Enhanced Equity Income Fund

Overview

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	Life of Fund
Fund at NAV	5.82	10.29	2.28	13.44	0.83	4.49
Market Price	4.41	11.39	-1.22	10.94	-2.08	2.44
3/31/2012	as of Mar 31, 2012
Fund at NAV	10.54	10.54	4.36	15.42	1.55	4.57
Market Price	11.33	11.33	-0.95	14.22	-1.99	2.46
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. The Fund's performance at market market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund's 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 is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Performance less than one year is cumulative. For certain periods following the ex date of distributions paid by the Fund, returns may be calculated based on the lower of the net asset value or market price of the shares on the distribution pay date rather than the true distribution reinvestment price.

Fund Facts as of Apr 30, 2012
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

Market price performance is shown before applicable commissions that a shareholder may encounter when purchasing or selling shares of the fund. All performance information is for common shares of the fund. Closed–end funds, unlike open–end funds, are not continuously offered. There is a one–time public offering and once issued, shares of closed–end funds are sold in the open market through a stock exchange. Net asset value (NAV) is total assets less total liabilities divided by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV. There is no assurance that the fund will achieve its investment objective. The fund is subject to investment risks, including possible loss of principal invested. This data is provided for information only and is not intended for trading purposes.

Morningstar Fact Sheet: This fact sheet is for information purposes only. It is prepared and presented by a third party. Eaton Vance is not responsible for its timeliness, accuracy or its content.

Performance

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	Life of Fund
Fund at NAV	5.82	10.29	2.28	13.44	0.83	4.49
Market Price	4.41	11.39	-1.22	10.94	-2.08	2.44
3/31/2012	as of Mar 31, 2012
Fund at NAV	10.54	10.54	4.36	15.42	1.55	4.57
Market Price	11.33	11.33	-0.95	14.22	-1.99	2.46
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. The Fund's performance at market market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund's 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 is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Performance less than one year is cumulative. For certain periods following the ex date of distributions paid by the Fund, returns may be calculated based on the lower of the net asset value or market price of the shares on the distribution pay date rather than the true distribution reinvestment price.

Calendar Year Returns (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	—	—	—	9.15	10.05	9.41	-27.90	19.89	8.75	-2.27
Market Price	—	—	—	0.35	23.35	-5.85	-25.98	35.37	-1.04	-11.21

Fund Facts
Performance Inception	10/29/2004

Yield Information^1,2 as of Apr 30, 2012
Distribution Rate at Market Price	9.44

Distribution History³
Ex-Date	Distribution	Reinvest NAV
Apr 19, 2012	$0.08640	$10.98
Mar 21, 2012	$0.08640	$11.06
Feb 17, 2012	$0.09190	$11.11
Jan 20, 2012	$0.09190	$10.95
Dec 21, 2011	$0.09190	$10.37
Nov 21, 2011	$0.09190	$10.31
Oct 20, 2011	$0.09190	$10.28
Sep 21, 2011	$0.09190	$9.65
Aug 22, 2011	$0.09190	$10.57
Jul 20, 2011	$0.09190	$11.14
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Morningstar Fact Sheet: This fact sheet is for information purposes only. It is prepared and presented by a third party. Eaton Vance is not responsible for its timeliness, accuracy or its content.

1. Distribution Rate at MKT is calculated by dividing the last distribution paid per share (annualized) by market price. Taxable Equivalent Yield is calculated by assuming the maximum federal income tax rate and respective, if applicable, state tax rates. It does not take into account local taxes.
2. The Fund's monthly distributions may be comprised of ordinary income, net realized capital gains and/or a return of capital. In recent years, a significant portion of the Fund's distributions has been characterized as a return of capital.
3. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Fund Holdings (%)^4,5 as of Mar 31, 2012
Holding	% of Net Assets
Apple Inc	4.1919%
Exxon Mobil Corp	3.5731%
QUALCOMM Inc	3.2365%
Coca-Cola Co/The	2.8271%
International Business Machines Corp	2.7293%
NIKE Inc	2.5578%
Google Inc	2.5515%
Wells Fargo & Co	2.4468%
Philip Morris International Inc	2.4435%
JPMorgan Chase & Co	2.2064%
View All

Morningstar Fact Sheet: This fact sheet is for information purposes only. It is prepared and presented by a third party. Eaton Vance is not responsible for its timeliness, accuracy or its content.

Insights & Analysis

Quarterly Commentary

No commentary information is available.

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.

Morningstar Fact Sheet: This fact sheet is for information purposes only. It is prepared and presented by a third party. Eaton Vance is not responsible for its timeliness, accuracy or its content.

Attribution

No attribution information is available.

Morningstar Fact Sheet: This fact sheet is for information purposes only. It is prepared and presented by a third party. Eaton Vance is not responsible for its timeliness, accuracy or its content.

Management

Biography

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

Other funds managed

Biography

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.