Eaton Vance Enhanced Equity Income Fund

N-CSRS 1 b81005a1nvcsrs.htm EATON VANCE ENHANCED EQUITY INCOME FUND nvcsrs 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, 2010

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 Certification
EX-99.906CERT Section 906 Certification
EX-99.12(C) Registrants 19(b) Notice to Shareholders

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link2 "Item 1. Reports to Stockholders"

Item 1. Reports to Stockholders

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S e m i a n n u a l R e p o r t M a r c h 3 1 , 2 0 1 0 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 distributions equal to $0.1164 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.

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.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of 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 at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SECs 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).

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, 2010
I N V E S T M E N T U P D A T E

Economic and Market Conditions


Walter
A. Row,
CFA Eaton Vance Management Co-Portfolio Manager	quarter of gains. But the strong rally that began in March 2009
also started to slow somewhat in early 2010.
In fact, market momentum stalled in February, as concerns about sovereign debt in Greece and other
European economies, along with some belt-tightening in China, pushed stock prices
lower. By period end, however, equities were back on the rise, and
the S&P 500 Index finished the six months up 11.75% 1 .
Michael A. Allison, CFA Eaton Vance Management Co-Portfolio Manager	The trends that helped equities stage their 2009 recovery continued to provide a favorable market
backdrop. The battered U.S. economy showed signs of recovery from recession, and corporate earnings
were strong, with expectations of acceleration. But
these gains also came with volatility. In addition to debt fears from some overseas markets,
equity investors grew anxious about an increasingly unsettled political environment at home,
including a massive health-care reform initiative and proposed
regulation of the financial services
industry.

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 Funds performance at 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 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 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.

Value stocks generally outperformed growth stocks during the six-month period, particularly in the mid- and small-capitalization ranges. Mid-cap stocks led the markets advance, although the small-, mid- and large-cap segments all posted solid returns.

Management Discussion

| | The Fund is a closed-end fund and trades on the New
York Stock Exchange (NYSE) under the symbol EOI. For
the six months ending March 31, 2010, the Funds return
at net asset value (NAV) underperformed that of the S&P
500 Index, but it outpaced the CBOE S&P 500 BuyWrite
Index and the average return of the funds in its Lipper
peer group. As of March 31, 2010, the Fund was trading at
a premium to NAV of 0.21%. |
| --- | --- |
| | The Funds common stock holdings performed roughly in line with the S&P 500 Index for the six-month
period, with gains from sector and industry allocations offsetting the lions share of losses from
individual stock selection. Underweighted allocations to the electric utilities and diversified
telecommunication industries, both of which had anemic results, contributed to the Funds relative
performance versus the S&P 500 Index, as did overweighted positions in the more-robust
Internet/catalogue retail and machinery |

Total Return Performance 9/30/09 3/31/10 — NYSE Symbol	EOI
At Net Asset Value (NAV)		10.34 %
At Market Price		8.68 %
S&P 500 Index 1		11.75 %
CBOE S&P 500 BuyWrite Index 1		9.24 %
Lipper Options Arbitrage/Options Strategies
Average 1		9.80 %
Premium/(Discount) to NAV (3/31/10)		0.21 %
Total Distributions per share	$	0.760
Distribution Rate 2	At NAV	9.96 %
	At Market Price	9.93 %
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 last regular distribution per
share (annualized) in the period divided by
the Funds NAV or market price at the end
of the period. The Funds monthly
distributions may be composed 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, 2010
I N V E S T M E N T U P D A T E

| | industries. Security selection in the oil, gas and consumable fuels industry, as well as
in insurance and semiconductors/semiconductor equipment, also aided relative performance. |
| --- | --- |
| | Conversely, inopportune security selection in the metals and mining, health care
equipment/supplies, and capital markets industries was a drag on relative performance, essentially
erasing the gains realized through favorable sector and industry allocation. |
| | As of March 31, 2010, the Fund had written call options on approximately 60% of its equity
holdings. The Fund seeks to generate current earnings from options 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.
While individual and overall stock market volatility have decreased from peak levels seen in late
2008, they remained significantly higher than the long-term average during the semi-annual period
that ended on March 31, 2010. |

| | While the Funds options strategy lowered volatility during the six-month period, it modestly
detracted from relative performance given the equity markets strong advances during the period. |
| --- | --- |
| | During the period, Eaton Vance Management (EVM) terminated its investment sub-advisory agreement
with Rampart Investment Management Company, Inc., with respect to the Fund and, effective October
20, 2009, EVM assumed responsibility for managing the Funds options strategy. |

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, 2010
F U N D P E R F O R M A N C E

Performance 1

NYSE Symbol:
Average Annual Total Returns (at market price, NYSE)
Six Months	8.68 %
One Year	54.93
Five Years	3.03
Life of Fund (10/29/04)	4.12
Average Annual Total Returns (at net asset value)
Six Months	10.34 %
One Year	37.08
Five Years	3.61
Life of Fund (10/29/04)	4.08

1 Six-month returns are cumulative. Other returns are presented on an average annual basis.

Fund Composition

Top 10 Holdings 1

By total investments

General Electric Co.	2.7
Apple, Inc.	2.6
JPMorgan Chase & Co.	2.4
Microsoft Corp.	2.3
Johnson & Johnson	2.3
Chevron Corp.	2.2
Cisco Systems, Inc.	2.2
Bank of America Corp.	2.1
International Business Machines Corp.	2.0
Goldman Sachs Group, Inc.	2.0

1 Top 10 Holdings represented 22.8% of the Funds total investments as of 3/31/10. The Top 10 Holdings are presented without the offsetting effect of the Funds written option positions at 3/31/10. Excludes cash equivalents.

