Eaton Vance Enhanced Equity Income Fund

N-CSRS 1 b75115a1nvcsrs.htm EATON VANCE ENHANCED EQUITY INCOME FUND Eaton Vance Enhanced Equity Income Fund PAGEBREAK

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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: 811-21614

Eaton Vance Enhanced Equity Income Fund

(Exact Name of registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110 (Address of Principal Executive Offices)

Maureen A. Gemma Two International Place, Boston, Massachusetts 02110 (Name and Address of Agent for Services)

(617) 482-8260

(registrants Telephone Number)

September 30 Date of Fiscal Year End

March 31, 2009 Date of Reporting Period

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TABLE OF CONTENTS


Item 2. Code of Ethics
Item 3. Audit Committee Financial Expert
Item 4. Principal Accountant Fees and Services
Item 5. Audit Committee of Listed registrants
Item 6. Schedule of Investments
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Item 10. Submission of Matters to a Vote of Security Holders
Item 11. Controls and Procedures
Item 12. Exhibits
Signatures
EX-99.CERT Section 302 Certifications
EX-99.906CERT Section 906 Certifications
EX-99.12(c) Registrant's notice to Shareholders

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link2 "Item 1. Reports to Stockholders"

Item 1. Reports to Stockholders

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Semiannual Report March 31, 2009 EATON VANCE ENHANCED EQUITY INCOME FUND

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IMPORTANT NOTICES REGARDING DISTRIBUTIONS, DELIVERY OF SHAREHOLDER DOCUMENTS, PORTFOLIO HOLDINGS, AND PROXY VOTING

Managed Distribution Plan. On March 10, 2009, the Fund received authorization from the Securities and Exchange Commission to distribute long-term capital gains to shareholders more frequently than once per year. In this connection, the Board of Trustees formally approved the implementation of a Managed Distribution Plan (MDP) to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.

The Fund intends to pay monthly cash dividends equal to $0.137 per share. You should not draw any conclusions about the Funds 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 Funds Board of Trustees.

With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information required by the Funds exemptive order. The Funds Board of Trustees 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.

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Delivery of Shareholder Documents. The Securities and Exchange Commission (the SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called householding and it helps eliminate duplicate mailings to shareholders.

Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.

If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

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Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commissions website at www.sec.gov. Form N-Q may also be reviewed and copied at the SECs public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds and Portfolios Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SECs website at www. sec.gov.

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Please refer to the inside back cover of this report for an important notice about the privacy policies adopted by the Eaton Vance organization.

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009 INVESTMENT UPDATE

●	●
Walter
A. Row, CFA Eaton Vance Management Co-Portfolio Manager	Michael A. Allison, CFA Eaton Vance Management Co-Portfolio Manager
●	●
Ronald
M. Egalka Rampart Investment Management Co-Portfolio Manager	David R. Fraley Rampart Investment Management Co-Portfolio Manager

Economic and Market Conditions

| | Global equity markets experienced profound losses during the six months that ended March 31,
2009, a period that will likely go down as one of the worst in modern financial history.
Prior to and during the period, the simultaneous bursting of the housing, credit and
commodity bubbles created a global financial crisis of unforeseen levels. Equity
markets collapsed in the fall of 2008 as a series of catastrophic events on Wall
Street induced panic and fear among market participants. The U.S. economy fell into
recession during the fourth quarter of 2007, and it was made official in the fourth
quarter of 2008 as unemployment continued to rise. The Federal Reserve (Fed)
responded to the crises with a dramatic cut in interest rates to a range of 0.0% to
0.25% from 2.00% as of September 30, 2008. In addition to its interest-rate policy,
the Fed also took extraordinary action through a variety of innovative lending
techniques in an attempt to ease the credit crisis. |
| --- | --- |
| | As investors fled to less-risky investments such as short-term Treasuries, investment styles
across the board suffered steep declines. The S&P 500 Index suffered its worst loss since
1937, while the Dow Jones Industrials Average experienced the third-worst loss in its history.
However, in the latter three weeks of March 2009, stocks mounted an encouraging if tenuous
rally. |

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Funds performance at share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Funds shares, or changes in Fund distributions. The Fund has no current intention to utilize leverage, but may do so in the future through borrowings and/or other permitted methods. 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 Funds current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com .

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.

Management Discussion

| | The Fund is a closed-end fund and trades on the New York Stock Exchange (NYSE) under the
symbol EOI. The Funds primary investment objective is to provide current income, with a
secondary objective of capital appreciation. The Fund pursues its investment
objectives by investing primarily in large- and mid-capitalization common stocks,
seeking to invest primarily in companies with above-average growth and financial
strength. Under normal market conditions, the Fund will seek to generate current
earnings from option premiums by selling covered options on a substantial portion
of its portfolio securities. For the six months that ended March 31, 2009, the Fund
continued to provide shareholders with relatively attractive monthly distributions. |
| --- | --- |
| | At net asset value (NAV), the Fund outperformed the S&P 500 Index and modestly
underperformed the CBOE S&P 500 BuyWrite Index for the six months that ended March
31, 2009, a period characterized by record levels of market volatility. As of March
31, 2009, the discount to NAV was -11.33%. |

Eaton Vance Enhanced Equity Income Fund
Total Return Performance 9/30/08
3/31/09
NYSE Symbol	EOI
At Net Asset Value (NAV)		-24.50 %
At Share Price		-17.07 %
S&P 500 Index 1		-30.52 %
CBOE
S&P 500 BuyWrite Index 1		-23.10 %
Lipper Options Arbitrage/Options Strategies
Average 1		-24.72 %
Premium/(Discount) to NAV		-11.33 %
Total Distributions per share	$	0.822
Distribution Rate 2	At NAV	14.22 %
	At Share Price	16.04 %

See page 3 for more performance information.

| 1 | It is not possible to invest directly in an Index or a Lipper Classification. The Indices total returns do not reflect commissions or expenses that would
have been incurred if an investor individually purchased or sold the securities
represented in the Indices. The Lipper total return is the average total return,
at net asset value, of the funds that are in the same Lipper Classification as
the Fund. |
| --- | --- |
| 2 | The Distribution Rate is based on the Funds most recent monthly distribution
per share (annualized) divided by the Funds NAV or share price at the end
of the period. The Funds monthly distributions may be comprised of ordinary income, net realized capital gains and return of capital. |

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009 INVESTMENT UPDATE

| | Among the Funds common stock holdings, its largest sector weightings
at the end of the six-month period were information technology, health care,
energy, consumer staples and industrials. The Funds performance, relative to
the S&P 500 Index, was boosted by security selection among financials and
materials stocks. In particular, commercial banks, metals and mining, and
diversified financial services contributed positively to overall performance.
The Funds selection in the energy, health care and utilities sectors detracted
from performance. |
| --- | --- |
| | As of March 31, 2009, the Fund had written call options on approximately 47%
of its equity holdings. The Fund seeks to generate current earnings from option
premiums by selling covered call options on a substantial portion of its
portfolio securities. Option premiums can vary with investors expectations of
the future volatility (implied volatility) of the underlying assets. The
six-month period that ended March 31, 2009, witnessed continued high levels of
implied volatility in concert with a significant level of actual volatility in
the equity markets. The Fund was able to monetize some of this volatility in
the form of higher premiums, which provided a positive benefit to the Fund. Of
course, in future periods of strong market growth, this strategy may lessen
returns relative to the market. |
| | Effective July 1, 2008, Michael A. Allison assumed co-portfolio management
responsibilities for the Fund. Mr. Allison joined Eaton Vance Management (Eaton
Vance) in 2000, and is a Vice President of Eaton Vance. Mr. Allison manages
other Eaton Vance funds and is a member of Eaton Vances Equity Strategy
Committee. |

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Funds current or future investments and may change due to active management.

