Eaton Vance Enhanced Equity Income Fund Report of Earnings

BOSTON, March 5 /PRNewswire-FirstCall/ -- Eaton Vance Enhanced Equity Income Fund (NYSE: EOI), a closed-end investment company, today announced the earnings of the Fund for the three months ended December 31, 2009.  The Fund's fiscal year ends on September 30, 2010.

For the three months ended December 31, 2009, the Fund had net investment income of $978,089 ($0.024 per common share).  In comparison, for the three months ended December 31, 2008, the Fund had net investment income of $1,647,888 ($0.042 per common share).

Net realized and unrealized gains for the three months ended December 31, 2009 were $27,149,194 ($0.682 per common share).  In comparison, net realized and unrealized losses for the three months ended December 31, 2008 were $118,688,430 ($2.991 per common share).

On December 31, 2009, net assets of the Fund were $547,685,444.  The net asset value per common share on December 31, 2009 was $13.75 based on 39,831,055 common shares outstanding.  In comparison, on December 31, 2008, net assets of the Fund were $521,176,443.  The net asset value per common share on December 31, 2008 was $13.13 based on 39,685,160 common shares outstanding.  

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $161.6 billion in assets as of January 31, 2010, offering individuals and institutions a broad array of investment products and wealth management solutions.  The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors.  For more information about Eaton Vance, visit www.eatonvance.com.

    
    
             EATON VANCE ENHANCED EQUITY INCOME FUND         
                 SUMMARY OF RESULTS OF OPERATIONS            
             (in thousands, except per share amounts)        
                                                             
                                     Three Months Ended           
                                         December 31,              
                                         ------------        
                                    2009                   2008 
                                    ----                   ---- 
    Gross investment income       $2,557                  $3,127 
    Operating expenses            (1,579)                 (1,479)
                                  ------                  ------ 
      Net investment income         $978                  $1,648 
    Net realized and unrealized
     gains (losses) on
     investments                 $27,149               $(118,688)
                                 -------               --------- 
      Net increase (decrease)
       in net assets from                                        
       operations                $28,127               $(117,040)
                                 =======               ========= 
                                                             
    Earnings per Share Outstanding                           
    ------------------------------                           
    Gross investment income       $0.064                  $0.079 
    Operating expenses            (0.040)                 (0.037)
                                  ------                  ------ 
      Net investment income       $0.024                  $0.042 
    Net realized and unrealized
     gains (losses) on
     investments                  $0.682                 $(2.991)
                                  ------                 ------- 
      Net increase (decrease)
       in net assets from
       operations                 $0.706                 $(2.949)
                                  ======                 ======= 
                                                             
    Net Asset Value at December 31 (Common Shares)           
    ----------------------------------------------           
      Net assets (000)          $547,685                $521,176 
      Shares outstanding                                           
       (000)                      39,831                  39,685 
      Net asset value per                                             
       share outstanding          $13.75                  $13.13 
                                                             
    Market Value Summary (Common Shares)                    
    ------------------------------------                    
      Market price on NYSE
       at December 31             $14.19                  $12.00 
      High market price
       (three months ended                                          
       December 31)               $14.44                  $13.56 
      Low market price
       (three months ended                                          
       December 31)               $13.09                   $8.94 
    
    
    

SOURCE Eaton Vance Management

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