Overview

Distribution Rates1

as of Apr 17, 2014
Distribution Rate at NAV 7.25%
Distribution Rate at Market Price 7.92%

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 -0.66 1.16 1.16 18.96 11.60 15.42 6.78
Market Price -0.26 2.56 2.56 21.61 11.79 16.03 5.72
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 10/29/2004
Investment Objective Current income
CUSIP 278274105


Portfolio Management

Walter A. Row III, CFA, CMT Managed Fund since inception
Michael A. Allison, CFA Managed Fund since 2008

 

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 -0.66 1.16 1.16 18.96 11.60 15.42 6.78
Market Price -0.26 2.56 2.56 21.61 11.79 16.03 5.72
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 8.40 10.80 10.18 -28.89 19.89 8.75 -2.28 13.95 27.76
Market Price -0.34 24.18 -5.19 -27.00 35.37 -1.04 -11.20 15.26 32.89

Fund Facts

Performance Inception 10/29/2004


Distribution Rates1

as of Apr 17, 2014
Distribution Rate at NAV 7.25%
Distribution Rate at Market Price 7.92%

Distribution History2,3

Ex-Date Distribution Reinvest Price
Mar 20, 2014 $0.08640 $13.16
Feb 19, 2014 $0.08640 $13.20
Jan 22, 2014 $0.08640 $12.67
Dec 20, 2013 $0.08640 $12.94
Nov 20, 2013 $0.08640 $12.68
Oct 22, 2013 $0.08640 $12.59
Sep 19, 2013 $0.08640 $12.18
Aug 21, 2013 $0.08640 $12.02
Jul 22, 2013 $0.08640 $12.32
Jun 19, 2013 $0.08640 $11.69
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 $0.04 $0.23 $0.27 $0.77 $0.00 $1.04
2012 $0.00 $0.08 $0.08 $0.00 $0.97 $1.05
2011 $0.00 $0.02 $0.02 $0.00 $1.08 $1.10
2010 $0.00 $0.01 $0.01 $0.00 $1.36 $1.37
2009 $0.00 $0.17 $0.17 $0.00 $1.47 $1.64
2008 $0.49 $0.30 $0.79 $0.00 $0.72 $1.51
2007 $0.87 $0.23 $1.10 $0.66 $0.00 $1.76
2006 $1.26 $0.25 $1.51 $0.27 $0.00 $1.78
2005 $1.30 $0.21 $1.51 $0.00 $0.00 $1.51
Distributions (%)
2013 3.78% 22.47% 26.25% 73.75% 0.00% 100.00%
2012 0.00% 7.48% 7.48% 0.00% 92.52% 100.00%
2011 0.00% 1.72% 1.72% 0.00% 98.28% 100.00%
2010 0.00% 0.54% 0.54% 0.00% 99.46% 100.00%
2009 0.00% 10.76% 10.76% 0.00% 89.24% 100.00%
2008 32.51% 20.14% 52.65% 0.00% 47.35% 100.00%
2007 48.98% 13.33% 62.31% 37.69% 0.00% 100.00%
2006 70.77% 13.93% 84.70% 15.30% 0.00% 100.00%
2005 86.10% 13.90% 100.00% 0.00% 0.00% 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
Google Inc 5.04%
Apple Inc 3.31%
Corning Inc 2.45%
Gilead Sciences Inc 2.43%
Occidental Petroleum Corp 2.14%
JPMorgan Chase & Co 2.07%
Mondelez International Inc 2.02%
Hershey Co 2.01%
Merck & Co Inc 2.00%
Chevron Corp 1.95%
View All

 

Complete options holdings for this Fund may be seen in the Fund’s quarterly N-Q filing. Common equity holdings are released on a monthly basis with a 30-day lag. 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.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Dec 31, 2013

Powered by a strengthening U.S. economic recovery, U.S. stocks surged ahead in the final quarter of 2013. Equity markets opened the period in retreat as the U.S. government shutdown began on October 1. However, stocks quickly bounced back after the 16-day shutdown ended and received a further boost from encouraging data on U.S. employment, housing and manufacturing. But the steadily improving economy also raised expectations that the U.S. Federal Reserve (the Fed) could start “tapering” its bond-buying stimulus program sooner rather than later.