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009 FUND PERFORMANCE

Fund Performance

NYSE Symbol:
Average
Annual Total Returns (at share price, New York Stock Exchange)
Six Months	-17.07 %
One Year	-32.73
Life of Fund (10/29/04)	-4.83

Average Annual Total Returns (at net asset value)
Six Months	-24.50 %
One Year	-30.16
Life of Fund (10/29/04)	-2.21

Fund Composition

Top Ten Holdings 1
By total investments
Exxon Mobil Corp.	4.1 %
International Business Machines Corp.	2.4
Chevron Corp.	2.3
Goldcorp, Inc.	2.1
Johnson & Johnson	2.1
McDonalds Corp.	2.1
Microsoft Corp.	1.9
Cisco Systems, Inc.	1.9
Comcast Corp., Class A	1.9
PepsiCo, Inc.	1.8

1 Top Ten Holdings represented 22.6% of the Funds total investments as of 3/31/09. The Top Ten Holdings are presented without the offsetting effect of the Funds written option positions at 3/31/09. Excludes cash equivalents.

Sector Weightings 2

By total investments

2 Reflects the Funds total investments as of 3/31/09. Sector Weightings are presented without the offsetting effect of the Funds written option positions at 3/31/09. Excludes cash equivalents.

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

| Common
Stocks (1) 99.6% — Security | Shares | Value |
| --- | --- | --- |
| Aerospace
& Defense 3.0% | | |
| Alliant Techsystems,
Inc. (2) | 15,266 | $ 1,022,517 |
| General Dynamics Corp. | 82,801 | 3,443,694 |
| Lockheed Martin Corp. | 63,794 | 4,403,700 |
| Raytheon Co. | 81,034 | 3,155,464 |
| United Technologies Corp. | 43,549 | 1,871,736 |
| | | $ 13,897,111 |
| Beverages 2.8% | | |
| Coca-Cola Co. (The) | 96,827 | $ 4,255,547 |
| PepsiCo, Inc. | 170,848 | 8,795,255 |
| | | $ 13,050,802 |
| Biotechnology 2.9% | | |
| Amgen,
Inc. (2) | 56,962 | $ 2,820,758 |
| Biogen Idec,
Inc. (2) | 78,047 | 4,091,224 |
| Celgene
Corp. (2) | 36,571 | 1,623,752 |
| Genzyme
Corp. (2) | 48,482 | 2,879,346 |
| Gilead Sciences,
Inc. (2) | 38,143 | 1,766,784 |
| | | $ 13,181,864 |
| Capital
Markets 2.3% | | |
| Goldman Sachs Group, Inc. | 34,098 | $ 3,615,070 |
| Northern Trust Corp. | 82,936 | 4,961,232 |
| State Street Corp. | 72,831 | 2,241,738 |
| | | $ 10,818,040 |
| Chemicals 1.7% | | |
| Air Products and Chemicals, Inc. | 41,085 | $ 2,311,031 |
| Ecolab, Inc. | 69,082 | 2,399,218 |
| Monsanto Co. | 37,287 | 3,098,550 |
| | | $ 7,808,799 |
| Commercial
Services & Supplies 0.9% | | |
| Waste Management, Inc. | 168,921 | $ 4,324,378 |
| | | $ 4,324,378 |
| Communications
Equipment 3.8% | | |
| Cisco Systems,
Inc. (2) | 537,814 | $ 9,019,141 |
| QUALCOMM, Inc. | 145,593 | 5,665,024 |
| Riverbed Technology,
Inc. (2) | 197,865 | 2,588,074 |
| | | $ 17,272,239 |
| Computers
& Peripherals 5.7% | | |
| Apple,
Inc. (2) | 56,018 | $ 5,888,612 |
| Hewlett-Packard Co. | 273,406 | 8,765,396 |
| International Business Machines Corp. | 119,382 | 11,566,922 |
| | | $ 26,220,930 |
| Construction
& Engineering 0.4% | | |
| Granite Construction, Inc. | 47,230 | $ 1,770,180 |
| | | $ 1,770,180 |
| Consumer
Finance 0.3% | | |
| Discover Financial Services | 197,543 | $ 1,246,496 |
| | | $ 1,246,496 |
| Diversified
Financial Services 1.6% | | |
| JPMorgan Chase & Co. | 278,629 | $ 7,405,959 |
| | | $ 7,405,959 |
| Diversified
Telecommunication Services 3.1% | | |
| AT&T, Inc. | 336,921 | $ 8,490,409 |
| Verizon Communications, Inc. | 191,391 | 5,780,008 |
| | | $ 14,270,417 |
| Electric
Utilities 1.9% | | |
| E.ON AG ADR | 112,174 | $ 3,104,976 |
| Edison International | 104,787 | 3,018,913 |
| FirstEnergy Corp. | 68,787 | 2,655,178 |
| | | $ 8,779,067 |
| Electrical
Equipment 1.5% | | |
| Cooper Industries, Ltd., Class A | 56,705 | $ 1,466,391 |
| Emerson Electric Co. | 143,092 | 4,089,569 |
| Vestas Wind Systems
A/S (2) | 32,942 | 1,447,148 |
| | | $ 7,003,108 |

