# EDGAR Filing Document

**Accession Number:** 0001291334
**File Stem:** 0001445546-26-001948
**Filing Date:** 2026-3
**Character Count:** 209238
**Document Hash:** 2c0c3afcdc96716d90b1c42a8d9f4843
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-26-001948.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001445546-26-001948

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**EFFECTIVENESS DATE**: 20260311

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST ENHANCED EQUITY INCOME FUND
- **CENTRAL INDEX KEY:** 0001291334

**ORGANIZATION NAME:**
- **EIN:** 300261406
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21586
- **FILM NUMBER:** 26741819

**BUSINESS ADDRESS:**
- **STREET 1:** C/O FIRST TRUST PORTFOLIOS L.P.
- **STREET 2:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** C/O FIRST TRUST PORTFOLIOS L.P.
- **STREET 2:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Trust/Fiduciary Asset Management Covered Call Fund
- **DATE OF NAME CHANGE:** 20040526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Trust/Fiduciary Asset Management Covered Call Income Fund
- **DATE OF NAME CHANGE:** 20040521

?xml version='1.0' encoding='ASCII'?

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 <u>811-21586</u> 

<u>First Trust Enhanced Equity Income Fund</u>

(Exact name of registrant as specified in charter)

120 East Liberty Drive, Suite 400

 <u>Wheaton, IL 60187</u> 

(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.

First Trust Portfolios L.P.

120 East Liberty Drive, Suite 400

 <u>Wheaton, IL 60187</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(630) 765-8000</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

(a) Following is a copy of the annual report transmitted to shareholders pursuant to Rule 30e-1 under the
Act.

![](img37edc80b1.jpg)

First Trust

Enhanced Equity Income Fund (FFA)

------

Annual Report

For the Year Ended

December 31, 2025

![](img33a11f482.jpg)

![](img1980d1823.jpg)

------

**Table of Contents**

**First Trust Enhanced Equity Income Fund (FFA)** 

**Annual Report**

**December 31, 2025** 

---

| | |
|:---|:---|
| [At a Glance](#xx_7e250826-3232-4136-a561-ed8801c33a36_FPO-TOCFPO-4_1) | &nbsp;&nbsp; 2 |
| [Portfolio Commentary](#xx_7e250826-3232-4136-a561-ed8801c33a36_PC-TOCcommentary-4_1) | &nbsp;&nbsp; 3 |
| [Portfolio of Investments](#xx_7e250826-3232-4136-a561-ed8801c33a36_SOI-SOIfooter-4_1) | &nbsp;&nbsp; 6 |
| [Statement of Assets and Liabilities](#xx_7e250826-3232-4136-a561-ed8801c33a36_SAL-SALfooter-4_1) | &nbsp;&nbsp; 10 |
| [Statement of Operations](#xx_7e250826-3232-4136-a561-ed8801c33a36_SOP-SOPfootnote-4_1) | &nbsp;&nbsp; 11 |
| [Statements of Changes in Net Assets](#xx_7e250826-3232-4136-a561-ed8801c33a36_SOC-SOCfooter-4_1) | &nbsp;&nbsp; 12 |
| [Financial Highlights](#xx_7e250826-3232-4136-a561-ed8801c33a36_FiHi-FiHifooter-4_1) | &nbsp;&nbsp; 13 |
| [Notes to Financial Statements](#xx_7e250826-3232-4136-a561-ed8801c33a36_NTF-TOCnotes-4_1) | &nbsp;&nbsp; 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_7e250826-3232-4136-a561-ed8801c33a36_Audit-TOCauditletter-4_1) | &nbsp;&nbsp; 20 |
| [Additional Information](#xx_7e250826-3232-4136-a561-ed8801c33a36_AI-TOCadditionalinfo-4_1) | &nbsp;&nbsp; 21 |
| [Investment Objective, Policies and Risks](#xx_7e250826-3232-4136-a561-ed8801c33a36_IOPIPPR-TOCFundInvestmentObjectivesPIPandPRisks-4_1) | &nbsp;&nbsp; 23 |
| [Board of Trustees and Officers](#xx_7e250826-3232-4136-a561-ed8801c33a36_TO-TOCtrustees-4_1) | &nbsp;&nbsp; 30 |
| [Privacy Policy](#xx_7e250826-3232-4136-a561-ed8801c33a36_PP-TOCprivacy-4_1) | &nbsp;&nbsp; 32 |

---

------

**Caution Regarding Forward-Looking Statements**

This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. ("First Trust" or the "Advisor") and/or Chartwell Investment Partners, LLC ("Chartwell" or the "Sub-Advisor") and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of First Trust Enhanced Equity Income Fund (the "Fund") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub-Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

**Managed Distribution Policy**

The Board of Trustees of the Fund has approved a managed distribution policy for the Fund (the "Plan") in reliance on exemptive relief received from the Securities and Exchange Commission which permits the Fund to make periodic distributions of long-term capital gains more frequently than otherwise permitted with respect to its common shares subject to certain conditions. Under the Plan, the Fund currently intends to pay a quarterly distribution in the amount of $0.3875 per share. A portion of this quarterly distribution may include realized capital gains. This may result in a reduction of the long-term capital gain distribution necessary at year end by distributing realized capital gains throughout the year. The annual distribution rate is independent of the Fund's performance during any particular period but is expected to correlate with the Fund's performance over time. Accordingly, you should not draw any conclusions about the Fund's investment performance from the amount of any distribution or from the terms of the Plan. The Board of Trustees may amend or terminate the Plan at any time without prior notice to shareholders.

**Performance and Risk Disclosure**

There is no assurance that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See "Principal Risks" in the Investment Objective, Policies, and Risks section of this report for a discussion of certain other risks of investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and common share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

The Advisor may also periodically provide additional information on Fund performance on the Fund's web page at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund's performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund's performance. The statistical information that follows may help you understand the Fund's performance compared to that of relevant market benchmarks.

It is important to keep in mind that the opinions expressed by personnel of First Trust and Chartwell are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, this report and other Fund regulatory filings.

------

**First Trust Enhanced Equity Income Fund (FFA)**

**"AT A GLANCE"** 

**As of December 31, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| Symbol on New York Stock Exchange | FFA |
| Common Share Price | $22.02 |
| Common Share Net Asset Value ("NAV") | $23.72 |
| Premium (Discount) to NAV | (7.17)%<br>|
| Net Assets Applicable to Common Shares | $474115273 |
| Current Quarterly Distribution per Common Share<sup>(1)</sup> | $0.3875 |
| Current Annualized Distribution per Common Share | $1.5500 |
| Current Distribution Rate on Common Share Price<sup>(2)</sup> | 7.04<br> %<br>|
| Current Distribution Rate on NAV<sup>(2)</sup> | 6.53<br> %<br>|

---

**Common Share Price & NAV (weekly closing price)** ![](img9a6feb264.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Performance** |  |  |  |  |
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year Ended<br> 12/31/25<br>| &nbsp;&nbsp;&nbsp; 5 Years Ended<br> 12/31/25<br>| &nbsp;&nbsp;&nbsp; 10 Years Ended<br> 12/31/25<br>| &nbsp;&nbsp;&nbsp; Inception (8/26/04)<br> to 12/31/25<br>|
| **Fund Performance**<sup>(3)</sup> |  |  |  |  |
| NAV | 20.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25<br> %<br>|
| Market Value | 14.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.64<br> %<br>|
| **Index Performance** |  |  |  |  |
| S&P 500<sup>®</sup> Index | 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.49<br> %<br>|
| Cboe S&P 500<sup>®</sup> BuyWrite Monthly Index | 8.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.64<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Total**<br> **Investments**<br>|
| Apple, Inc. | 9.2% |
| Microsoft Corp. | 9.1 |
| NVIDIA Corp. | 7.1 |
| Alphabet, Inc., Class C | 6.7 |
| JPMorgan Chase & Co. | 4.2 |
| Broadcom, Inc. | 3.7 |
| Amazon.com, Inc. | 2.5 |
| Eli Lilly & Co. | 2.1 |
| Cisco Systems, Inc. | 1.9 |
| Coca-Cola (The) Co. | 1.9 |
| Total | &nbsp;&nbsp; 48.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Total**<br> **Investments**<br>|
| Information Technology  | 36.6% |
| Financials  | 14.8 |
| Communication Services  | 11.4 |
| Health Care  | 9.2 |
| Consumer Discretionary  | 8.7 |
| Industrials  | 6.7 |
| Consumer Staples  | 4.8 |
| Utilities  | 2.2 |
| Energy  | 1.9 |
| Materials  | 1.9 |
| Real Estate  | 1.8 |
| Total | &nbsp;&nbsp; 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund Allocation** | **% of Net Assets** |
| Common Stocks | 98.4% |
| Common Stocks - Business Development Companies | 0.9 |
| Call Options Written | &nbsp;&nbsp; (0.1) |
| Net Other Assets and Liabilities | 0.8 |
| Total | &nbsp;&nbsp; 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup>

Most recent distribution paid through December 31, 2025. Subject to change in the future.

<sup>(2)</sup>

Distribution rates are calculated by annualizing the most recent distribution paid through the report date and then dividing by Common Share Price or NAV, as applicable, as of December 31, 2025. Subject to change in the future.

<sup>(3)</sup>

Total return is based on the combination of reinvested dividend, capital gain and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results.

------

**Portfolio Commentary**

**First Trust Enhanced Equity Income Fund (FFA)**

**Annual Report**

**December 31, 2025 (Unaudited)**

**Advisor**

First Trust Advisors L.P. ("First Trust" or the "Advisor") is the investment advisor to the First Trust Enhanced Equity Income Fund (the "Fund"). First Trust is responsible for the ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

**Sub-Advisor**

Chartwell Investment Partners, LLC ("Chartwell"), a wholly-owned subsidiary of Raymond James Investment Management, is a research-based equity and fixed-income manager with a disciplined, team-oriented investment process. Chartwell is the portfolio manager of the Fund.

**Portfolio Management Team**

**Douglas W. Kugler, CFA**

**Senior Portfolio Manager**

**Jeffrey D. Bilsky**

**Senior Portfolio Manager**

**Commentary**

**First Trust Enhanced Equity Income Fund**

The Fund's investment objective is to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The Fund pursues its investment objective by investing in a diversified portfolio of equity securities. Under normal market conditions, the Fund pursues an integrated investment strategy in which the Fund invests substantially all of its Managed Assets in a diversified portfolio of common stocks of U.S. corporations and U.S. dollar-denominated equity securities of non-U.S. issuers in each case that are traded on U.S. securities exchanges. In addition, on an ongoing and consistent basis, the Fund writes (sells) covered call options on a portion of the Fund's Managed Assets. "Managed Assets" means the total asset value of the Fund minus the sum of the Fund's liabilities, including the value of call options written (sold). There can be no assurance that the Fund's investment objective will be achieved. The Fund may not be appropriate for all investors.

**Market Recap** 

Stock markets continued their rally in 2025. After rising over 25% in each of the last two years, the S&P 500<sup>®</sup> Index (the "Index") rose another 17.88% (on a total return basis) in 2025. This brings the three-year total return for calendar years 2023 - 2025 to 86.11%, which is the second highest three-year stretch since the three-year period ending in 1999. While in the first half of this year the Index was up a solid 6.20%, the second half accelerated to an 11.00% return. The Index rose steadily throughout the last six months of 2025 led mainly by the Communication Services, Health Care and Information Technology sectors. This increase happened despite continued geo-political turmoil both domestically and internationally and, in our opinion, was mostly driven by better-than-expected corporate profits and an overall healthy domestic economy despite some signs of weakness being seen by companies within their lower income customers. The concentration of returns in the Index from a small group of larger capitalization stocks has been something that has been written about for a number of years. Overall, 2025 continued that trend with the "Magnificent Seven" (Apple, Inc., Microsoft Corp., Tesla, Inc., Meta Platforms, Inc., Alphabet, Inc., NVIDIA Corp., and Amazon.com, Inc.) contributing about 43% of the Index's total return for the year. However, something was different in the second half of the year compared to the first half - small-cap stocks performed better than large-cap stocks as shown by the Russell 2000<sup>®</sup> Index rising just under 15% for the back half of 2025 versus the Index's 11% return. We believe this could be the "broadening out" of performance that many market experts have hoped to see.

------

**Portfolio Commentary (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**Annual Report**

**December 31, 2025 (Unaudited)**

**Performance Analysis** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year Ended<br> 12/31/25<br>| &nbsp;&nbsp; 5 Years Ended<br> 12/31/25<br>| &nbsp;&nbsp; 10 Years Ended<br> 12/31/25<br>| &nbsp;&nbsp; Inception (8/26/04)<br> to 12/31/25<br>|
| **Fund Performance**<sup>(</sup><sup>1</sup><sup>)</sup> <br>|  |  |  |  |
| NAV | 20.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25<br> %<br>|
| Market Value | 14.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.64<br> %<br>|
| **Index Performance** |  |  |  |  |
| S&P 500<sup>®</sup> Index | 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.49<br> %<br>|
| Cboe S&P 500<sup>®</sup> BuyWrite Monthly Index | 8.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.64<br> %<br>|

---

![](imgd0d9f8655.jpg)

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.

**Performance Summary**

For the 12-month period ended December 31, 2025, the Fund's net asset value ("NAV") and market value returns<sup>(1)</sup> were 20.24% and 14.05% on a total return basis, respectively. The Index returned 17.88% on a total return basis over the same period. The covered call options program had a slight negative influence on the Fund's return for the period, which we would expect given the Index's and the Fund's strength during the period. Overall, the equity portfolio outperformed the Index during the period despite two broad themes in the market being headwinds to performance. As we have written about in the past, our approach in managing the Fund is to create a portfolio with a yield that is higher than that of the market while also having an overall valuation that is lower than that of the market. This causes the portfolio to have a slight tilt towards the value side of the value/growth continuum. For the period, the Russell 1000<sup>®</sup> Value Index trailed its Growth counterpart by approximately 2.6 percentage points. Another headwind was that higher-yielding stocks lagged lower-yielding stocks as shown by a Bank of America Merrill Lynch study. This study segmented the Index into those stocks with the highest yields and those with the lowest yields and compared their relative performance. For the period, the 200 stocks in the Index with the lowest yields outperformed the 200 stocks in the Index with the highest yields by almost 6 percentage points.