Sector Weightings 2

By total investments

2 Reflects the Funds total investments as of 3/31/10. Sector Weightings are presented without the offsetting effect of the Funds written option positions at 3/31/10. Excludes cash equivalents.

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

| Common
Stocks 103.2% (1) — Security | Shares | Value |
| --- | --- | --- |
| Aerospace
& Defense 2.0% | | |
| General Dynamics Corp. | 87,890 | $ 6,785,108 |
| Lockheed Martin Corp. | 51,489 | 4,284,915 |
| | | $ 11,070,023 |
| Air
Freight & Logistics 0.8% | | |
| FedEx Corp. | 49,044 | $ 4,580,710 |
| | | $ 4,580,710 |
| Beverages 2.5% | | |
| Coca-Cola Co. (The) | 102,852 | $ 5,656,860 |
| PepsiCo, Inc. | 129,030 | 8,536,625 |
| | | $ 14,193,485 |
| Biotechnology 1.4% | | |
| Amgen,
Inc. (2) | 94,121 | $ 5,624,671 |
| Celgene
Corp. (2) | 37,704 | 2,336,140 |
| | | $ 7,960,811 |
| Capital
Markets 3.5% | | |
| Goldman Sachs Group, Inc. | 66,584 | $ 11,361,228 |
| Northern Trust Corp. | 94,239 | 5,207,647 |
| State Street Corp. | 72,658 | 3,279,782 |
| | | $ 19,848,657 |
| Chemicals 0.5% | | |
| Monsanto Co. | 38,443 | $ 2,745,599 |
| | | $ 2,745,599 |
| Commercial
Banks 3.5% | | |
| PNC Financial Services Group, Inc. | 77,948 | $ 4,653,496 |
| U.S. Bancorp | 147,462 | 3,816,316 |
| Wells Fargo & Co. | 352,605 | 10,973,068 |
| | | $ 19,442,880 |
| Commercial
Services & Supplies 1.2% | | |
| Waste Management, Inc. | 196,926 | $ 6,780,162 |
| | | $ 6,780,162 |
| Communications
Equipment 3.0% | | |
| Cisco Systems,
Inc. (2) | 479,090 | $ 12,470,713 |
| QUALCOMM, Inc. | 98,159 | 4,121,696 |
| | | $ 16,592,409 |
| Computers
& Peripherals 6.4% | | |
| Apple,
Inc. (2) | 63,313 | $ 14,874,123 |
| Hewlett-Packard Co. | 173,570 | 9,225,246 |
| International Business Machines Corp. | 90,748 | 11,638,431 |
| | | $ 35,737,800 |
| Consumer
Finance 0.6% | | |
| American Express Co. | 81,560 | $ 3,365,166 |
| | | $ 3,365,166 |
| Diversified
Financial Services 5.0% | | |
| Bank of America Corp. | 684,141 | $ 12,211,917 |
| Citigroup,
Inc. (2) | 425,334 | 1,722,602 |
| JPMorgan Chase & Co. | 314,081 | 14,055,125 |
| | | $ 27,989,644 |
| Diversified
Telecommunication Services 1.4% | | |
| AT&T, Inc. | 179,077 | $ 4,627,350 |
| Verizon Communications, Inc. | 97,933 | 3,037,881 |
| | | $ 7,665,231 |
| Electric
Utilities 1.0% | | |
| American Electric Power Co., Inc. | 162,217 | $ 5,544,577 |
| | | $ 5,544,577 |
| Electrical
Equipment 1.3% | | |
| Emerson Electric Co. | 145,504 | $ 7,324,671 |
| | | $ 7,324,671 |
| Electronic
Equipment, Instruments & Components 1.3% | | |
| Corning, Inc. | 376,802 | $ 7,615,168 |
| | | $ 7,615,168 |