See notes to financial statements

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

Security		Value
Electronic
Equipment, Instruments & Components 0.4%
Agilent Technologies,
Inc. (2)	111,178	$ 1,708,806
		$ 1,708,806
Energy
Equipment & Services 0.8%
Diamond Offshore Drilling, Inc.	55,533	$ 3,490,804
		$ 3,490,804
Food
& Staples Retailing 4.5%
CVS Caremark Corp.	186,401	$ 5,124,164
Kroger Co. (The)	104,691	2,221,543
Safeway, Inc.	127,970	2,583,714
Sysco Corp.	83,247	1,898,032
Wal-Mart Stores, Inc.	167,801	8,742,432
		$ 20,569,885
Food
Products 1.1%
Nestle SA ADR	150,302	$ 5,042,632
		$ 5,042,632
Health
Care Equipment & Supplies 3.7%
Baxter International, Inc.	67,085	$ 3,436,094
Becton, Dickinson and Co.	27,427	1,844,192
Boston Scientific
Corp. (2)	254,004	2,019,332
Covidien, Ltd.	51,432	1,709,600
HeartWare International,
Inc. (2)	3,145,346	2,121,503
Medtronic, Inc.	88,252	2,600,786
Thoratec
Corp. (2)	124,552	3,199,741
		$ 16,931,248
Health
Care Providers & Services 1.4%
Aetna, Inc.	69,465	$ 1,690,083
DaVita,
Inc. (2)	42,012	1,846,427
Fresenius Medical Care AG & Co. KGaA ADR	29,630	1,146,681
UnitedHealth Group, Inc.	82,366	1,723,920
		$ 6,407,111
Hotels,
Restaurants & Leisure 2.1%
McDonalds Corp.	179,692	$ 9,805,792
		$ 9,805,792
Household
Products 2.6%
Clorox Co.	43,076	$ 2,217,552
Colgate-Palmolive Co.	79,610	4,695,398
Procter & Gamble Co.	105,571	4,971,338
		$ 11,884,288
Independent
Power Producers & Energy Traders 0.4%
NRG Energy,
Inc. (2)	101,605	$ 1,788,248
		$ 1,788,248
Industrial
Conglomerates 1.2%
3M Co.	41,145	$ 2,045,729
General Electric Co.	354,408	3,583,065
		$ 5,628,794
Insurance 3.4%
ACE, Ltd.	85,032	$ 3,435,293
Chubb Corp.	120,769	5,110,944
MetLife, Inc.	98,219	2,236,447
Travelers Companies, Inc. (The)	121,823	4,950,887
		$ 15,733,571
Internet
Software & Services 1.6%
Akamai Technologies,
Inc. (2)	108,909	$ 2,112,835
Google, Inc.,
Class A (2)	14,646	5,097,687
		$ 7,210,522
IT
Services 1.5%
Accenture, Ltd., Class A	58,263	$ 1,601,650
MasterCard, Inc., Class A	22,625	3,789,235
Visa, Inc., Class A	23,650	1,314,940
		$ 6,705,825
Life
Sciences Tools & Services 1.1%
Thermo Fisher Scientific,
Inc. (2)	137,888	$ 4,918,465
		$ 4,918,465
Machinery 2.0%
Danaher Corp.	88,767	$ 4,812,947
Illinois Tool Works, Inc.	146,108	4,507,432
		$ 9,320,379

See notes to financial statements

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

Security		Value
Media 2.9%
Comcast Corp., Class A	652,999	$ 8,906,906
Time Warner Cable, Inc.	42,376	1,050,927
Time Warner, Inc.	168,822	3,258,271
		$ 13,216,104
Metals
& Mining 3.6%
BHP Billiton, Ltd. ADR	95,463	$ 4,257,650
Goldcorp, Inc.	306,224	10,203,384
Nucor Corp.	50,964	1,945,296
		$ 16,406,330
Multiline
Retail 0.3%
Target Corp.	43,453	$ 1,494,349
		$ 1,494,349
Multi-Utilities 0.9%
Public Service Enterprise Group, Inc.	140,815	$ 4,149,818
		$ 4,149,818
Oil,
Gas & Consumable Fuels 13.0%
Anadarko Petroleum Corp.	115,541	$ 4,493,390
Chevron Corp.	163,414	10,987,957
ConocoPhillips	98,873	3,871,867
Exxon Mobil Corp.	288,535	19,649,234
Hess Corp.	66,577	3,608,473
Occidental Petroleum Corp.	112,340	6,251,721
Peabody Energy Corp.	52,573	1,316,428
Southwestern Energy
Co. (2)	42,600	1,264,794
Total SA ADR	94,849	4,653,292
XTO Energy, Inc.	123,381	3,777,926
		$ 59,875,082
Personal
Products 0.5%
Chattem,
Inc. (2)	38,827	$ 2,176,253
		$ 2,176,253
Pharmaceuticals 7.4%
Abbott Laboratories	121,879	$ 5,813,628
Bristol-Myers Squibb Co.	166,734	3,654,809
Johnson & Johnson	195,549	10,285,877
Merck & Co., Inc.	197,628	5,286,549
Pfizer, Inc.	314,275	4,280,426
Roche Holding AG	13,101	1,798,114
Shire PLC, ADR	33,630	1,208,662
Wyeth	34,327	1,477,434
		$ 33,805,499
Real
Estate Investment Trusts (REITs) 0.7%
AvalonBay Communities, Inc.	29,679	$ 1,396,694
Boston Properties, Inc.	25,593	896,523
Simon Property Group, Inc.	24,145	836,383
		$ 3,129,600
Semiconductors
& Semiconductor Equipment 1.4%
ASML Holding NV	195,879	$ 3,429,841
Broadcom Corp.,
Class A (2)	149,436	2,985,731
		$ 6,415,572
Software 3.6%
McAfee,
Inc. (2)	66,412	$ 2,224,802
Microsoft Corp.	492,038	9,038,738
Oracle
Corp. (2)	288,514	5,213,448
		$ 16,476,988
Specialty
Retail 3.5%
Best Buy Co., Inc.	111,359	$ 4,227,188
Home Depot, Inc.	211,235	4,976,697
Staples, Inc.	301,409	5,458,517
TJX Companies., Inc. (The)	57,984	1,486,710
		$ 16,149,112
Tobacco 1.8%
Philip Morris International, Inc.	230,897	$ 8,215,315
		$ 8,215,315
Wireless
Telecommunication Services 0.3%
Rogers Communications, Inc., Class B	67,062	$ 1,531,025
		$ 1,531,025
Total
Common Stocks
(identified
cost $612,848,109)		$ 457,236,807

See notes to financial statements

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

| Short-Term
Investments 4.8% | | |
| --- | --- | --- |
| | Interest | |
| Description | (000s
omitted) | Value |
| Cash Management Portfolio,
1.12% (3) | $ 22,163 | $ 22,162,997 |
| Total
Short-Term Investments | | |
| (identified
cost $22,162,997) | | $ 22,162,997 |
| Total
Investments 104.4% | | |
| (identified
cost $635,011,106) | | $ 479,399,804 |

