1)
    6,900       196,995      
NIKE, Inc., Class B
    7,588       682,768      
 
 
            $ 1,151,082      
 
 
 
 
Thrifts & Mortgage Finance — 0.2%
 
BankUnited, Inc. 
    22,593     $ 599,618      
Hudson City Bancorp, Inc. 
    27,418       224,554      
 
 
            $ 824,172      
 
 
 
 
Tobacco — 2.0%
 
Altria Group, Inc. 
    50,128     $ 1,323,881      
Philip Morris International, Inc. 
    73,821       4,929,028      
Reynolds American, Inc. 
    27,499       1,018,838      
 
 
            $ 7,271,747      
 
 
 
 
Trading Companies & Distributors — 0.1%
 
Fastenal Co. 
    10,080     $ 362,779      
 
 
            $ 362,779      
 
 
     
Total Common Stocks
   
(identified cost $283,256,879)
  $ 374,731,926      
 
 
 
                                     
Call Options Written — (1.8)%
 
    Number of
    Strike
    Expiration
           
Description   Contracts     Price     Date     Value      
 
 
S&P 500 Index
    540     $ 1,295       7/16/11     $ (1,668,600 )    
S&P 500 Index
    1,100       1,300       7/16/11       (2,821,500 )    
S&P 500 Index
    1,025       1,310       7/16/11       (2,029,500 )    
 
 
             
Total Call Options Written
           
(premiums received $3,260,415)
  $ (6,519,600 )    
 
 
             
Other Assets, Less Liabilities — 0.3%
  $ 1,054,936      
 
 
             
Net Assets — 100.0%
  $ 369,267,262      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
 
     
ADR
 
- American Depositary Receipt
 
(1) Non-income producing security.
 
(2) Amount is less than 0.05%.

 
See Notes to Financial Statements.
9


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Statement of Assets and Liabilities (Unaudited)

             
Assets   June 30, 2011    
 
Investments, at value (identified cost, $283,256,879)
  $ 374,731,926      
Cash
    905,778      
Dividends receivable
    557,397      
Tax reclaims receivable
    759      
 
 
Total assets
  $ 376,195,860      
 
 
             
             
 
Liabilities
 
Written options outstanding, at value (premiums received, $3,260,415)
  $ 6,519,600      
Payable to affiliates:
           
Investment adviser fee
    297,944      
Trustees’ fees
    3,153      
Accrued expenses
    107,901      
 
 
Total liabilities
  $ 6,928,598      
 
 
             
Net Assets
  $ 369,267,262      
 
 
             
             
 
Sources of Net Assets
 
Common shares, $0.01 par value, unlimited number of shares authorized, 24,654,545 shares issued and outstanding
  $ 246,545      
Additional paid-in capital
    294,644,461      
Accumulated net realized loss
    (39,070 )    
Accumulated distributions in excess of net investment income
    (13,800,536 )    
Net unrealized appreciation
    88,215,862      
 
 
Net Assets
  $ 369,267,262      
 
 
             
             
 
Net Asset Value
 
($369,267,262 ¸ 24,654,545 common shares issued and outstanding)
  $ 14.98      
 
 

 
See Notes to Financial Statements.
10


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Statement of Operations (Unaudited)

             
    Six Months Ended
   
Investment Income   June 30, 2011    
 
Dividends (net of foreign taxes, $3,171)
  $ 4,286,775      
 
 
Total investment income
  $ 4,286,775      
 
 
             
             
 
Expenses
 
Investment adviser fee
  $ 1,837,128      
Trustees’ fees and expenses
    6,331      
Custodian fee
    169,788      
Transfer and dividend disbursing agent fees
    9,491      
Legal and accounting services
    24,057      
Printing and postage
    51,126      
Miscellaneous
    27,740      
 
 
Total expenses
  $ 2,125,661      
 
 
Deduct —
           
Reduction of custodian fee
  $ 853      
 
 
Total expense reductions
  $ 853      
 
 
             
Net expenses
  $ 2,124,808      
 
 
             
Net investment income
  $ 2,161,967      
 
 
             
             
 
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) —
           
Investment transactions
  $ 2,684,116      
Written options
    (2,979,641 )    
Foreign currency transactions
    63      
 
 
Net realized loss
  $ (295,462 )    
 
 
Change in unrealized appreciation (depreciation) —
           
Investments
  $ 15,976,354      
Written options
    (3,002,770 )    
Foreign currency
    (36 )    
 