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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Security		Value
Energy
Equipment & Services 1.4%
Halliburton Co.	70,371	$ 2,120,278
Schlumberger, Ltd.	87,318	5,541,201
		$ 7,661,479
Food
& Staples Retailing 2.1%
CVS Caremark Corp.	120,518	$ 4,406,138
Wal-Mart Stores, Inc.	129,867	7,220,605
		$ 11,626,743
Food
Products 1.9%
Kellogg Co.	53,781	$ 2,873,519
Nestle SA ADR	154,966	7,934,259
		$ 10,807,778
Health
Care Equipment & Supplies 3.4%
Baxter International, Inc.	69,166	$ 4,025,461
Boston Scientific
Corp. (2)	318,419	2,298,985
Covidien PLC	78,455	3,944,717
HeartWare International,
Inc. (2)	59,868	2,662,287
Thoratec
Corp. (2)	86,497	2,893,325
Zimmer Holdings,
Inc. (2)	54,875	3,248,600
		$ 19,073,375
Health
Care Providers & Services 0.9%
AmerisourceBergen Corp.	108,544	$ 3,139,092
Fresenius Medical Care AG & Co. KGaA ADR	30,548	1,715,576
		$ 4,854,668
Hotels,
Restaurants & Leisure 1.4%
Carnival Corp.	96,329	$ 3,745,272
McDonalds Corp.	59,071	3,941,217
		$ 7,686,489
Household
Products 3.8%
Colgate-Palmolive Co.	131,123	$ 11,179,547
Procter & Gamble Co.	164,231	10,390,895
		$ 21,570,442
Industrial
Conglomerates 2.8%
General Electric Co.	857,959	$ 15,614,854
		$ 15,614,854
Insurance 3.6%
Berkshire Hathaway, Inc.,
Class B (2)	68,526	$ 5,569,108
Lincoln National Corp.	120,087	3,686,671
MetLife, Inc.	111,605	4,836,961
Prudential Financial, Inc.	98,694	5,970,987
		$ 20,063,727
Internet
& Catalog Retail 1.3%
Amazon.com,
Inc. (2)	54,610	$ 7,412,215
		$ 7,412,215
Internet
Software & Services 1.8%
Google, Inc.,
Class A (2)	17,812	$ 10,099,582
		$ 10,099,582
IT
Services 1.2%
MasterCard, Inc., Class A	25,965	$ 6,595,110
		$ 6,595,110
Life
Sciences Tools & Services 0.9%
Thermo Fisher Scientific,
Inc. (2)	97,676	$ 5,024,453
		$ 5,024,453
Machinery 3.6%
Danaher Corp.	91,520	$ 7,313,363
Deere & Co.	84,560	5,027,938
Illinois Tool Works, Inc.	102,697	4,863,730
PACCAR, Inc.	72,756	3,153,245
		$ 20,358,276
Media 0.7%
Walt Disney Co. (The)	108,475	$ 3,786,862
		$ 3,786,862
Metals
& Mining 3.7%
BHP Billiton, Ltd. ADR	43,446	$ 3,489,583
Freeport-McMoRan Copper & Gold, Inc.	39,775	3,322,803
Goldcorp, Inc.	274,055	10,200,327
United States Steel Corp.	56,082	3,562,329
		$ 20,575,042

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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Security		Value
Multi-Utilities 1.1%
PG&E Corp.	83,297	$ 3,533,459
Public Service Enterprise Group, Inc.	91,570	2,703,146
		$ 6,236,605
Multiline
Retail 0.9%
Target Corp.	98,969	$ 5,205,769
		$ 5,205,769
Oil,
Gas & Consumable Fuels 9.6%
Anadarko Petroleum Corp.	118,517	$ 8,631,593
Apache Corp.	67,534	6,854,701
Chevron Corp.	168,484	12,776,142
Exxon Mobil Corp.	106,069	7,104,502
Hess Corp.	131,106	8,200,680
Occidental Petroleum Corp.	86,233	7,290,138
Peabody Energy Corp.	60,372	2,759,000
		$ 53,616,756
Personal
Products 0.4%
Avon Products, Inc.	61,884	$ 2,096,011
		$ 2,096,011
Pharmaceuticals 6.2%
Abbott Laboratories	98,225	$ 5,174,493
Bristol-Myers Squibb Co.	163,695	4,370,656
Johnson & Johnson	201,616	13,145,363
Merck & Co., Inc.	55,170	2,060,600
Pfizer, Inc.	576,044	9,879,155
		$ 34,630,267
Real
Estate Investment Trusts (REITs) 0.2%
AvalonBay Communities, Inc.	5,597	$ 483,301
Boston Properties, Inc.	6,279	473,688
		$ 956,989
Road
& Rail 0.8%
CSX Corp.	86,531	$ 4,404,428
		$ 4,404,428
Semiconductors
& Semiconductor Equipment 2.2%
ASML Holding NV ADR	201,450	$ 7,131,330
Intel Corp.	222,773	4,958,927
		$ 12,090,257
Software 3.9%
Microsoft Corp.	449,916	$ 13,169,041
Oracle Corp.	331,155	8,507,372
		$ 21,676,413
Specialty
Retail 5.1%
Best Buy Co., Inc.	114,814	$ 4,884,188
Gap, Inc. (The)	152,429	3,522,634
Home Depot, Inc.	268,893	8,698,688
Staples, Inc.	254,538	5,953,644
TJX Companies, Inc. (The)	126,283	5,369,553
		$ 28,428,707
Textiles,
Apparel & Luxury Goods 1.2%
NIKE, Inc., Class B	95,523	$ 7,020,941
		$ 7,020,941
Tobacco 1.1%
Philip Morris International, Inc.	116,936	$ 6,099,382
		$ 6,099,382
Wireless
Telecommunication Services 0.6%
American Tower Corp.,
Class A (2)	76,823	$ 3,273,428
		$ 3,273,428
Total
Common Stocks
(identified
cost $505,050,664)		$ 577,004,041

