Fund Description: First Trust Enhanced Equity Income Fund, formerly First Trust/Fiduciary Asset Management Covered Call Fund is an exchange-traded, closed-end fund or closed-end ETF, legally known as a diversified, closed-end management investment company. <p> 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. <p> FUND STRATEGY: The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity securities and writing (selling) call options on at least 80% of the Fund's managed assets. Under normal market conditions, the Fund will pursue an integrated investment strategy in which the Fund will invest substantially all of its managed assets 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 and consistent basis, write (sell) covered call options on at least 80% of the Fund's managed assets. Common stocks will be selected by the Fund's sub-adviser utilizing a combination of its proprietary quantitative/qualitative selection criteria. The Fund will normally write (sell) covered call options against the equity securities 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. <p> FUND MANAGEMENT: First Trust Advisors L.P. is the Fund's investment adviser.