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)

One Post Office Square, Boston, Massachusetts 02109

(Address of Principal Executive Offices)

Deidre E. Walsh

One Post Office Square, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

(617)

482-8260

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

December 31, 2025

Date of Reporting Period

Item 1. Reports to Stockholders

(a)

Eaton Vance

Tax-Managed Buy-Write Income Fund (ETB)

Annual Report

December 31, 2025

Commodity Futures Trading Commission Registration.

The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser and Parametric Portfolio Associates LLC (Parametric), sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

Managed Distribution Plan.

Pursuant to an exemptive order issued by the Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.

The Fund currently distributes monthly cash distributions equal to $0.1058 per share in accordance with the MDP. 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 and the Board 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.

The Fund may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form 1099-DIV for each calendar year.

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.

Annual Report

December 31, 2025

Eaton Vance

Tax-Managed Buy-Write Income Fund

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	4
Fund Profile	5
The Fund's Investment Objectives, Principal Strategies and Principal Risks	6
Summary of Fund Expenses	11
Trading and NAV Information	12
Endnotes and Additional Disclosures	13
Financial Statements	14
Report of Independent Registered Public Accounting Firm	28
Federal Tax Information	29
Dividend Reinvestment Plan	30
Management and Organization	32
U.S. Customer Privacy Notice	34
Potential Conflicts of Interest	37
Important Notices	45

% Average Annual Total Returns 1	Inception Date	One Year	Five Years	Ten Years
Fund at NAV	04/29/2005	14.48%	11.45%	9.51%
Fund at Market Price	—	11.05	9.32	7.96

S&P 500® Index	—	17.88%	14.42%	14.81%
Cboe S&P 500 BuyWrite Index SM	—	8.91	9.33	7.30

Distributions 3
Total Distributions per share for the period	$1.27
Distribution Rate at NAV	7.76%
Distribution Rate at Market Price	8.31

Top 10 Holdings (% of total investments) 1
NVIDIA Corp.	8.3%
Apple, Inc.	7.3
Microsoft Corp.	6.6
Amazon.com, Inc.	4.2
Alphabet, Inc., Class A	3.5
Broadcom, Inc.	3.2
Alphabet, Inc., Class C	2.7
Meta Platforms, Inc., Class A	2.6
Tesla, Inc.	2.2
Berkshire Hathaway, Inc., Class B	2.1
Total	42.7%

Common shareholder transaction expenses
Sales load paid by you (as a percentage of offering price)	— 1
Offering expenses (as a percentage of offering price)	None 2
Dividend reinvestment plan fees	$5.00 3

Annual expenses	Percentage of net assets attributable to common shares 4
Investment adviser fee	1.00% 5
Other expenses	0.12
Total annual Fund operating expenses	1.12%

	Market Price ($)		NAV per Share on Date of Market Price ($)		NAV Premium/(Discount) on Date of Market Price (%)
Fiscal Quarter Ended	High	Low	High	Low	High	Low
December 31, 2025	15.38	14.65	16.34	15.68	-5.88	-6.57
September 30, 2025	15.08	14.33	16.03	15.37	-5.93	-6.77
June 30, 2025	14.44	12.03	15.23	13.39	-5.19	-10.16
March 31, 2025	15.28	13.63	15.84	14.56	-3.54	-6.39
December 31, 2024	15.20	14.26	15.93	15.31	-4.58	-6.86
September 30, 2024	14.43	13.41	15.38	14.30	-6.18	-6.22
June 30, 2024	14.14	13.01	15.13	14.44	-6.54	-9.90
March 31, 2024	13.65	12.73	14.94	14.14	-8.63	-9.97

†	The views expressed in this report are those of the 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 and the Fund(s) disclaim 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 available for purchase and sale only at current market prices in secondary market trading.

1	S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Cboe S&P 500 BuyWrite Index SM measures the performance of a hypothetical buy-write strategy on the S&P 500® Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2	The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.
3	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 amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior

	Fund profile subject to change due to active management.
	Additional Information
	Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. The Dow Jones Industrial Average® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry.