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Short-Term
Investments 0.1% | | |
| --- | --- | --- |
| | Interest | |
| Description | (000s
omitted) | Value |
| Eaton Vance Cash Reserves Fund, LLC,
0.17% (3) | $ 443 | $ 443,315 |
| Total
Short-Term Investments | | |
| (identified
cost $443,315) | | $ 443,315 |
| Total
Investments 103.3% | | |
| (identified
cost $505,493,979) | | $ 577,447,356 |

| Covered Call
Options Written (3.3)% | Number of | Strike | Expiration | | |
| --- | --- | --- | --- | --- | --- |
| Security | Contracts | Price | Date | Value | |
| Abbott Laboratories | 540 | $ 55.00 | 5/22/10 | $ (21,600 | ) |
| Amazon.com, Inc. | 330 | 130.00 | 4/17/10 | (229,350 | ) |
| American Electric Power Co., Inc. | 975 | 35.00 | 5/22/10 | (34,125 | ) |
| American Express Co. | 490 | 43.00 | 4/17/10 | (10,780 | ) |
| American Tower Corp., Class A | 460 | 45.00 | 4/17/10 | (6,900 | ) |
| AmerisourceBergen Corp. | 600 | 30.00 | 5/22/10 | (30,000 | ) |
| Amgen, Inc. | 565 | 57.50 | 4/17/10 | (148,030 | ) |
| Anadarko Petroleum Corp. | 950 | 70.00 | 5/22/10 | (494,000 | ) |
| Apache Corp. | 405 | 110.00 | 4/17/10 | (6,075 | ) |
| Apple, Inc. | 125 | 200.00 | 4/17/10 | (439,875 | ) |
| Apple, Inc. | 385 | 210.00 | 4/17/10 | (974,050 | ) |
| ASML Holding NV ADR | 1,210 | 35.00 | 4/17/10 | (169,400 | ) |
| AT&T, Inc. | 976 | 25.00 | 4/17/10 | (84,912 | ) |
| Avon Products, Inc. | 340 | 31.00 | 4/17/10 | (96,900 | ) |
| Bank of America Corp. | 5,475 | 17.00 | 5/22/10 | (700,800 | ) |
| Baxter International, Inc. | 380 | 57.50 | 5/22/10 | (83,600 | ) |
| Berkshire Hathaway, Inc., Class B | 415 | 82.00 | 6/19/10 | (101,675 | ) |
| Best Buy Co., Inc. | 635 | 37.00 | 4/17/10 | (347,980 | ) |
| BHP Billiton, Ltd. ADR | 240 | 80.00 | 5/22/10 | (88,800 | ) |
| Boston Scientific Corp. | 1,755 | 8.00 | 5/22/10 | (35,100 | ) |
| Bristol-Myers Squibb Co. | 985 | 26.00 | 6/19/10 | (147,750 | ) |
| Carnival Corp. | 580 | 35.00 | 4/17/10 | (226,200 | ) |
| Celgene Corp. | 230 | 57.50 | 4/17/10 | (105,800 | ) |
| Chevron Corp. | 1,010 | 75.00 | 6/19/10 | (275,730 | ) |
| Cisco Systems, Inc. | 960 | 24.00 | 4/17/10 | (192,000 | ) |
| Cisco Systems, Inc. | 2,875 | 25.00 | 4/17/10 | (333,500 | ) |
| Coca Cola Co. (The) | 620 | 55.00 | 5/22/10 | (84,320 | ) |
| Colgate-Palmolive Co. | 1,050 | 80.00 | 5/22/10 | (593,250 | ) |
| Corning, Inc. | 2,075 | 18.00 | 5/22/10 | (502,150 | ) |
| Covidien PLC | 470 | 50.00 | 4/17/10 | (47,000 | ) |
| CSX Corp. | 475 | 47.00 | 5/22/10 | (218,500 | ) |
| CVS Caremark Corp. | 1,060 | 34.00 | 5/22/10 | (328,600 | ) |
| Danaher Corp. | 625 | 80.00 | 6/19/10 | (175,000 | ) |
| Deere & Co. | 575 | 60.00 | 6/19/10 | (182,275 | ) |
| Emerson Electric Co. | 990 | 48.00 | 6/19/10 | (346,500 | ) |
| Exxon Mobil Corp. | 640 | 70.00 | 4/17/10 | (7,040 | ) |
| FedEx Corp. | 100 | 80.00 | 4/17/10 | (135,000 | ) |
| FedEx Corp. | 295 | 85.00 | 4/17/10 | (250,750 | ) |
| Freeport-McMoRan Copper & Gold, Inc. | 220 | 80.00 | 5/22/10 | (145,200 | ) |
| Fresenius Medical Care AG & Co. KGaA ADR | 185 | 55.00 | 4/17/10 | (27,750 | ) |
| Gap, Inc. (The) | 1,040 | 23.00 | 6/19/10 | (122,720 | ) |
| General Dynamics Corp. | 485 | 70.00 | 5/22/10 | (368,600 | ) |
| General Electric Co. | 5,835 | 18.00 | 6/19/10 | (583,500 | ) |
| Goldman Sachs Group, Inc. | 135 | 160.00 | 4/17/10 | (151,200 | ) |
| Goldman Sachs Group, Inc. | 400 | 170.00 | 4/17/10 | (152,000 | ) |
| Google, Inc., Class A | 110 | 560.00 | 6/19/10 | (335,390 | ) |
| Halliburton Co. | 565 | 30.00 | 4/17/10 | (47,460 | ) |
| Hess Corp. | 725 | 65.00 | 5/22/10 | (118,900 | ) |
| Hewlett-Packard Co. | 955 | 50.00 | 5/22/10 | (372,450 | ) |
| Home Depot, Inc. | 1,480 | 30.00 | 5/22/10 | (378,880 | ) |
| Illinois Tool Works, Inc. | 830 | 47.50 | 4/17/10 | (62,250 | ) |
| Intel Corp. | 1,785 | 21.00 | 4/17/10 | (246,330 | ) |
| International Business Machines Corp. | 180 | 125.00 | 4/17/10 | (66,600 | ) |
| International Business Machines Corp. | 545 | 135.00 | 4/17/10 | (4,360 | ) |
| Johnson & Johnson | 1,210 | 65.00 | 4/17/10 | (82,280 | ) |
| JPMorgan Chase & Co. | 2,135 | 44.00 | 6/19/10 | (580,720 | ) |
| Kellogg Co. | 325 | 55.00 | 6/19/10 | (27,300 | ) |
| Lincoln National Corp. | 720 | 28.00 | 4/17/10 | (198,000 | ) |
| Lockheed Martin Corp. | 350 | 85.00 | 6/19/10 | (85,750 | ) |
| MasterCard, Inc., Class A | 165 | 260.00 | 4/17/10 | (42,075 | ) |
| McDonalds Corp. | 355 | 65.00 | 4/17/10 | (68,160 | ) |
| Merck & Co., Inc. | 335 | 40.00 | 4/17/10 | (1,675 | ) |
| MetLife, Inc. | 760 | 42.00 | 6/19/10 | (226,100 | ) |
| Microsoft Corp. | 900 | 29.00 | 4/17/10 | (57,600 | ) |
| Microsoft Corp. | 2,700 | 30.00 | 4/17/10 | (62,100 | ) |
| Monsanto Co. | 230 | 85.00 | 4/17/10 | (1,610 | ) |
| NIKE, Inc., Class B | 575 | 65.00 | 4/17/10 | (494,500 | ) |
| Northern Trust Corp. | 520 | 55.00 | 4/17/10 | (59,800 | ) |
| Occidental Petroleum Corp. | 475 | 80.00 | 5/22/10 | (299,250 | ) |
| Oracle Corp. | 2,255 | 25.00 | 6/19/10 | (326,975 | ) |
| PACCAR, Inc. | 400 | 36.00 | 5/22/10 | (304,000 | ) |
| Peabody Energy Corp. | 305 | 46.00 | 4/17/10 | (42,700 | ) |
| PepsiCo, Inc. | 775 | 62.50 | 4/17/10 | (294,500 | ) |
| Pfizer, Inc. | 3,460 | 18.00 | 6/19/10 | (103,800 | ) |
| PG&E Corp. | 500 | 45.00 | 6/19/10 | (17,500 | ) |
| Philip Morris International, Inc. | 794 | 50.00 | 6/19/10 | (265,990 | ) |
| PNC Financial Services Group, Inc. | 430 | 55.00 | 5/22/10 | (204,250 | ) |
| Procter & Gamble Co. | 1,315 | 62.50 | 4/17/10 | (149,910 | ) |
| Prudential Financial, Inc. | 675 | 55.00 | 6/19/10 | (452,250 | ) |
| Public Service Enterprise Group, Inc. | 550 | 30.00 | 6/19/10 | (41,250 | ) |
| QUALCOMM, Inc. | 540 | 41.00 | 4/17/10 | (75,060 | ) |
| Schlumberger, Ltd. | 480 | 65.00 | 5/22/10 | (94,080 | ) |