Specifically, within the equity portfolio, positive stock selection was the driver of the outperformance with a smaller positive impact from the allocation of investments between sectors and groups. Positively impacting allocation was an overweight to the Banks group combined with an underweight to the Consumer Discretionary sector which was one of the worst-performing sectors in the Index. Also helping sector allocation was an underweight to the Health Care sector. These beneficial allocations were offset by the Fund's holding of Cash and a slight overweight in the Consumer Staples sector. Stock selection, as previously mentioned, was the main driver of the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup>

Total return is based on the combination of reinvested dividend, capital gain and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year.

------

**Portfolio Commentary (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**Annual Report**

**December 31, 2025 (Unaudited)**

equity portfolio's outperformance. The strongest stock selection occurred in the Financials and Industrials sectors where the Fund was overweight Goldman Sachs Group Inc. (56.61%), Morgan Stanley (45.18%), Caterpillar Inc. (60.30%) and Vertiv Holdings Co-Class A (42.80%). Weak stock selection occurred in the Health Care sector and the Banks group and was caused by overweights in United Health Group Inc. (-33.11%), Danaher Corp. (-23.80%), Huntington Bancshares, Inc. (10.77%) and not holding Citigroup, Inc. (70.37%)

**Market Outlook**

As has happened many times in the past, the equity markets rose in the face of the proverbial "wall of worry" this year. At the start of the year, there were questions about what the newly elected administration's impact would be on the economy, (e.g. tariffs), on the nation's social fabric (e.g. immigration) and the world's geo-politics. The impacts on these areas, and others, have been significant to say the least. However, the equity markets, even with one significant (but short-lived) drawdown, continued to go higher. The domestic economy and the U.S. consumer remained resilient and shrugged off the impact of tariffs, as companies found ways to mitigate the effect to their bottom-lines. Corporate investment in artificial intelligence ("AI") was breath-taking during the period and most likely helped support the economy and the markets. The passage of some economically stimulative legislation which will have its impact in 2026, three 25 basis point reductions in the Federal Funds rate in 2025, the prospect for additional cuts, and better than expected corporate profits, provided additional fuel to the market. However, there continue to be "worries" for the markets to deal with in the upcoming year: Will the newly named Chairman of the Federal Reserve Board and the Board itself be able to maintain the independence that the markets would like to see? Continued geo-political uncertainties (i.e. Greenland, Iran, China, Ukraine); Questions around the U.S. economy (i.e. softening job market, where is inflation headed, bifurcated ("K"-shaped) economy); Will the adoption of AI be large enough and effective enough to justify the enormous amount of money being spent? Will the slight broadening of the performance of the equity markets continue and maybe expand further?

History tells us that the market will find a way to deal with these issues and continue its upward march. This is our base-case scenario. There can always be a "black swan" event that could have an outsized impact on the economy and the markets, but unless such an event occurs, we believe that the domestic economy and the consumers within it will remain resilient. That should support continued strong corporate profit growth that would underpin the equity markets. However, given the current valuation of the market, the length and size of the current rally, and the history of the market during the second year of the presidential cycle and mid-term elections, we believe that the volatility the market saw in April 2025 has a good chance of being repeated.

While we await a clearer view of the future, we will continue to manage the Fund with the objective of providing a high level of current income and gains and, to a lesser extent, capital appreciation over the market cycle.

**Managed Distribution Policy**

The Fund's managed distribution policy (the "Plan") permits the Fund to make periodic distributions of long-term capital gains as frequently as quarterly each tax year. The plan has no impact on the Fund's investment strategy and may reduce the Fund's NAV. However, the Advisor believes the policy helps maintain the Fund's competitiveness and may benefit the Fund's market price and premium/discount to the Fund's NAV. Under the Plan, the Fund currently intends to continue to pay a recurring quarterly distribution in the amount of $0.3875 per Common Share that reflects the distributable cash flow of the Fund. Based on the $0.3875 per share quarterly Common Share distribution, the annualized distribution rate as of December 31, 2025 was 6.53% at NAV and 7.04% at market price. For the 12-month period ended December 31, 2025, 6% of the distributions were characterized as ordinary income and 94% were categorized as realized gain. The final determination of the source and tax status of all 2025 distributions will be made after the end of 2025 and will be provided on Form 1099-DIV. The foregoing is not to be construed as tax advice. Please consult your tax advisor for further information regarding tax matters.

------

**First Trust Enhanced Equity Income Fund (FFA)**

**Portfolio of Investments** 

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS – 98.4%**  | **COMMON STOCKS – 98.4%**  | **COMMON STOCKS – 98.4%**  |
|  | **Aerospace & Defense – 0.7%** |  |
| 2500 | TransDigm Group, Inc.  | $3324625 |
|  | **Air Freight & Logistics – 1.3%** |  |
| 21000 | FedEx Corp. (a) | 6066060 |
|  | **Banks – 6.3%** |  |
| 390000 | Huntington Bancshares, Inc. (a) | 6766500 |
| 61000 | JPMorgan Chase & Co. (a) | 19655420 |
| 17500 | PNC Financial Services Group (The), Inc.  | 3652775 |
|  |  | 30074695 |
|  | **Beverages – 2.3%** |  |
| 125000 | Coca-Cola (The) Co. (a) | 8738750 |
| 140000 | Primo Brands Corp. (a) | 2289000 |
|  |  | 11027750 |
|  | **Biotechnology – 1.7%** |  |
| 36000 | AbbVie, Inc. (a) | 8225640 |
|  | **Broadline Retail – 2.4%** |  |
| 50000 | Amazon.com, Inc. (a) (b) | 11541000 |
|  | **Capital Markets – 3.0%** |  |
| 8000 | Goldman Sachs Group (The), Inc. (a) (c) | 7032000 |
| 40000 | Morgan Stanley (a) | 7101200 |
|  |  | 14133200 |
|  | **Chemicals – 1.3%** |  |
| 14000 | Linde PLC (a) | 5969460 |
|  | **Communications Equipment – 2.5%** |  |
| 21500 | Arista Networks, Inc. (b) (c) | 2817145 |
| 117500 | Cisco Systems, Inc. (a) | 9051025 |
|  |  | 11868170 |
|  | **Consumer Finance – 0.9%** |  |
| 18000 | Capital One Financial Corp. (c) | 4362480 |
|  | **Consumer Staples Distribution & Retail – 1.1%** |  |
| 5800 | Costco Wholesale Corp. (a) | 5001572 |
|  | **Diversified Telecommunication Services – 1.9%** |  |
| 150000 | AT&T, Inc.  | 3726000 |
| 125000 | Verizon Communications, Inc.  | 5091250 |
|  |  | 8817250 |
|  | **Electric Utilities – 2.2%** |  |
| 42500 | American Electric Power Co., Inc. (a) | 4900675 |
| 155000 | PPL Corp. (a) | 5428100 |
|  |  | 10328775 |
|  | **Electrical Equipment – 1.9%** |  |
| 34700 | nVent Electric PLC  | 3538359 |
| 33500 | Vertiv Holdings Co., Class A (c) | 5427335 |
|  |  | 8965694 |
|  | **Entertainment – 1.6%** |  |
| 25000 | Netflix, Inc. (a) (b) | 2344000 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Equity Income Fund (FFA)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
|  | **Entertainment (Continued)** |  |
| 20100 | Take-Two Interactive Software, Inc. (b) (c) | $5146203 |
|  |  | 7490203 |
|  | **Financial Services – 1.6%** |  |
| 22000 | Visa, Inc., Class A (a) | 7715620 |
|  | **Ground Transportation – 1.1%** |  |
| 70000 | Canadian Pacific Kansas City Ltd. (a) | 5154100 |
|  | **Health Care Equipment & Supplies – 0.8%** |  |
| 40000 | Medtronic PLC  | 3842400 |
|  | **Health Care Providers & Services – 2.1%** |  |
| 7800 | McKesson Corp. (a) | 6398262 |
| 10400 | UnitedHealth Group, Inc.  | 3433144 |
|  |  | 9831406 |
|  | **Hotels, Restaurants & Leisure – 3.5%** |  |
| 61000 | Carnival Corp. (a) (b) | 1862940 |
| 73000 | Las Vegas Sands Corp. (c) | 4751570 |
| 21000 | McDonald's Corp. (a) | 6418230 |
| 40000 | Starbucks Corp. (c) | 3368400 |
|  |  | 16401140 |
|  | **Insurance – 1.9%** |  |
| 16500 | Arthur J. Gallagher & Co.  | 4270035 |
| 15000 | Chubb Ltd. (a) | 4681800 |
|  |  | 8951835 |
|  | **Interactive Media & Services – 7.8%** |  |
| 100000 | Alphabet, Inc., Class C (a) | 31380000 |
| 8800 | Meta Platforms, Inc., Class A (a) | 5808792 |
|  |  | 37188792 |
|  | **IT Services – 1.8%** |  |
| 22000 | International Business Machines Corp. (a) | 6516620 |
| 23000 | Okta, Inc. (b) (c) | 1988810 |
|  |  | 8505430 |
|  | **Life Sciences Tools & Services – 1.1%** |  |
| 9000 | Thermo Fisher Scientific, Inc.  | 5215050 |
|  | **Machinery – 1.7%** |  |
| 14000 | Caterpillar, Inc. (a) | 8020180 |
|  | **Metals & Mining – 0.6%** |  |
| 56700 | Freeport-McMoRan, Inc. (a) (c) | 2879793 |
|  | **Oil, Gas & Consumable Fuels – 1.9%** |  |
| 20500 | Chevron Corp.  | 3124405 |
| 50000 | Exxon Mobil Corp. (a) | 6017000 |
|  |  | 9141405 |
|  | **Pharmaceuticals – 3.4%** |  |
| 9000 | Eli Lilly & Co. (a) (c) | 9672120 |
| 61000 | Merck & Co., Inc. (a) | 6420860 |
|  |  | 16092980 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Equity Income Fund (FFA)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
|  | **Semiconductors & Semiconductor Equipment – 12.3%** |  |
| 50000 | Broadcom, Inc. (a) | $17305000 |
| 36800 | Marvell Technology, Inc. (c) | 3127264 |
| 14500 | Micron Technology, Inc. (c) | 4138445 |
| 180000 | NVIDIA Corp. (a) (c) | 33570000 |
|  |  | 58140709 |
|  | **Software – 10.6%** |  |
| 9300 | CrowdStrike Holdings, Inc., Class A (a) (b) (c) | 4359468 |
| 88900 | Microsoft Corp. (a) | 42993818 |
| 15000 | Oracle Corp.  | 2923650 |
|  |  | 50276936 |
|  | **Specialized REITs – 1.8%** |  |
| 107000 | Gaming and Leisure Properties, Inc.  | 4781830 |
| 30000 | Lamar Advertising Co., Class A  | 3797400 |
|  |  | 8579230 |
|  | **Specialty Retail – 1.7%** |  |
| 1100 | AutoZone, Inc. (b) | 3730650 |
| 21000 | Dick's Sporting Goods, Inc. (a) | 4157370 |
|  |  | 7888020 |
|  | **Technology Hardware, Storage & Peripherals – 9.1%** |  |
| 159000 | Apple, Inc. (a) | 43225740 |
|  | **Textiles, Apparel & Luxury Goods – 1.1%** |  |
| 15000 | Ralph Lauren Corp.  | 5304150 |
|  | **Tobacco – 1.4%** |  |
| 42000 | Philip Morris International, Inc. (a) | 6736800 |
|  | **Total Common Stocks** | 466288290 |
|  | (Cost $257,319,012) |  |
| **COMMON STOCKS – BUSINESS DEVELOPMENT COMPANIES – 0.9%**  | **COMMON STOCKS – BUSINESS DEVELOPMENT COMPANIES – 0.9%**  | **COMMON STOCKS – BUSINESS DEVELOPMENT COMPANIES – 0.9%**  |
|  | **Capital Markets – 0.9%** |  |
| 215000 | Ares Capital Corp.  | 4349450 |
|  | (Cost $3,728,891) |  |
|  | **Total Investments – 99.3%** | 470637740 |
|  | (Cost $261,047,903)  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br> **Contracts**<br>| **Description** | **Notional** <br> **Amount**<br>| **Exercise** <br> **Price**<br>| **Expiration** <br> **Date**<br>| **Value** |
| **WRITTEN OPTIONS – (0.1)%** | **WRITTEN OPTIONS – (0.1)%** | **WRITTEN OPTIONS – (0.1)%** | **WRITTEN OPTIONS – (0.1)%** | **WRITTEN OPTIONS – (0.1)%** | **WRITTEN OPTIONS – (0.1)%** |
|  | **Call Options Written – (0.1)%** |  |  |  |  |
| (45)<br>| Arista Networks, Inc. | $(589635)<br>| $143.00 | 01/16/26 | (4275)<br>|
| (60)<br>| Capital One Financial Corp. | (1454160)<br>| 260.00 | 02/20/26 | (25200)<br>|
| (20)<br>| CrowdStrike Holdings, Inc., Class A | (937520)<br>| 600.00 | 01/16/26 | (140)<br>|
| (20)<br>| Eli Lilly & Co. | (2149360)<br>| 1140.00 | 01/16/26 | (11000)<br>|
| (150)<br>| Freeport-McMoRan, Inc. | (761850)<br>| 55.00 | 02/20/26 | (22500)<br>|
| (25)<br>| Goldman Sachs Group (The), Inc. | (2197500)<br>| 940.00 | 01/16/26 | (12675)<br>|
| (100)<br>| Las Vegas Sands Corp. | (650900)<br>| 70.00 | 02/20/26 | (16400)<br>|
| (200)<br>| Las Vegas Sands Corp. | (1301800)<br>| 72.50 | 02/20/26 | (21800)<br>|
| (65)<br>| Marvell Technology, Inc. | (552370)<br>| 100.00 | 01/16/26 | (1885)<br>|
| (110)<br>| Marvell Technology, Inc. | (934780)<br>| 105.00 | 01/16/26 | (1540)<br>|
| (55)<br>| Micron Technology, Inc. | (1569755)<br>| 320.00 | 01/16/26 | (15950)<br>|

