First Trust Enhanced Equity Income Fund (NYSE: FFA) is a closed-end management investment company organized as a Massachusetts business trust. Since its initial listing in July 2007, the fund has sought to deliver high current income with the potential for capital appreciation. FFA trades on the New York Stock Exchange, offering investors access to a diversified portfolio of equity securities combined with an option overlay strategy.
The fund’s primary activity is the acquisition of dividend-paying common stocks of U.S. large- and mid-capitalization companies, chosen through a value-oriented screening process. To enhance income, FFA writes covered call options on a portion of its equity holdings. In addition, the portfolio may allocate up to 25% of its assets to non-U.S. equity securities, including American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs), providing exposure to international markets.
Advised by First Trust Advisors L.P., a Chicago-based asset manager founded in 1992, the fund benefits from a dedicated team of portfolio managers and research analysts. The leadership group combines seasoned equity selection experts with options specialists, drawing on First Trust’s broader research capabilities and risk management infrastructure. This collaborative approach underpins the fund’s strategy of balancing income generation with capital preservation.
First Trust Enhanced Equity Income Fund serves a wide range of income-oriented investors, including individual retirees and institutional portfolios, by offering monthly distributions backed by its covered call and equity investment program. Through its diversified portfolio and systematic option writing, FFA aims to provide a consistent stream of income while maintaining exposure to U.S. and global equity markets.
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