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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Security	Number of — Contracts	Strike — Price	Expiration — Date	Value
Staples, Inc.	1,530	$ 24.00	6/19/10	$ (126,225	)
State Street Corp.	400	45.00	5/22/10	(84,000	)
Target Corp.	595	50.00	4/17/10	(158,270	)
Thermo Fisher Scientific, Inc.	590	50.00	6/19/10	(194,700	)
TJX Companies, Inc. (The)	760	40.00	4/17/10	(201,400	)
U.S. Bancorp	1,005	25.00	6/19/10	(170,850	)
United States Steel Corp.	310	55.00	4/17/10	(274,350	)
Verizon Communications, Inc.	540	29.00	4/17/10	(105,300	)
Wal-Mart Stores, Inc.	155	52.50	4/17/10	(48,670	)
Wal-Mart Stores, Inc.	625	55.00	6/19/10	(113,750	)
Walt Disney Co. (The)	870	31.00	4/17/10	(348,000	)
Waste Management, Inc.	1,185	35.00	4/17/10	(23,700	)
Wells Fargo & Co.	2,115	29.00	4/17/10	(456,840	)
Zimmer Holdings, Inc.	330	60.00	6/19/10	(73,425	)
Total
Covered Call Options Written
(premiums
received $14,808,443)				$ (18,477,572	)
Other
Assets, Less Liabilities 0.0%				$ 17,903
Net
Assets 100.0%				$ 558,987,687