| Covered Call Options
Written (3.5)% | Number of | Strike | Expiration | | |
| --- | --- | --- | --- | --- | --- |
| Security | Contracts | Price | Date | Value | |
| 3M Co. | 200 | $ 50.00 | 7/18/09 | $ (88,000 | ) |
| Abbott Laboratories | 540 | 55.00 | 5/16/09 | (18,900 | ) |
| Accenture, Ltd., Class A | 370 | 35.00 | 5/16/09 | (5,550 | ) |
| ACE, Ltd. | 525 | 45.00 | 5/16/09 | (68,250 | ) |
| Aetna, Inc. | 250 | 30.00 | 4/18/09 | (4,375 | ) |
| Agilent Technologies, Inc. | 580 | 15.00 | 5/16/09 | (87,000 | ) |
| Air Products and Chemicals, Inc. | 315 | 55.00 | 6/20/09 | (176,400 | ) |
| Akamai Technologies, Inc. | 235 | 17.50 | 5/16/09 | (70,500 | ) |
| Alliant Techsystems, Inc. | 70 | 80.00 | 5/16/09 | (1,050 | ) |
| Amgen, Inc. | 380 | 57.50 | 4/18/09 | (5,700 | ) |
| Anadarko Petroleum Corp. | 675 | 40.00 | 5/16/09 | (222,750 | ) |
| Apple, Inc. | 210 | 100.00 | 4/18/09 | (154,350 | ) |
| ASML Holding NV | 835 | 17.50 | 4/18/09 | (103,540 | ) |
| AT&T, Inc. | 1,835 | 25.00 | 7/18/09 | (378,010 | ) |
| AvalonBay Communities, Inc. | 145 | 50.00 | 7/18/09 | (77,430 | ) |
| Baxter International, Inc. | 215 | 55.00 | 5/16/09 | (29,025 | ) |
| Becton, Dickinson and Co. | 100 | 65.00 | 6/20/09 | (58,000 | ) |
| Best Buy Co., Inc. | 675 | 32.50 | 6/20/09 | (472,500 | ) |
| BHP Billiton, Ltd. ADR | 505 | 40.00 | 5/16/09 | (348,955 | ) |
| Biogen Idec, Inc. | 480 | 50.00 | 4/18/09 | (182,400 | ) |
| Boston Properties, Inc. | 60 | 55.00 | 4/18/09 | (300 | ) |
| Boston Scientific Corp. | 1,755 | 10.00 | 5/16/09 | (35,100 | ) |
| Bristol-Myers Squibb Co. | 1,165 | 25.00 | 6/20/09 | (50,095 | ) |
| Broadcom Corp., Class A | 660 | 19.00 | 5/16/09 | (174,900 | ) |
| Celgene Corp. | 215 | 50.00 | 7/18/09 | (61,275 | ) |
| Chattem, Inc. | 165 | 60.00 | 6/20/09 | (57,750 | ) |
| Chevron Corp. | 860 | 65.00 | 6/20/09 | (602,000 | ) |
| Chubb Corp. | 715 | 45.00 | 4/18/09 | (50,765 | ) |
| Cisco Systems, Inc. | 2,340 | 16.00 | 7/18/09 | (486,720 | ) |
| Clorox Co. | 175 | 50.00 | 7/18/09 | (75,250 | ) |
| Coca-Cola Co. (The) | 365 | 42.50 | 5/16/09 | (105,120 | ) |
| Colgate-Palmolive Co. | 565 | 65.00 | 5/16/09 | (31,075 | ) |
| Comcast Corp., Class A | 3,425 | 15.00 | 7/18/09 | (376,750 | ) |
| ConocoPhillips | 425 | 50.00 | 5/16/09 | (10,625 | ) |
| Cooper Industries, Ltd., Class A | 75 | 22.50 | 4/18/09 | (28,125 | ) |
| Covidien, Ltd. | 320 | 35.00 | 7/18/09 | (72,000 | ) |
| CVS Caremark Corp. | 1,135 | 30.00 | 5/16/09 | (81,720 | ) |
| Danaher Corp. | 350 | 55.00 | 6/20/09 | (133,000 | ) |
| DaVita, Inc. | 205 | 50.00 | 4/18/09 | (4,100 | ) |
| Diamond Offshore Drilling, Inc. | 315 | 65.00 | 6/20/09 | (207,900 | ) |
| Discover Financial Services | 1,450 | 7.50 | 7/18/09 | (130,500 | ) |
| Ecolab, Inc. | 190 | 35.00 | 4/18/09 | (18,050 | ) |
| Edison International | 360 | 30.00 | 7/18/09 | (73,800 | ) |
| Emerson Electric Co. | 670 | 30.00 | 6/20/09 | (140,700 | ) |
| Exxon Mobil Corp. | 1,745 | 70.00 | 7/18/09 | (820,150 | ) |
| FirstEnergy Corp. | 215 | 40.00 | 7/18/09 | (58,588 | ) |
| General Dynamics Corp. | 255 | 40.00 | 5/16/09 | (87,975 | ) |
| General Electric Co. | 1,640 | 12.00 | 6/20/09 | (108,240 | ) |
| Genzyme Corp. | 370 | 60.00 | 7/18/09 | (226,070 | ) |
| Gilead Sciences, Inc. | 275 | 50.00 | 5/16/09 | (42,075 | ) |
| Goldman Sachs Group, Inc. | 45 | 95.00 | 4/18/09 | (65,700 | ) |
| Google, Inc., Class A | 60 | 330.00 | 6/20/09 | (239,580 | ) |
| Granite Construction, Inc. | 285 | 40.00 | 6/20/09 | (91,200 | ) |
| Hess Corp. | 485 | 55.00 | 5/16/09 | (242,500 | ) |
| Hewlett-Packard Co. | 1,085 | 32.50 | 5/16/09 | (222,425 | ) |
| Home Depot, Inc. | 825 | 22.50 | 5/16/09 | (181,500 | ) |
| Illinois Tool Works, Inc. | 600 | 30.00 | 6/20/09 | (216,000 | ) |
| International Business Machines Corp. | 280 | 90.00 | 4/18/09 | (238,000 | ) |
| Johnson & Johnson | 1,245 | 55.00 | 7/18/09 | (267,675 | ) |
| JPMorgan Chase & Co. | 1,155 | 22.50 | 6/20/09 | (786,555 | ) |
| Kroger Co. (The) | 740 | 22.50 | 7/18/09 | (92,500 | ) |
| Lockheed Martin Corp. | 295 | 70.00 | 6/20/09 | (163,725 | ) |
| MasterCard, Inc., Class A | 90 | 160.00 | 4/18/09 | (98,100 | ) |
| McAfee, Inc. | 664 | 35.00 | 6/20/09 | (159,360 | ) |
| McDonalds Corp. | 855 | 55.00 | 6/20/09 | (273,600 | ) |
| Medtronic, Inc. | 150 | 35.00 | 5/16/09 | (6,000 | ) |
| Merck & Co., Inc. | 1,255 | 27.50 | 7/18/09 | (301,200 | ) |
| MetLife, Inc. | 510 | 25.00 | 6/20/09 | (198,900 | ) |
| Microsoft Corp. | 2,570 | 17.00 | 7/18/09 | (706,750 | ) |
| Monsanto Co. | 155 | 75.00 | 4/18/09 | (156,550 | ) |
| Northern Trust Corp. | 610 | 65.00 | 4/18/09 | (94,550 | ) |
| Nucor Corp. | 140 | 42.50 | 4/18/09 | (14,700 | ) |
| Occidental Petroleum Corp. | 625 | 55.00 | 5/16/09 | (381,250 | ) |
| Oracle Corp. | 2,115 | 18.00 | 6/20/09 | (306,675 | ) |
| Peabody Energy Corp. | 315 | 25.00 | 6/20/09 | (113,400 | ) |
| PepsiCo, Inc. | 745 | 50.00 | 7/18/09 | (316,625 | ) |
| Pfizer, Inc. | 1,435 | 15.00 | 6/20/09 | (61,705 | ) |
| Philip Morris International, Inc. | 895 | 40.00 | 6/20/09 | (71,600 | ) |
| Procter & Gamble Co. | 315 | 50.00 | 7/18/09 | (66,150 | ) |
| Public Service Enterprise Group, Inc. | 520 | 30.00 | 6/20/09 | (102,700 | ) |
| QUALCOMM, Inc. | 650 | 37.50 | 4/18/09 | (142,350 | ) |
| Raytheon Co. | 195 | 35.00 | 5/16/09 | (87,750 | ) |
| Riverbed Technology, Inc. | 1,978 | 15.00 | 6/20/09 | (217,580 | ) |

