Per the Eaton Vance site the NAV(net asset value) of ETO was up 33% in the past year. The NAV is higher now than when they went public even after paying generous dividends for nearly 6 years. The dividend which is a combination of income and capital gains and sometimes a return of capital is paid out of these gains which have averaged 9.9% since inception.
I was referring to current earnings per share being quite a bit less than distributions per share. Dividends can't keep coming out of undistributed earnings very much longer. Dividends will start containing ROC soon if they are not cut.