First Trust Enhanced Equity Income Fund
FFA
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- First Trust Enhanced Equity Income Fund (NYSE: FFA) is a diversified, closed-end management investment company that seeks to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The Fund pursues an integrated investment strategy under normal market conditions by investing 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 foreign issuers; it also writes covered call options on all or a portion of these equity securities to enhance income generation. First Trust Advisors L.P. serves as the investment advisor, with Chartwell Investment Partners, L.P. acting as sub-advisor; the portfolio managers include Douglas W. Kugler, Jeffrey Bilsky, and Peter M. Schofield. The Fund benchmarks its performance against the S&P 500 Total Return Index and primarily targets institutional and retail investors seeking equity income exposure across diversified market capitalizations and sectors. Founded on August 26, 2004 and headquartered at 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187, United States, the Fund previously operated as First Trust/Fiduciary Asset Management Covered Call Fund. It focuses on U.S. public equity markets with selective foreign issuer exposure through U.S. dollar-denominated securities, emphasizing risk management, tax efficiency, and periodic portfolio rebalancing to support reliable income streams and long-term value. In recent developments, the Fund declared a quarterly distribution of $0.3875 per share on December 10, 2025, reflecting a 10.71% increase from the prior distribution and underscoring its managed distribution policy that may include net investment income, realized capital gains, and return of capital. Additional quarterly distributions were announced and issued in 2025, including notices on September 30, June 30, and March 31, with corresponding 19a-1 notices detailing composition. First Trust Funds, including this Fund, announced new Board and Audit Committee appointments on March 13, 2024, enhancing governance oversight.