Security	Shares		Value
Aerospace & Defense — 2.0%
Axon Enterprise, Inc. (1)(2)		1,131	$ 642,329
Boeing Co. (1)(2)		13,887	3,015,145
Huntington Ingalls Industries, Inc.		1,110	377,478
Northrop Grumman Corp. (2)		5,279	3,010,138
RTX Corp. (2)		7,449	1,366,147
Textron, Inc. (2)		11,648	1,015,356
			$ 9,426,593
Air Freight & Logistics — 0.1%
C.H. Robinson Worldwide, Inc. (2)		4,011	$ 644,808
			$ 644,808
Automobiles — 2.2%
Tesla, Inc. (1)(2)		23,137	$ 10,405,172
			$ 10,405,172
Banks — 4.3%
Bank of America Corp. (2)		86,352	$ 4,749,360
Fifth Third Bancorp (2)		55,713	2,607,925
JPMorgan Chase & Co. (2)		30,135	9,710,100
KeyCorp (2)		50,596	1,044,301
M&T Bank Corp. (2)		4,036	813,173
PNC Financial Services Group, Inc. (2)		9,261	1,933,049
			$ 20,857,908
Beverages — 0.7%
Coca-Cola Co. (2)		50,990	$ 3,564,711
			$ 3,564,711
Biotechnology — 2.2%
AbbVie, Inc. (2)		14,510	$ 3,315,390
Amgen, Inc. (2)		9,875	3,232,186
Gilead Sciences, Inc. (2)		24,351	2,988,842
Vertex Pharmaceuticals, Inc. (1)(2)		1,809	820,128
			$ 10,356,546
Broadline Retail — 4.2%
Amazon.com, Inc. (1)(2)		87,946	$ 20,299,696
			$ 20,299,696
Capital Markets — 1.8%
Cboe Global Markets, Inc. (2)		6,253	$ 1,569,503

1 Year	3 Years	5 Years	10 Years
$11	$36	$62	$136

Security	Shares		Value
Capital Markets (continued)
Charles Schwab Corp.		4,491	$ 448,696
S&P Global, Inc. (2)		7,020	3,668,582
State Street Corp. (2)		23,543	3,037,282
			$ 8,724,063
Chemicals — 1.1%
AdvanSix, Inc. (2)		1,530	$ 26,469
Corteva, Inc. (2)		26,850	1,799,755
Eastman Chemical Co. (2)		4,673	298,278
Sherwin-Williams Co. (2)		8,639	2,799,295
Solstice Advanced Materials, Inc. (1)		3,839	186,499
			$ 5,110,296
Commercial Services & Supplies — 0.2%
Waste Management, Inc. (2)		4,656	$ 1,022,970
			$ 1,022,970
Communications Equipment — 1.1%
Cisco Systems, Inc. (2)		67,328	$ 5,186,276
			$ 5,186,276
Construction & Engineering — 0.4%
Quanta Services, Inc. (2)		4,232	$ 1,786,158
			$ 1,786,158
Construction Materials — 0.3%
Vulcan Materials Co. (2)		5,482	$ 1,563,576
			$ 1,563,576
Consumer Finance — 1.5%
American Express Co. (2)		11,075	$ 4,097,196
Capital One Financial Corp. (2)		13,481	3,267,255
			$ 7,364,451
Consumer Staples Distribution & Retail — 1.6%
Costco Wholesale Corp. (2)		2,627	$ 2,265,367
Dollar General Corp. (2)		14,628	1,942,160
Dollar Tree, Inc. (1)(2)		12,274	1,509,825
Walmart, Inc. (2)		16,530	1,841,607
			$ 7,558,959
Containers & Packaging — 0.4%
Avery Dennison Corp. (2)		10,440	$ 1,898,827
			$ 1,898,827

