Overview

Distribution Rates1

as of Apr 23, 2014
Distribution Rate at NAV 8.05%
Distribution Rate at Market Price 8.25%

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.83 1.32 1.32 12.82 11.89 16.33 8.52
Market Price 2.02 6.12 6.12 15.22 13.79 17.84 8.03
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

The Fund has adopted a policy to pay common shareholders a stable monthly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. Click here for more information.

Fund Facts as of Mar 31, 2014

Performance Inception 04/29/2005
Investment Objective Current income and gains
CUSIP 27828x100


Portfolio Management

Walter A. Row III, CFA, CMT Managed Fund since inception
David Stein, Ph.D Managed Fund since inception
Thomas Seto Managed Fund since inception

 

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

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

 

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Performance

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.83 1.32 1.32 12.82 11.89 16.33 8.52
Market Price 2.02 6.12 6.12 15.22 13.79 17.84 8.03
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

The Fund has adopted a policy to pay common shareholders a stable monthly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. Click here for more information.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 14.88 6.62 -22.44 30.53 8.82 7.78 11.25 19.05
Market Price 27.43 -9.43 -19.29 53.69 -3.47 -1.74 19.85 15.85

Fund Facts

Performance Inception 04/29/2005


Distribution Rates1

as of Apr 23, 2014
Distribution Rate at NAV 8.05%
Distribution Rate at Market Price 8.25%

Distribution History2,3

Ex-Date Distribution Reinvest Price
Apr 21, 2014 $0.10800 $15.59
Mar 20, 2014 $0.10800 $15.43
Feb 19, 2014 $0.10800 $15.40
Jan 22, 2014 $0.10800 $14.90
Dec 20, 2013 $0.10800 $14.91
Nov 20, 2013 $0.10800 $14.81
Oct 22, 2013 $0.10800 $14.65
Sep 19, 2013 $0.10800 $14.43
Aug 21, 2013 $0.10800 $14.74
Jul 22, 2013 $0.10800 $15.35
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Tax Character of Distributions

Ordinary Dividends    
Non-Qualified Qualified Total Capital Gain Distributions Nondividend Distributions Total Distributions
Distributions ($)
2013 $0.00 $0.18 $0.18 $0.00 $1.12 $1.30
2012 $0.00 $0.20 $0.20 $0.00 $1.10 $1.30
2011 $0.00 $0.24 $0.24 $0.07 $0.99 $1.30
2010 $0.00 $0.18 $0.18 $0.04 $1.58 $1.80
2009 $0.00 $0.30 $0.30 $0.00 $1.50 $1.80
2008 $0.00 $0.28 $0.28 $0.48 $1.04 $1.80
2007 $0.02 $0.43 $0.45 $0.47 $0.88 $1.80
2006 $0.00 $0.29 $0.29 $0.01 $1.50 $1.80
2005 $0.00 $0.20 $0.20 $0.08 $0.62 $0.90
Distributions (%)
2013 0.00% 13.94% 13.94% 0.00% 86.06% 100.00%
2012 0.00% 15.57% 15.57% 0.00% 84.43% 100.00%
2011 0.00% 18.43% 18.43% 5.51% 76.06% 100.00%
2010 0.00% 10.19% 10.19% 2.22% 87.59% 100.00%
2009 0.00% 16.68% 16.68% 0.00% 83.32% 100.00%
2008 0.00% 15.56% 15.56% 26.53% 57.91% 100.00%
2007 1.05% 24.06% 25.11% 26.08% 48.81% 100.00%
2006 0.00% 16.39% 16.39% 0.54% 83.07% 100.00%
2005 0.00% 22.47% 22.47% 8.27% 69.26% 100.00%
This data reflects distributions paid on Fund shares held for the full calendar year and is not predictive of the tax character of current or future distributions. Fund shareholders should refer to the individual IRS Form 1099-DIVs provided to them shortly after each year-end to determine the appropriate federal income tax treatment of the distributions they receive. Eaton Vance is not responsible for any errors in tax reporting that may result from using the above data. Non-qualified ordinary dividends are subject to federal income tax at ordinary rates. Qualified dividends and capital gains distributions are taxable at long-term capital gains rates. Nondividend distributions, also known as return of capital distributions, are not subject to current federal income tax. Instead, the tax cost basis of each shareholder receiving a return of capital distribution is reduced by the amount of the distribution.

