Company: EOI
Filing Date: 2025-01-22
Form Type: 424B5
Source: 0001193125-25-010284
Chunk: 28

Company: Eaton Vance Enhanced Equity Income Fund
Filing Date: 2025-01-22
Form: 424B5
Chunk 28
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 its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. The Board may modify this distribution policy at any time without obtaining the approval of Common Shareholders. Common Shareholders may elect to automatically reinvest some or all of their distributions in additional Common Shares under the Fund’s dividend reinvestment plan. See “Distributions” and “Dividend Reinvestment Plan.” DIVIDEND REINVESTMENT PLAN The Fund has established a dividend reinvestment plan (the “Plan”). Under the Plan, a Common Shareholder may elect to have all dividend and capital gain distributions automatically reinvested in additional Common Shares either purchased in the open market or newly issued by the Fund if the Common Shares are trading at or above their net asset value. Common Shareholders may elect to participate in the Plan by completing the dividend reinvestment plan

application form. Common Shareholders who do not elect to participate in the Plan will receive all distributions in cash paid by check mailed directly to them by Equiniti Trust Company, LLC (“EQ”), as dividend paying agent. Common Shareholders who intend to hold their Common Shares through a broker or nominee should contact such broker or nominee to determine whether or how they may participate in the Plan. See “Dividend Reinvestment Plan.” CLOSED-ENDSTRUCTURE Closed-endfunds differ from open-endmanagement investment companies (commonly referred to as mutual funds) in that closed-endfunds generally list their shares for trading on a securities exchange and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities that are redeemable at net asset value at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous asset in-flowsand out-flowsthat can complicate portfolio management, whereas closed-endfunds generally can stay more fully invested in securities consistent with the closed-endfund’s investment objective(s) and policies. In addition, in comparison to open-endfunds, closed-endfunds have greater flexibility in the employment of financial leverage and in the ability to make certain types of investments, including investments in illiquid investments. However, common shares of closed-endfunds frequently trade at a discount from their net asset value. Since inception, the market price of the Common Shares has fluctuated and at times traded