---

See Notes to Financial Statements

------

**First Trust Enhanced Equity Income Fund (FFA)**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br> **Contracts**<br>| **Description** | **Notional** <br> **Amount**<br>| **Exercise** <br> **Price**<br>| **Expiration** <br> **Date**<br>| **Value** |
| **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** | **WRITTEN OPTIONS (Continued)** |
|  | **Call Options Written (Continued)** |  |  |  |  |
| (90)<br>| Micron Technology, Inc. | $(2568690)<br>| $335.00 | 01/16/26 | $(12690)<br>|
| (360)<br>| NVIDIA Corp. | (6714000)<br>| 210.00 | 02/20/26 | (108000)<br>|
| (50)<br>| Okta, Inc. | (432350)<br>| 97.50 | 02/20/26 | (3950)<br>|
| (100)<br>| S&P 500<sup>®</sup> Index (d) | (68455000)<br>| 7075.00 | 01/16/26 | (26000)<br>|
| (225)<br>| S&P 500<sup>®</sup> Index (d) | (154023750)<br>| 7100.00 | 01/16/26 | (37350)<br>|
| (100)<br>| S&P 500<sup>®</sup> Index (d) | (68455000)<br>| 7125.00 | 01/16/26 | (10600)<br>|
| (100)<br>| Starbucks Corp. | (842100)<br>| 100.00 | 02/20/26 | (5700)<br>|
| (60)<br>| Take-Two Interactive Software, Inc. | (1536180)<br>| 280.00 | 02/20/26 | (28200)<br>|
| (120)<br>| Vertiv Holdings Co., Class A | (1944120)<br>| 185.00 | 01/16/26 | (11400)<br>|
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (377255)<br>|
|  | (Premiums received $770,224)  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net Other Assets and Liabilities – 0.8%** | 3854788 |
| **Net Assets – 100.0%** | $474115273 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are pledged to cover index call options written.
 At December 31, 2025, the segregated value of these securities amounts to $296,404,162.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of this security's position represents cover for outstanding options written.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Call options on securities indices were written on a portion of the common stock positions
 that were not used to cover call options written on individual equity securities held in the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 3A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total**<br> **Value at**<br> **12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | &nbsp;&nbsp; $466288290 | &nbsp;&nbsp;&nbsp;&nbsp; $466288290 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Common Stocks - Business Development Companies\* | &nbsp;&nbsp; 4349450 | &nbsp;&nbsp;&nbsp;&nbsp; 4349450 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $470637740 | &nbsp;&nbsp;&nbsp;&nbsp; $470637740 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total**<br> **Value at**<br> **12/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Written Options | &nbsp;&nbsp; $(377255)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(377255)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Enhanced Equity Income Fund (FFA)**

**Statement of Assets and Liabilities** 

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $470637740 |
| Cash | 4041310 |
| Receivables: |  |
| Dividends | 325182 |
| Reclaims | 713 |
| Prepaid expenses | 2565 |
| Total Assets | 475007510 |
| **LIABILITIES:** |  |
| Options contracts written, at value | 377255 |
| Payables: |  |
| Investment advisory fees | 406840 |
| Audit and tax fees | 48061 |
| Shareholder reporting fees | 29656 |
| Administrative fees | 20472 |
| Custodian fees | 2791 |
| Legal fees | 2622 |
| Transfer agent fees | 2135 |
| Financial reporting fees | 833 |
| Other liabilities | 1572 |
| Total Liabilities | 892237 |
| **NET ASSETS** | $474115273 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $263987224 |
| Par value | 199881 |
| Accumulated distributable earnings (loss) | 209928168 |
| **NET ASSETS** | $474115273 |
| **NET ASSET VALUE,** per Common Share (par value $0.01 per Common Share) | $23.72 |
| Number of Common Shares outstanding (unlimited number of Common Shares has been authorized) | 19988085 |
| Investments, at cost | $261047903 |
| Premiums received on options contracts written | $770224 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Equity Income Fund (FFA)**

**Statement of Operations** 

**For the Year Ended December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | &nbsp;&nbsp; $6457971 |
| Interest | &nbsp;&nbsp; 80278 |
| Foreign withholding tax | &nbsp;&nbsp; (6618)<br>|
| Other | &nbsp;&nbsp; 13 |
| Total investment income | &nbsp;&nbsp; 6531644 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp; 4368201 |
| Administrative fees | &nbsp;&nbsp; 192133 |
| Shareholder reporting fees | &nbsp;&nbsp; 112782 |
| Audit and tax fees | &nbsp;&nbsp; 55100 |
| Trustees' fees and expenses | &nbsp;&nbsp; 54318 |
| Listing fees | &nbsp;&nbsp; 24600 |
| Legal fees | &nbsp;&nbsp; 24078 |
| Transfer agent fees | &nbsp;&nbsp; 23664 |
| Custodian fees | &nbsp;&nbsp; 11143 |
| Financial reporting fees | &nbsp;&nbsp; 9625 |
| Other | &nbsp;&nbsp; 14711 |
| Total expenses | &nbsp;&nbsp; 4890355 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; 1641289 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 30485665 |
| Written options contracts | &nbsp;&nbsp; (4098694)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 145 |
| Net realized gain (loss) | &nbsp;&nbsp; 26387116 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 52526572 |
| Written options contracts | &nbsp;&nbsp; 194359 |
| Foreign currency translation | &nbsp;&nbsp; (52)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 52720879 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; 79107995 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $80749284 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Equity Income Fund (FFA)**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year**<br> **Ended**<br> **12/31/2025** <br>| **Year**<br> **Ended**<br> **12/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1641289 | &nbsp;&nbsp; $2471950 |
| Net realized gain (loss) | 26387116 | &nbsp;&nbsp; 25899798 |
| Net change in unrealized appreciation (depreciation) | 52720879 | &nbsp;&nbsp; 47191500 |
| Net increase (decrease) in net assets resulting from operations | 80749284 | &nbsp;&nbsp; 75563248 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations | (29482425)<br>| &nbsp;&nbsp; (27283736)<br>|
| Total increase (decrease) in net assets | 51266859 | &nbsp;&nbsp; 48279512 |
| **NET ASSETS:** |  |  |
| Beginning of period | 422848414 | &nbsp;&nbsp; 374568902 |
| End of period | $474115273 | &nbsp;&nbsp; $422848414 |
| **COMMON SHARES:** |  |  |
| Common Shares at end of period | 19988085 | &nbsp;&nbsp; 19988085 |

---

See Notes to Financial Statements

------

**First Trust Enhanced Equity Income Fund (FFA)**

**Financial Highlights** 

**For a Common Share outstanding throughout each period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $21.16 | &nbsp;&nbsp;&nbsp;&nbsp; $18.74 | &nbsp;&nbsp;&nbsp;&nbsp; $16.69 | &nbsp;&nbsp;&nbsp;&nbsp; $21.38 | &nbsp;&nbsp;&nbsp;&nbsp; $18.29 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) | 0.08<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br>|
| Net realized and unrealized gain (loss) | 3.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.58) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> (b)<br>|
| Total from investment operations | 4.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.09) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18) <br>|
| Net realized gain | (1.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.25) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.08) <br>|
| Total distributions paid to Common Shareholders | (1.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.26) <br>|
| Net asset value, end of period | $23.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.38<br>|
| Market value, end of period | $22.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.29<br>|
| **Total return based on net asset value** (c) | 20.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.84)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.38<br> % (b)<br>|
| **Total return based on market value** (c) | 14.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.19)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.56<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $474115<br>| &nbsp;&nbsp;&nbsp;&nbsp; $422848<br>| &nbsp;&nbsp;&nbsp;&nbsp; $374569<br>| &nbsp;&nbsp;&nbsp;&nbsp; $333518<br>| &nbsp;&nbsp;&nbsp;&nbsp; $427233<br>|
| Ratio of total expenses to average net assets | 1.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 0.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> % <br>|
| Portfolio turnover rate | 18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund received a reimbursement from Chartwell in the amount of $17,250, which represents
 less than $0.01 per share. Since the Fund was reimbursed, there was no effect on the Fund's total return.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return is based on the combination of reinvested dividend, capital gain and
 return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan, and changes in net asset value per share
 for net asset value returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load
 and are not annualized for periods of less than one year. Past performance is not indicative of future results.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Enhanced Equity Income Fund (the "Fund") is a diversified, closed-end management investment company organized as a Massachusetts business trust on May 20, 2004, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund trades under the ticker symbol "FFA" on the New York Stock Exchange ("NYSE").

The Fund's investment objective is to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The Fund pursues its investment objective by investing in a diversified portfolio of equity securities. Under normal market conditions, the Fund pursues an integrated investment strategy in which the Fund invests substantially all of its Managed Assets in a diversified portfolio of common stocks of U.S. corporations and U.S. dollar-denominated equity securities of non-U.S. issuers, in each case that are traded on U.S. securities exchanges. In addition, on an ongoing and consistent basis, the Fund writes (sells) covered call options on a portion of the Fund's Managed Assets. "Managed Assets" means the total asset value of the Fund minus the sum of the Fund's liabilities, including the value of call options written (sold). There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

**2. Managed Distribution Policy**

The Board of Trustees of the Fund has approved a managed distribution policy for the Fund (the "Plan") in reliance on exemptive relief received from the SEC that permits the Fund to make periodic distributions of long-term capital gains more frequently than otherwise permitted with respect to its common shares subject to certain conditions. Under the Plan, the Fund currently intends to pay a quarterly distribution in the amount of $0.3875 per share. A portion of this quarterly distribution may include realized capital gains. This may result in a reduction of the long-term capital gain distribution necessary at year end by distributing realized capital gains throughout the year. The annual distribution rate is independent of the Fund's performance during any particular period but is expected to correlate with the Fund's performance over time. Accordingly, you should not draw any conclusions about the Fund's investment performance from the amount of any distribution or from the terms of the Plan. The Board of Trustees may amend or terminate the Plan at any time without prior notice to shareholders.

**3. Significant Accounting Policies**

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The net asset value ("NAV") of the Common Shares of the Fund is determined daily as of the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. The Fund's NAV per Common Share is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses, the value of call options written (sold) and dividends declared but unpaid) by the total number of Common Shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Fund's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025**

Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for similar investments in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of December 31, 2025, is included with the Fund's Portfolio of Investments.

**B. Option Contracts**

The Fund is subject to equity price risk in the normal course of pursuing its investment objective and may write (sell) options to hedge against changes in the value of equities. Also, the Fund seeks to generate additional income, in the form of premiums received, from

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025**

writing (selling) the options. The Fund may write (sell) covered call options ("options") on all or a portion of the equity securities held in the Fund's portfolio and on securities indices as determined to be appropriate by Chartwell Investment Partners, LLC ("Chartwell" or the "Sub-Advisor"), consistent with the Fund's investment objective. The number of options the Fund can write (sell) is limited by the amount of equity securities the Fund holds in its portfolio. Options on securities indices are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security and are similar to options on single securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of securities. The Fund will not write (sell) "naked" or uncovered options. If certain equity securities held in the Fund's portfolio are not covered by a related call option on the individual equity security, securities index options may be written on all or a portion of such uncovered securities. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in "Options written, at value" on the Fund's Statement of Assets and Liabilities. Options are marked-to-market daily and their value will be affected by changes in the value and dividend rates of the underlying equity securities, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying equity securities and the remaining time to the options' expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or trading volume diminishes.

Options the Fund writes (sells) will either be exercised, expire or be canceled pursuant to a closing transaction. If the price of the underlying equity security exceeds the option's exercise price, it is likely that the option holder will exercise the option. If an option written (sold) by the Fund is exercised, the Fund would be obligated to deliver the underlying equity security to the option holder upon payment of the strike price. In this case, the option premium received by the Fund will be added to the amount realized on the sale of the underlying security for purposes of determining gain or loss and is included in "Net realized gain (loss) on investments" on the Statement of Operations. If the price of the underlying equity security is less than the option's strike price, the option will likely expire without being exercised. The option premium received by the Fund will, in this case, be treated as short-term capital gain on the expiration date of the option. The Fund may also elect to close out its position in an option prior to its expiration by purchasing an option of the same series as the option written (sold) by the Fund. Gain or loss on options is presented separately as "Net realized gain (loss) on written options contracts" on the Statement of Operations.

The options that the Fund writes (sells) give the option holder the right, but not the obligation, to purchase a security from the Fund at the strike price on or prior to the option's expiration date. The ability to successfully implement the writing (selling) of covered call options depends on the ability of the Sub-Advisor to predict pertinent market movements, which cannot be assured. Thus, the use of options may require the Fund to sell portfolio securities at inopportune times or for prices other than current market value, which may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell. As the writer (seller) of a covered option, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the option above the sum of the premium and the strike price of the option, but has retained the risk of loss should the price of the underlying security decline. The writer (seller) of an option has no control over the time when it may be required to fulfill its obligation as a writer (seller) of the option. Once an option writer (seller) has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security to the option holder at the exercise price.

Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund's maximum equity price risk for purchased options is limited to the premium initially paid. In addition, certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund's ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities hedged.

**C. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis, including the amortization of premiums and accretion of discounts.