 
Net change in unrealized appreciation (depreciation)
  $ 12,973,548      
 
 
             
Net realized and unrealized gain
  $ 12,678,086      
 
 
             
Net increase in net assets from operations
  $ 14,840,053      
 
 

 
See Notes to Financial Statements.
11


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Statements of Changes in Net Assets

                     
    Six Months Ended
       
    June 30, 2011
  Year Ended
   
Increase (Decrease) in Net Assets   (Unaudited)   December 31, 2010    
 
From operations —
                   
Net investment income
  $ 2,161,967     $ 4,548,310      
Net realized gain (loss) from investment transactions, written options and foreign currency transactions
    (295,462 )     1,837,010      
Net change in unrealized appreciation (depreciation) from investments, written options and foreign currency
    12,973,548       24,036,498      
 
 
Net increase in net assets from operations
  $ 14,840,053     $ 30,421,818      
 
 
Distributions to shareholders —
                   
From net investment income
  $ (15,976,145 )*   $ (4,513,121 )    
From net realized gain
          (985,128 )    
Tax return of capital
          (38,801,902 )    
 
 
Total distributions
  $ (15,976,145 )   $ (44,300,151 )    
 
 
Capital share transactions —
                   
Reinvestment of distributions
  $     $ 925,672      
 
 
Net increase in net assets from capital share transactions
  $     $ 925,672      
 
 
                     
Net decrease in net assets
  $ (1,136,092 )   $ (12,952,661 )    
 
 
                     
                     
 
Net Assets
 
At beginning of period
  $ 370,403,354     $ 383,356,015      
 
 
At end of period
  $ 369,267,262     $ 370,403,354      
 
 
                     
                     
 
Accumulated undistributed (distributions in excess of) net investment income
included in net assets
 
At end of period
  $ (13,800,536 )   $ 13,642      
 
 
 
* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

 
See Notes to Financial Statements.
12


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Financial Highlights

                                                     
    Six Months Ended
  Year Ended December 31,    
    June 30, 2011
 
    (Unaudited)   2010   2009   2008   2007   2006    
 
Net asset value — Beginning of period
  $ 15.020     $ 15.590     $ 13.650     $ 19.760     $ 20.320     $ 19.400      
 
 
                                                     
                                                     
 
Income (Loss) From Operations
 
Net investment income(1)
  $ 0.088     $ 0.185     $ 0.223     $ 0.281     $ 0.230     $ 0.226      
Net realized and unrealized gain (loss)
    0.520       1.045       3.517       (4.591 )     1.010       2.496      
 
 
Total income (loss) from operations
  $ 0.608     $ 1.230     $ 3.740     $ (4.310 )   $ 1.240     $ 2.722      
 
 
                                                     
                                                     
 
Less Distributions
 
From net investment income
  $ (0.648 )*   $ (0.183 )   $ (0.300 )   $ (0.280 )   $ (0.228 )   $ (0.226 )    
From net realized gain
          (0.040 )           (0.470 )     (0.693 )     (0.078 )    
Tax return of capital
          (1.577 )     (1.500 )     (1.050 )     (0.879 )     (1.496 )    
 
 
Total distributions
  $ (0.648 )   $ (1.800 )   $ (1.800 )   $ (1.800 )   $ (1.800 )   $ (1.800 )    
 
 
                                                     
Offering costs charged to paid-in capital(1)
  $     $     $     $     $     $ (0.002 )    
 
 
                                                     
Net asset value — End of period
  $ 14.980     $ 15.020     $ 15.590     $ 13.650     $ 19.760     $ 20.320      
 
 
                                                     
Market value — End of period
  $ 13.770     $ 14.410     $ 16.850     $ 12.530     $ 17.430     $ 21.100      
 
 
                                                     
Total Investment Return on Net Asset Value(2)
    4.37 %(3)     8.82 %     30.53 %     (22.44 )%(4)     6.62 %     14.88 %    
 
 
                                                     
Total Investment Return on Market Value(2)
    0.07 %(3)     (3.47 )%     53.69 %     (19.29 )%(4)     (9.43 )%     27.44 %    
 
 
                                                     
                                                     
 
Ratios/Supplemental Data
 
Net assets, end of period (000’s omitted)
  $ 369,267     $ 370,403     $ 383,356     $ 335,611     $ 485,633     $ 498,755      
Ratios (as a percentage of average daily net assets):
                                                   
