424B3 1 eveeif-efp20352_424b3.htm EATON VANCE ENHANCED EQUITY INCOME FUND - 424B3

Filed pursuant to Rule 424(b)(3)

File No. 333-284330

EATON VANCE ENHANCED EQUITY INCOME FUND
Supplement to Prospectus dated January 17, 2025

The following replaces the Financial Highlights contained in the Prospectus:

Selected data for a Common Share outstanding during the periods stated.

	Year Ended September 30,
	2025			2024			2023			2022			2021
Net asset value – Beginning of year	$	20.26		$	15.82		$	14.36		$	18.18		$	15.68
Income (Loss) From Operations
Net investment income (loss)⁽¹⁾	$	(0.06	)	$	(0.02	)	$	0.05		$	0.07		$	0.07
Net realized and unrealized gain (loss)		2.47			5.92			2.72			(2.59	)		3.55
Total income (loss) from operations	$	2.41			5.90		$	2.77		$	(2.52	)	$	3.62
Less Distributions
From net investment income	$	—		$	(0.01	)	$	(0.05	)	$	(0.07	)	$	(0.08	)
From net realized gain		(1.61	)		(1.37	)		(1.26	)		(1.24	)		(1.01	)
Tax return of capital		—			(0.08	)		—			—			(0.03	)
Total distributions	$	(1.61	)	$	(1.46	)	$	(1.31	)	$	(1.31	)	$	(1.12	)
Premium from common shares sold through shelf offering⁽¹⁾	$	0.00	⁽²⁾	$	—		$	0.00	⁽²⁾	$	0.01		$	0.00	⁽²⁾
Net asset value – End of year	$	21.06		$	20.26		$	15.82		$	14.36		$	18.18
Market value – End of year	$	21.00		$	20.23		$	15.85		$	14.10		$	17.90
Total Investment Return on Net Asset Value⁽³⁾		12.55	%		38.84	%		19.71	%		(14.72	)%		23.70	%
Total Investment Return on Market Value⁽³⁾		12.39	%		38.38	%		22.15	%		(14.95	)%		30.45	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	863,303		$	818,060		$	638,726		$	576,104		$	715,498
Ratios (as a percentage of average daily net assets):⁽⁴⁾
Total expenses		1.10	%		1.10	%		1.11	%		1.10	%		1.10	%
Net expenses		1.10	%⁽⁵⁾		1.10	%⁽⁵⁾		1.11	%⁽⁵⁾		1.10	%⁽⁵⁾		1.10	%
Net investment income (loss)		(0.31	)%		(0.10	)%		0.35	%		0.41	%		0.42	%
Portfolio Turnover		47	%		42	%		63	%		50	%		35	%

^{(See related footnotes.)}

	Year Ended September 30,
	2020			2019			2018			2017			2016
Net asset value – Beginning of year	$	15.06		$	15.88		$	14.47		$	13.57		$	13.40
Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.13		$	0.10		$	0.09		$	0.11		$	0.14
Net realized and unrealized gain		1.57			0.15			2.36			1.82			1.07
Total income from operations	$	1.70		$	0.25		$	2.45		$	1.94		$	1.21
Less Distributions
From net investment income	$	(0.13	)	$	(0.10	)	$	(0.09	)	$	(0.10	)	$	(0.11	)
From net realized gain		—			(0.97	)		(0.85	)		(0.12	)		—
Tax return of capital		(0.95	)		—			(0.10	)		(0.81	)		(0.93	)
Total distributions	$	(1.08	)	$	(1.07	)	$	(1.04	)	$	(1.04	)	$	(1.04	)
Premium from common shares sold through shelf offering⁽¹⁾	$	0.000	⁽⁶⁾	$	0.000	⁽⁶⁾	$	—		$	—		$	—
Net asset value – End of year	$	15.68		$	15.06		$	15.88		$	14.47		$	13.57
Market value – End of year	$	14.64		$	15.14		$	16.01		$	14.02		$	12.65
Total Investment Return on Net Asset Value⁽³⁾		12.08	%		2.11	%		17.69	%		15.36	%		9.74	%
Total Investment Return on Market Value⁽³⁾		4.09	%		1.81	%		22.46	%		19.89	%		15.29	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	616,526		$	591,013		$	622,888		$	566,770		$	531,745
Ratios (as a percentage of average daily net assets):⁽⁴⁾
Total expenses		1.11	%		1.11	%		1.11	%		1.11	%		1.12	%
Net expenses		1.11	%		0.69	%		0.60	%		0.81	%		1.00	%
Net investment income		0.84	%		0.69	%		0.60	%		0.81	%		1.00	%
Portfolio Turnover		41	%		55	%		46	%		76	%		82	%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Amount is less than $0.005.
⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.
⁽⁴⁾	Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
⁽⁵⁾	Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).
⁽⁶⁾	Amount is less than $0.0005.

December 3, 2025