Distributions received from the Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. The Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund are declared and paid quarterly or as the Board of Trustees may determine from time to time. Distributions of any net realized capital gains earned by the Fund are distributed at least annually. Distributions will

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025**

automatically be reinvested into additional Common Shares pursuant to the Fund's Dividend Reinvestment Plan unless cash distributions are elected by the shareholder.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some point in the future. Permanent differences incurred during the year ended December 31, 2025, primarily as a result of the difference between book and tax treatments of income and gains on various investment securities held by the Fund, have been reclassified at year end to reflect an increase in accumulated net investment income (loss) of $61,924 and a decrease in accumulated net realized gain (loss) on investments of $61,924. Accumulated distributable earnings (loss) consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments, and unrealized appreciation (depreciation) on investments. Net assets were not affected by this reclassification.

The tax character of distributions paid by the Fund during the fiscal years ended December 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $1703213 | &nbsp;&nbsp;&nbsp; $11932139 |
| Capital gains | &nbsp;&nbsp; 27779212 | &nbsp;&nbsp;&nbsp; 15351597 |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

As of December 31, 2025, the components of distributable earnings and net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $— |
| Undistributed capital gains | &nbsp;&nbsp; 3798590 |
| Total undistributed earnings | &nbsp;&nbsp; 3798590 |
| Accumulated capital and other losses | &nbsp;&nbsp; — |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 206129578 |
| Total accumulated earnings (losses) | &nbsp;&nbsp; 209928168 |
| Other | &nbsp;&nbsp; — |
| Paid-in capital | &nbsp;&nbsp; 264187105 |
| Total net assets | &nbsp;&nbsp; $474115273 |

---

**E. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, for federal income tax purposes, the Fund had no non-expiring capital loss carryforwards.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Fund did not incur any net late year ordinary or capital losses.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025**

As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross<br> Unrealized<br> Appreciation<br>| Gross<br> Unrealized<br> (Depreciation)<br>| Net Unrealized<br> Appreciation<br> (Depreciation)<br>|
| $264130876 | $213473273 | $(7343664) | $206129609 |

---

**F. Expenses**

The Fund will pay all expenses directly related to its operations.

**G. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**4. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund. For these services, First Trust is entitled to a monthly fee calculated at an annual rate of 1.00% of the Fund's Managed Assets. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $10,000. Prior to July 1, 2025, the financial reporting fee was $9,250.

Chartwell manages the Fund's portfolio subject to First Trust's supervision. Chartwell receives a monthly portfolio management fee calculated at an annual rate of 0.50% of the Fund's Managed Assets that is paid monthly by First Trust out of its investment advisory fee.

Computershare, Inc. ("Computershare") serves as the Fund's transfer agent in accordance with certain fee arrangements. As transfer agent, Computershare is responsible for maintaining shareholder records for the Fund.

The Bank of New York Mellon ("BNY") serves as the Fund's administrator, fund accountant, and custodian in accordance with certain fee arrangements. As administrator and fund accountant, BNY is responsible for providing certain administrative and accounting services to the Fund, including maintaining the Fund's books of account, records of the Fund's securities transactions, and certain other books and records. As custodian, BNY is responsible for custody of the Fund's assets. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Fund for acting in such capacities.

------

**Notes to Financial Statements (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Purchases and Sales of Securities**

The cost of purchases and proceeds from sales of securities, excluding short-term investments, for the fiscal year ended December 31, 2025, were $79,990,695 and $109,292,437, respectively.

**6. Derivative Transactions**

The following table presents the types of derivatives held by the Fund at December 31, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative**<br> **Instrument**<br>| **Risk**<br> **Exposure**<br>| **Statement of Assets and**<br> **Liabilities Location**<br>| **Value** | **Statement of Assets and**<br> **Liabilities Location**<br>| **Value** |
| Written Options | Equity Risk |  | &nbsp;&nbsp;&nbsp;&nbsp; $— | Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp; $377255 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended December 31, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with each instrument.

---

| | |
|:---|:---|
| **Statement of Operations Location** |  |
| **Equity Risk Exposure** |  |
| Net realized gain (loss) on written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4098694)<br>|
| Net change in unrealized appreciation (depreciation) on written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194359 |

---

During the fiscal year ended December 31, 2025, the premiums for written options opened were $14,954,973, and the premiums for written options closed, exercised and expired were $14,761,794.

The Fund does not have the right to offset financial assets and liabilities related to option contracts on the Statement of Assets and Liabilities.

**7. Indemnification**

The Fund has a variety of indemnification obligations under contracts with its service providers. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events to the Fund through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Enhanced Equity Income Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of First Trust Enhanced Equity Income Fund (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

February 24, 2026

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Additional Information**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

**Dividend Reinvestment Plan**

If your Common Shares are registered directly with the Fund or if you hold your Common Shares with a brokerage firm that participates in the Fund's Dividend Reinvestment Plan (the "Plan"), unless you elect, by written notice to the Fund, to receive cash distributions, all dividends, including any capital gain distributions, on your Common Shares will be automatically reinvested by Computershare Trust Company N.A. (the "Plan Agent"), in additional Common Shares under the Plan. If you elect to receive cash distributions, you will receive all distributions in cash paid by check mailed directly to you by the Plan Agent, as the dividend paying agent.

If you decide to participate in the Plan, the number of Common Shares you will receive will be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If Common Shares are trading at or above net asset value ("NAV") at the time of valuation, the Fund will issue new shares at a price equal to the greater of (i) NAV per Common Share on that date or (ii) 95% of the market price on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If Common Shares are trading below NAV at the time of valuation, the Plan Agent will receive the dividend or distribution in cash and will purchase Common Shares in the open market, on the NYSE or elsewhere, for the participants' accounts. It is possible that the market price for the Common Shares may increase before the Plan Agent has completed its purchases. Therefore, the average purchase price per share paid by the Plan Agent may exceed the market price at the time of valuation, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in Common Shares issued by the Fund. The Plan Agent will use all dividends and distributions received in cash to purchase Common Shares in the open market within 30 days of the valuation date except where temporary curtailment or suspension of purchases is necessary to comply with federal securities laws. Interest will not be paid on any uninvested cash payments.

You may elect to opt-out of or withdraw from the Plan at any time by giving written notice to the Plan Agent, or by telephone at (866) 340-1104, in accordance with such reasonable requirements as the Plan Agent and the Fund may agree upon. If you withdraw or the Plan is terminated, you will receive a certificate for each whole share in your account under the Plan, and you will receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions.

The Plan Agent maintains all Common Shareholders' accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. Common Shares in your account will be held by the Plan Agent in non-certificated form. The Plan Agent will forward to each participant any proxy solicitation material and will vote any shares so held only in accordance with proxies returned to the Fund. Any proxy you receive will include all Common Shares you have received under the Plan.

There is no brokerage charge for reinvestment of your dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases.

Automatically reinvesting dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions. Capital gains and income are realized although cash is not received by you. Consult your financial advisor for more information.

If you hold your Common Shares with a brokerage firm that does not participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above.

The Fund reserves the right to amend or terminate the Plan if in the judgment of the Board of Trustees the change is warranted. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained by writing Computershare, Inc., P.O. Box 43006, Providence, RI 02940-3006.

**Proxy Voting Policies and Procedures**

A description of the policies and procedures that the Fund uses to determine how to vote proxies and information on how the Fund voted proxies relating to portfolio investments during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891 or emailing info@ftportfolios.com; (2) on the Fund's website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

**Portfolio Holdings**

The Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the

------

**Additional Information (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

SEC's website at www.sec.gov. The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for the Fund is available to investors within 60 days after the period to which it relates. The Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above.

**Federal Tax Information**

For the year ended December 31, 2025, the amount of long-term capital gain distributions designated by the Fund was $27,779,212 which is taxable at the applicable capital gain tax rates for federal income tax purposes.

Of the ordinary income (including short-term capital gain, if applicable) distributions made by the Fund during the year ended December 31, 2025, 100.00% qualified for the corporate dividends received deduction available to corporate shareholders. The Fund hereby designates as qualified dividend income 100.00% of its ordinary income distributions (including short-term capital gain, if applicable), for the year ended December 31, 2025.

**NYSE Certification Information**

In accordance with Section 303A-12 of the New York Stock Exchange ("NYSE") Listed Company Manual, the Fund's President has certified to the NYSE that, as of May 1, 2025, he was not aware of any violation by the Fund of NYSE corporate governance listing standards. In addition, the Fund's reports to the SEC on Form N-CSR contain certifications by the Fund's principal executive officer and principal financial officer that relate to the Fund's public disclosure in such reports and are required by Rule 30a-2 under the 1940 Act.

**Submission of Matters to a Vote of Shareholders**

The Fund held its Annual Meeting of Shareholders (the "Annual Meeting") on April 21, 2025. At the Annual Meeting, James A. Bowen, Niel B. Nielson and Bronwyn Wright were elected by the Common Shareholders of First Trust Enhanced Equity Income Fund as Class III Trustees for a three-year term expiring at the Fund's annual meeting of shareholders in 2028. The number of votes cast in favor of Mr. Bowen was 16,013,249 and the number of votes withheld was 555,058. The number of votes cast in favor of Mr. Nielson was 16,020,964 and the number of votes withheld was 547,343. The number of votes cast in favor of Ms. Wright was 10,253,074 and the number of votes withheld was 6,315,233. Denise M. Keefe, Robert F. Keith, Thomas R. Kadlec and Richard E. Erickson are the other current and continuing Trustees.

------

**Investment Objective, Policies and Risks**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

**Changes Occurring During the Prior Fiscal Year**

The following information is a summary of certain changes during the most recent fiscal year ended December 31, 2025. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.

During the Fund's most recent fiscal year, there were no material changes to the Fund's investment objective or policies that have not been approved by shareholders or in the principal risk factors associated with an investment in the Fund.

**Investment Objective** 

The Fund's investment objective is to provide a high level of current income and gains and, to a lesser extent, capital appreciation.

**Principal Investment Policies**

Under normal market conditions, the Fund pursues an integrated investment strategy in which it invests substantially all of its Managed Assets (as defined below) in a diversified portfolio of common stock of U.S. corporations and U.S. dollar-denominated equity securities of foreign issuers, in each case that are traded on U.S. securities exchanges, and on an ongoing basis writes (sells) covered call options. Common stocks are selected by the Sub-Advisor by utilizing a combination of its proprietary quantitative/qualitative selection criteria. The covered call options written (sold) by the Fund are normally against the equity securities that are held in the Fund's portfolio with strike prices and expiration dates that are collectively intended to provide risk/reward characteristics that are consistent with the Fund's investment objective.

"Managed Assets" means the average daily gross assets of the Fund minus the sum of the Fund's accrued and unpaid dividends on any outstanding Common Shares and accrued liabilities (including the value of call options written (sold)).

Under normal market conditions the Fund seeks to produce a high level of current income and gains primarily from the premium income it receives from writing (selling) call options, from the dividends received on the equity securities held in the Fund's portfolio, and to a lesser extent, from capital appreciation in the value of equity securities underlying such covered call options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common Stock/Equity Securities: The Sub-Advisor selects common stocks and equity securities by utilizing its proprietary quantitative/qualitative selection criteria, which focuses on sectors, industries and individual common stocks and equity securities that exhibit strong fundamental characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

The Fund invests substantially all, but in no event less than 90%, of its Managed Assets in common stocks and other equity securities such as Real Estate Investment Trusts, Master Limited Partnerships and Investment Companies (including exchange-traded funds and business development companies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

The Fund may invest up to 20% of its Managed Assets in U.S. dollar-denominated equity securities of foreign issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

The Fund may invest up to 10% of its Managed Assets in equity securities of other investment companies that invest primarily in securities of the type in which the Fund may invest directly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

The Fund may invest up to 25% of its Managed Assets in the equity securities of issuers in a single industry of the economy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Call Options: The Fund writes (sells) covered call options, which may include Long-Term Equity AnticiPation Securities ("LEAPS<sup>®</sup>"), held against the equity securities held in the Fund's portfolio with strike prices (defined below) and expiration dates (defined below) that are collectively intended to provide risk/reward characteristics that are consistent with the Fund's investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

The Fund's Sub-Advisor writes (sells) call options as determined to be appropriate, consistent with the Fund's investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

The Fund writes (sells) options that are considered "covered" because the Fund owns equity securities against which the options are written (sold). The number of call options the Fund can write (sell) is limited by the number of equity securities the Fund holds in its portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

The Fund does not write (sell) "naked" options, i.e., options on more equity securities than are held in the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

When the Fund writes (sells) a call option, it sells to the buyer (the "option holder") the right, but not the obligation, to purchase a particular asset (the underlying equity security) from the Fund at a fixed price (the "strike price") on or before a specified date (the "expiration date"). In exchange for the right to purchase the underlying equity security, the option holder pays a fee (a "premium") to the Fund. The Fund typically utilizes "American-style" options, which may be exercised at any time between the date of purchase and the expiration date. The Fund may write (sell) "European-style" options, which may be exercised only during a specified period of time just prior to the expiration date.

------

**Investment Objective, Policies and Risks (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

A call option normally represents the right to purchase 100 shares of the underlying equity security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Conventional listed call options have expiration dates which generally can be up to nine months from the date the call options are first listed for trading. Longer-term call options, such as LEAPS<sup>®</sup>, can have expiration dates up to three years from the date of listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

The Fund primarily writes (sells) call options which are "out-of-the-money", meaning options with a strike price above the current market price of the underlying equity security. The Fund may write (sell) "in-the-money" (call options with a strike price below the current market price of the underlying equity security) and "at-the-money" (call options with a strike price equal to the current price of the underlying equity security). In-the-money and at-the-money call options may be written (sold) as a defensive measure to protect against a possible decline in the underlying security.