Expenses(5)
    1.16 %(6)     1.12 %     1.12 %     1.11 %     1.11 %     1.10 %    
Net investment income
    1.18 %(6)     1.26 %     1.61 %     1.68 %     1.15 %     1.15 %    
Portfolio Turnover
    5 %(3)     11 %     34 %     49 %     35 %     20 %    
 
 
 
(1) Computed using average shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
(3) Not annualized.
(4) During the year ended December 31, 2008, the sub-adviser reimbursed the Fund for a realized loss on the disposal of an investment security which did not meet investment guidelines. The loss was less than $0.01 per share and had no effect on total return.
(5) Excludes the effect of custody fee credits, if any, of less than 0.005%.
(6) Annualized.
* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

 
See Notes to Financial Statements.
13


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Notes to Financial Statements (Unaudited)

 
1 Significant Accounting Policies
 
Eaton Vance Tax-Managed Buy-Write Income Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.
 
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.
 
A Investment Valuation — Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. Exchange-traded options are valued at the mean between the bid and asked prices at valuation time as reported by the Options Price Reporting Authority for U.S. listed options or by the relevant exchange or board of trade for non-U.S. listed options. Over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
 
B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
 
C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates.
 
D Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
 
As of June 30, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Fund’s federal tax returns filed in the 3-year period ended December 31, 2010 remains subject to examination by the Internal Revenue Service.
 
E Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.
 
F Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

 
14


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Notes to Financial Statements (Unaudited) — continued

 
G Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
 
H Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
 
I Written Options — Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the strike price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the strike price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
 
J Interim Financial Statements — The interim financial statements relating to June 30, 2011 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
 
2 Distributions to Shareholders
 
Subject to its Managed Distribution Plan, the Fund intends to make quarterly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years, if any). Distributions are recorded on the ex-dividend date. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of capital component. For the six months ended June 30, 2011, the amount of distributions estimated to be a tax return of capital was approximately $13,998,000. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year, at which time it will be reported to the shareholders.
 
3 Investment Adviser Fee and Other Transactions with Affiliates
 
The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Fund’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage, if any. For the six months ended June 30, 2011, the Fund’s investment adviser fee amounted to $1,837,128. Pursuant to a sub-advisory agreement, EVM has delegated a portion of the investment management to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM. EVM pays Parametric a portion of its advisory fee for sub-advisory services provided to the Fund. EVM also serves as administrator of the Fund, but receives no compensation.
 
Except for Trustees of the Fund who are not members of EVM’s organization, officers and Trustees receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended June 30, 2011, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.
 
4 Purchases and Sales of Investments
 
Purchases and sales of investments, other than short-term obligations, aggregated $19,571,348 and $38,194,855, respectively, for the six months ended June 30, 2011.

 
15


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Notes to Financial Statements (Unaudited) — continued

 
5 Common Shares of Beneficial Interest
 
The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no transactions in common shares for the six months ended June 30, 2011. Common shares issued pursuant to the Fund’s dividend reinvestment plan for the year ended December 31, 2010 were 63,210.
 
6 Federal Income Tax Basis of Investments
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2011, as determined on a federal income tax basis, were as follows:
 
             
Aggregate cost
  $ 283,243,260      
             
 
 
Gross unrealized appreciation
  $ 95,966,770      
Gross unrealized depreciation
    (4,478,104 )    
             
 
 
Net unrealized appreciation
  $ 91,488,666      
             
 
 
 
7 Financial Instruments
 
The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of written call options at June 30, 2011 is included in the Portfolio of Investments.
 
Written call options activity for the six months ended June 30, 2011 was as follows:
 
                     
    Number of
  Premiums
   
    Contracts   Received    
 
 
Outstanding, beginning of period
    2,960     $ 5,118,535      
Options written
    16,230       21,978,111      
Options terminated in closing purchase transactions
    (15,590 )     (22,715,192 )    
Options expired
    (935 )     (1,121,039 )    
                     
 
 
Outstanding, end of period
    2,665     $ 3,260,415      
                     
 
 
 
All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At June 30, 2011, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
 
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying index decline. The Fund is not subject to counterparty credit risk with respect to its written options as the Fund, not the counterparty, is obligated to perform under such derivatives.
 
The fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at June 30, 2011 was as follows:
 
                     
    Fair Value
    Asset Derivative   Liability Derivative(1)    
 
 
Written options
  $      —     $ (6,519,600 )    
                     
 
 
 
(1) Statement of Assets and Liabilities location: Written options outstanding, at value.

 
16


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Notes to Financial Statements (Unaudited) — continued

 
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended June 30, 2011 was as follows:
 
                     
    Realized Gain (Loss)
  Change in Unrealized
   
    on Derivatives Recognized
  Appreciation (Depreciation) on
   
    in Income(1)   Derivatives Recognized in Income(2)    
 
 
Written options
  $ (2,979,641 )   $ (3,002,770 )    
                     
 
 
 
(1) Statement of Operations location: Net realized gain (loss) – Written options.
(2) Statement of Operations location: Change in unrealized appreciation (depreciation) – Written options.
 
8 Fair Value Measurements
 
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
•  Level 1 – quoted prices in active markets for identical investments
 
•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
•  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
 
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At June 30, 2011, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
 
                                     
Asset Description   Level 1   Level 2   Level 3   Total    
 
 
Common Stocks
  $ 374,731,926     $      —     $      —     $ 374,731,926      
                                     
 
 
Total Investments
  $ 374,731,926     $     $     $ 374,731,926      
                                     
 
 
                                     
Liability Description
                                   
                                     
 
 
Call Options Written
  $ (6,519,600 )   $     $     $ (6,519,600 )    
                                     
 
 
Total
  $ (6,519,600 )   $     $     $ (6,519,600 )    
                                     
 
 
 
The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
 
The Fund held no investments or other financial instruments as of December 31, 2010 whose fair value was determined using Level 3 inputs. At June 30, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the six months then ended was not significant.

 
17


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Annual Meeting of Shareholders (Unaudited)

 
The Fund held its Annual Meeting of Shareholders on April 22, 2011. The following action was taken by the shareholders:
 
Item 1: The election of Helen Frame Peters, Lynn A. Stout and Ralph F. Verni as Class III Trustees of the Fund for a three-year term expiring in 2014.
 
                     
Nominee for Trustee
  Number of Shares    
Elected by All Shareholders   For   Withheld    
 
 
Helen Frame Peters
    22,599,589       586,032      
Lynn A. Stout
    22,593,027       592,594      
Ralph F. Verni
    22,601,847       583,774      

 
18


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Board of Trustees’ Contract Approval

 
Overview of the Contract Review Process
 
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.
 
At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 25, 2011, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held between February and April 2011. Such information included, among other things, the following:
 
Information about Fees, Performance and Expenses
 
  •  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
  •  An independent report comparing each fund’s total expense ratio and its components to comparable funds;
  •  An independent report comparing the investment performance of each fund (including yield data and Sharpe and information ratios where relevant) to the investment performance of comparable funds over various time periods;
  •  Data regarding investment performance in comparison to relevant peer groups of similarly managed funds and appropriate indices;
  •  For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing such fund;
  •  Profitability analyses for each adviser with respect to each fund;
 
Information about Portfolio Management
 
  •  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;
  •  Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and/or the fund’s policies with respect to “soft dollar” arrangements;
  •  Data relating to portfolio turnover rates of each fund;
  •  The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
 
Information about each Adviser
 
  •  Reports detailing the financial results and condition of each adviser;
  •  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
  •  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
  •  Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;
  •  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
  •  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
  •  A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers;
 
Other Relevant Information
 
  •  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
  •  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and
  •  The terms of each advisory agreement.
 
In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2011, with respect to one

 
19


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Board of Trustees’ Contract Approval — continued

or more funds, the Board met nine times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met nine, fifteen, seven, eight and twelve times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective including, where relevant, the use of derivative instruments, as well as trading policies and procedures and risk management techniques.
 
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
 
The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
 
Results of the Process
 
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement of Eaton Vance Tax-Managed Buy-Write Income Fund (the “Fund”) with Eaton Vance Management (the “Adviser”) and the sub-advisory agreement with Parametric Portfolio Associates LLC (the “Sub-adviser”) including their fee structures, are in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.
 
Nature, Extent and Quality of Services
 
In considering whether to approve the investment advisory agreement and the sub-advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.
 