The prospect of curtailed Fed stimulus weighed on stocks in early December. Yet, when the Fed finally made its long-anticipated move in mid-December, most equity investors shrugged off earlier fears and pushed the key U.S. indexes to record highs. Market participants were buoyed by the relatively modest bond-purchase reduction, along with the Fed’s accompanying assurance that it would keep short-term interest rates near zero for an extended period. Stocks also benefited from a bipartisan federal budget deal in December, as well as an upward revision in third-quarter U.S. GDP growth. Most international markets rose at a somewhat slower pace during the period, with emerging-market equities notably lagging.

Reflecting the breadth of the fourth-quarter rally, most major equity market indexes delivered strong gains. The Dow Jones Industrial Average6 advanced 10.22%, hitting multiple all-time closing highs during the quarter. The broader S&P 500 Index7 also reached new highs and finished the period with a 10.51% return. Large-cap U.S. stocks outperformed their small-cap counterparts during the quarter. Among large caps, growth stocks outpaced value stocks, while the reverse was true among small caps. Overseas, the MSCI EAFE Index8 rose 5.71%.

Performance Summary 

Eaton Vance Enhanced Equity Income Fund (EOI) performed essentially in line with its equity benchmark, the S&P 500 Index,7 at net asset value for the quarter ended December 31, 2013. The Fund’s equity portfolio outperformed the S&P 500 Index,7 driven primarily by stock selection, particularly in the information technology and consumer discretionary sectors. Stock selection in the energy and industrials sectors detracted from the Fund’s relative performance, as did the Fund’s option portfolio.

Average Annual Returns (%) as of Dec 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 2.29 10.44 27.76 27.76 12.46 13.15 6.84
Market Price 2.96 10.00 32.89 32.89 10.79 12.74 5.59
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 Dec 31, 2013

Performance Inception 10/29/2004


Investment Outlook And Fund Positioning 

Many investors viewed the Fed’s decision to begin scaling back its bond-buying program as a vote of confidence in the U.S. economy. Perhaps even more important for the equity market outlook was the Fed’s pledge to keep short-term interest rates at historically low levels for the foreseeable future in an effort to ensure sustained economic growth.

In the coming months, investors will be monitoring both the pace and magnitude of additional Fed tapering steps. On the cautionary side, the Fed has expressed concern about the persistently low U.S. inflation rate. Continued low inflation or, worse, deflation could pose a threat to the U.S. economy. Investors will also be paying close attention to economic trends in Europe and Japan, as well as in China and other emerging markets that have been grappling with elevated inflation. Finally, developments in Washington could again impact equity markets in the period ahead.

 

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
Michael A. Allison, CFA

Michael A. Allison, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Mike Allison is a vice president of Eaton Vance Management, a member of the Equity Strategy Committee and portfolio manager on Eaton Vance's structured equity team.

Mike joined Eaton Vance in 2000. Previously, beginning in 1988, he was an equity analyst for Schroders Investment Management, North America. From 1993 to 1998, he served as an equity research analyst for Fleet Investment Advisors. Other experience includes serving as an investment analyst for Phoenix Home Life Mutual Fund Insurance Co. in Hartford, CT, from 1991 to 1993.

Mike earned a B.S.B.A. from the University of Denver in 1990. He is a CFA charterholder and is a member of the Boston Security Analysts Society and the Association for Investment Management and Research.

Education
  • B.S.B.A., The University of Denver
Experience
  • Managed Fund since 2008

Fund Literature

Fund Literature

Report of Organizational Actions Affecting Basis of Securities

Annual Report

Commentary

Fact Sheet

Equity Option Closed-End Fund Guide

Important Quarterly Equity Option Fund Data

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

Reinvesting Closed-End Fund Distributions

Return of Capital Distributions Demystified

Eaton Vance Announces Updated Results of Closed-End Fund Share Repurchase Programs

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 Enhanced Equity Income Fund

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund March 2014 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund Report of Earnings

Eaton Vance Enhanced Equity Income Fund February 2014 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund January 2014 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund Report of Earnings

Eaton Vance Enhanced Equity Income Fund December 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund November 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund October 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund September 2013 Distribution

Eaton Vance Enhanced Equity Income Fund

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund August 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund July 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund June 2013 Distribution

Eaton Vance Enhanced Equity Income Fund Report of Earnings

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund May 2013 Distribution

Eaton Vance Closed-End Equity Option Funds Declare Monthly Distributions

Eaton Vance Enhanced Equity Income Fund April 2013 Distribution

Eaton Vance Enhanced Equity Income Fund Annual Meeting of Shareholders

Semi-Annual Report


 

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    Symbol:  

    NAV as of