Security	Shares		Value
Distributors — 0.2%
Genuine Parts Co. (2)		8,047	$ 989,459
			$ 989,459
Electric Utilities — 0.3%
Pinnacle West Capital Corp. (2)		8,273	$ 733,815
Xcel Energy, Inc. (2)		12,009	886,985
			$ 1,620,800
Electrical Equipment — 1.4%
Emerson Electric Co. (2)		22,878	$ 3,036,368
GE Vernova, Inc. (2)		5,780	3,777,635
			$ 6,814,003
Entertainment — 1.5%
Netflix, Inc. (1)(2)		52,720	$ 4,943,027
Walt Disney Co. (2)		20,885	2,376,087
			$ 7,319,114
Financial Services — 4.7%
Berkshire Hathaway, Inc., Class B (1)(2)		19,893	$ 9,999,217
Fidelity National Information Services, Inc. (2)		25,140	1,670,804
Mastercard, Inc., Class A (2)		10,833	6,184,343
Visa, Inc., Class A (2)		13,804	4,841,201
			$ 22,695,565
Food Products — 0.8%
Mondelez International, Inc., Class A (2)		43,514	$ 2,342,359
Tyson Foods, Inc., Class A (2)		28,696	1,682,159
			$ 4,024,518
Ground Transportation — 1.0%
J.B. Hunt Transport Services, Inc. (2)		3,108	$ 604,009
Norfolk Southern Corp. (2)		10,573	3,052,637
Uber Technologies, Inc. (1)(2)		11,623	949,715
			$ 4,606,361
Health Care Equipment & Supplies — 2.1%
Abbott Laboratories (2)		32,539	$ 4,076,811
Baxter International, Inc. (2)		108,606	2,075,461
GE HealthCare Technologies, Inc.		5,324	436,675
Insulet Corp. (1)		530	150,647
Stryker Corp. (2)		9,219	3,240,202
			$ 9,979,796

Security	Shares		Value
Health Care Providers & Services — 1.4%
CVS Health Corp. (2)		26,251	$ 2,083,279
DaVita, Inc. (1)		1,770	201,090
UnitedHealth Group, Inc. (2)		13,304	4,391,783
			$ 6,676,152
Hotels, Restaurants & Leisure — 2.2%
Booking Holdings, Inc. (2)		681	$ 3,646,980
Chipotle Mexican Grill, Inc. (1)(2)		18,700	691,900
Marriott International, Inc., Class A (2)		5,067	1,571,986
Marriott Vacations Worldwide Corp. (2)		2,064	119,072
McDonald's Corp. (2)		13,255	4,051,125
Travel & Leisure Co. (2)		9,305	656,282
			$ 10,737,345
Household Durables — 0.3%
Lennar Corp., Class A (2)		14,423	$ 1,482,684
			$ 1,482,684
Household Products — 0.8%
Clorox Co. (2)		6,843	$ 689,980
Kimberly-Clark Corp. (2)		10,613	1,070,745
Procter & Gamble Co. (2)		13,852	1,985,130
			$ 3,745,855
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.		3,103	$ 500,607
			$ 500,607
Industrial Conglomerates — 0.6%
Honeywell International, Inc. (2)		15,358	$ 2,996,192
			$ 2,996,192
Industrial REITs — 0.6%
ProLogis, Inc. (2)		21,887	$ 2,794,094
			$ 2,794,094
Insurance — 2.0%
Allstate Corp. (2)		12,782	$ 2,660,573
Cincinnati Financial Corp. (2)		15,925	2,600,871
Marsh & McLennan Cos., Inc. (2)		14,405	2,672,416
Principal Financial Group, Inc. (2)		5,042	444,755
Travelers Cos., Inc. (2)		3,902	1,131,814
			$ 9,510,429

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
†	Amount is less than 0.05% or (0.05)%, as applicable.
(1)	Non-income producing security.
(2)	Security (or a portion thereof) has been pledged as collateral for written options.
(3)	May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of December 31, 2025.