The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and whose responsibilities include supervising the Sub-adviser and coordinating its activities in implementing the Fund’s investment strategy. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as tax efficiency and special considerations relevant to investing in stocks and selling call options on the S&P 500 Index. With respect to the Sub-adviser, the Board noted the Sub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.
 
The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
 
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.
 
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.
 
Fund Performance
 
The Board compared the Fund’s investment performance to a relevant universe of comparable funds identified by an independent data provider as well as a peer group of similarly managed funds and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three- and five-year periods ended September 30, 2010 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

 
20


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Board of Trustees’ Contract Approval — continued

 
Management Fees and Expenses
 
The Board reviewed contractual investment advisory fee rates payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2010, as compared to a group of similarly managed funds selected by an independent data provider. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions being taken to reduce expenses at the Eaton Vance fund complex level, including the negotiation of reduced fees for transfer agency and custody services.
 
After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
 
Profitability
 
The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized with and without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Fund, including the benefits of research services that may be available to the Adviser or Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
 
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are reasonable.
 
Economies of Scale
 
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the Adviser’s profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale.

 
21


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
Officers and Trustees

 
     
Officers of Eaton Vance Tax-Managed Buy-Write Income Fund
 
 
Walter A. Row, III
President

Duncan W. Richardson
Vice President

Barbara E. Campbell
Treasurer
 
Maureen A. Gemma
Vice President, Secretary and Chief Legal Officer

Paul M. O’Neil
Chief Compliance Officer
 
     
Trustees of Eaton Vance Tax-Managed Buy-Write Income Fund
 
 
Ralph F. Verni
Chairman

Benjamin C. Esty

Thomas E. Faust Jr.*

Allen R. Freedman
 
William H. Park

Ronald A. Pearlman

Helen Frame Peters

Lynn A. Stout
 
* Interested Trustee
 
 
Number of Employees
 
The Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.
 
Number of Shareholders
 
As of June 30, 2011, Fund records indicate that there are 56 registered shareholders and approximately 16,994 shareholders owning the Fund shares in street name, such as through brokers, banks, and financial intermediaries.
 
If you are a street name shareholder and wish to receive Fund reports directly, which contain important information about the Fund, please write or call:
 
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
 
New York Stock Exchange symbol
 
The New York Stock Exchange symbol is ETB.

 
22


 

 
Eaton Vance
Tax-Managed Buy-Write Income Fund
 
June 30, 2011
 
 
IMPORTANT NOTICES

 
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
 
•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
 
•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
 
•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
 
•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
 
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.
 
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
 
Additional Notice to Shareholders. The Fund may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that the Fund will take such action or that such purchases would reduce the discount.
 
Closed-End Fund Information. The Eaton Vance closed-end funds make certain quarterly fund performance data and information about portfolio characteristics (such as top holdings and asset allocation) available on the Eaton Vance website after the end of each calendar quarter-end. Certain month end fund performance data for the funds, including total returns, are posted to the website shortly after the end of each calendar month. Portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following the end of the quarter. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors – Closed-End Funds”.

 
23


 

 
This Page Intentionally Left Blank
 


 

 
Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
 
Sub-Adviser
Parametric Portfolio Associates LLC
1918 Eighth Avenue, Suite 3100
Seattle, WA 98101
 
Custodian
State Street Bank and Trust Company
200 Clarendon Street
Boston, MA 02116
 
 
 
 
Transfer Agent
American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
 
Fund Offices
Two International Place
Boston, MA 02110
 
 


 

 
(EATON VANCE INVESTMENT MANAGERS LOGO)
 
2427-8/11 CE-TMBWISRC


 

Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Chief Financial Officer of Aveon Group, L.P. (an investment management firm). Previously, he served as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that

 


 

list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
     
(a)(1)
  Registrant’s Code of Ethics — Not applicable (please see Item 2).
 
(a)(2)(i)
  Treasurer’s Section 302 certification.
 
(a)(2)(ii)
  President’s Section 302 certification.
 
(b)
  Combined Section 906 certification.
 
(c)
  Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan.

 


 

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Tax-Managed Buy-Write Income Fund
         
  By:   /s/ Walter A. Row, III    
    Walter A. Row, III   
    President   
Date: August 9, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
  By:   /s/ Barbara E. Campbell    
    Barbara E. Campbell   
    Treasurer   
Date: August 9, 2011
         
  By:   /s/ Walter A. Row, III    
    Walter A. Row, III   
    President   
Date: August 9, 2011