In addition to the Fund's use of covered call option writing (selling), the Fund may, but is not required to, use various hedging and strategic transactions to facilitate portfolio management and mitigate risks. In utilizing these strategic transactions, the Fund may purchase and sell derivative instruments such as exchange-listed and over-the-counter put and call options on securities, equity, fixed income and interest rate indices, and other financial instruments, purchase and sell financial futures contracts and options thereon, and enter into various interest rate transactions such as swaps, caps, floors or collars or credit transactions. The Fund may purchase derivative investments that combine features of these instruments. To the extent the Fund enters into derivatives transactions, it will do so pursuant to Rule 18f-4 under the 1940 Act. Rule 18f-4 requires the Fund to implement certain policies and procedures designed to manage its derivatives risks, dependent upon the Fund's level of exposure to derivative instruments.

The Fund's investment objective is considered fundamental and may not be changed without the approval of the holders of a majority of the outstanding Common Shares, as further detailed below. The remainder of the Fund's investment policies, unless otherwise stated, including its investment strategy, are considered non-fundamental and may be changed by the Board of Trustees of the Fund without approval of the holders of the Fund's Common Shares. The Fund will provide investors with at least 60 days prior notice of any change in the Fund's investment strategy.

Fundamental Investment Policies

Except as provided below, the Fund, as a fundamental policy, may not, without the approval of the holders of a majority of the outstanding Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) issue senior securities, as defined in the 1940 Act, other than the borrowings permitted by investment restriction (2) set forth below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) borrow money, except as permitted by the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) act as underwriter of another issuer's securities, except to the extent that the Fund may be deemed to be an underwriter within the meaning of the Securities Act of 1933 in connection with the purchase and sale of portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) purchase or sell real estate, but this shall not prevent the Fund from investing in securities of companies that deal in real estate or are engaged in the real estate business, including real estate investment trusts, and securities secured by real estate or interests therein and the Fund may hold and sell real estate or mortgages on real estate acquired through default, liquidation, or other distributions of an interest in real estate as a result of the Fund's ownership of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) purchase or sell physical commodities (but this shall not prevent the Fund from purchasing or selling options, futures contracts, derivative instruments or from investing in securities or other instruments backed by physical commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) make loans of funds or other assets, other than by entering into repurchase agreements, lending portfolio securities and through the purchase of debt securities in accordance with its investment objectives, policies and limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) with respect to 75% of its total assets, purchase any securities, if as a result more than 5% of the Fund's total assets would then be invested in securities of any single issuer or if, as a result, the Fund would hold more than 10% of the outstanding voting securities of any single issuer; provided, that Government securities (as defined in the 1940 Act), securities issued by other investment companies and cash items (including receivables) shall not be counted for purposes of this limitation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) invest 25% or more of its total assets in securities of issuers in any single industry, provided there shall be no limitation on the purchase obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

For the purpose of applying the limitation set forth in subparagraph (7) above, an issuer shall be deemed the sole issuer of a security when its assets and revenues are separate from other governmental entities and its securities are backed only by its assets and revenues. Similarly, in the case of a non-governmental issuer, such as an industrial corporation or a privately owned or operated hospital, if the

------

**Investment Objective, Policies and Risks (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

security is backed only by the assets and revenues of the non-governmental issuer, then such non-governmental issuer would be deemed to be the sole issuer. Where a security is also backed by the enforceable obligation of a superior or unrelated governmental or other entity (other than a bond insurer), it shall also be included in the computation of securities owned that are issued by such governmental or other entity. Where a security is guaranteed by a governmental entity or some other facility, such as a bank guarantee or letter of credit, such a guarantee or letter of credit would be considered a separate security and would be treated as an issue of such government, other entity or bank. When a municipal bond is insured by bond insurance, it shall not be considered a security that is issued or guaranteed by the insurer; instead, the issuer of such municipal bond will be determined in accordance with the principles set forth above.

Under the 1940 Act, when used with respect to particular shares of the Fund, a "majority of the outstanding" Common Shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the Fund's outstanding voting shares are present or represented by proxy, or (ii) more than 50% of the Fund's outstanding voting shares, whichever is less.

**Principal Risks**

The Fund is a closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective. The following discussion summarizes the principal risks associated with investing in the Fund, which includes the risk that you could lose some or all of your investment in the Fund. The Fund is subject to the informational requirements of the Securities Exchange Act of 1934 and the 1940 Act and, in accordance therewith, files reports, proxy statements and other information that is available for review. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Asia Risk.** The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers, in addition to the risks associated with investments in non-U.S. securities generally. Many Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. Some Asian economies are highly dependent on trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. Governments of certain Asian countries have exercised, and continue to exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund's securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund.

**Current Market Conditions Risk**. Current market conditions risk is the risk that a particular investment, or shares of the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates; however, the Federal Reserve has begun to lower interest rates and may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund's ability to achieve its investment strategies or make certain investments. Potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including high interest rates, declining valuations and elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund's investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East

------

**Investment Objective, Policies and Risks (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund's assets may go down. A future public health crisis, and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund's portfolio investments and could result in disruptions in the trading markets.

**Cyber Security Risk.** The Fund is susceptible to operational, information security and related risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity, any of which could result in a material adverse effect on the Fund or its shareholders. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through "hacking" or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, among many other third-party service providers, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Further, errors, misconduct, or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers. Cyber security incidents may also trigger Fund obligations under data privacy laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the Fund.

**Depositary Receipts Risk**. Depositary receipts represent equity interests in a foreign company that trade on a local stock exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.

**Equity Securities Risk.** The value of the Fund's shares will fluctuate with changes in the value of the equity securities in which the Fund invests. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market or when political or economic events affecting the issuers or their industries occur. An adverse event affecting an issuer, such as an unfavorable earnings report, may depress the value of a particular equity security held by the Fund. Also, the prices of equity securities are sensitive to general movements in the stock market and a drop in the stock market may depress the prices of equity securities to which the Fund has exposure. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

**Europe Risk.** The Fund is subject to certain risks associated specifically with investments in securities of European issuers, in addition to the risks associated with investments in non-U.S. securities generally. Political or economic disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund's holdings. A significant number of countries in Europe are member states in the European Union ("EU"), and the member states no longer control their own monetary policies by directing independent interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. In a 2016 referendum, the United Kingdom elected to withdraw from the EU ("Brexit"). After years of negotiations between the United

------

**Investment Objective, Policies and Risks (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

Kingdom and the EU, the United Kingdom formally left the EU. As the second largest economy among EU members, the implications of the United Kingdom's withdrawal are difficult to gauge and cannot be fully known. The United Kingdom's departure may negatively impact the EU and Europe as a whole by causing volatility within the EU, triggering prolonged economic downturns in certain European countries or sparking additional member states to contemplate departing the EU (thereby perpetuating political instability in the region).

**Income Risk.** Net investment income paid by the Fund to its common shareholders is derived from the premiums it receives from writing (selling) call options and from the dividends and interest it receives from the equity securities and other investments held in the Fund's portfolio and short-term gains thereon. Premiums from writing (selling) call options and dividends and interest payments made by the securities in the Fund's portfolio can vary widely over time. Dividends on equity securities are not fixed but are declared at the discretion of an issuer's board of directors. There is no guarantee that the issuers of the equity securities in which the Fund invests will declare dividends in the future or that if declared they will remain at current levels. The Fund cannot assure as to what percentage of the distributions paid on the common shares, if any, will consist of qualified dividend income or long-term capital gains, both of which are taxed at lower rates for individuals than are ordinary income and short-term capital gains.

**Industry and Sector Risk.** The Fund may not invest 25% or more of its total assets in securities of issuers in any single industry. If the Fund is focused in an industry, it may present more risks than if it were broadly diversified over numerous industries of the economy. Individual industries may be subject to unique risks which may include, among others, governmental regulation, inflation, technological innovations that may render existing products and equipment obsolete, competition from new entrants, high research and development costs, and rising interest rates.

The Fund may invest 25% or more of its total assets in securities of issuers in a single sector. Currently, the Fund makes significant investments in equity securities of companies in the information technology sector. Information technology companies produce and provide hardware, software and information technology systems and services. Information technology companies are generally subject to the following risks: rapidly changing technologies and existing product obsolescence; short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards; and frequent new product introductions and new market entrants. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, particularly those involved with the internet, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also face competition for services of qualified personnel and heavily rely on patents and intellectual property rights and the ability to enforce such rights to maintain a competitive advantage.

**Inflation Risk.** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's assets and distributions may decline. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors.

**Investment Risk.** An investment in the Fund's Common Shares is subject to investment risk, including the possible loss of the entire principal invested. An investment in Common Shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. Common Shares at any point in time may be worth less than the original investment, even after taking into account the reinvestment of Fund dividends and distributions. When the Advisor or Sub-Advisor determines that it is temporarily unable to follow the Fund's investment strategy or that it is impractical to do so (such as when a market disruption event has occurred and trading in the securities is extremely limited or absent), the Fund may take temporary defensive positions.

**Management Risk and Reliance on Key Personnel.** In managing the Fund's investment portfolio, the Fund's portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. Additionally, the implementation of the Fund's investment strategy depends upon the continued contributions of certain key employees of the Advisor and Sub-Advisor, some of whom have unique talents and experience and would be difficult to replace. The loss or interruption of the services of a key member of the portfolio management team could have a negative impact on the Fund.

**Market Discount from Net Asset Value.** Shares of closed-end investment companies such as the Fund frequently trade at a discount from their net asset value. The Fund cannot predict whether its common shares will trade at, below or above net asset value.

**Market Risk.** Investments held by the Fund, as well as shares of the Fund itself, are subject to market fluctuations caused by real or perceived adverse economic conditions, political events, regulatory factors or market developments, changes in interest rates and

------

**Investment Objective, Policies and Risks (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund's shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund's shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund's shares may widen and the returns on investment may fluctuate.

**Non-U.S. Securities Risk.** Investing in securities of non-U.S. issuers may involve certain risks not typically associated with investing in securities of U.S. issuers. These risks include: (i) there may be less publicly available information about non-U.S. issuers or markets due to less rigorous disclosure or accounting standards or regulatory practices; (ii) non-U.S. markets may be smaller, less liquid and more volatile than the U.S. market; (iii) the economies of non-U.S. countries may grow at slower rates than expected or may experience a downturn or recession; (iv) the impact of economic, political, social or diplomatic events as well as of foreign governmental laws or restrictions and differing legal standards; (v) certain non-U.S. countries may impose restrictions on the ability of non-U.S. issuers to make payments of principal and interest to investors located in the United States due to blockage of non-U.S. currency exchanges or otherwise; and (vi) withholding and other non-U.S. taxes may decrease the Fund's return. Foreign companies are generally not subject to the same accounting, auditing and financial reporting standards as are U.S. companies. In addition, there may be difficulty in obtaining or enforcing a court judgment abroad, including in the event the issuer of a non-U.S. security defaults or enters bankruptcy, administration or other proceedings. These risks may be more pronounced to the extent that the Fund invests a significant amount of its assets in companies located in one region.

**Operational Risk.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. These errors or failures may adversely affect the Fund's operations, including its ability to execute its investment process or calculate or disseminate its NAV in a timely manner. The Fund relies on third-parties for a range of services, including custody, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Options Risk.** The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The Fund may write (sell) covered call options on all or a portion of the equity securities held in the Fund's portfolio as determined to be appropriate by the Fund's Sub-Advisor, consistent with the Fund's investment objective. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. The ability to successfully implement the Fund's investment strategy depends on the Sub-Advisor's ability to predict pertinent market movements, which cannot be assured. Thus, the use of options may require the Fund to sell portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold an equity security that it might otherwise sell. There can be no assurance that a liquid market for the options will exist when the Fund seeks to close out an option position. Additionally, to the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to additional risks.

**Potential Conflicts of Interest Risk.** First Trust, Chartwell and the portfolio managers have interests which may conflict with the interests of the Fund. In particular, First Trust and Chartwell currently manage and may in the future manage and/or advise other investment funds or accounts with the same or substantially similar investment objectives and strategies as the Fund.

**REIT Risk.** Real estate investment trusts ("REITs") typically own and operate income-producing real estate, such as residential or commercial buildings, or real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. Additionally, REITs may have limited diversification due to investment in a limited number of properties or a particular market segment and are subject to the risks associated with obtaining financing for real property. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may also have a relatively small market capitalization which may result in their shares experiencing less market liquidity and

------

**Investment Objective, Policies and Risks (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates. Additionally, certain REITs charge management fees, which may result in layering of management fees paid by the Fund.

**Small- and/or Mid-Capitalization Companies Risk.** Small and/or mid-capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established companies.