See notes to financial statements

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

Security	Number of — Contracts	Strike — Price	Expiration — Date	Value
Safeway, Inc.	530	$ 20.00	6/20/09	$ (108,650	)
Shire PLC, ADR	125	37.50	7/18/09	(36,250	)
Simon Property Group, Inc.	200	40.00	4/18/09	(17,000	)
Southwestern Energy Co.	426	35.00	6/20/09	(83,070	)
Staples, Inc.	2,200	17.50	6/20/09	(478,500	)
State Street Corp.	485	30.00	5/16/09	(257,050	)
Thermo Fisher Scientific, Inc.	415	35.00	6/20/09	(141,100	)
Time Warner, Inc.	2,980	9.00	7/18/09	(275,650	)
Total SA ADR	540	50.00	5/16/09	(153,900	)
Travelers Companies, Inc. (The)	730	40.00	4/18/09	(146,000	)
United Technologies Corp.	290	45.00	5/16/09	(60,900	)
UnitedHealth Group, Inc.	575	22.00	6/20/09	(123,625	)
Verizon Communications, Inc.	510	30.00	4/18/09	(45,900	)
Wal-Mart Stores, Inc.	1,130	50.00	6/20/09	(498,330	)
Waste Management, Inc.	515	25.00	7/18/09	(123,600	)
Wyeth	255	42.50	4/18/09	(26,775	)
XTO Energy, Inc.	535	35.00	5/16/09	(64,200	)
Total
Covered Call Options Written
(premiums
received $15,531,733)				$ (16,228,758	)
Other
Assets, Less Liabilities (0.9)%				$ (3,996,572	)
Net
Assets 100.0%				$ 459,174,474

ADR - American Depository Receipt

| (1) | A portion of each applicable common stock for which a written
call option is outstanding at March 31, 2009 has been
segregated as collateral for such written option. |
| --- | --- |
| (2) | Non-income producing security. |
| (3) | Affiliated investment company available to Eaton Vance
portfolios and funds which invests in high quality, U.S. dollar
denominated money market instruments. The rate shown is the
annualized seven-day yield as of March 31, 2009. |

See notes to financial statements

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

| As of
March 31, 2009 | | |
| --- | --- | --- |
| Assets | | |
| Unaffiliated investments, at value (identified cost,
$612,848,109) | $ 457,236,807 | |
| Affiliated investment, at value (identified cost, $22,162,997) | 22,162,997 | |
| Receivable for investments sold | 137,072 | |
| Dividends receivable | 1,042,997 | |
| Interest receivable from affiliated investment | 1,821 | |
| Tax reclaims receivable | 45,312 | |
| Total assets | $ 480,627,006 | |
| Liabilities | | |
| Written options outstanding, at value (premiums received,
$15,531,733) | $ 16,228,758 | |
| Payable for investments purchased | 4,609,124 | |
| Payable to affiliate for investment adviser fee | 366,006 | |
| Accrued expenses | 248,644 | |
| Total liabilities | $ 21,452,532 | |
| Net Assets | $ 459,174,474 | |
| Sources
of Net Assets | | |
| Common shares, $0.01 par value, unlimited number of shares
authorized, 39,711,336 shares issued and outstanding | $ 397,113 | |
| Additional paid-in capital | 729,268,785 | |
| Accumulated net realized loss (computed on the basis of
identified cost) | (86,187,817 | ) |
| Accumulated distributions in excess of net investment income | (27,992,429 | ) |
| Net unrealized depreciation (computed on the basis of identified
cost) | (156,311,178 | ) |
| Net Assets | $ 459,174,474 | |
| Net
Asset Value | | |
| ($459,174,474 ¸ 39,711,336 common shares issued and outstanding) | $ 11.56 | |

Statement of Operations

| For the Six
Months Ended | | |
| --- | --- | --- |
| March 31,
2009 | | |
| Investment
Income | | |
| Dividends (net of foreign taxes, $31,312) | $ 6,006,550 | |
| Interest income allocated from affiliated investment | 189,691 | |
| Expenses allocated from affiliated investment | (63,634 | ) |
| Total investment income | $ 6,132,607 | |
| Expenses | | |
| Investment adviser fee | $ 2,427,821 | |
| Trustees fees and expenses | 11,821 | |
| Custodian fee | 134,080 | |
| Printing and postage | 194,971 | |
| Legal and accounting services | 33,932 | |
| Transfer and dividend disbursing agent fees | 11,594 | |
| Miscellaneous | 35,334 | |
| Total expenses | $ 2,849,553 | |
| Net investment income | $ 3,283,054 | |
| Realized
and Unrealized Gain (Loss) | | |
| Net realized gain (loss) | | |
| Investment transactions (identified cost basis) | $ (118,139,455 | ) |
| Written options | 33,900,605 | |
| Foreign currency transactions | (18,869 | ) |
| Net realized loss | $ (84,257,719 | ) |
| Change in unrealized appreciation (depreciation) | | |
| Investments (identified cost basis) | $ (74,752,566 | ) |
| Written options | (7,316,739 | ) |
| Foreign currency | 337 | |
| Net change in unrealized appreciation (depreciation) | $ (82,068,968 | ) |
| Net realized and unrealized loss | $ (166,326,687 | ) |
| Net decrease in net assets from operations | $ (163,043,633 | ) |