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

ADR - American Depositary Receipt

| (1) | A portion of each applicable common stock for which a written
call option is outstanding at March 31, 2010 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, 2010. Net income allocated from the
investment in Eaton Vance Cash Reserves Fund, LLC and Cash
Management Portfolio, another affiliated investment company, for
the six months ended March 31, 2010 was $1,885 and $0,
respectively. |

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

| As of
March 31, 2010 | | |
| --- | --- | --- |
| Assets | | |
| Unaffiliated investments, at value
(identified cost, $505,050,664) | $ 577,004,041 | |
| Affiliated investment, at value
(identified cost, $443,315) | 443,315 | |
| Dividends receivable | 640,485 | |
| Interest receivable from affiliated investment | 630 | |
| Receivable for investments sold | 47,490 | |
| Tax reclaims receivable | 81,511 | |
| Total assets | $ 578,217,472 | |
| Liabilities | | |
| Written options outstanding, at value (premiums received,
$14,808,443) | $ 18,477,572 | |
| Payable to affiliates: | | |
| Investment adviser fee | 470,699 | |
| Accrued expenses | 281,514 | |
| Total liabilities | $ 19,229,785 | |
| Net Assets | $ 558,987,687 | |
| Sources
of Net Assets | | |
| Common shares, $0.01 par value, unlimited number of shares
authorized, 39,846,348 shares issued and outstanding | $ 398,463 | |
| Additional paid-in capital | 672,788,526 | |
| Accumulated net realized loss | (154,136,749 | ) |
| Accumulated distributions in excess of net investment income | (28,346,921 | ) |
| Net unrealized appreciation | 68,284,368 | |
| Net Assets | $ 558,987,687 | |
| Net
Asset Value | | |
| ($558,987,687 ¸ 39,846,348 common shares issued and outstanding) | $ 14.03 | |

Statement of Operations

| For the Six
Months Ended | | |
| --- | --- | --- |
| March 31,
2010 | | |
| Investment
Income | | |
| Dividends (net of foreign taxes, $14,467) | $ 4,834,971 | |
| Interest income allocated from affiliated investments | 6,418 | |
| Expenses allocated from affiliated investments | (4,533 | ) |
| Total investment income | $ 4,836,856 | |
| Expenses | | |
| Investment adviser fee | $ 2,706,768 | |
| Trustees fees and expenses | 9,349 | |
| Custodian fee | 129,940 | |
| Transfer and dividend disbursing agent fees | 4,470 | |
| Legal and accounting services | 32,652 | |
| Printing and postage | 109,801 | |
| Miscellaneous | 27,479 | |
| Total expenses | $ 3,020,459 | |
| Deduct | | |
| Reduction of custodian fee | $ 9 | |
| Total expense reductions | $ 9 | |
| Net expenses | $ 3,020,450 | |
| Net investment income | $ 1,816,406 | |
| Realized
and Unrealized Gain (Loss) | | |
| Net realized gain (loss) | | |
| Investment transactions | $ (9,102,565 | ) |
| Investment transactions allocated from affiliated investments | (69,901 | ) |
| Written options | (5,621,861 | ) |
| Net realized loss | $ (14,794,327 | ) |
| Change in unrealized appreciation (depreciation) | | |
| Investments | $ 64,468,788 | |
| Written options | 1,852,781 | |
| Foreign currency | (775 | ) |
| Net change in unrealized appreciation (depreciation) | $ 66,320,794 | |
| Net realized and unrealized gain | $ 51,526,467 | |
| Net increase in net assets from operations | $ 53,342,873 | |

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

FINANCIAL STATEMENTS CONTD

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Statements of Changes in Net Assets

| Increase
(Decrease) | Six Months
Ended — March 31,
2010 | | Year Ended | |
| --- | --- | --- | --- | --- |
| in Net Assets | (Unaudited) | | September 30,
2009 | |
| From operations | | | | |
| Net investment income | $ 1,816,406 | | $ 5,837,564 | |
| Net realized loss from investment transactions, written options
and foreign currency transactions | (14,794,327 | ) | (137,501,752 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, written options and foreign currency | 66,320,794 | | 76,205,784 | |
| Net increase (decrease) in net assets from operations | $ 53,342,873 | | $ (55,458,404 | ) |
| Distributions to shareholders | | | | |
| From net investment income | $ (30,266,208 | )* | $ (6,995,420 | ) |
| Tax return of capital | | | (58,284,654 | ) |
| Total distributions | $ (30,266,208 | ) | $ (65,280,074 | ) |
| Capital share transactions | | | | |
| Reinvestment of distributions | $ 963,199 | | $ 1,158,644 | |
| Net increase in net assets from capital share transactions | $ 963,199 | | $ 1,158,644 | |
| Net increase (decrease) in net assets | $ 24,039,864 | | $ (119,579,834 | ) |
| Net
Assets | | | | |
| At beginning of period | $ 534,947,823 | | $ 654,527,657 | |
| At end of period | $ 558,987,687 | | $ 534,947,823 | |
| Accumulated
undistributed (distributions in excess of) net investment income included in net assets | | | | |
| At end of period | $ (28,346,921 | ) | $ 102,881 | |