---

| | | |
|:---|:---|:---|
| **NOT FDIC INSURED** | **NOT BANK GUARANTEED** | **MAY LOSE VALUE** |

---

------

**Board of Trustees and Officers**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

The following tables identify the Trustees and Officers of the Fund. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and** <br> **Position with the Fund**<br>| &nbsp;&nbsp; **Term of Office** <br> **and Year First** <br> **Elected or** <br> **Appointed**<sup>(1)</sup><br>| &nbsp;&nbsp; **Principal Occupations**<br> **During Past 5 Years**<br>| &nbsp;&nbsp; **Number of** <br> **Portfolios in** <br> **the First Trust** <br> **Fund Complex** <br> **Overseen by** <br> **Trustee**<br>| &nbsp;&nbsp; **Other Trusteeships or** <br> **Directorships Held by** <br> **Trustee During Past 5 Years**<br>|
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Thomas J. Driscoll, Trustee<br> (1961)<br>| &nbsp;&nbsp; • Three Year <br> Term <br>• Since 2025<br>| &nbsp;&nbsp; Retired; Partner, Deloitte LLP and <br> Deloitte Tax LLP (1998 to January <br> 2024)<br>| 325 |  |
| Richard E. Erickson, Trustee<br> (1951)<br>| &nbsp;&nbsp; • Three Year <br> Term <br>• Since Fund <br> Inception<br>| &nbsp;&nbsp; Retired; Physician, Edward-Elmhurst <br> Medical Group (2021 to September <br> 2023); Physician and Officer, <br> Wheaton Orthopedics (1990 to 2021)<br>| 325 |  |
| Thomas R. Kadlec, Trustee<br> (1957)<br>| &nbsp;&nbsp; • Three Year <br> Term <br>• Since Fund <br> Inception<br>| &nbsp;&nbsp; Retired; President, ADM Investor <br> Services, Inc. (Futures Commission <br> Merchant) (2010 to July 2022)<br>| 325 | &nbsp;&nbsp; Director, National Futures <br> Association; Formerly, <br> Director of ADM Investor <br> Services, Inc., ADM Investor <br> Services International, <br> ADMIS Hong Kong Ltd., <br> ADMIS Singapore, Ltd., and <br> Futures Industry Association<br>|
| Denise M. Keefe, Trustee<br> (1964)<br>| &nbsp;&nbsp; • Three Year <br> Term <br>• Since 2021<br>| &nbsp;&nbsp; Senior Vice President, Advocate <br> Health, Continuing Health Division <br> (Integrated Healthcare System) (2023 <br> to present); Executive Vice President, <br> Advocate Aurora Health (Integrated <br> Healthcare System) (2018 to 2023)<br>| 325 | &nbsp;&nbsp; Director and Board Chair of <br> Advocate Home Health <br> Services, Advocate Home <br> Care Products and Advocate <br> Hospice; Director and Board <br> Chair of Aurora At Home <br> (since 2018); Director of <br> Advocate Physician Partners <br> Accountable Care <br> Organization; Director of <br> RML Long Term Acute Care <br> Hospitals; Director of Senior <br> Helpers (2021 to 2024); and <br> Director of MobileHelp <br> (2022 to 2024)<br>|
| Robert F. Keith, Trustee<br> (1956)<br>| &nbsp;&nbsp; • Three Year <br> Term <br>• Since June <br> 2006<br>| &nbsp;&nbsp; President, Hibs Enterprises (Financial <br> and Management Consulting)<br>| 325 | &nbsp;&nbsp; Formerly, Director of Trust <br> Company of Illinois<br>|
| Niel B. Nielson, Trustee<br> (1954)<br>| &nbsp;&nbsp; • Three Year <br> Term <br>• Since Fund <br> Inception<br>| &nbsp;&nbsp; Senior Advisor (2018 to Present), <br> Managing Director and Chief <br> Operating Officer (2015 to 2018), <br> Pelita Harapan Educational <br> Foundation (Educational Products and <br> Services)<br>| 325 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup>

Currently, Denise M. Keefe and Robert F. Keith, as Class I Trustees, are serving as trustees until the Fund's 2026 annual meeting of shareholders. Thomas J. Driscoll, Richard E. Erickson and Thomas R. Kadlec, as Class II Trustees, are serving as trustees until the Fund's 2027 annual meeting of shareholders. James A. Bowen, Niel B. Nielson, and Bronwyn Wright, as Class III Trustees, are serving as trustees until the Fund's 2028 annual meeting of shareholders.

------

**Board of Trustees and Officers (Continued)**

**First Trust Enhanced Equity Income Fund (FFA)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and** <br> **Position with the Fund**<br>| &nbsp;&nbsp; **Term of Office** <br> **and Year First** <br> **Elected or** <br> **Appointed**<sup>(1)</sup><br>| &nbsp;&nbsp; **Principal Occupations**<br> **During Past 5 Years**<br>| &nbsp;&nbsp; **Number of** <br> **Portfolios in** <br> **the First Trust** <br> **Fund Complex** <br> **Overseen by** <br> **Trustee**<br>| &nbsp;&nbsp; **Other Trusteeships or** <br> **Directorships Held by** <br> **Trustee During Past 5 Years**<br>|
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Bronwyn Wright, Trustee<br> (1971)<br>| &nbsp;&nbsp; • Three Year <br> Term <br>• Since 2023<br>| &nbsp;&nbsp; Independent Director to a number of <br> Irish collective investment funds <br> (2009 to Present); Various roles at <br> international affiliates of Citibank <br> (1994 to 2009), including Managing <br> Director, Citibank Europe plc and <br> Head of Securities and Fund Services, <br> Citi Ireland (2007 to 2009)<br>| 325 |  |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |
| James A. Bowen<sup>(2)</sup>, Trustee and<br> Chairman of the Board<br> (1955)<br>| &nbsp;&nbsp; • Three Year <br> Term <br>• Since Fund <br> Inception<br>| &nbsp;&nbsp; Chief Executive Officer, First Trust <br> Advisors L.P. and First Trust <br> Portfolios L.P.; Chairman of the <br> Board of Directors, BondWave LLC <br> (Software Development Company) <br> and Stonebridge Advisors LLC <br> (Investment Advisor)<br>| 325 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp; **Position and Offices** <br> **with Fund**<br>| &nbsp;&nbsp; **Term of Office** <br> **and Length of** <br> **Service**<br>| &nbsp;&nbsp; **Principal Occupations**<br> **During Past 5 Years**<br>|
| **OFFICERS**<sup>(3)</sup> | **OFFICERS**<sup>(3)</sup> | **OFFICERS**<sup>(3)</sup> | **OFFICERS**<sup>(3)</sup> |
| James M. Dykas<br> (1966)<br>| &nbsp;&nbsp; President and Chief <br> Executive Officer<br>| &nbsp;&nbsp; • Indefinite Term <br>• Since 2016<br>| &nbsp;&nbsp; Managing Director and Chief Financial Officer, First Trust <br> Advisors L.P. and First Trust Portfolios L.P.; Chief Financial <br> Officer, Stonebridge Advisors LLC (Investment Advisor)<br>|
| Derek D. Maltbie<br> (1972)<br>| &nbsp;&nbsp; Treasurer, Chief Financial <br> Officer and Chief <br> Accounting Officer<br>| &nbsp;&nbsp; • Indefinite Term <br>• Since 2023<br>| &nbsp;&nbsp; Senior Vice President, First Trust Advisors L.P. and First Trust <br> Portfolios L.P., July 2021 to Present. Previously, Vice President, <br> First Trust Advisors L.P. and First Trust Portfolios L.P., 2014 to <br> 2021.<br>|
| W. Scott Jardine<br> (1960)<br>| &nbsp;&nbsp; Secretary and Chief Legal <br> Officer<br>| &nbsp;&nbsp; • Indefinite Term <br>• Since Fund <br> Inception<br>| &nbsp;&nbsp; General Counsel, First Trust Advisors L.P. and First Trust <br> Portfolios L.P.; Secretary, Stonebridge Advisors LLC<br>|
| Daniel J. Lindquist<br> (1970)<br>| Vice President | &nbsp;&nbsp; • Indefinite Term <br>• Since December <br> 2005<br>| &nbsp;&nbsp; Managing Director, First Trust Advisors L.P. and First Trust <br> Portfolios L.P.<br>|
| Kristi A. Maher<br> (1966)<br>| &nbsp;&nbsp; Chief Compliance Officer <br> and Assistant Secretary<br>| &nbsp;&nbsp; • Indefinite Term <br>• Chief <br> Compliance <br> Officer Since <br> January 2011 <br>• Assistant <br> Secretary Since <br> Fund Inception<br>| &nbsp;&nbsp; International General Counsel, First Trust Advisors L.P. and First <br> Trust Portfolios L.P. <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(2)</sup>

Mr. Bowen is deemed an "interested person" of the Fund due to his position as CEO of First Trust Advisors L.P., investment advisor of the Fund.

<sup>(3)</sup>

The term "officer" means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.

------

**Privacy Policy**

**First Trust Enhanced Equity Income Fund (FFA)** 

**December 31, 2025 (Unaudited)**

**FIRST TRUST FUNDS PRIVACY POLICY** 

The First Trust Funds value their relationship with you and consider your privacy a priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information while providing you with the products/services you request or authorize.

**SOURCES OF INFORMATION**

We collect nonpublic personal information (NPPI) about you through our transfer agents that collect, use and maintain the information needed to administer your account with us. The NPPI is received by the transfer agent from your broker-dealer, investment professional or financial representative on your behalf through applications or other documentation you provide to establish your account with us.

We also collect information when you visit our website through the use of "cookies". For example, we may identify the pages on our website that your browser requests or visits.

**INFORMATION COLLECTED**

The type of NPPI we collect through our transfer agent may include your name, address, social security number, date of birth and other NPPI necessary for the transfer agent to administer your account and verify your identity under federal law.

**DISCLOSURE OF INFORMATION**

We do not disclose, and do not authorize our transfer agents to disclose, NPPI about our customers or former customers to anyone, except as permitted by law. In addition to using this information to administer your account and verify your identity through our transfer agents, the permitted uses may also include the disclosure of NPPI to other unaffiliated third-parties for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to assist us in the distribution of First Trust materials such as trustees, banks, investment advisor or broker-dealer representatives, proxy services, solicitors and printers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if you direct us to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when required by law or in other legally limited circumstances, such as to protect your account from fraud.

**PROTECTION OF NPPI COLLECTED**

The First Trust Funds engage trusted transfer agents who are subject to the Regulation S-P data protection requirements and must protect your NPPI from unauthorized access and use through security measures that comply with federal law. The First Trust Funds take reasonable measures to review and monitor transfer agent compliance with these requirements and transfer agent cybersecurity and breach risk through third party software and other safeguards.

**USE OF WEBSITE ANALYTICS**

We currently use third party analytics tools, Google Analytics and Matomo to gather information for purposes of improving our website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make our website better and more useful to our users. The information collected does not include any NPPI unless you voluntarily provide that information through the website for us to contact you in order to answer your questions or respond to your requests. You should not provide NPPI on our website if you do not want your information to be used by these services. To find out how to opt-out of these services click on: Google Analytics and Matomo Analytics Platform.

**CONFIDENTIALITY AND SECURITY**

Certain employees of our investment advisor, First Trust Advisors L.P. and our distributor, First Trust Portfolios L.P. may have access to information about you but do not receive NPPI. The information accessed is protected using physical, electronic and procedural safeguards.

**POLICY UPDATES AND INQUIRIES**

As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly.

December 2025

------

![](img1980d1823.jpg)

**INVESTMENT ADVISOR**

First Trust Advisors L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

**INVESTMENT SUB-ADVISOR**

Chartwell Investment Partners, LLC

1205 Westlakes Drive, Suite 100

Berwyn, PA 19312

**TRANSFER AGENT**

Computershare, Inc.

P.O. Box 43006

Providence, RI 02940

**ADMINISTRATOR, FUND ACCOUNTANT, AND**

**CUSTODIAN**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

Deloitte & Touche LLP

111 South Wacker Drive

Chicago, IL 60606

**LEGAL COUNSEL**

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

------

(b) Not applicable to the Registrant.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The First Trust Enhanced Equity Income Fund ("Registrant"),
as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant's principal executive
officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless
of whether these individuals are employed by the Registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of
ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and
that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant, during the period covered by this report, has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial
officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's
instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the code of ethics that applies to the Registrant's principal executive officer, principal
financial officer, principal accounting officer or controller is filed as an exhibit pursuant to Item 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that Thomas J. Driscoll, Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is "independent," as defined by Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal
accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements were $40,000 for the fiscal year ended 2024 and $40,000 for the fiscal
year ended 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees (Registrant) -- The aggregate fees billed for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are
not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Audit-Related Fees (Investment Advisor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Audit-Related Fees (Distributor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal
accountant for tax return review and debt instrument tax analysis and reporting were $14,397 for the fiscal year ended 2024 and $14,000
for the fiscal year ended 2025.

Tax Fees (Investment Advisor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the Registrant's advisor were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Tax Fees (Distributor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the Registrant's distributor were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

These fees were for tax consultation and/or tax return preparation and professional services rendered for PFIC (Passive Foreign Investment Company) Identification Services.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees (Registrant) -- The aggregate fees billed for products and services provided by the principal
accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year
ended 2024 and $0 for the fiscal year ended 2025.

All Other Fees (Investment Advisor) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant's investment advisor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

All Other Fees (Distributor) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant's distributor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the "Committee") is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for the Registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.

The Committee is also responsible for the pre-approval of the independent auditor's engagements for non-audit services with the Registrant's advisor (not including a sub-advisor whose role is primarily portfolio management and is sub-contracted or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant, subject to the de minimis exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent auditor has provided non-audit services to the Registrant's advisor (other than any sub-advisor whose role is primarily portfolio management and is sub-contracted with or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor's independence.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) for the Registrant and the Registrant's investment advisor and distributor of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(C) or paragraph(C)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;Advisor and Distributor: |
| &nbsp;&nbsp;(b) 0% | &nbsp;&nbsp; (b) 0% |
| &nbsp;&nbsp;(c) 0% | &nbsp;&nbsp; (c) 0% |
| &nbsp;&nbsp;(d) 0% | &nbsp;&nbsp; (d) 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the Registrant's
financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the
Registrant, and rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio
management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common
control with the advisor that provides ongoing services to the Registrant for the fiscal year ended 2024 were $14,397 for the Registrant,
$28,080 for the Registrant's investment advisor and $0 for the Registrant's distributor; and for the fiscal year ended 2025
were $14,000 for the Registrant, $28,620 for the Registrant's investment advisor and $0 for the Registrant's distributor.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's audit committee of its Board of Trustees has determined that the provision of non-audit
services that were rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio
management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common
control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable to the Registrant.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has a separately designated standing audit committee established in accordance with Section
3(a)(58)(A) of the Securities Exchange Act of 1934 consisting of all the independent directors of the Registrant. The audit committee
of the Registrant is comprised of: Thomas J. Driscoll, Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith, Niel B.
Nielson and Bronwyn Wright.