Written Call Options (Exchange-Traded) — (0.3)%
Description	Number of Contracts	Notional Amount		Exercise Price		Expiration Date	Value
S&P 500 Index	55	$	37,650,250	$	6,970	1/2/26	$ (385)
S&P 500 Index	55		37,650,250		6,950	1/5/26	(3,410)
S&P 500 Index	55		37,650,250		6,950	1/7/26	(16,500)
S&P 500 Index	55		37,650,250		6,975	1/9/26	(27,500)
S&P 500 Index	56		38,334,800		6,930	1/12/26	(95,032)
S&P 500 Index	57		39,019,350		6,890	1/14/26	(261,630)
S&P 500 Index	56		38,334,800		6,915	1/16/26	(208,208)
S&P 500 Index	56		38,334,800		6,950	1/20/26	(153,888)
S&P 500 Index	56		38,334,800		6,975	1/21/26	(143,248)

Written Call Options (Exchange-Traded) (continued)
Description	Number of Contracts	Notional Amount		Exercise Price		Expiration Date	Value
S&P 500 Index	56	$	38,334,800	$	7,025	1/23/26	$ (90,160)
S&P 500 Index	56		38,334,800		7,000	1/26/26	(141,400)
S&P 500 Index	56		38,334,800		6,980	1/28/26	(270,555)
Total							$(1,411,916)

	December 31, 2025
Assets
Unaffiliated investments, at value (identified cost $72,320,206)	$ 481,357,992
Affiliated investments, at value (identified cost $900,422)	900,422
Dividends receivable	250,450
Dividends receivable from affiliated investments	6,638
Receivable for premiums on written options	270,555
Trustees' deferred compensation plan	90,869
Total assets	$482,876,926
Liabilities
Written options outstanding, at value (premiums received $3,520,110)	$ 1,411,916
Payable for closed written options	6,361
Payable to affiliates:
Investment adviser fee	408,218
Trustees' fees	7,321
Trustees' deferred compensation plan	90,869
Payable for printing and postage	111,274
Accrued expenses	136,513
Total liabilities	$ 2,172,472
Net Assets	$480,704,454
Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares authorized	$ 293,747
Additional paid-in capital	71,277,854
Distributable earnings	409,132,853
Net Assets	$480,704,454
Common Shares Issued and Outstanding	29,374,715
Net Asset Value Per Common Share
Net assets ÷ common shares issued and outstanding	$ 16.36

	Year Ended
	December 31, 2025
Investment Income
Dividend income	$ 6,073,508
Dividend income from affiliated investments	98,720
Total investment income	$ 6,172,228
Expenses
Investment adviser fee	$ 4,542,609
Trustees’ fees and expenses	29,970
Custodian fee	164,810
Transfer and dividend disbursing agent fees	16,515
Legal and accounting services	114,189
Printing and postage	153,627
Miscellaneous	56,330
Total expenses	$ 5,078,050
Deduct:
Waiver and/or reimbursement of expenses by affiliates	$ 3,402
Total expense reductions	$ 3,402
Net expenses	$ 5,074,648
Net investment income	$ 1,097,580
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$ 43,259,886
Written options	(12,572,600)
Net realized gain	$ 30,687,286
Change in unrealized appreciation (depreciation):
Investments	$ 28,526,469
Written options	(265,542)
Net change in unrealized appreciation (depreciation)	$ 28,260,927
Net realized and unrealized gain	$ 58,948,213
Net increase in net assets from operations	$ 60,045,793

	Year Ended December 31,
	2025	2024
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 1,097,580	$ 1,646,141
Net realized gain	30,687,286	24,521,032
Net change in unrealized appreciation (depreciation)	28,260,927	50,537,974
Net increase in net assets from operations	$ 60,045,793	$ 76,705,147
Distributions to shareholders	$ (31,532,961)	$ (23,820,078)
Tax return of capital to shareholders	$ (5,761,177)	$ (12,363,696)
Net increase in net assets	$ 22,751,655	$ 40,521,373
Net Assets
At beginning of year	$ 457,952,799	$ 417,431,426
At end of year	$480,704,454	$457,952,799

(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. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
(3)	Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
(4)	Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

Net unrealized appreciation	$ 409,132,853
Distributable earnings	$409,132,853

SEC Form N-CSR filed by Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance Tax-