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

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

FINANCIAL STATEMENTS CONTD

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Financial Highlights

| | Six Months
Ended | | Year Ended
September 30, | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | March 31,
2010 | | | | | | | | | | Period Ended | |
| | (Unaudited) | | 2009 | | 2008 | | 2007 | | 2006 | | September 30,
2005 (1) | |
| Net asset value Beginning of period | $ 13.450 | | $ 16.490 | | $ 21.110 | | $ 19.900 | | $ 19.960 | | $ 19.100 (2 | ) |
| Income
(Loss) From Operations | | | | | | | | | | | | |
| Net investment
income (3) | $ 0.046 | | $ 0.147 | | $ 0.152 | | $ 0.080 | | $ 0.093 | | $ 0.051 | |
| Net realized and unrealized gain (loss) | 1.294 | | (1.543 | ) | (3.013 | ) | 2.774 | | 1.491 | | 2.061 | |
| Total income (loss) from operations | $ 1.340 | | $ (1.396 | ) | $ (2.861 | ) | $ 2.854 | | $ 1.584 | | $ 2.112 | |
| Less
Distributions | | | | | | | | | | | | |
| From net investment income | $ (0.760 | )* | $ (0.176 | ) | $ (0.154 | ) | $ (0.038 | ) | $ (0.093 | ) | $ (0.051 | ) |
| From net realized gain | | | | | (0.891 | ) | (1.606 | ) | (1.551 | ) | (1.182 | ) |
| Tax return of capital | | | (1.468 | ) | (0.714 | ) | | | | | | |
| Total distributions | $ (0.760 | ) | $ (1.644 | ) | $ (1.759 | ) | $ (1.644 | ) | $ (1.644 | ) | $ (1.233 | ) |
| Offering costs charged to paid-in
capital (3) | $ | | $ | | $ | | $ | | $ | | $ (0.019 | ) |
| Net asset value End of period | $ 14.030 | | $ 13.450 | | $ 16.490 | | $ 21.110 | | $ 19.900 | | $ 19.960 | |
| Market value End of period | $ 14.060 | | $ 13.680 | | $ 13.310 | | $ 19.440 | | $ 20.070 | | $ 19.890 | |
| Total Investment Return on Net Asset
Value (4) | 10.34 | % (5) | (6.20 | )% | (13.54 | )% | 15.04 | % (6) | 8.46 | % (7) | 11.24 | % (5)(8) |
| Total Investment Return on Market
Value (4) | 8.68 | % (5) | 18.23 | % | (24.23 | )% | 5.04 | % | 9.77 | % | 10.85 | % (5)(8) |
| Ratios/Supplemental
Data | | | | | | | | | | | | |
| Net assets, end of period (000s omitted) | $ 558,988 | | $ 534,948 | | $ 654,528 | | $ 837,584 | | $ 786,478 | | $ 787,442 | |
| Ratios (as a percentage of average daily net assets): | | | | | | | | | | | | |
| Expenses (9) | 1.12 | % (10) | 1.17 | % | 1.10 | % | 1.08 | % | 1.09 | % | 1.09 | % (10) |
| Net investment income | 0.67 | % (10) | 1.17 | % | 0.79 | % | 0.39 | % | 0.47 | % | 0.28 | % (10) |
| Portfolio Turnover | 16 | % (5) | 65 | % | 117 | % | 195 | % | 84 | % | 84 | % (5) |

| (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) | Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested. |
| (5) | Not annualized. |
| (6) | 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. |
| (7) | 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. |
| (8) | 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. |
| (9) | Excludes the effect of custody fee credits, if any, of less than
0.005%. |
| (10) | Annualized. |

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

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1 Significant Accounting Policies

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 (including common shares of closed-end investment companies) 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 a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. 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. Short-term debt securities with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing 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 or entities, 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 or entitys 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 Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. 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 Reserves Fund may value its investment securities based on available market quotations provided by a third party 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 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

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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, 2009, the Fund, for federal income tax purposes, had a capital loss carryforward of $9,096,930 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. Such capital loss carryforward will expire on September 30, 2017.

Additionally, at September 30, 2009, the Fund had a net capital loss of $128,334,614 attributable to security transactions incurred after October 31, 2008. This net capital loss is treated as arising on the first day of the Funds taxable year ending September 30, 2010.

As of March 31, 2010, 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, 2009 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. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust, (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Funds Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. 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.

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J Interim Financial Statements The interim financial statements relating to March 31, 2010 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

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 (reduced by available capital loss carryforwards from prior years, if any). 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, 2010, the amount of distributions estimated to be a tax return of capital was approximately $28,630,000. 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

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. Prior to its liquidation in February 2010, the portion of the adviser fee payable by Cash Management Portfolio, another affiliated investment company, on the Funds investment of cash therein was credited against the Funds investment adviser fee. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. For the six months ended March 31, 2010, the Funds investment adviser fee totaled $2,710,482 of which $3,714 was allocated from Cash Management Portfolio and $2,706,768 was paid or accrued directly by the Fund. Prior to October 20, 2009, EVM delegated the investment management of the Funds options strategy to Rampart Investment Management Company, Inc. (Rampart) pursuant to a sub-advisory agreement. EVM paid Rampart a portion of its advisory fee for sub-advisory services provided to the Fund. EVM terminated its sub-advisory agreement with Rampart with respect to the Fund and, effective October 20, 2009, EVM assumed the investment management of the Funds options strategy. EVM also serves as administrator of the Fund, but receives no compensation.