(b) Not applicable to the Registrant.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period
is included in the Registrant's Annual Report, which is included as Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Not applicable to the Registrant.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

There were no approvals of an investment advisory contract during the Registrant's most recent fiscal half-year.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

The Proxy Voting Policies are attached herewith.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members

**Information provided as of the date of filing of this N-CSR.**

Chartwell Investment Partners, LLC ("Chartwell"), a wholly owned subsidiary of TriState Capital Holdings, Inc., is a research-based equity and fixed-income manager with a disciplined, team-oriented investment process. The Chartwell Portfolio Management Team consists of the following:

**Douglas W. Kugler, CFA**

**Senior Portfolio Manager**

Mr. Kugler is a Senior Portfolio Manager on Chartwell's large-cap equity portfolio management team and has over 27 years of investment industry experience. His areas of focus include the Consumer Discretionary, Energy, Industrials, Materials and Technology sectors of the market. He has been a portfolio manager for the Fund since 2007. From 1993 to 2003, he held several positions at Morgan Stanley Investment Management (Miller Anderson & Sherrerd) the last of which was Senior Associate and Analyst for the Large Cap Value team. Mr. Kugler is a member of the CFA (Chartered Financial Analysts) Institute and the CFA Society of Philadelphia. He holds the Chartered Financial Analyst designation. Mr. Kugler earned a Bachelor's degree in Accounting from the University of Delaware.

**Jeffrey D. Bilsky, Senior Portfolio Manager**

Jeffrey D. Bilsky is a Portfolio Manager on Chartwell's equity investment team managing the Dividend Value Strategy and has over 19 years of investment industry experience. His areas of focus include the Energy, Utilities, Information Technology and Staples sectors of the market. He is also a member of the Brokerage Committee. Prior to joining Chartwell, Jeff was employed at Cruiser Capital, where he served as a Research Analyst. Previously, he was a Vice President in Institutional Sales and Trading at Hudson Securities. Earlier in his career, Mr. Bilsky worked at Bank of America as an Analyst in Institutional Sales and Trading.

The investment team for the First Trust Enhanced Equity Income Fund consists of two portfolio managers with an average of 23 years of investment experience. All team members (portfolio managers and analysts) conduct fundamental research and meet with company management. Purchase and sale decisions are discussed among the team members; however, final decision-making responsibility rests with Mr. Kugler. In addition, while each team member may be consulted on any options transactions involving the portfolio, Mr. Kugler has full responsibility for decisions involving the options program. Mr. Bilsky provides fundamental research to the team as needed as well as participating in discussions surrounding portfolio positioning and portfolio transactions.

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

**Information provided as of December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Name of Portfolio<br> Manager or<br> <u>Team Member</u> | &nbsp;&nbsp;Type of Accounts | &nbsp;&nbsp;Total # of<br> Accounts<u><br> Managed</u> | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;# of Accounts<br> Managed for<br> which Advisory<br> Fee is<br> Based on<br> <u>Performance</u> | &nbsp;&nbsp;Total Assets for <br> which Advisory <br> Fee is Based <br> <u>on Performance</u> |
| &nbsp;&nbsp;Douglas W. Kugler | &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Douglas W. Kugler | &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;1 | &nbsp;&nbsp;$1.7 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Douglas W. Kugler | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;20 | &nbsp;&nbsp;$669.4 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jeffrey D. Bilsky | &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;2 | &nbsp;&nbsp;$753.6 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jeffrey D. Bilsky | &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;1 | &nbsp;&nbsp;$1.7 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Jeffrey D. Bilsky | &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;11238 | &nbsp;&nbsp;$5,065.4 million | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

**Potential Conflicts of Interests**

The portfolio managers manage other accounts for Chartwell including institutional portfolios of similar investment styles. None of these portfolio managers manage any hedge funds nor any accounts with performance-based fees. When registered funds and investment accounts are managed side-by-side, firm personnel must strictly follow the policies and procedures outlined in our Trade Allocation Policy to ensure that accounts are treated in a fair and equitable manner, and that no client or account is favored over another. When registered funds and investment accounts are trading under the same investment product, and thus trading the same securities, shares are allocated on a pro-rata basis based on market value, and all portfolios obtain the same average price. On a monthly basis, a member of our Finance team, oversees the performance calculation process handled in Operations, and completes a spreadsheet of monthly portfolio returns by client. The Finance Officer provides this spreadsheet to the CEO, CCO and various investment personnel for their review. Any performance dispersion noted by anyone on the distribution list is investigated whereby the Finance Officer reviews the underlying transactional detail, holdings & security weightings by portfolio. This monthly process ensures that all portfolios that are managed under the same investment product are treated fairly and traded in accordance with firm policy.

(a)(3) Compensation Structure of Portfolio Manager(s) or Management Team Members

**Information provided as of December 31, 2025**

The compensation paid to a Chartwell portfolio manager and analyst consists of base salary, annual bonus, and an annual profit-sharing contribution to the firm's retirement plans (both 401k and ESOP).

A portfolio manager's and analyst's base salary is determined by senior leadership and is reviewed at least annually. A portfolio manager's and analyst's experience, historical performance, and role in firm or product team management are the primary considerations in determining the base salary.

(a)(4) Disclosure of Securities Ownership as of December 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name of Portfolio Manager<br> <u>or Team Member</u> | Dollar ($) Range of Fund<br> <u>Shares Beneficially Owned</u> |
| &nbsp;&nbsp; Douglas W. Kugler | &nbsp;&nbsp;$100001-$500000 |
| &nbsp;&nbsp; Jeffrey D. Bilsky |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

No reportable purchases for the period covered by this report.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) The Registrant did not engage in any securities lending activity during its most recent fiscal year.

(b) The Registrant did not engage in any securities lending activity and no services were provided by the
securities lending agent to the Registrant during its most recent fiscal year.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](ethics.htm)

(a)(2) Not applicable to the Registrant.

(a)(3) [The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_302.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_906.htm)

(c) [Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies as required by Item 12 is attached heret](iss_guidelines.htm) o.

**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.

(registrant) First Trust Enhanced Equity Income Fund

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u>March 11, 2026</u>

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 (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u>March 11, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u>March 11, 2026</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

#### SENIOR FINANCIAL OFFICER<br> CODE OF CONDUCT
I. Introduction

This code of conduct is being adopted by the investment companies advised by First Trust Advisors L.P., from time to time, (the "FUNDS"). The reputation and integrity of the Funds are valuable assets that are vital to the Funds' success. Each officer of the Funds, and officers and employees of the investment adviser to the Funds who work on Fund matters, including each of the Funds' senior financial officers ("SFOS"), is responsible for conducting each Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the Principal Executive Officer (who is the President), the Controller (who is the principal accounting officer), and the Treasurer (who is the principal financial officer), and any person who performs a similar function.

The Funds, First Trust Advisors L.P. and First Trust Portfolios have adopted Codes of Ethics under Rule 17j-1 under the Investment Company Act of 1940 (the "RULE 17J-1 CODE"). These Codes of Ethics are designed to prevent certain conflicts of interest that may arise when officers, employees, or directors of the Funds and the foregoing entities know about present or future Fund transactions and/or have the power to influence those transactions, and engage in transactions with respect to those same securities in their personal account(s) or otherwise take advantage of their position and knowledge with respect to those securities. In an effort to prevent these conflicts and in accordance with Rule 17j-1, the Funds adopted their Rule 17j-1 Code to prohibit transactions and conduct that create conflicts of interest, and to establish compliance procedures.

The Sarbanes-Oxley Act of 2002 was designed to address corporate malfeasance and to help assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under Section 406 of the Act, all public companies (including the Funds) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to prevent future situations (such as occurred in well-reported situations involving such companies as Enron and WorldCom) where a company creates an environment in which employees are afraid to express their opinions or to question unethical and potentially illegal business practices.

The Funds have chosen to adopt a senior financial officer Code of Conduct to encourage their SFOs, and other Fund officers and employees of First Trust Advisors or First Trust Portfolios to act ethically and to question potentially unethical or illegal practices, and to strive to ensure that the Funds' financial disclosures are complete, accurate, and understandable.

II. Purposes of This Code of Conduct

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. To promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submits to, the SEC and in other public communications the Funds make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. To encourage the prompt internal reporting to an appropriate person of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. To establish accountability for adherence to the Code.

III. Questions About This Code

The Funds' Boards of Trustees have designated W. Scott Jardine or other appropriate officer designated by the President of the respective Funds to be the Compliance Coordinator for the implementation and administration of the Code.

IV. Handling of Financial Information

The Funds have adopted guidelines under which its SFOs perform their duties. However, the Funds expect that all officers or employees of the adviser or distributor who participate in the preparation of any part of any Fund's financial statements follow these guidelines with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Act with honesty and integrity and avoid violations of this Code, including actual or apparent conflicts of interest with the Fund in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Disclose to the Fund's Compliance Coordinator any material transaction or relationship that reasonably could be expected to give rise to any violations of the Code, including actual or apparent conflicts of interest with the Fund. You should disclose these transactions or relationships whether you are involved or have only observed the transaction or relationship. If it is not possible to disclose the matter to the Compliance Coordinator, it should be disclosed to the Fund's Principal Financial Officer or Principal Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide information to the Fund's other officers and appropriate employees of service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Respect the confidentiality of information acquired in the course of your work except when you have Fund approval to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Share and maintain skills important and relevant to the Fund's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Proactively promote ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Responsibly use and control all assets and resources employed or entrusted to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Record or participate in the recording of entries in the Fund's books and records that are accurate to the best of your knowledge.

V. Waivers of This Code

SFOs and other parties subject to this Code may request a waiver of a provision of this Code (or certain provisions of the Fund's Rule 17j-1 Code) by submitting their request in writing to the Compliance Coordinator for appropriate review. An executive officer of the Fund or the Audit Committee will decide whether to grant a waiver. All waivers of this Code must be disclosed to the Fund's shareholders to the extent required by SEC rules. A good faith interpretation of the provisions of this Code, however, shall not constitute a waiver.

VI. Annual Certification

Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

VII. Reporting Suspected Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. SFOs or other officers of the Funds or employees of the First Trust group who work on Fund matters who observe, learn of, or, in good faith, suspect a violation of the Code MUST immediately report the violation to the Compliance Coordinator, another member of the Funds' or First Trust's senior management, or to the Audit Committee of the Fund Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Because service providers such as an administrator, outside accounting firm, and custodian provide much of the work relating to the Funds' financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Coordinator even if you know, or think, that the service provider has its own code of ethics for its SFOs or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. SFOs or other officers or employees who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

VIII. Violations of The Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Dishonest, unethical or illegal conduct will constitute a violation of this Code, regardless of whether this Code specifically refers to that particular conduct. A violation of this Code may result in disciplinary action, up to and including termination of employment. A variety of laws apply to the Funds and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Fund directors and officers, and criminal laws. The federal securities laws generally prohibit the Funds from making material misstatements in its prospectus and other documents filed with the SEC, or from omitting to state a material fact. These material misstatements and omissions include financial statements that are misleading or omit materials facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Examples of criminal violations of the law include stealing, embezzling, misapplying corporate or bank funds, making a payment for an expressed purpose on a Fund's behalf to an individual who intends to use it for a different purpose; or making payments, whether corporate or personal, of cash or other items of value that are intended to influence the judgment or actions of political candidates, government officials or businesses in connection with any of the Funds' activities. The Funds must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report, as appropriate, non-criminal violations.

Amended: June 1, 2009

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Enhanced Equity Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 11, 2026 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, Derek D. Maltbie, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Enhanced Equity Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies andI material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 11, 2026 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust Enhanced Equity Income Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 11, 2026 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Enhanced Equity Income Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 11 2026 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Ex-99

<u>Notice Regarding Your Quarterly Distribution</u>

**First Trust Enhanced Equity Income Fund (FFA)**

The closed-end fund listed above (the "Fund") has declared a distribution payable on September 30, 2025, to shareholders of record as of September 22, 2025, with an ex-dividend date of September 22, 2025. This Notice is meant to provide you information about the sources of your Fund's distributions. You should not draw any conclusions about the Fund's investment performance from the amount of its distribution or from the terms of its Managed Distribution Plan.

The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date for the Fund from the following sources: net investment income ("NII"); net realized short-term capital gains ("STCG"); net realized long-term capital gains ("LTCG"); and return of capital ("ROC"). These estimates are based upon information projected through September 30, 2025, are calculated based on a generally accepted accounting principles ("GAAP") basis and include the prior fiscal year-end undistributed net investment income. The amounts and sources of distributions are expressed per common share.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Current Distribution ($)** | **Current Distribution ($)** | **Current Distribution ($)** | **Current Distribution ($)** | **Current Distribution (%)** | **Current Distribution (%)** | **Current Distribution (%)** | **Current Distribution (%)** | | |
| <br>**Fund Ticker** | <br>**Fund <br> Cusip** | <br>**Fiscal Year End** | <br>**Total**<br>**Current Distribution** | **NII** | **STCG** | **LTCG** | **ROC (2)** | **NII** | **STCG** | **LTCG** | **ROC (2)** | **Annualized**<br>**Current Dist. Rate**<br>**as a % of NAV (3)** | **5 Year Avg.**<br>**Annual Total**<br>**Return on NAV (4)** |
| FFA | 337318109 | 12/31/2025 | $0.38750 | $0.02643 |  |  | $0.36107 | 6.82% |  |  | 93.18% | 6.90% | 13.25% |
|  |  |  |  |  |  |  |  |  |  |  |  | **Cumulative** | **Cumulative** |
|  |  |  | **Total Cumulative** | **Cumulative Distributions Fiscal YTD ($)** | **Cumulative Distributions Fiscal YTD ($)** | **Cumulative Distributions Fiscal YTD ($)** | **Cumulative Distributions Fiscal YTD ($)** | **Cumulative Distributions Fiscal YTD (%)** | **Cumulative Distributions Fiscal YTD (%)** | **Cumulative Distributions Fiscal YTD (%)** | **Cumulative Distributions Fiscal YTD (%)** | **Fiscal YTD Distributions** | **Fiscal YTD Total** |
| **Fund Ticker** | **Fund <br> Cusip** | **Fiscal Year End** | **Fiscal YTD Distributions (1)** | **NII** | **STCG** | **LTCG** | **ROC (2)** | **NII** | **STCG** | **LTCG** | **ROC (2)** | **as a % of NAV (3)** | **Return on NAV (4)** |
| FFA | 337318109 | 12/31/2025 | $1.08750 | $0.07417 |  |  | $1.01333 | 6.82% |  |  | 93.18% | 4.84% | 10.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) I ncludes
 the most recent quarterly distribution paid on September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution
may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is
paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused
with "yield" or "income."