See notes to financial statements

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

FINANCIAL STATEMENTS CONTD

Statements of Changes in Net Assets

| Increase
(Decrease) | Six Months
Ended — March 31, 2009 | | Year Ended | |
| --- | --- | --- | --- | --- |
| in Net Assets | (Unaudited) | | September 30,
2008 | |
| From operations | | | | |
| Net investment income | $ 3,283,054 | | $ 6,044,899 | |
| Net realized gain (loss) from investment transactions, written
options and foreign currency transactions | (84,257,719 | ) | 11,403,690 | |
| Net change in unrealized appreciation (depreciation) of
investments, written options and foreign currency | (82,068,968 | ) | (130,698,989 | ) |
| Net decrease in net assets from operations | $ (163,043,633 | ) | $ (113,250,400 | ) |
| Distributions | | | | |
| From net investment income | $ (32,628,374 | )* | $ (6,118,228 | ) |
| From net realized gain | | | (35,369,458 | ) |
| Tax return of capital | | | (28,318,510 | ) |
| Total distributions to shareholders | $ (32,628,374 | ) | $ (69,806,196 | ) |
| Capital share transactions | | | | |
| Reinvestment of distributions | $ 318,824 | | $ | |
| Total increase in net assets from capital
share transactions | $ 318,824 | | $ | |
| Net decrease in net assets | $ (195,353,183 | ) | $ (183,056,596 | ) |
| Net
Assets | | | | |
| At beginning of period | $ 654,527,657 | | $ 837,584,253 | |
| At end of period | $ 459,174,474 | | $ 654,527,657 | |
| Accumulated
undistributed (distributions in excess of) net investment income included in net assets | | | | |
| At end of period | $ (27,992,429 | ) | $ 1,352,891 | |

A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

See notes to financial statements

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

FINANCIAL STATEMENTS CONTD

Financial Highlights

| | Six Months
Ended | | Year Ended
September 30, | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | March 31,
2009 | | | | | | | | Period Ended | |
| | (Unaudited) | | 2008 | | 2007 | | 2006 | | September 30,
2005 (1) | |
| Net asset value Beginning of period | $ 16.490 | | $ 21.110 | | $ 19.900 | | $ 19.960 | | $ 19.100 | (2) |
| Income
(loss) from operations | | | | | | | | | | |
| Net investment
income (3) | $ 0.083 | | $ 0.152 | | $ 0.080 | | $ 0.093 | | $ 0.051 | |
| Net realized and unrealized gain (loss) | (4.191 | ) | (3.013 | ) | 2.774 | | 1.491 | | 2.061 | |
| Total income (loss) from operations | $ (4.108 | ) | $ (2.861 | ) | $ 2.854 | | $ 1.584 | | $ 2.112 | |
| Less
distributions | | | | | | | | | | |
| From net investment income | $ (0.822 | )* | $ (0.154 | ) | $ (0.038 | ) | $ (0.093 | ) | $ (0.051 | ) |
| From net realized gain | | | (0.891 | ) | (1.606 | ) | (1.551 | ) | (1.182 | ) |
| Tax return of capital | | | (0.714 | ) | | | | | | |
| Total distributions | $ (0.822 | ) | $ (1.759 | ) | $ (1.644 | ) | $ (1.644 | ) | $ (1.233 | ) |
| Offering costs charged to paid-in
capital (3) | $ | | $ | | $ | | $ | | $ (0.019 | ) |
| Net asset value End of period | $ 11.560 | | $ 16.490 | | $ 21.110 | | $ 19.900 | | $ 19.960 | |
| Market value End of period | $ 10.250 | | $ 13.310 | | $ 19.440 | | $ 20.070 | | $ 19.890 | |
| Total Investment Return on Net Asset
Value (6) | (24.50 | )% (10) | (13.54 | )% | 15.04 | % (4) | 8.46 | % (5) | 11.24 | % (7)(10) |
| Total Investment Return on Market
Value (6) | (17.07 | )% (10) | (24.23 | )% | 5.04 | % | 9.77 | % | 10.85 | % (7)(10) |
| Ratios/Supplemental
Data | | | | | | | | | | |
| Net assets, end of period (000s omitted) | $ 459,174 | | $ 654,528 | | $ 837,584 | | $ 786,478 | | $ 787,442 | |
| Ratios (As a percentage of average daily net assets): | | | | | | | | | | |
| Expenses before custodian fee
reduction (9) | 1.17 | % (8) | 1.10 | % | 1.08 | % | 1.09 | % | 1.09 | % (8) |
| Net investment income | 1.32 | % (8) | 0.79 | % | 0.39 | % | 0.47 | % | 0.28 | % (8) |
| Portfolio Turnover | 28 | % (10) | 117 | % | 195 | % | 84 | % | 84 | % (10) |

| (1) | For the period from the start of business, October 29,
2004, to September 30, 2005. |
| --- | --- |
| (2) | Net asset value at beginning of period reflects the deduction of
the sales load of $0.90 per share paid by the shareholder from
the $20.00 offering price. |
| (3) | Computed using average shares outstanding. |
| (4) | During the year ended September 30, 2007, the Fund realized
a gain on the closing out of a written options position that did
not meet investment guidelines. The gain was less than $0.01 per
share and had no effect on total return for the year ended
September 30, 2007. |
| (5) | During the year ended September 30, 2006, the investment
adviser reimbursed the Fund for a net realized loss incurred
from the closing out of a written options position that did not
meet the Funds investment guidelines. The reimbursement
was less than $0.01 per share and had no net effect on total
return for the year ended September 30, 2006. |
| (6) | Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested. |
| (7) | Total investment return on net asset value is calculated
assuming a purchase at the offering price of $20.00 less the
sales load of $0.90 per share paid by the shareholder on the
first day and a sale at the net asset value on the last day of
the period reported with all distributions reinvested. Total
investment return on market value is calculated assuming a
purchase at the offering price of $20.00 less the sales load of
$0.90 per share paid by the shareholder on the first day and a
sale at the current market price on the last day of the period
reported with all distributions reinvested. |
| (8) | Annualized. |
| (9) | Excludes the effect of custody credits, if any, of less than
0.005%. |
| (10) | Not annualized. |
| * | A portion of the distributions may be deemed a tax return of
capital at year-end. See Note 2. |

See notes to financial statements

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1 Significant Accounting Policies

callerid=999 iwidth=486 length=0

Eaton Vance Enhanced Equity Income Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Funds primary investment objective is to provide current income, with a secondary objective of capital appreciation. The Fund pursues its investment objectives by investing primarily in a portfolio of mid- and large-capitalization common stocks, seeking to invest primarily in companies with above-average growth and financial strength. Under normal market conditions, the Fund seeks to generate current earnings in part by employing an options strategy of writing covered call options with respect to a substantial portion of its portfolio securities.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.

A Investment Valuation Equity securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Exchange-traded options are valued at the last sale price for the day of valuation as quoted on any exchange on which the option is listed or, in the absence of sales on such date, at the mean between the closing bid and asked prices therefore as reported by the Options Price Reporting Authority. Over-the-counter options are valued based on broker quotations, when available and deemed reliable. Short-term debt securities with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. The independent service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the securitys value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Fund may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research, a subsidiary of Eaton Vance Management (EVM). Cash Management values its investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 of the 1940 Act, pursuant to which Cash Management must comply with certain conditions. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Management may value its investment securities based on available market quotations provided by a pricing service.

