Eaton Vance Tax-Managed Buy-Write Income Fund Report of Earnings as of June 30, 2006.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. -- Eaton Vance Eaton Vance is an American financial services company headquartered in Boston, MA. It is traded on the New York Stock Exchange under the symbol EV.[1] At the end of the second quarter of the 2006 fiscal year, the company had assets under management of $118.8 billion. Tax Managed Buy-Write Buy-Write A strategy consisting of buying stocks and writing covered call options on them to generate maximum current income from option premiums and dividends. Notes: If the call is exercised, the investor may have to sell the stock at below market price. Income Fund (NYSE NYSE See: New York Stock Exchange : ETB ETB - End Transmission Block ) (The "Fund"), a diversified diversified (di·verˑ·s closed-end investment company closed-end investment company: see mutual fund. , today announced the earnings of the Fund for the three and six-months period ended June June: see month. 30, 2006. The Fund's fiscal year ends on December 31, 2006. For the three months ended June 30, 2006, the Fund had net investment income of $1,278,230 ($0.052 per common share). The Funds net investment income for the six months ended June 30, 2006 was $2,586,740 ($0.105 per common share). In comparison, for the period from the start of business, April 29, 2005, to June 30, 2005, the Fund had net investment income of $961,718 ($0.041 per common share). Net realized and unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. for the three months ended June 30, 2006 were $ 1,588,136 ($0.065 per common share). The Funds net realized and unrealized gains for the six months ended June 30, 2006 were $20,922,207 ($0.857 per common share). In comparison, net realized and unrealized gains for the period from the start of business, April 29, 2005, to June 30, 2005 were $11,867,045 ($0.481 per common share). On June 30, 2006, net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of the Fund applicable to common shares were $477,213,308. The net asset value per common share on June 30, 2006 was $19.46 based on 24,526,684 common shares outstanding. In comparison, the net assets of the Fund on June 30, 2005 applicable to common shares were $480,095,747. The net asset value per common share on June 30, 2005 was $19.59 based on 24,505,000 common shares outstanding. The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp, which is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol EV. Eaton Vance and its affiliates had over $120.4 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. on July 31, 2006. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Management at (617) 262-1122.
EATON VANCE TAX MANAGED BUY-WRITE INCOME FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
---------------- ---------------------
2006 2005(a) 2006 2005(a)
------- -------- --------- ---------
Gross investment income $2,591 $1,854 $5,204 $1,854
Operating expenses (1,313) ($892) (2,617) ($892)
------- -------- --------- ---------
Net investment income $1,278 $962 $2,587 $962
Net realized and unrealized
gains (losses) on investments $1,588 $11,867 $20,922 $11,867
------- -------- --------- ---------
Net increase (decrease)
in net assets from
operations $2,866 $12,829 $23,509 $12,829
======= ======== ========= =========
Earnings per Share
Outstanding
---------------------------
Gross investment income $0.106 $0.080 $0.212 $0.080
Operating expenses (0.054) ($0.039) (0.107) ($0.039)
------- -------- --------- ---------
Net investment income $0.052 $0.041 $0.105 $0.041
Net realized and unrealized
gains (losses) on investments $0.065 $0.481 $0.857 $0.481
------- -------- --------- ---------
Net increase (decrease)
in net assets from
operations $0.117 $0.522 $0.962 $0.522
======= ======== ========= =========
Net Asset Value at June 30
(Common Shares)
-----------------------------------
Net assets (000) $477,213 $480,096
Shares outstanding (000) 24,527 24,505
Net asset value per share
outstanding $19.46 $19.59
Market Value Summary (Common Shares)
-----------------------------------
Market price on NYSE at
June 30 $18.85 $19.95
High market price (period ended
June 30) $19.72 $20.01
Low market price (period ended
June 30) $18.07 $19.10
(a) For the period from the start of business, April 29, 2005 to June
30, 2005.
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