The Fund has adopted a policy to pay common shareholders a stable monthly distribution. In an effort to maintain a stable distribution amount, the Fund may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. In recent years, a significant portion of the Fund's distributions has been characterized as a return of capital. Click here for more information.

 

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

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

 

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Portfolio

Fund Holdings (%)4,5 as of Feb 28, 2014

Holding % of Net Assets
Apple Inc 3.47%
Google Inc 2.67%
Exxon Mobil Corp 2.15%
Microsoft Corp 1.94%
Wells Fargo & Co 1.92%
Chevron Corp 1.91%
JPMorgan Chase & Co 1.63%
Merck & Co Inc 1.62%
International Business Machines Corp 1.55%
Walt Disney Co 1.41%
View All

 

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

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

 

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Mar 31, 2014

Following strong gains in 2013, many global equity markets turned choppy in the first quarter of 2014, as conflicting economic reports and several other headwinds helped keep stocks moving up and down. After a fairly quiet start to the quarter, many key stock indexes pulled back sharply in the latter half of January on turmoil in emerging markets and weaker-than-expected economic news. Some of the blame for the apparent soft patch in the economy went to the unusually harsh winter. But stocks bounced back in February and early March on more positive economic data, particularly for retail sales and manufacturing. As March progressed, however, stocks became more volatile amid the deepening crisis in Ukraine.

In mid-March, as expected, the U.S. Federal Reserve (Fed) continued to “taper” its monthly bond-buying stimulus program. Yet, new Fed chair Janet Yellen helped to unnerve markets with her comments regarding the Fed’s timetable for raising short-term interest rates, which some investors interpreted as signaling higher rates sooner than previously thought. A few weeks later, on the final day of the quarter, Ms. Yellen helped give stocks a boost with a speech reaffirming the Fed’s commitment to supporting the economy. Globally, along with the Ukraine situation and broader emerging-market concerns, mounting evidence of an economic slowdown in China posed a challenge for stocks during the quarter.

Major stock market indexes ended the period with mixed performance. In the U.S., the Dow Jones Industrial Average6 lost 0.15% for the quarter, while the S&P 500 Index7 posted a 1.81% gain. In general, large-cap U.S. equities outperformed their small-cap counterparts. Among both large and small caps, value stocks generally outpaced growth stocks. Overseas, the MSCI EAFE Index8 returned 0.66%.

Performance Summary 

Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) underperformed its equity benchmark, the S&P 500 Index,7 at net asset value for the quarter ended March 31, 2014.The performance of the Fund’s equity portfolio was driven by stock selection, particularly in the consumer discretionary and energy sectors. Stock selection in the information technology and health care sectors detracted from the Fund’s relative performance, as did the Fund’s option portfolio.

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.83 1.32 1.32 12.82 11.89 16.33 8.52
Market Price 2.02 6.12 6.12 15.22 13.79 17.84 8.03
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

The Fund has adopted a policy to pay common shareholders a stable monthly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. Click here for more information.

Fund Facts as of Mar 31, 2014

Performance Inception 04/29/2005


Investment Outlook And Fund Positioning 

Global equity markets may be likely to experience more volatility going forward, as investors continue to adjust to the gradual withdrawal of Fed stimulus. That said, many market observers expect stocks to move up and down within a relatively tight range in the coming months.

The prospect of short-term interest rates rising at some point may pull investors in different directions. While some might view that as an encouraging development, reflecting an improving economic backdrop, others fear the potential impact on stocks from higher rates. Stocks could benefit if, for example, increasing confidence in the economy were to translate into stronger retail sales however, stocks may suffer without increased confidence. Investors will be paying particularly close attention to trends in the labor and housing markets, hoping for a rebound after the rough winter.

Globally, we believe ongoing geopolitical tensions and the path of China’s slowing economy should be carefully monitored.

 

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

 

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

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

 

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Attribution

 

No attribution information is available.


Management

Biography
Walter A. Row III, CFA, CMT

Walter A. Row III, CFA, CMT

Vice President, Eaton Vance Management
Joined Eaton Vance 1996

Walter Row is a vice president of Eaton Vance Management, a member of the firm's Equity Strategy Committee, head of structured equity portfolios and portfolio manager on Eaton Vance's structured equity team.