B Investment Transactions Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONTD

the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Funds understanding of the applicable countries tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D Federal Taxes The Funds policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

At September 30, 2008, the Fund had a net capital loss of $404,932 attributable to security transactions incurred after October 31, 2007. This net capital loss is treated as arising on the first day of the Funds taxable year ending September 30, 2009.

As of March 31, 2009, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds federal tax returns filed in the 3-year period ended September 30, 2008 remains subject to examination by the Internal Revenue Service.

E Expense Reduction State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Funds custodian fees are reported as a reduction of expenses in the Statement of Operations.

F Foreign Currency Translation Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications Under the Funds organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Fund. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Funds maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I Written Options Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Funds policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

J Interim Financial Statements

The interim financial statements relating to March 31, 2009 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders

callerid=999 iwidth=456 length=0

Subject to its Managed Distribution Plan, the Fund intends to make monthly distributions from its cash available for distribution, which consists of the Funds dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on stock investments. The Fund intends to distribute all or substantially all of its net realized capital gains, if any.

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONTD

Distributions are recorded on the ex-dividend date. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a substantial return of capital component. For the six months ended March 31, 2009, the amount of distributions estimated to be a tax return of capital was approximately $29,190,000. The final determination of tax characteristics of the Funds distributions will occur at the end of the year, at which time it will be reported to the shareholders.

3 Investment Adviser Fee and Other Transactions with Affiliates

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The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Funds average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage, if any. The portion of the adviser fee payable by Cash Management on the Funds investment of cash therein is credited against the Funds adviser fee. For the six months ended March 31, 2009, the Funds adviser fee totaled $2,488,877 of which $61,056 was allocated from Cash Management and $2,427,821 was paid or accrued directly by the Fund. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Funds options strategy to Rampart Investment Management Company, Inc. (Rampart). EVM pays Rampart a portion of its adviser fee for sub-advisory services provided to the Fund. EVM also serves as administrator of the Fund, but receives no compensation.

During the six months ended March 31, 2009, Rampart reimbursed the Fund $2,400 for a trading error incurred.

Except for Trustees of the Fund who are not members of EVMs organization, officers and Trustees receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Purchases and Sales of Investments

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Purchases and sales of investments, other than short-term obligations, aggregated $185,010,746 and $141,908,487, respectively, for the six months ended March 31, 2009.

5 Common Shares of Beneficial Interest

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The Fund may issue common shares pursuant to its dividend reinvestment plan. Common shares issued pursuant to the Funds dividend reinvestment plan for the six months ended March 31, 2009 were 26,176. There were no transactions in common shares for the year ended September 30, 2008.

6 Federal Income Tax Basis of Investments

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The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2009, as determined on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 5,487,402
Gross unrealized depreciation	(161,270,979	)
Net unrealized depreciation	$ (155,783,577	)

7 Financial Instruments

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The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of written call options at March 31, 2009 is included in the Portfolio of Investments.

Written call options activity for the six months ended March 31, 2009 was as follows:

Contracts		Received
Outstanding, beginning of period	71,566	$	16,431,873
Options written	152,458		38,717,921
Options terminated in closing purchase transactions	(144,616	)	(38,771,515	)
Options expired	(11,480	)	(846,546	)
Outstanding, end of period	67,928	$	15,531,733

At March 31, 2009, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONTD

8 Fair Value Measurements

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The Fund adopted Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 157 (FAS 157), Fair Value Measurements, effective October 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

| | Level 1 quoted prices in active markets for
identical investments |
| --- | --- |
| | Level 2 other significant observable inputs
(including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.) |
| | Level 3 significant unobservable inputs
(including a funds own assumptions in determining the fair
value of investments) |

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At March 31, 2009, the inputs used in valuing the Funds investments, which are carried at value, were as follows:

| | Valuation
Inputs | Investments in — Securities | Other
Financial — Instruments* | |
| --- | --- | --- | --- | --- |
| Level 1 | Quoted Prices | $ 476,154,542 | $ (16,228,758 | ) |
| Level 2 | Other Significant Observable Inputs | 3,245,262 | | |
| Level 3 | Significant Unobservable Inputs | | | |
| Total | | $ 479,399,804 | $ (16,228,758 | ) |

Other financial instruments include written call options.

The Fund held no investments or other financial instruments as of September 30, 2008 whose fair value was determined using Level 3 inputs.

9 Recently Issued Accounting Pronouncement

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In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (FAS 161), Disclosures about Derivative Instruments and Hedging Activities. FAS 161 requires enhanced disclosures about an entitys derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Funds financial statement disclosures.

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Eaton Vance Enhanced Equity Income Fund

DIVIDEND REINVESTMENT PLAN

The Fund offers a dividend reinvestment plan (the Plan) pursuant to which shareholders may elect to have dividends and capital gains distributions automatically reinvested in common shares (the Shares) of the Fund. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer & Trust Company as dividend paying agent. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.

If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Funds transfer agent, American Stock Transfer & Trust Company, or you will not be able to participate.

The Plan Agents service fee for handling distributions will be paid by the Fund. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.

Any inquiries regarding the Plan can be directed to the Plan Agent, American Stock Transfer & Trust Company, at 1-866-439-6787.

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Eaton Vance Enhanced Equity Income Fund

APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

Begin box 1

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

End box 1

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

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Please print exact name on account:

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Shareholder signature Date

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Shareholder signature Date

Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Eaton Vance Enhanced Equity Income Fund

c/o American Stock Transfer & Trust Company

P.O. Box 922

Wall Street Station

New York, NY 10269-0560

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Number of Employees

The Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company and has no employees.

Number of Shareholders

As of March 31, 2009, our records indicate that there are 115 registered shareholders and approximately 38,521 shareholders owning the Fund shares in street name, such as through brokers, banks, and financial intermediaries.

If you are a street name shareholder and wish to receive our reports directly, which contain important information about the Fund, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

New York Stock Exchange symbol

The New York Stock Exchange symbol is EOI.