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, 2010, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $89,966,659 and $122,827,948, respectively, for the six months ended March 31, 2010.

5 Common Shares of Beneficial Interest

Common shares issued pursuant to the Funds dividend reinvestment plan for the six months ended March 31, 2010 and the year ended September 30, 2009 were 71,355 and 89,833, respectively.

6 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 90,836,504
Gross unrealized depreciation	(20,691,124	)
Net unrealized appreciation	$ 70,145,380

7 Financial Instruments

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 do not necessarily represent the amounts potentially subject

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONTD

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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, 2010 is included in the Portfolio of Investments.

Written call options activity for the six months ended March 31, 2010 was as follows:

Contracts		Received
Outstanding, beginning of period	82,872	$	16,233,693
Options written	179,978		34,427,403
Options terminated in closing purchase transactions	(114,158	)	(24,174,887	)
Options exercised	(6,728	)	(1,208,422	)
Options expired	(58,379	)	(10,469,344	)
Outstanding, end of period	83,585	$	14,808,443

At March 31, 2010, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund generally intends to write covered call options on individual stocks above the current value of the stock to generate premium income. In writing call options on individual stocks, the Fund in effect, sells potential appreciation in the value of the applicable stock above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying stock decline. The Fund is not subject to counterparty credit risk with respect to its written options as the Fund, not the counterparty, is obligated to perform under such derivatives.

The fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at March 31, 2010 was as follows:

| Derivative | Fair
Value — Asset
Derivatives | Liability
Derivatives (1) |
| --- | --- | --- |
| Written options | $ | $ 18,477,572 |

(1) Statement of Assets and Liabilities location: Written options outstanding, at value.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended March 31, 2010 was as follows:

			Change in
			Unrealized
	Realized Gain		Appreciation
	(Loss) on		(Depreciation)
on
	Derivatives		Derivatives
	Recognized in		Recognized in
Derivative	Income (1)		Income (2)
Written options	$ (5,621,861	)	$ 1,852,781

| (1) | Statement of Operations location: Net realized gain
(loss) Written options. |
| --- | --- |
| (2) | Statement of Operations location: Change in unrealized
appreciation (depreciation) Written options. |

8 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is 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, 2010, the inputs used in valuing the Funds investments, which are carried at value, were as follows:

	Quoted
	Prices in
	Active		Significant
	Markets for		Other	Significant
	Identical		Observable	Unobservable
	Assets		Inputs	Inputs
Asset
Description	(Level
1)		(Level
2)	(Level
3)	Total
Common Stocks	$ 577,004,041		$	$	$ 577,004,041
Short-Term Investments			443,315		443,315
Total Investments	$ 577,004,041		$ 443,315	$	$ 577,447,356
Liability Description
Covered Call Options Written	$ (18,477,572	)	$	$	$ (18,477,572	)
Total	$ (18,477,572	)	$	$	$ (18,477,572	)

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONTD

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The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The Fund held no investments or other financial instruments as of September 30, 2009 whose fair value was determined using Level 3 inputs.

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Eaton Vance Enhanced Equity Income Fund as of March 31, 2010

NOTICE TO SHAREHOLDERS (Unaudited)

In November 2009, the Board approved a change to the Funds investment policies with respect to the sale of stock underlying a call option. As part of its investment program, the Fund sells call options on a substantial portion of the stocks it holds and is required to buy back a call option before selling the stock underlying that option. The investment policy change approved by the Board allows a Fund to sell the stock underlying a call option prior to purchasing back the call option on up to 5% of the Funds net assets, provided that such sales occur no more than three days before the option buy back. Previously, call options were covered continuously.

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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 27, 2009, 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 2009. 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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BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONTD

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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, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six 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.

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 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 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, including recent changes to such personnel. 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. The Board considered the Advisers in-house research capabilities as well as other resources available to personnel of the Adviser. 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 and the Financial Industry Regulatory Authority.

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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BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONTD

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The Board considered the Advisers recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Advisers efforts and expertise with respect to each of the following matters as they relate to the Fund and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls.

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 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- and three-year periods ended September 30, 2008 for the Fund. 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 fees and total expense ratio for the year ended September 30, 2008, 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 fees 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 relevant affiliates thereof 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 and its affiliates in connection with its relationship with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-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

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, 2010, our records indicate that there are 98 registered shareholders and approximately 35,969 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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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 Privacy 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 Distributors, Inc.

In addition, our Privacy Policy applies only 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.

Investment Adviser and Administrator of

Eaton Vance Enhanced Equity Income Fund

Eaton Vance Management

Two 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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2285-5/10 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), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

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 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

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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

Effective October 20, 2009, EVM assumed responsibility for the options management of the Fund, replacing Rampart Investment Management Company, Inc. Walter A. Row and Michael A. Allison remain the portfolio managers responsible for the day-to-day management of the Funds investment portfolio.

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.

(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.

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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:	/s/ Duncan W. Richardson
	Duncan W. Richardson
	President
Date:	May 13, 2010

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:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer
Date:	May 13, 2010
By:	/s/ Duncan W. Richardson
	Duncan W. Richardson
	President
Date:	May 13, 2010

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