Walter joined Eaton Vance in 1996 and from 2000-2007, was director of research at the firm. His experience in the investment management industry dates to 1981. Prior to joining Eaton Vance, he worked as an equity analyst and portfolio manager with State Street Research & Management. He had additional experience as a financial consultant with Advest, Inc.

Walter earned a B.S. in administrative science from Yale University and an M.B.A from Harvard University Graduate School of Business Administration. He is a CFA charterholder and a Chartered Market Technician (CMT).

Education
  • B.S. Yale University
  • M.B.A. Harvard Business School
Experience
  • Managed Fund since inception
Biography
David Stein, Ph.D

David Stein, Ph.D

Chief Investment Officer, Parametric Portfolio Associates
Joined Parametric Portfolio Associates 1996

David Stein is chief investment officer of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp., leading the firm's investment, research and technology activities. He maintains a focus on Parametric's intellectual capital, and is dedicated to advancing the art and science of investment management in the presence of taxes.

David's experience in the investment industry dates to 1987. Prior to joining Parametric in 1996, he held senior research, development and portfolio management positions at GTE Investment Management Corp., The Vanguard Group and IBM Retirement Funds. He has additional experience as a research scientist with IBM Research Laboratories, where he designed computer hardware and software systems.

David earned both a B.S. and an M.S. from the University of Witwatersrand, South Africa, and a Ph.D. in applied mathematics from Harvard University.

David holds a number of patents and is published in multiple academic journals, including Mathematics of Operations Research, The Journal of Wealth Management and the Journal of Portfolio Management, among others. He is on the After-Tax Subcommittee of the AIMR-PPS standards committee and on the advisory board of the Journal of Wealth Management.

Education
  • B.S. and M.S., University of Witwatersrand, South Africa
  • Ph.D. Harvard University
Experience
  • Managed Fund since inception
Biography
Thomas Seto

Thomas Seto

Director of Portfolio Management, Parametric Portfolio Associates
Joined Parametric Portfolio Associates 1998

Tom Seto is managing director of portfolio management and a portfolio manager at Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for all portfolio management activity at Parametric, including tax-managed core, OverlayOne and institutional structured equity strategies.

Prior to joining Parametric in 1998, Tom served as the head of U.S. Equity Index Investments at Barclays Global Investors, where he was responsible for portfolio management of all U.S. equity index strategies.

Tom earned a B.S. in electrical engineering from the University of Washington in 1985 and an M.B.A. in finance from the University of Chicago Booth School of Business in 1991.

Education
  • B.S. University of Washington
  • M.B.A Booth School of Business, University of Chicago
Experience
  • Managed Fund since inception

Fund Literature

Fund Literature

Report of Organizational Actions Affecting Basis of Securities

Annual Report

Commentary

Fact Sheet

Important Quarterly Equity Option Fund Data

Equity Option Closed-End Fund Guide

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Reinvesting Closed-End Fund Distributions

Return of Capital Distributions Demystified

Eaton Vance Updates Results of Equity Option CEF Share Repurchase Program

Eaton Vance Announces Updated Results of Equity Option Closed-End Fund Share Repurchase Program

Eaton Vance Announces Results of Equity Option Closed-End Fund Share Repurchase Program

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund March 2014 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund Report of Earnings

Eaton Vance Tax-Managed Buy-Write Income Fund February 2014 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund January 2014 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund December 2013 Distribution

Eaton Vance Tax-Managed Buy-Write Income Fund Report of Earnings

Eaton Vance Closed-End Funds Annual Meeting of Shareholders

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund November 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund October 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund September 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund Report of Earnings

Eaton Vance Tax-Managed Buy-Write Income Fund August 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund July 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund June 2013 Distribution

Eaton Vance Tax-Managed Buy-Write Income Fund Report of Earnings

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund May 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Tax-Managed Buy-Write Income Fund April 2013 Distribution

Eaton Vance Tax-Managed Buy-Write Funds Annual Meeting of Shareholders

Proxy Statement

Semi-Annual Report


 

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    Symbol:  

    NAV as of