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Eaton Vance Enhanced Equity Income Fund

BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the 1940 Act), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the funds board of trustees, including by a vote of a majority of the trustees who are not interested persons of the fund (Independent Trustees), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a Board) of the Eaton Vance group of mutual funds (the Eaton Vance Funds) held on April 21, 2008, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2008. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

| | An independent report comparing the advisory and related fees
paid by each fund with fees paid by comparable funds; |
| --- | --- |
| | An independent report comparing each funds total expense
ratio and its components to comparable funds; |
| | An independent report comparing the investment performance of
each fund to the investment performance of comparable funds over
various time periods; |
| | Data regarding investment performance in comparison to relevant
peer groups of funds and appropriate indices; |
| | Comparative information concerning fees charged by each adviser
for managing other mutual funds and institutional accounts using
investment strategies and techniques similar to those used in
managing the fund; |
| | Profitability analyses for each adviser with respect to each
fund; |

Information about Portfolio Management

| | Descriptions of the investment management services provided to
each fund, including the investment strategies and processes
employed; and any changes in portfolio management processes and
personnel; |
| --- | --- |
| | Information concerning the allocation of brokerage and the
benefits received by each adviser as a result of brokerage
allocation, including information concerning the acquisition of
research through soft dollar benefits received in
connection with the funds brokerage, and the
implementation of a soft dollar reimbursement program
established with respect to the funds; |
| | Data relating to portfolio turnover rates of each fund; |
| | The procedures and processes used to determine the fair value of
fund assets and actions taken to monitor and test the
effectiveness of such procedures and processes; |

Information about each Adviser

| | Reports detailing the financial results and condition of each
adviser; |
| --- | --- |
| | Descriptions of the qualifications, education and experience of
the individual investment professionals whose responsibilities
include portfolio management and investment research for the
funds, and information relating to their compensation and
responsibilities with respect to managing other mutual funds and
investment accounts; |
| | Copies of the Codes of Ethics of each adviser and its
affiliates, together with information relating to compliance
with and the administration of such codes; |
| | Copies of or descriptions of each advisers proxy voting
policies and procedures; |
| | Information concerning the resources devoted to compliance
efforts undertaken by each adviser and its affiliates on behalf
of the funds (including descriptions of various compliance
programs) and their record of compliance with investment
policies and restrictions, including policies with respect to
market-timing, late trading and selective portfolio disclosure,
and with policies on personal securities transactions; |
| | Descriptions of the business continuity and disaster recovery
plans of each adviser and its affiliates; |

Other Relevant Information

| | Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates; |
| --- | --- |
| | Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds administrator; and |
| | The terms of each advisory agreement. |

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Eaton Vance Enhanced Equity Income Fund

BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONTD

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2008, the Board met eleven times and the Contract Review Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, seven and five times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the funds investment objective. This Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee are newly established and did not meet during the twelve-month period ended April 30, 2008.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the funds investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement between the Eaton Vance Enhanced Equity Income Fund (the Fund) and Eaton Vance Management (the Adviser) and the sub-advisory agreement with Rampart Investment Management Company, Inc. (the Sub-adviser), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and sub-advisory agreements for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and sub-advisory agreements of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Advisers and the Sub-advisers management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in particular foreign markets or industries. Specifically, the Board considered the Advisers in-house research capabilities as well as other resources available to personnel of the Adviser, including research services. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management. With respect to the Sub-adviser, the Board considered the Sub-advisers business reputation and its options strategy and its past experience in implementing this strategy. The Board also took into consideration the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board also reviewed the compliance programs of the Adviser and Sub-adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser, Sub-adviser and their respective affiliates to requests from regulatory authorities such as the Securities and Exchange Commission.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.

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Eaton Vance Enhanced Equity Income Fund

BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONTD

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory and sub-advisory agreements.

Fund Performance

The Board compared the Funds investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-year period ended September 30, 2007 for the Fund. On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to as management fees). As part of its review, the Board considered the Funds management fee and total expense ratio for the year ended September 30, 2007, as compared to a group of similarly managed funds selected by an independent data provider.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fee charged to the Fund for advisory and related services and the total expense ratio of the Fund are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and, if applicable, its affiliates in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized with and without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser in connection with its relationship with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients. The Board also concluded that, in light of its role as a sub-adviser not affiliated with the Adviser, the Sub-advisers profitability in managing the Fund was not a material factor.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the advisers profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund.

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Eaton Vance Enhanced Equity Income Fund

OFFICERS AND TRUSTEES

Officers Duncan W. Richardson President Michael A. Allison Vice President Thomas E. Faust Jr. Trustee and Vice President Walter A. Row, III Vice President Barbara E. Campbell Treasurer Maureen A. Gemma Secretary and Chief Legal Officer Paul M. ONeil Chief Compliance Officer Trustees Ralph F. Verni Chairman Benjamin C. Esty Allen R. Freedman William H. Park Ronald A. Pearlman Helen Frame Peters Heidi L. Steiger Lynn A. Stout

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IMPORTANT NOTICE ABOUT PRIVACY

The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (Privacy Policy) with respect to nonpublic personal information about its customers:

| | Only such information received from you, through application
forms or otherwise, and information about your Eaton Vance fund
transactions will be collected. This may include information
such as name, address, social security number, tax status,
account balances and transactions. |
| --- | --- |
| | None of such information about you (or former customers) will be
disclosed to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account). In
the normal course of servicing a customers account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers. |
| | Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information. |
| | We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review
our Policy periodically for changes by accessing the link on our
homepage: www.eatonvance.com . |

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributions, Inc.

In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customers account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such advisers privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.

For more information about Eaton Vances Privacy Policy, please call 1-800-262-1122.

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Investment Adviser and Administrator of

Eaton Vance Enhanced Equity Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser of Eaton Vance Enhanced Equity Income Fund

Rampart Investment Management Company, Inc.

One International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level New York, NY 10038

Eaton Vance Enhanced Equity Income Fund Two International Place Boston, MA 02110

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2285-5/09 CE-EEIFSRC

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link2 "Item 2. Code of Ethics"

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

link2 "Item 3. Audit Committee Financial Expert"

Item 3. Audit Committee Financial Expert

The registrants Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a holding company owning institutional investment management firms).

link2 "Item 4. Principal Accountant Fees and Services"

Item 4. Principal Accountant Fees and Services

Not required in this filing

link2 "Item 5. Audit Committee of Listed registrants"

Item 5. Audit Committee of Listed registrants

Not required in this filing.

link2 "Item 6. Schedule of Investments"

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

link2 "Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies"

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The Trustees will review the Funds proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Boards Special Committee except as contemplated under the Fund Policy. The Boards Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a companys management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where

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it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment advisers personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov .

link2 "Item 8. Portfolio Managers of Closed-End Management Investment Companies"

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

link2 "Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers"

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

No such purchases this period.

link2 "Item 10. Submission of Matters to a Vote of Security Holders"

Item 10. Submission of Matters to a Vote of Security Holders.

No Material Changes.

link2 "Item 11. Controls and Procedures"

Item 11. Controls and Procedures

(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

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(b) There have been no changes in the registrants internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.

link2 "Item 12. Exhibits"

Item 12. Exhibits

(a)(1)	Registrants Code of Ethics Not applicable (please see Item 2).
(a)(2)(i)	Treasurers Section 302 certification.
(a)(2)(ii)	Presidents Section 302 certification.
(b)	Combined Section 906 certification.
(c)	Registrants notices to shareholders pursuant to Registrants exemptive order granting an
exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions
paid pursuant to the Registrants Managed Distribution Plan.

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link1 "Signatures"

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Enhanced Equity Income Fund

By:
Duncan W. Richardson
President

Date: May 15, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:
Barbara E. Campbell
Treasurer

Date: May 15, 2009

By:
Duncan W. Richardson
President

Date: May 15, 2009

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