&nbsp;&nbsp;&nbsp;&nbsp;(3) Based
 on Net Asset Value ("NAV") as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Total Returns are through August 31, 2025.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. You should not use this Notice as a substitute for your Form 1099-DIV.

_____________________________________

First Trust Advisors L.P. Contact:

Derek Maltbie (630) 765-8499

## Ex-99

<u>Notice Regarding Your Quarterly Distribution</u>

**First Trust Enhanced Equity Income Fund (FFA)**

The closed-end fund listed above (the "Fund") has declared a distribution payable on December 31, 2025, to shareholders of record as of December 22, 2025, with an ex-dividend date of December 22, 2025. This Notice is meant to provide you information about the sources of your Fund's distributions. You should not draw any conclusions about the Fund's investment performance from the amount of its distribution or from the terms of its Managed Distribution Plan.

The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date for the Fund from the following sources: net investment income ("NII"); net realized short-term capital gains ("STCG"); net realized long-term capital gains ("LTCG"); and return of capital ("ROC"). These estimates are based upon information projected through December 31, 2025, are calculated based on a generally accepted accounting principles ("GAAP") basis and include the prior fiscal year-end undistributed net investment income. The amounts and sources of distributions are expressed per common share.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Current Distribution ($)** | **Current Distribution ($)** | **Current Distribution ($)** | **Current Distribution ($)** | **Current Distribution (%)** | **Current Distribution (%)** | **Current Distribution (%)** | **Current Distribution (%)** | | |
| <br>**Fund Ticker** | <br>**Fund Cusip** | <br>**Fiscal Year End** | <br>**Total**<br>**Current Distribution** | **NII** | **STCG** | **LTCG** | **ROC (2)** | **NII** | **STCG** | **LTCG** | **ROC (2)** | **Annualized**<br>**Current Dist. Rate**<br>**as a % of NAV (3)** | **5 Year Avg.**<br>**Annual Total**<br>**Return on NAV (4)** |
| FFA | 337318109 | 12/31/2025 | $0.38750 | $0.02375 | $0.00000 | $0.36375 | $0.00000 | 6.13% | 0.00% | 93.87% | 0.00% | 6.43% | 14.01% |
|  |  |  |  |  |  |  |  |  |  |  |  | **Cumulative** | **Cumulative** |
|  |  |  | **Total Cumulative** | **Cumulative Distributions Fiscal YTD ($)** | **Cumulative Distributions Fiscal YTD ($)** | **Cumulative Distributions Fiscal YTD ($)** | **Cumulative Distributions Fiscal YTD ($)** | **Cumulative Distributions Fiscal YTD (%)** | **Cumulative Distributions Fiscal YTD (%)** | **Cumulative Distributions Fiscal YTD (%)** | **Cumulative Distributions Fiscal YTD (%)** | **Fiscal YTD Distributions** | **Fiscal YTD Total** |
| **Fund Ticker** | **Fund Cusip** | **Fiscal Year End** | **Fiscal YTD Distributions (1)** | **NII** | **STCG** | **LTCG** | **ROC (2)** | **NII** | **STCG** | **LTCG** | **ROC (2)** | **as a % of NAV (3)** | **Return on NAV (4)** |
| FFA | 337318109 | 12/31/2025 | $1.47500 | $0.09042 | $0.00000 | $1.38458 | $0.00000 | 6.13% | 0.00% | 93.87% | 0.00% | 6.12% | 20.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes
 the most recent quarterly distribution paid on December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution
may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is
paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused
with "yield" or "income."

&nbsp;&nbsp;&nbsp;&nbsp;(3) Based
 on Net Asset Value ("NAV") as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Total
 Returns are through November 30, 2025.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. You should not use this Notice as a substitute for your Form 1099-DIV.

_____________________________________

First Trust Advisors L.P. Contact:

Derek Maltbie (630) 765-8499

## Ex-99

**CHARTWELL INVESTMENT PARTNERS**

**Proxy Voting Policy and Procedures**

***Purpose.*** Chartwell Investment Partners ("Chartwell") has adopted this Proxy Voting Policy and Procedures ("Policy") to seek to ensure that it exercises voting authority on behalf of Chartwell clients in a manner consistent with the best interests of each client and its agreement with the client.

***Scope.*** This Policy applies where clients have delegated proxy voting authority and responsibility to Chartwell. The proxy voting guidelines are based on the current ISS Benchmark Policy Recommendations (US) and unified with the guidelines of Chartwell's parent company (Raymond James Investment Management or "RJIM") and its asset management subsidiaries. Chartwell does not accept or retain authority to vote proxies in accordance with individual client guidelines, with the exception of those clients who wish their proxies voted in accordance with the ISS Taft-Hartley Proxy Voting Guidelines (US) and who have instructed Chartwell to do so. Clients who wish to arrange to vote proxies in accordance with their own guidelines may elect to do so at any time by notifying Chartwell. Chartwell generally will follow this Policy if asked to make recommendations about proxy voting to clients who request that advice but have not delegated proxy voting responsibility to Chartwell*.***

***Guiding Principles*.** Chartwell believes that voting proxies in the best interests of each client means making a judgment as to what voting decision is most likely to contribute to positive long-term performance of the companies the client is an investor in and casting votes accordingly. Chartwell recognizes the growing view among investors that proxies should be voted in a manner consistent with enhancing economic returns to shareholders, good corporate governance, and the alignment of corporate activities and practices with the broader objectives of society.

Chartwell's guiding principles align with its parent company, RJIM. Proxy voting is centralized at the RJIM level using a set of unified guidelines that promote responsible corporate governance and address environmental, social and governance considerations. These factors enhance investment making decisions in order to have a more comprehensive understanding of the overall risk profile of the companies in which we invest while simultaneously contributing to positive environmental or social impact.

***Use of Independent Proxy Voting Service*.** Chartwell has retained ISS, an independent proxy voting service, to assist in analyzing specific proxy votes with respect to securities held by Chartwell clients and to handle the mechanical aspects of casting votes. Historically, Chartwell has placed substantial reliance on ISS' analyses and recommendations and generally gives instructions to ISS to vote proxies in accordance with ISS' recommendations, unless Chartwell reaches a different conclusion than ISS about how a particular matter should be voted.

In addition, Chartwell generally votes proxies for its Taft-Hartley clients in accordance with the AFL-CIO Key Votes Survey, a list of proposals and meetings based on recommendations by the AFL-CIO Office of Investment. To the extent that any of the proxy voting positions stated in this Policy are inconsistent with a Key Vote Survey recommendation, Chartwell will generally vote proxies for Taft-Hartley clients in accordance with the Key Vote Survey recommendation.

***Administration of Policies*.** RJIM has established the Stewardship Committee, chaired by the Head of Sustainable Investing and Corporate Responsibility, to oversee and manage the proxy voting process of its asset management subsidiaries. The Committee is composed of members from each investment team across all affiliated asset managers. The unified RJIM proxy voting guidelines are based on the ISS Benchmark Policy (US) but are customized to include Case-by-Case votes for all shareholder proposals as well as other proposals such as executive compensation, restructuring proposals and special meetings.

***Conflicts of Interest*.** It is Chartwell's policy not to exercise its authority to decide how to vote a proxy if there is a material conflict of interest between Chartwell's interests and the interests of the client. To seek to identify any such material conflicts, a representative of the RJIM Stewardship Committee screens all proxies and presents any potential conflicts identified to the Committee for determination of whether the conflict exists and if so, whether it is material.

Conflicts of interest could result from a variety of circumstances, including, but not limited to, significant personal relationships between executive officers of an issuer and Chartwell personnel, a current or prospective investment adviser-client relationship between an issuer or a pension plan sponsored by an issuer and Chartwell, a significant ownership interest by Chartwell or its personnel in the issuer and various other business, personal or investment relationships. Generally, a current or prospective adviser-client relationship will not be considered material for these purposes if the net advisory revenues to Chartwell have not in the most recent fiscal year and are not expected in the current fiscal year to exceed ½ of 1 percent of Chartwell's annual advisory revenue.

In the event the Committee determines that there is a material conflict of interest that may affect a particular proxy vote, Chartwell will ***not*** make the decision how to vote the proxy in accordance with this Policy unless the Policy specifies how votes shall be cast on that particular type of matter, i.e., "for" or "against" the proposal.

***When Chartwell Does Not Vote Proxies.*** Chartwell may not vote proxies in certain circumstances, including, but not limited to, situations where (a) the proxy and other relevant materials are not received in sufficient time to allow analysis or an informed vote by the voting deadline; (b) Chartwell concludes that the cost of voting the proxy will exceed the expected potential benefit to the client; or (c) the securities have been loaned out pursuant to a client's securities lending program and are unavailable to vote.

Adopted: April 11, 1997

Amended: May 9, 2024

**Raymond James Investment Management<br> Proxy Voting Procedures**

Raymond James Investment Management ("RJIM") has established the Stewardship Committee (the "Committee") chaired by Head of Sustainable Investing and Corporate Responsibility. The Committee is composed of members from each investment team across affiliated boutique asset management firms, RJIM Compliance and Carillon Family of Funds ("CFF") Compliance. The Committee is the main body responsible for proxy voting discussions and voting decisions through investment team representatives.

Proxy voting is centralized at the RJIM level using a set of unified guidelines (Appendix A) that address environmental, social and governance considerations and comports with CFF board approved proxy voting guidelines.

All Case-By-Case ("REFER") votes will go to the chair of Stewardship Committee or a designee, who will send the ballot item(s), along with available ISS research and vote deadlines, to the relevant investment team(s)' representative(s) on the Stewardship Committee as well as to the appropriate compliance officers for review. Decisions for Case-By-Case votes will be determined by the individual investment teams. In the case of common holdings among portfolios in a single affiliate, discussion of proxy issues among investment teams may be appropriate. In most cases, different votes can be accommodated.

&nbsp;&nbsp;&nbsp;&nbsp;• For Case-By-Case votes, the investment team(s) will
provide the chair of the Stewardship Committee the vote decision and documented rationale. The chair of the Stewardship Committee, or
its designee, is responsible for vote execution.

o **<u>Please note</u>: If the investment team concurs with the ISS vote recommendation and rationale, a separate rationale from the investment team is not required.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Case-By-Case vote decisions will be documented
 and maintained by the chair of the Stewardship Committee.

&nbsp;&nbsp;&nbsp;&nbsp;• Unified RJIM
 guidelines as well as any updates to the ISS Benchmark Policy (US) will be reviewed by the
 Stewardship Committee at least annually. For ERISA accounts, RJIM will monitor ISS's
 Benchmark Policy to ensure it is consistent with ERISA, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;• For international
 holdings, ISS country-specific benchmark guidelines will be used. These ballots will be voted
 by ISS, unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I n
 certain situations, institutional clients may elect to use specific guidelines, e.g., Taft-Hartley
 guidelines, to vote their proxie s.

&nbsp;&nbsp;&nbsp;&nbsp;• As a fiduciary under ERISA, RJIM, in working with
its affiliated boutique asset management firms, will carry out its duties prudently and solely in the interest of, and for the exclusive
purpose of providing benefits to, participants and beneficiaries of ERISA plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o RJIM, through its affiliated boutique asset management
firms, intends to follow a prudent process to evaluate material facts that form the basis for a particular proxy vote and consider any
costs involved with the determinate of whether to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o RJIM, through its affiliated boutique asset management
firms, can override these Guidelines to either permit or preclude a vote on a matter based on a prudent determination that the matter
is not expected to have a material effect on the value of the investment or the investment performance of the ERISA account's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Neither RJIM, nor its affiliated boutique asset
management firms, will subordinate the retirement income or financial interests of ERISA plan participants and beneficiaries to any non-pecuniary
objective or promote any unrelated non-pecuniary benefits or goals.

&nbsp;&nbsp;&nbsp;&nbsp;• ERISA plans that invest into the Carillon Funds will
be subject to the CFF board approved proxy voting guidelines.

**APPENDIX A**

**Raymond James Investment Management Proxy Voting Guidelines**

An important aspect of active portfolio management is exercising the right as shareholders to vote proxies in a manner consistent with the best interests and values of our investors. We have adopted a comprehensive set of proxy voting guidelines that promote responsible corporate governance practices and reflect a thoughtful approach to a wide array of environmental, social and governance issues.

**Unified Guidelines**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The unified Raymond James Investment Management
("RJIM") proxy voting guidelines will be based on the current ISS Benchmark Policy (US) and will comport with CFF board-approved
proxy voting guidelines. The ISS Benchmark Policy (US) will be customized to include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A ll shareholder proposals will be voted Case-By-Case ("REFER").

o Advisory Vote on Executive Compensation
 ("Say on Pay") will go to Case-By-Case ("REFER") in the event ISS
 has an "AGAINST" recommendation.

o Restructuring proposals, including M&A activity,
bankruptcy, etc. will be voted Case-By-Case ("REFER").

o Special Meetings will be voted Case-By-Case
 ("REFER").

o Vote(s) for director(s) will go to
 Case-By-Case ("REFER") in the event ISS recommends WITHHOLD votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For international holdings, ISS country-specific benchmark guidelines will
be used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In certain situations, institutional
 clients may elect to use specific guidelines, e.g., Taft-Hartley guidelines.

**Shareholder Resolutions**

Because of the potential depth and breadth of environmental, social and governance issues, such shareholder resolutions will be evaluated on a case-by-case basis as noted above. However, in keeping with our investment principles and voting in the best interest of our clients, we will generally support shareholder resolutions that are likely to enhance or protect shareholder value and also seek to improve transparency, support diversity, protect the environment, uphold human rights, and promote responsible business practices.